Klaytn offers Gas fee rebates, opening ways for Web3 adoption October 3, 2022
Klaytn offers Gas fee rebates, opening ways for Web3 adoption <br><br> <br>
Klaytn offers Gas fee rebates, opening ways for Web3 adoption
South Korean blockchain project Klaytn offers a gas fee rebate program. Now Gaming companies can offset gas fees from existing blockchain games built on Klaytn.
By removing deterrents to broader the adaptation of Web3.0, Klaytn will be able to negate both- the user gas fees borne by gaming companies – and the gas fees incurred from gaming companies’ own external or contract Accounts.
At present, Klaytn is working on a gas fee delegation feature, which lets the companies or projects pay for their users’ gas fees. This feature relieves the blockchain game companies from the pain point of onboarding new users, as currently, users need to acquire cryptocurrency to foot gas fees to become eligible to play.
With a significant user base, the gas costs can significantly accumulate, understanding the issue, Klaytn has launched its gas fee rebate program so that gaming companies can fully concentrate on growing their ecosystem.
Moreover, Klaytn provides a grant, derived from the Klaytn Growth Fund. Select companies will be entitled to a 100% offset of their gas fees incurred from January 2022 onwards for up to $100,000 worth of KLAY per month. The amount is paid in Klaytn’s own token named KLAY. The main objective of the project is to grow the ecosystem of companies built on Klaytn.
Klaytn opened up gates to the wider adoption of Web3 with this initiative, which has remained a longstanding issue in recent time as in Web2 financial transactions requires “gas fee.” Nevertheless, such commissions are usually paid by the merchants and are part of the price itself, due to which, many users assume that the transactions are free.
With the new program of gas fee rebate, Klaten games can now provide a similar experience to their users as of traditional games. This aids in expanding the reach of the blockchain gaming ecosystem as this simplifies the onboarding of new gamers to Web3.
According to a report, the GameFi market isn’t enough as it is expected to be, it has only over 1 million gamers and $1 billion in transactional volume. Moreover, the number of users is expected to rise 50-fold in 2025. But to attain that figure the gas fee deterrent has to be dealt with to remove the present friction.
“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”, said David Shin, Head of Global Group, Klaytn Foundation