The Web3 gaming industry can now build on the South Korea-based blockchain Klaytn network to reduce gas costs for players.
Players in Web3 must purchase cryptocurrency to be used as gas fee payment prior to accessing the game, unlike conventional video games. Gas costs on Ethereum have risen to as much as $3,000 each transaction during high network usage activities, like the OtherSide NFT mint.
On September 28, Klaytn made an announcement that it will reimburse gamers and network developers for their gas fees.
The network will offer a maximum of $100,000 worth of KLAY tokens each month to cover for developer’s contract fees and gamers’ gas fees.
While the cost is being covered by the Klaytn Growth Fund, the refund will allow gaming companies to continue expanding their ecosystem.
Klaytn has endorsed the idea of reducing the gas taxes for Web3 gamers. It previously established the feature for crypto companies to cover for user gas fees.
Klaytn established its gas tax support program in order to help lower the cost barrier, which prevents more people from interacting with Web3 games.
The effort, according to head of Global Group Klatyn Foundation David Shin, is a part of Klaytn’s objective to create a dynamic Web3 gaming ecosystem for more gamers.
According to a recent analysis by Footprint Analytics, 1.03 million users on average play Web3 games every day, which rake in about $1 billion per day.
Investors believe that the Web3 gaming industry holds a promising future despite the weakening market conditions. Limit Break, a gaming firm, received $200 million, and Animoca Brands brought home about $45 million.
