By Michael Scott
The recent update by Openfort indicates the crypto infrastructure startup realized $3 million in seed funding to facilitate the expansion of infrastructure for the game developers. Openfort targets reducing the instances when gamers are obligated to engage blockchain.
Openfort Nets Million-Dollar Funding for Wallet-as-a-service Solution
The project by the crypto infrastructure provider attracted seed funding for developing the wallet-as-a-service software. The project is set to benefit game publishers and developers alike. The funding round relied upon the leadership of Maven 11 and Gumi Cryptos Capital. The round saw NGC Ventures team up with Newman Capital and Game7 in the fundraiser.
Openfort desires to utilize the funds in offering video game studios in its upcoming project dubbed frictionless wallet technology. The initiative features multiple APIs Openfort considers compatible with several browsers and PC games. The APIs are built within Unity and Unreal Engine 5. The firms revealed advanced plans to facilitate mobile-based game support.
Openfort’s Solution Set to Erase Wallet-based Cliches
Openfort co-founder Joan Alavedra restated the envisioned path for the crypto infrastructure startup. He lamented that user experience where the cumbersome elements that characterize crypto transactions are often eliminated via technology.
Alavedra considers the technology a gateway to erase the cliches involving wallet-based interactions. He expressed optimism about integrating games or key sessions as exciting features.
Alavedra explained that sessions would eliminate instances when users interact with the blockchain. The user experience mirrors cookies utilization on the internet to recall and convey information.
Funding to Facilitate Segmentation Infrastructure
The funding will help deliver the infrastructure supporting players’ segmentation. Alavedra indicated that the new infrastructure would enable Openfort to classify debutants, pro players, and bots. The segmentation would enable Openfort to tailor the user experience relative to the player’s classification.
The investors participating in the seed round portrayed optimism in the account abstraction approach. They emphasized that abstraction yielded opportunities for smart contracts to initiate transactions without involving the user. The approach subsequently simplifies and reinforces the gaming experience.
Account Abstraction Seeks to Automate Background Functions to Improve Gaming Experience
The firm co-founder indicated that smart contracts would harbor the instructional code designed to power the decentralized applications (dapps). He added that abstraction implies that users are exempted from approving many insignificant transactions. Such is possible since Openfort prioritizes automated background for a better crypto gaming experience.
Rui Zhang, the managing partner for Gumi Cryptos Capital, outlined that account abstraction yields the solid foundation technology capable of holding Web3-based gaming accounts.
Besides accommodating customer accounts, the Web3 games match the user experience quality derived from Web2. He considered Openfort, a tech leader for the new vertical and use case.
Openfort Embraces White-Label for Wallet Solution to Foster Usage
Chris Clay from the Immutable VP & Gods Unchained Game lauded Openfort’s efforts to redefine the gaming sector. He considers that Openfort is paving the way for other gaming firms.
Clay confirmed that Openfort is setting the pace for the game industry, where his firm has run the show for several decades. He added that his firm would still advance on the NFT games.
Alavedra clarified that Openfort would embrace a white label for its wallet solution. The approach implies that game developers can customize designs and software relative to their interfaces without integrating Openfort’s branding.
Alavedra reiterated that the white-label wallet would readily support the Ethereum Virtual Machine (EVM). It implies that the wallet usage accommodates games that transact across all Ethereum-compatible networks. He revealed that the wallet would be available to Avalanche, BNB Chain, Cronos, Immutable, and Arbitrum.
Openfort Set to Face Fierce Competition
Alavedra lauded the participants for believing in the Openfort project to solve the challenges in crypto gaming. However, he acknowledged the fierce competition within the crypto gaming segment.
Alavedra acknowledged that Openfort would face off with MetaMask, Immutable Passon, and Phantom. Besides Fractal, it confronts stiff competition from existing firms, including Ronin Wallet, GameStops, and Coinbase Wallet.