Openfort, a crypto infrastructure company, announced on Monday to successfully generated $3 million in a seed funding round. The company plans to redirect the resources to create a “wallet-as-a-service” product designed for Web3 gaming.
In its advanced announcement, Openfort revealed that Gumi Cryptos led the completed funding round in collaboration with Maven 11. Other fast-growing businesses, including Game7, Newman Capital, and NGC Ventures, were among the key participants in the funding round.
Features of Openfort Frictionless Wallet
The main objective of the Openfort funding round aimed to provide Web3 developers and users with a video game studio that utilizes “frictionless” digital wallets. At the initial development of the new wallet, the developers utilized the application programming interface (API) to support the compatibility of the browser game platform and the PC games centered on Unreal Engine 5 and Utility games.
The announcement revealed that Openfort developers would soon launch the mobile version SDK of the new wallet. In an interview, the co-founder of Openfort, Joan Alavedra, argued that the company’s latest development aimed at eliminating complex crypto transactions by utilizing new technology.
She was pleased to announce that Openfort’s recent advancements aimed to boost user experiences. Alavedra highlighted the key features of the new wallet, which will address the challenges battling digital gaming sector.
Benefits of Adopting Account Abstraction Technologies
She mentioned that the developers integrated the game session feature, commonly known as session keys, into the wallet. A session key limits user interaction with blockchain technology through the cookies feature.
In her report, Alavedra explained the benefits of cookies in gaming. According to Alavedra, the cookie’s features provide the user with crucial information, including their gaming history. The integration of session keys enables the system to distinguish real players from bots.
The Openfort development also allows the system to identify new users’ and players’ activities and monitor their experiences. The development aligns with the company’s core goals of adopting the latest account abstraction technologies. This technology automates most gaming activities to reduce user involvement in the approval of transactions.
A statement conveyed by a managing partner at Gumi Crypto, Rui Zhang, revealed that account abstraction (AA) provides innovative solutions for dealing with Web3 gaming user accounts. Zhang noted that the account abstraction technology enables users to explore the Web2 and Web3 features more seamlessly.
He confirmed that the Openfort team leads in adopting account abstraction use cases. In support of this, the managing partner at the Maven 11 Balder Bomans revealed that the adoption of verticals, such as games on Web3, has failed to satisfy the user’s needs.
Openfort Next Move
He added that the Openfort team would bolster the user experiences by integrating the AA technology. The Openfort has zero setup fees, allowing users to execute transaction processing effortlessly.
In an earlier report, the Openfort team had planned to utilize the smart contracts to streamline the gaming processes. The adoption of innovative contract technology aims at improving the user experience by allowing the system to perform specific transactions without involving the user.
Interestingly most of the transactions completed by the smart contract technologies utilize the instructional codes to issue commands to the connected decentralized application (dAPPs).
In her concluding statement, Alavedra revealed that the new wallet would provide the user with white-label features. She stated that the developers could customize their products and create projects on the Openfort platform with the white label.
Will Openfort Overcome Competition in Web3 Gaming Sector?
In light of the May 21 announcement, the features of the Openfort wallet can support the Ethereum Virtual Machine (EVM) functionality. The new wallets demonstrated enormous capabilities to support games built on Ethereum, Avalanche, Arbitrum, Optimism, and Polygon, among other networks.
Beyond this, the presence of Openfort in the gaming sector exposes the firm to fierce competition. The race to dominate the crypto gaming industry has challenged MetaMask, Immutable Passport, Coinbase Wallet, and Fractal Wallet, among others, to develop cutting-edge products that address current gaming challenges.
In the meantime, Openfort has teamed up with Merit Circle and Tacter to create decentralized autonomous organization (DAO) games. The company plans to launch a multi-chain network on the platform in the coming days.
Nonetheless, the Openfort team plans to collaborate with Playfab to strengthen its capabilities in related gaming backends.