Yes, crypto-themed gaming is still in its infancy, but it is definitely a thriving industry. And what we’re about to tell you is a clear demonstration of what we have ahead of us. Pnkfrg has received 3 million dollars in funding for a mobile game based on the Lightning Network—which, in turn, will indirectly use the Bitcoin network.
This is tremendous news that demonstrates that even on the network that many believe is incapable of innovation and insufficient for the latest advancements in the sector, we can achieve a lot of very interesting things. And this is also excellent news because it is during the bear market phases that it is time to build.
Those who have been accustomed to the incredible figures that, for example, Animoca Brands invest, are probably not surprised by the amount put on the table. But it is still a huge step forward for the world of blockchain gaming, given that this time it is Lightning (which technically is not a blockchain) to be the underlying technology that will be used.
In the heart of Europe, Pnkfrg operates between Berlin and Helsinki and received approximately 3 million dollars in funding. A casual target game will be created with these funds, and the team would include prominent Candy Crush Saga people. In fact, the company was created by Philipp Lanik, who used to be an executive producer at Candy Crush Saga; Ferran Puñet Soriano, previously senior business manager at King; Alexander Chroust, formerly senior producer at King; and Tanja Turunen, previously IT consultancy at Netlight. This makes it quite likely that the game will be widely adopted, following their previous success.
The game will be Free To Play—and therefore no money will be needed to use it—but the developers envision the construction of an internal economy for the creators and players. By creating a circular economy, funds would be generated within the ecosystem and spent within it.
Philipp Lanik, who is the founder and CEO of the group, commented:
“We founded Pnkfrg studios because we believe in a paradigm shift in casual mobile gaming as well as in a new way of digital financial transactions. Players and creators seek to be rewarded for their time, want to own and trade digital assets, and expect to gain value for their skills and contribution while having a fun time”
Here is a very interesting comment by Alyse Killeen, of Stillmark, who contributed to the funding round.
“Bitcoin’s payments network – the Lightning Network – is the only protocol within the broader cryptocurrency field that has demonstrably established the ability for instant, nearly free transactions, across the globe, 24/7 and at scale”
Even though the NFT, cryptocurrency, and blockchain gaming markets have experienced considerable lows, the mobile games industry is still betting heavily on blockchain gaming and play-to-earn, with blockchain gaming accounting for $3.2 billion (around 50 percent) of private investment deals in 2021. This year alone, blockchain-based gaming skyrocketed over 2,000%, accounting for around 52% of all blockchain activity and $2.5 billion of funding in Q1 of 2022.
Those who really understand the possibilities offered by Lightning Network and blockchain gaming as a whole can definitely see the potential of the industry. And with about 3 billion online gamers in the world, of which only about 5 million are estimated to be in Web3, the potential growth of the industry could be astronomical. We’re still in the early stages of GameFi and Blockchain Gaming, but we may soon see a glimpse into the future when more people earn money in the metaverse by doing what they love.