Singapore-based game developer Red Door Digital has just raised $5 million in seed funding so they can start developing high-end and high-quality blockchain-enabled games. They are entering the NFT gaming space as they look to elevate the quality and creativity in games based on web 3 technology.
Several investors took part in the seed funding for Red Door Digital and include the following, Shima Capital, M6, Cryptology Asset Group, and Maven Capital.
Blockchain games and NFTs have taken a lot of flak from the gaming community at large due to many games being weak in gameplay and enabling cryptocurrency has been perceived as a scam or an aggressive monetization scheme. Red Door Digital is looking to change all that by looking to make high-quality games in this gaming space.
Red Door Digital is a Taiwan-based studio that was only founded last year, 2021 but is already looking to change the NFT gaming space with three games under development. The team comes from a wide array of gaming experiences from big-budget studios such as Electronic Arts, Tencent, and Ubisoft. The plan is to take a high-end approach to web 3 infrastructure by using what makes high-quality games good such as graphics, story, and gameplay, and fusing that with elements of NFT use and a play-to-earn model.
Red Door Digital currently has 3 titles in development with one, Reign of Terror, slated to be launched this year, 2022. Reign of Terror will be a massively multiplayer online (MMO) game with cyberpunk elements and set in a futuristic metaverse. Expansion packs are also already in development with one slated to release later this year.
According to a statement by Red Door Digital CEO Joseph Derflinger Web3 is the next big thing and setting in motion a paradigm shift when it comes to gaming but many studios have not delivered exciting and fun gameplay. He states that “As game developers by background, we have always served deeply engaged communities, who play for fun and have shared social and financial incentives. Web3 is the next, exciting extension of that dynamic, built on blockchain technologies.” He adds that they are looking to truly build triple-A quality games built on blockchain technology.
Other titles that Red Door Digital is developing are a casual battle and racing game called DinoHorse Saga and a battle royale game called Project Synth. Red Door Digital is also in talks with other top-tier game studios that are looking to implement GameFi elements in their games and ecosystem.
Red Door Digital is just the latest this month to acquire essential funding in order to develop play-to-earn games. This seems to indicate that despite the mainstream gaming community’s apprehension and skepticism towards the technology, there still seems to be plenty of interest in the space.