Openfort Raises 3M for Wallet as a Service Infrastructure for Web3 Gaming

Gaming is an industry that has always been at the forefront of technology. From the first rudimentary video games that emerged in the 1970s to the advanced virtual reality games of today, gaming has been constantly pushing the boundaries. The emergence of blockchain technology has opened up a whole new world of possibilities for gaming. One startup that is trying to capitalize on this is Openfort. Recently, the startup raised $3 million to develop a wallet as a service infrastructure for Web3 gaming.

The Problems with Blockchain Gaming

Gaming on the blockchain has numerous benefits such as transparency, immutability, security, and interoperability. However, there are also many challenges that come with these benefits. Openfort is trying to address some of these challenges.

The first challenge is the lack of user-friendly wallets for gamers. Most blockchain wallets are complex and require a certain level of technical knowledge to use. This can be a barrier to entry for casual gamers who are not particularly interested in the intricacies of blockchain technology. Openfort's wallet as a service infrastructure aims to provide a user-friendly interface that gamers can easily navigate.

The second challenge is the high transaction fees associated with blockchain gaming. Since every transaction on the blockchain requires a fee, it can become costly for gamers who frequently make transactions. Openfort's solution is to offer a subscription-based model where gamers can pay a fixed fee for unlimited transactions.

The third challenge is the lack of compatibility between different blockchains. Most blockchain games are built on a specific blockchain such as Ethereum or EOS. This means that gamers who want to play different games on different blockchains need to have different wallets for each one. Openfort's solution is to provide a universal wallet that is compatible with any blockchain.

Openfort's Impact

Openfort's wallet as a service infrastructure is still in the development phase, so there are no concrete examples of its impact yet. However, the startup has already generated a lot of interest in the gaming community. The $3 million in funding will go a long way in developing and refining the infrastructure.

Blockchain gaming is still in its early stages, but it is predicted to grow rapidly in the coming years. According to a report by MarketsandMarkets, the blockchain gaming market is projected to reach $3 billion by 2025. Openfort is well-positioned to capitalize on this growth with its innovative solution.

Conclusion

1. Openfort's wallet as a service infrastructure addresses some of the biggest challenges facing blockchain gaming.
2. The $3 million in funding will help Openfort develop and refine its infrastructure.
3. The market for blockchain gaming is projected to grow rapidly in the coming years, and Openfort is well-positioned to capitalize on this growth.

References and Hashtags

• VentureBeat Article
• #Openfort
• #Web3Gaming
• #BlockchainGaming
• #WalletAsAService
• #Cryptocurrency
• #Startup
• #Innovation
• #Gaming