Play-to-earn
Bandai Namco, SEGA among gaming giants eyeing blockchain gaming
Japanese gaming giants are positioning for mainstream blockchain game adoption, and will not be swayed by the section of gamers that are against crypto and nonfungible tokens (NFTs), an exec from the Oasys blockchain project told Cointelegraph. Speaking to Cointelegraph at the 2022 Tokyo Games Show last week, Oasys Representative Director Ryo Matsubara emphasized that the project’s big-name partners such as Bandai Namco, Sega and Square Enix are not just jumping on the crypto bandwagon —there’s a long-term vision for blockchain-based Play-to-Earn (P2E) gaming: “We have a shared vision about blockchain at the executive level. They don’t [want to] change that policy. They really understand the future adoption of blockchain. They’re not thinking about, you know, j...
South Korean ministry recommends enactment of special Metaverse laws
The Ministry of Science and ICT (MSIT) of South Korea revealed plans to move away from imposing traditional video gaming laws on the Metaverse. Instead, the ministry decided to issue new guidelines for incentivizing the growth of the budding ecosystem. South Korea’s interest in garnering Web3 and the Metaverse ecosystems is evidenced by the $200 million investment it made for the creation of an in-house Metaverse. Running parallel to this effort, the MSIT identified that imposing older regulations serve as a deterrent to the growth of new ecosystems. In the first meeting of the National Data Policy committee, MSIT noted that “We will not make the mistake of regulating a new service with existing law.” However, discussions around designating the Metaverse as a video game are still on the ta...
Animoca Brands continues shopping spree with MotoGP mobile dev acquisition
One of Web3’s leading digital property rights developers, Animoca Brands, announced yet another major acquisition to its increasing portfolio of gaming subsidiaries. The company announced the purchase of WePlay Media, which developed the popular blockchain-game MotoGP Championship Quest, on Sept. 16. According to the agreement, the acquisition is ian effort to bolster user engagement in motorsport mobile gaming. Graeme Warring, the co-founder and chief operating o of WePlay Media and co-creator of MotoGP, called the acquisition an exciting development for both parties as they expand their reach to motorcycle fans across the globe. “Animoca Brands has the ability to reach hundreds of millions of users in core growth demographics to expand the sport’s fan base and create engagement opp...
GameFi investors are now prioritizing fun factor over money: Survey
GameFi, the fusion of gaming and decentralized finance (DeFi), attracts a set of investors that tend to choose projects based on their use case rather than money-generating potential. The GameFi ecosystem attracts GenZ investors and gaming enthusiasts. As a result, it stands as an entry point for numerous first-time investors. A ChainPlay survey participated by 2428 GameFi investors revealed that 75% of the respondents joined the crypto space solely because of GameFi. 3 in 4 respondents joined cryptocurrency because of GameFi. Source: ChainPlay While roughly half of the investors joined the GameFi space initially for profits, 89% of GameFi investors succumbed to Crypto Winter 2022 — with 62% of them losing more than 50% of their profits. GameFi profits are decreasing. Source: ChainPlay How...
GameFi developers could be facing big fines and hard time
Are cryptocurrency games innocent fun? Or are they Ponzi schemes facing an imminent crackdown by regulators in the United States? Tokens related to cryptocurrency games — known colloquially as “GameFi” — were worth a cumulative total of nearly $10 billion as of mid-August, give or take a few billion. (The number may vary depending on whether you want to include partially finished projects, how you count the number of tokens that projects technically have in circulation, and so on.) In that sense, whether the games are legal is a $10 billion question that few investors have considered. And that’s an oversight they may soon regret. That’s because a bipartisan consensus appears to be forming among legislators in the U.S. that the industry needs to be shut down. They haven’t addressed the issu...
Axie Infinity is painting a giant bearish pattern — will AXS price crash another 95%?
Axie Infinity (AXS) has been forming a giant bearish reversal pattern since July last year, which could send its prices down by another 95% in 2022. AXS risks one big breakdown Dubbed the “inverted cup and handle,” the pattern is identified by its large crescent shape followed by a modest upward retracement. It typically resolves after the price breaks out of the rising channel, followed by another break below the cup-and-handle’s neckline support. Meanwhile, as a rule of technical analysis, an inverted cup and handle breakout leads the price to the level at length equal to the maximum distance between the structure’s top and support. AXS’s price rally during the second half of 2021, followed by its complete wipeout in 2022, makes a crescent shape trend, which...
