- Arbitrum DAO commits 225 million ARB to fund the Gaming Catalyst Program, enhancing game development on its network.
- Over three years, $220 million will support new game launches and network improvements under the Gaming Catalyst Program.
Arbitrum DAO, a decentralized autonomous organization that governs this Ethereum rollup, has committed a substantial budget to spearhead gaming developments within its network. The organization has earmarked 225 million ARB, Arbitrum’s native token, to fund its Gaming Catalyst Program (GCP) over the next three years.
The Launch of the Gaming Catalyst Program
Introduced in March 2024 by the Arbitrum Foundation, the GCP aims to boost the adoption of Arbitrum by providing support and resources to developers interested in building games on its network. This initiative has garnered significant support from the community, with over 75% of votes in favor of the proposal.
With the current market value of the ARB token, the allocated budget translates to approximately USD 220 million. This funding is designated for expenses related to the development and publication of games on the Arbitrum network, as well as enhancements to the network’s infrastructure.
Players Gonna Play: Game7 – Part 1
Join us this Monday for the first of a 4 part series with @G7_DAO. This week features quests from @PirateNation & @PlayMightyHero 💙🧡
🗓️ June 10th | 11:30am EST
📍 SankoTV | YouTube | X
🎙️ @eli_defi pic.twitter.com/925MzqDRO9— Arbitrum (💙,🧡) (@arbitrum) June 9, 2024
Funding Details and Developer Support
Developer grants through the GCP are capped at 500,000 ARB per project. Teams interested in securing funding must apply by completing a form. Approval of these grants will initially be decided by a five-member council, pending the formation of a legal entity to manage the GCP.
The Role of Video Games in Crypto Expansion
The video game market associated with blockchain and cryptocurrencies was valued at over USD 3 billion, according to a report by Crypto.com. Projections suggest that this market could grow to USD 90 billion by 2030. Arbitrum’s recent initiatives indicate a position itself at the forefront of the crypto gaming sector.
This is further evidenced by recent collaborations, such as an airdrop conducted by Offchain Labs, the creators of Arbitrum, and Xai, a third-layer Ethereum network operating on Arbitrum.
ETHNews report Xai distributed approximately USD 70 million worth of the XAI token. Xai Games, a Web3 gaming platform on the Xai network, features titles like Final Form, a deck-building card game with auto-battler elements, and LAMO, a game featuring characters in combat scenarios.
By supporting developers and fostering new game creations on its platform, Arbitrum aims not only to enhance its network but also to catalyze the growth of cryptocurrency usage in digital entertainment, setting a potential trend for the broader crypto and gaming industries.
