Quick take:
- Funds will be used for building out the company’s proprietary game theory models.
- The gaming studio wants to license its infrastructure to other developers.
- Red Door Digital will release its first title in the summer.
Taiwan-based game publisher has today announced the closing of a $5 million seed round to develop AAA games for the Web3 ecosystem.
Investors in the seed round include tech trust M6, blockchain global investment fund Shima Capital, Maven Capital, European blockchain investment company Cryptology Asset Group, and crypto investment firm LucidBlue Ventures.
Red Door Digital focuses on developing games that integrate blockchain to bring its players and the community more utility and value. The gaming studio also wants to help gamers from around the world earn a living through P2E and bring about deeply engaged metaverse communities who play for fun and have shared social and financial incentives.
The studio’s leadership team includes former executives from EA Games, Ubisoft, and Tencent.
According to CoinDesk, Red Door Digital said it will be using the funds to build out the company’s proprietary game theory models to “drive the scalability and sustainability of the in-game economy”.
Eventually, the studio wants to license its infrastructure to other game developers as an onramp for Web3.
In a previous interview with CoinDesk, See Wan Toong, the CTO of Red Door Digital, said that there isn’t a GameFi masterpiece with the quality of World of Warcraft yet but praised the in-game economy model of GameFi as game publishers can generate revenue in a different way than just churning out sequels after sequels.
He also compared the current era of GameFi to the Flappy Bird, a mobile game that went viral in 2013 and ushered in a new era of mobile games. While Toong didn’t want to call Axie Infinity the Flappy Bird of GameFi, he said that players might think about Axie Infinity as an important part of Web3 history.
Toong hoped that Red Door Digital can produce Web3 games that are creative masterpieces like MMO games World of Warcraft and Everquest.
Speaking to CoinDesk, Red Door Digital CEO Joseph Derflinger said: “Web 3 and the metaverse might be buzzwords right now, but more immersive online interactions are the undeniable trajectory for gaming, and we want to make games that bring mainstream gamers onboard.”
The gaming studio is currently developing three game titles. The first one, Reign of Terror, is due for release this summer.
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