Inflation got you down? 5 ways to accumulate crypto with little to no cost
Experienced crypto traders know that bull markets are for selling and bear markets are for accumulation, but the latter can be difficult amid a backdrop of surging inflation that saps the purchasing power of fiat currencies. As the crypto market heads deeper into crypto winter, with prices in the gutter and developers focused on creating the next popular protocol or breakout token, some crypto fans have begun to explore new ways of increasing their stack in preparation for the next bull market. Here’s a look at the top five ways hodlers can increase the size of their crypto portfolio without breaking the bank so that the money they earn can go toward combating the rising cost of living. Staking Staking is perhaps the most tested and proven way to increase the number of tokens held, a...
Time to accumulate? 5 sectors to watch during crypto winter
It’s weird to think that anyone could look forward to downturns in the crypto market, but that is precisely the position held by many developers and project creators who enjoy the low-pressure environment that exists during a bear market. As the saying goes, bear markets are for building, and now is one of the best times to survey the landscape to see which sectors of the market are most active in designing the platforms that will soar to new heights in the next bull cycle. Here’s a look at five sectors of the blockchain ecosystem that may present some of the best opportunities for accumulation while prices are low and demand is non-existent. Layer-1 protocols Layer-1 (L1) protocols like Bitcoin (BTC) and Ethereum (ETH) form the foundation that much of the cryptocurrency ecosystem is...
Twitch co-founder raises $24M for Web3 gaming firm Metatheory
Web3 gaming and entertainment company Metatheory founded by Twitch co-founder Kevin Lin has raised $24 million in a Series A funding round on Monday. The round was led by crypto capital venture firm Andreessen Horowitz (a16z), with participation from Pantera Capital, the venture arm of the FTX cryptocurrency exchange, FTX Ventures, and other venture firms, according to the announcement. Metatheory was launched in November 2021 around one year after Lin left Twitch, where he wrote in a Medium article at the time that he was creating the gaming company and also a blockchain game called DuskBreakers. Lin was quoted in this week’s announcement as saying: “Building immersive digital experiences has always been a passion of mine, and after stepping away from Twitch to explore what’s next in...
Little by little, blockchain technology is beginning to appear around the house
Blockchain technology is familiar to cryptocurrency users and national banks, and awareness of it is spreading fast to gamers. Applications in industry, particularly supply chain management, have been appearing as well. Through them, blockchain technology may improve domestic life in unseen ways, such as ensuring high-quality food, responsibly sourced seafood, or preventing the counterfeiting of pharmaceuticals. Nonetheless, the home may be blockchain’s final frontier. Blockchain penetration at the household level is so far quite low, but day-to-day utility was no afterthought for blockchain developers. Christoph Jentzsch, Simon Jentzsch and Stephan Tual, who in 2016 created The DAO — the short-lived first decentralized autonomous organization (DAO) — introduced Slock.it, “the first ...
GameFi is showing signs of a mature landscape: Report
Blockchain games are set to overtake decentralized finance (DeFi) as the number one contributor to decentralized application (DApp) activity in terms of uniquely active wallets. A new 18-page report by DappRadar surveys the nascent ecosystem behind this rise. Although still dwarfed by the traditional gaming industry, blockchain games, sometimes dubbed GameFi, have seen an early spurt of exponential growth, according to the report’s data. “The evolution of blockchain games” report, which discusses play-to-earn (P2E) as a new paradigm for gaming, is available on the Cointelegraph Report Terminal to purchase. It details how the play-to-earn model gained traction in the COVID-19 pandemic when players from emerging economies were seeking new sources of income. In Q2 of 2021, which was not...
North Korean Lazarus Group allegedly behind Ronin Bridge hack
The United States Treasury Department Office of Foreign Assets Control Specially Designated Nationals and Blocked Persons (SDN) list was updated Thursday to reflect the possibility that North Korean cyber-criminal Lazarus Group was behind last month’s hack of the Ronin Bridge, in which over 173,600 Ether (ETH) and 25.5 million USD Coin (USDC) was taken, Chainalysis announced by Twitter. The information was also confirmed by Ronin. The hack, which took place on March 23, was worth over $600 million at the time. Discovered several days after the fact, it is one of the biggest robberies of its kind in history. The coin came from the play-to-earn role-playing game Axie Infinity developed by the Vietnamese studio Sky Mavis. The game’s developers have raised over $150 milli...
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