Former Apple executive Trip Hawkins, who founded the company behind the best-selling sports videogame franchise FIFA, is joining a Web3 startup, looking to take on top blockchain games like Axie Infinity.
The founder of Electronic Arts will join as co-founder and strategy chief of Games for a Living (GFAL), Hawkins told Reuters in an interview.
GFAL publishes titles compatible with blockchain technology across consoles, personal computers and smartphones — commonly called Web3.
Interest for Web3 gaming has risen over the past year as it is touted to attract more cryptocurrency users. Players can own, sell, and trade in-game goods in such games.
Hong Kong-based blockchain gaming developer Animoca Brands, which backs popular NFT game Axie Infinity, raised more than $500 million (nearly Rs. 4,150 crore) in 2022.
"Web3 is the bridge to the metaverse," Hawkins said on Thursday. "And if we're going to make a metaverse, the economy of the metaverse has to be more like the real world."
Although there are concerns around security as "cyberwallets" are more prone to hacking, developers are also looking to diversify their platforms amid stunted growth and high app-store fees.
Founded in 2021 by former King executive Manel Sort, Barcelona-based GFAL had a post-money valuation of EUR 13.2 million (nearly Rs. 115 crore) after its latest funding round last year.
As reported a few days back, Indian industry experts believe that NFT projects will take Web3 sector by storm in 2023. WazirX's Vice President Rajagopal Menon said the technology will intensify industrial rivalries and promotional activities around the world.
Hardware makers like smartphone companies are also expected to tweak their products to make them more ‘Web3-friendly' starting next year.
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