South Korean game publisher Neowiz has announced a $10 million grant program to fund the next generation of Web3 games on the Ethereum scaling network, Polygon. The program is being run through its crypto subsidiary Intella X and is designed to bring Web3 games to the ecosystem. The Intella X ecosystem currently offers a crypto wallet, decentralized exchange, and NFT marketplace. The accelerator fund was created in partnership with Polygon Labs to encourage developers to create more games in the Polygon ecosystem.
Neowiz raised $12 million for Intella X earlier this year from investors like Polygon Labs, Animoca Brands, Magic Eden, and WeMix. The grant program will provide game developers with a much-needed opportunity to create great games in the Polygon ecosystem, according to Polygon Labs Vice President and Global Head of Business Development Urvit Goel. The hope is that these new games will bolster Web3 gaming adoption and further solidify Polygon's position as the home of Web3 gaming.
Prospective grant recipients can expect to wait a few weeks to a month for a response, and those selected to move forward in the grant process will have to undergo an interview and a due diligence period. The firm said that there is no typical grant amount for the accelerator, and the amount given will vary depending on the project.
Neowiz is one of many traditional game publishers exploring the possibilities of Web3 gaming. Founded in 1997, the company has released a wide variety of games, from mobile titles to indies and PC games. It's the company behind games like the DJMax series, Crossfire, Brave Nine, Sanabi, Lies of P, and Tapsonic.
While Intella X is looking to build out its roster of Web3 games, it already has a few titles in the ecosystem. It has two Web3 versions of popular mobile game Cats & Soup in development, and is also developing the RPG Brave Nine and the shooter A.V.A. in Web3. It’s also home to the Web3 spinoff of the mobile MMORPG EOS Red, which will be called EOS Gold.
Neowiz’s push into Web3 gaming via Intella X comes as other large publishers in the Asian market dive into crypto. Square Enix, Nexon, Krafton, NCSoft, Netmarble, and Com2Us are a few of the many Eastern publishers that are currently developing Web3 games—while only a few in the West have made such commitments.
The grant program by Neowiz and Intella X will help to spur further innovation in the Web3 gaming space. Web3 games are designed to be more decentralized and user-owned, giving players more control over their gaming experience. They also utilize blockchain technology to allow for the creation and exchange of unique digital assets, such as non-fungible tokens (NFTs).
The growing interest in Web3 gaming from traditional game publishers is a positive sign for the industry. It shows that there is a growing awareness of the potential of blockchain technology and its ability to transform the gaming industry. With more and more publishers exploring the possibilities of Web3 gaming, it's likely that we'll see some exciting new games and innovations in the years to come.
In conclusion, the launch of the $10 million grant program by Neowiz and Intella X is a significant step forward for Web3 gaming. It will help to encourage developers to create more games in the Polygon ecosystem and spur further innovation in the space. With more traditional game publishers exploring the possibilities of Web3 gaming, it's likely that we'll see some exciting new games and innovations in the years to come.