Game studio Seraph's Chief Operating Officer: The new round of GameFi project development costs at least several million dollars, and the first round of external financing will be announced soon

Original Title: New wave of GameFi projects are costing millions of dollars to develop

Original Author: Cointelegraph

Translated by: Elvin, ChainCatcher
Compared to the previous wave of GameFi projects that focused more on "play-to-earn," current game projects emphasize game experience. The next wave of blockchain-inspired games costs at least seven to eight figures** and requires several years to develop.**
This was revealed by Yezi, the Chief Operating Officer of the South Korean game studio Seraph. While discussing the company's upcoming Arbitrum dark fantasy action role-playing game "Seraph: In the Darkness," she told Cointelegraph: "We have already spent over $10 million on development costs." "Initially, our project was self-funded and developed. Only recently did we begin our first round of external financing, which has now been completed and will be officially announced soon."
For Yezi, Web3 blockchain games actually have significant advantages compared to Web2 blockchain games. She commented: "Web3 games encourage a stronger sense of co-creation and promotion among players." "The interaction between Web2 and Web3 players creates a unique chemical reaction that stimulates market transactions and attracts more participants."
However, the Chief Operating Officer also emphasized the need for updated GameFi projects to provide players with a better gaming experience while achieving quality token economics. She believes: "Gamers are no longer satisfied with simple profit calculation models like those in Axies Infinity and StepN." As Yezi explained, "Seraph: In the Darkness" recently had a pre-season release that garnered attention:
"A total of over 60,000 players participated, with more than 30,000 owning premium game characters and over 10,000 users making purchases. During this testing phase, we achieved $3 million in fiat revenue, and we were able to allocate over $1 million for token buybacks according to the terms of the white paper."

Introduction to the game "Seraph: In The Darkness." Source: Steam
She continued: "This testing phase has initially realized the payment and conversion of traditional users to the Web3 space, especially through live streaming by veteran players." The game is planned to be launched later this year, with both free and paid versions, allowing players to engage in trading and tokenization.
Currently, the floor price for NFT equipment is 0.2 ETH, and there is a $50 entry fee to access the in-game trading market. "Seraph Studio currently has no plans to release any other games. However, our internally developed custodial wallet ActPass will soon become a platform for game asset issuance and will launch more quality games through investment or collaboration," Yezi summarized.
Last month, Cointelegraph reported that Web2 players have spent hundreds or even thousands of dollars—items purchased in-game should belong to the players, but often end up yielding nothing. On the other hand, blockchain operability at least partially addresses this issue, as it allows players to buy, sell, and own their immutable in-game assets.