SINGAPORE, Sept. 28, 2022 /PRNewswire/ -- Open-source Korean blockchain Klaytn is launching a gas fee rebate program to allow gaming companies to offset gas fees from existing blockchain games built on Klaytn.
With the aim of removing barriers to broader web3 adoption, Klaytn's gas fee rebate program will offset both user gas fees shouldered by gaming companies via Klaytn's gas fee delegation feature, as well as gas fees incurred from gaming companies' own Externally Owned Accounts or Contract Accounts.
Currently, Klaytn has a gas fee delegation feature that allows companies or projects to pay for their users' gas fees. This feature addresses a crucial pain point for blockchain games in onboarding new users: one of the biggest user deterrents being the need to acquire cryptocurrency to foot gas fees before being able to play.
Given how gas costs can significantly accumulate with a sizeable user base, Klaytn designed its gas fee rebate program to enable gaming companies to focus on growing their ecosystems. Selected game companies will be eligible for a 100% offset of their gas fees incurred from January 2022 onwards, up to USD100,000 worth of KLAY per month per grantee. Paid in Klaytn's native token KLAY, the grant is derived from the Klaytn Growth Fund, which aims to grow the ecosystem of companies built on Klaytn.
With this initiative, Klaytn is tackling a long-standing issue preventing the wider adoption of Web3. Financial transactions in Web2 commerce tend to have their own "gas fees". However, such fees are paid by the merchant and effectively embedded in the price, leading many users to think that such transactions are free.
With Klaytn's gas fee delegation feature, and now the gas fee rebate program, Klaytn games can offer nearly the same user experience as traditional games. This makes it easier to onboard gamers new to web3, expanding the potential reach of the blockchain gaming ecosystem. A report by crypto.com highlights that the GameFi market remains comparatively small - with just over 1 million gamers and $1 billion in transactional volume. By 2025, this number is expected to grow 50-fold, but to do so it needs to expand to the untapped market of Web2 gamers, for whom the concept of gas fees may pose considerable friction.
David Shin, Head of Global Group, Klaytn Foundation, said " With our vision to enable an open metaverse for all, Klaytn aims to build a dynamic gaming ecosystem that allows players to truly own their in-game assets. Through our gas fee rebate program, we hope to provide more players with opportunities to explore the wonders of Web3 gaming."
Klaytn is a public blockchain focused on the metaverse, gamefi, and the creator economy. Officially launched in June 2019, it is the dominant blockchain platform in South Korea and is now undergoing global business expansion from its international base in Singapore, led by the Klaytn Foundation.
These business expansion activities are supported by the Klaytn Growth Fund, which aims to grow the ecosystem of companies built on Klaytn. The fund is managed and disbursed by Klaytn Foundation, a non-profit organization to accelerate 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 come on board its metaverse-including game developer and publishing powerhouses: Netmarble, and Neowiz. It recently ramped up efforts to lay the foundation for the metaverse and to expand use cases.
Find out more at https://klaytn.foundation/
To apply for Klaytn's gas fee rebate program, apply here.
SOURCE Klaytn Foundation