Razer, a well-known brand in the gaming hardware and peripherals industry, has recently announced its foray into the Web3 gaming world through its zVentures Web3 Incubator (ZW3I). The company aims to fund and support game developers in creating Web3-enabled games that cater to mainstream audiences. The incubator will select developers with a proven track record of creating successful games and will offer marketing support to incubate up to 36 projects.
Despite being a PC gaming-focused company, Razer’s Director of Blockchain, Lawrence Lin, has confirmed that the incubator will not exclude mobile games. Razer believes that the first-generation of Web3 games failed to reach mainstream audiences due to an overemphasis on blockchain technology rather than focusing on creating an immersive and engaging gameplay experience. The company seeks to explore and better understand gamers’ motivations and behaviors to move forward.
According to Lin, the foundation of any successful game, whether Web2 or Web3, is immersive and engaging gameplay. Razer’s push for Web3 matters as it has a significant brand recognition among mainstream gamers, giving it the potential to shape the future of Web3 gaming by exposing titles and developers to its audience of roughly 200 million gamers.
The exact amount of funds set aside for ZW3I remains undisclosed as Razer is a private company. However, zVentures was a $30 million fund when it launched in 2016. Razer’s venture capital interests are not new, but the firm is now doubling down on crypto and Web3. It has already invested in Web3 gaming firm Animoca Brands, along with other crypto platforms and DeFi firms.
Razer’s move into Web3 gaming aligns with the sentiment of many game developers who argue that early crypto games put too much focus on financials and not enough on appealing graphics or rich gameplay. They believe that the next generation of Web3 games will be better able to reach traditional gamers by emphasizing compelling gameplay and satisfying social experiences over token rewards. Razer hopes to support this vision through its incubator program.