An incredible transition from cloud banking to Web3 gaming in less than a year.
Image source: Nightshade/Cauldron.
Video game studio Cauldron, formerly part of cloud banking provider Thought Machine before its spin-off last year, has raised $1.4 million to make its first game as an independent studio.
Seedcamp and existing investors IQ Capital and Playfair Capital are backing the project, codenamed “Nightshade”.
It’s a Web3 game, based in a sci-fi setting somewhere in our solar system, though the studio isn’t revealing more at this point.
What is the Web3 game you ask? According to Cauldron CEO Mark Warrick, it’s a type of game that includes “ownership of things on the internet.”
Indeed, Seedcamp has previously backed Sorare, a blockchain-based football collectible card game, and Warrick names Axie Infinity as the biggest Web3 game in the industry.
“At Seedcamp, we supported Sorare early on and boldly stated that it would become one of the first mass crypto games,” said Seedcamp Partner Sia Houchangnia.
“We know gaming will be a key driver of mainstream crypto adoption and we are thrilled to have found another world-class team at Cauldron that has a strong market vision for a gaming niche. Web3 which we have not seen to date and we are delighted to accompany them at the beginning of their journey.’
warrick said AltFi that he sees Web3 as a third way for games, beyond £50 triple-A console games and freemium mobile games like Candy Crush.
“We call it ‘Play to Own’, so an immersive gaming experience, but within the Web3 framework.”
This means there is a secondary market where the developer does their part, in which case Warrick says the market would be used “when you get to a certain point you can start selling to other players who really want your personage”.
While the CEO is clear that gamers are paying hundreds or thousands of dollars just to get started, as has become the norm with Axie Infinity as prices have skyrocketed, that’s not the plan. for Nightshade.
“What for us is not acceptable is to limit the number of players who can play our game, just to increase the value. We take the point of view of the players, saying: I want to play a game, I want it to be fun and I want to take advantage of the immersive experience to get away from it all.
Cauldron is targeting a summer 2022 launch for Nightshade, with more announcements coming soon.