1.3 billion yen Web3 game development fund
Intella X, a Web3 blockchain gaming platform based on the Polygon (MATIC) network and a division of Neowiz, a major South Korean game company, announced on the 3rd that it will launch a subsidy program.
The program seeks to empower developers with financial support and resources to create high-quality games and a thriving ecosystem. 🌐https://t.co/koyO1HVOe8 pic.twitter.com/U5QLpqBYcA
— Gaming #onPolygon (@PolygonGaming) May 3, 2023
It provides about 1.3 billion yen (10 million dollars) in subsidies and various support for developers of Web3 games built on Polygon (MATIC) network.
Established in 1997, Neowiz is engaged in the development and operation of online games. The market capitalization as of May 2011 is approximately 380 billion yen.
As a representative work, it is a company that has jointly developed and released popular games such as Cats & Soup, FIFA Online, Crossfire, Brave Nine, DJMAX Respect, and Skul.
This “Intella X Gaming Accelerator Grant Program” is primarily aimed at:
- Promote innovation and creativity within the Intella X ecosystem
- Expanding the Intella X ecosystem with the entry of new game developers
- Supporting Web3 Games and boosting the adoption of blockchain technology in the gaming industry
Project selection criteria
Any project that can be built in the Intella X ecosystem can be applied for this program. Project selection criteria include “potential impact,” “innovation,” “feasibility,” and “sustainability.”
The “potential impact” is explained as the positive impact that the project will have on Intella X and Web3 in general. For example, it says, “increasing financial inclusion, reducing carbon emissions, innovative gameplay experiences, etc.”
“Sustainability” measures whether the project is economically and environmentally sustainable, and whether it is a long-term project in terms of community management methods.
Subsidies will be paid in virtual currency or legal currency. Selected projects will provide regular progress and financial reports and participate in promotional events.
Urvit Goel, Global Head of Business Development at Polygon Labs, which promotes the development and spread of Polygon Networks, said, “New games developed with the grant will promote the spread of Web3 games and strengthen Polygon’s position in Web3 games. I expect it to be something,” he commented.
What is Web3
The current centralized web is defined as Web2, and refers to an attempt to realize a non-centralized network using blockchain. Typical features include use cases for decentralized networks such as blockchain, such as access to dApps using virtual currency wallets.
What is Intella X
The Intella X ecosystem currently offers cryptocurrency wallets, decentralized exchanges (DEXs), NFT (non-fungible token) marketplaces, and more. The grant fund was co-founded with Polygon Labs.
Neowiz raised about 1.6 billion yen ($12 million) for Intella X in January this year. More than 20 investors have invested, including Web3 giant Animoka Brands and multi-chain NFT marketplace Magic Eden.