Klaytn Launches Gas Rebate Program for Gaming, Paving the Way for Wider Web3 Adoption
SINGAPORE, September 28, 2022 /PRNewswire/ — Korean open-source blockchain Klaytn is launching a gas fee rebate program to allow game companies to offset the gas fees of existing blockchain games built on Klaytn.
In an effort to remove barriers to wider Web3 adoption, Klaytn’s gas fee rebate program will offset both the gas usage fees incurred by gaming companies through the Klaytn’s gas charges, as well as gas charges incurred by the gaming companies’ own external accounts or contract accounts. .
Currently, Klaytn has a gas fee delegation feature that allows businesses or projects to pay their users’ gas fees. This feature solves a crucial problem for blockchain games in onboarding new users: one of the main deterrents for users is the need to acquire cryptocurrency to pay for gas costs before they can play.
Since gas costs can add up significantly with a large user base, Klaytn has designed its gas fee rebate program to allow gaming companies to focus on growing their ecosystems. Selected gaming companies will be eligible for 100% compensation of their fuel costs incurred from January 2022 leave, until $100,000 value of KLAY per month per beneficiary. Paid for in Klaytn’s native token, KLAY, the grant comes from the Klaytn Growth Fund, which aims to grow the ecosystem of businesses built on Klaytn.
With this initiative, Klaytn is addressing a long-standing issue that is preventing wider adoption of Web3. Financial transactions in Web2 commerce tend to have their own “gas charges”. However, these fees are paid by the merchant and actually built into the price, leading many users to believe that these transactions are free.
With Klaytn Gas Charge Delegation feature, and now Gas Charge Discount Program, Klaytn games can provide almost the same user experience as traditional games. This makes it easier to onboard newbie gamers to the Web3, thereby expanding the potential reach of the blockchain gaming ecosystem. A report of crypto.com points out that the GameFi market remains relatively small – with just over a million players and $1 billion in transactional volume. By 2025, this number is expected to grow 50 times, but to do so it must expand into the untapped market of Web2 gamers, for whom the concept of gas fees can pose considerable friction.
David ShinHead of the Klaytn Foundation Global Group, said, “With our vision of enabling an open metaverse for all, Klaytn aims to create a vibrant gaming ecosystem that empowers gamers to truly own their in-game assets. Through our program gas fee rebate, we hope to provide more players with the opportunity to explore the wonders of Web3 gaming.”
Klaytn is a public blockchain focused on the metaverse, gamefi, and creator economy. Officially launched in June 2019it is the dominant blockchain platform in South Korea and is currently experiencing global business expansion from its international base in Singaporerun by the Klaytn Foundation.
These business expansion activities are supported by the Klaytn Growth Fund, which aims to grow the ecosystem of businesses built on Klaytn. The fund is managed and disbursed by the Klaytn Foundation, a non-profit organization aimed at accelerating global adoption and ecosystem maturity on Klaytn.
Since unveiling its metaverse roadmap in early 2022, the Ethereum-equivalent L1 chain has seen many well-known companies join its metaverse, including game developers and publishers: Netmarble and Neowiz. It has recently ramped up its efforts to lay the foundation for the metaverse and expand use cases.
Learn more about https://klaytn.foundation/
To apply for Klaytn’s gas fee rebate program, apply here.
SOURCE Klaytn Foundation