Welcome to the weekly roundup of crypto exchanges. A lot has happened. Let’s have a look at the top stories of this week:
- Microsoft invests in Korean blockchain game
- Square Enix financial report and projection of blockchain technology
- NCSoft invests in Mysten Labs to develop Web3 gaming infrastructure
- FIFA takes the leap toward blockchain games
- Mythical Games cuts down on its staff
Crypto is one of the few industries in this world that faces regular crises and gets jolted every now and then. This week we saw the bankruptcy of one of the most prominent players in the crypto industry, FTX. However, we also saw that cryptocurrencies have made rebounds this week as they did during previous recessions. So, the crypto industry is still holding on and avoiding washouts, meaning they are only getting stronger. Bitcoin stands tall as peer to peer electronic transaction without any financial intermediation. And, Ethereum remains the standout protocol to build decentralized applications.
Microsoft Invest in Web3.0
We will identify the trend in crypto and blockchain gaming in the weeks to come after FTX’s bankruptcy. However, the previous week saw Microsoft investing in Korean blockchain gaming company WeMade, the proud developer behind the popular MMO game series Mir. WeMade’s newest venture is in the blockchain in blockchain mainnet called Wemix 3.0. The platform will deploy a blockchain network and allow cryptocurrency transactions to be verified and recorded on the blockchain. Moreover, the company also has an NFT auction site allowing NFTs and DAOs. Besides, WeMade newest title Mir4 is arguably the world’s first AAA blockbuster blockchain game. It is not known how much Microsoft invested in the total fund of the $46 million investment round.
Square Enix's Eyes Web3.0 and Blockchain Games
In other news, Square Enix's financial results show an overall revenue fall despite Final Fantasy 14’s rise in sales. However, the report shows Square Enix’s focus on the new domain of blockchain with blockchain games and entertainment as its medium-term strategy. The company also unveiled its first NFT IP, Symbiogenesis, launching its first sale of NFT collectibles. The report also shared further plans with Shi-San-Sei Million Arthur NFTs, investments in the Bitcoin platform Zebedee, investment in Blocklords, Cross The Ages, Animoca Brands, and the Sandbox.
South Korean Giant NCSoft Invests in Web3.0 Company
The blockchain gaming industry continues to thrive and gain investments, especially from Asian companies.NCSoft, South Korea’s gaming giant made $15 million worth of investment in Mysten Labs of the previously announced $300 million funding round. Mysten Labs' ongoing project is Layer 1 blockchain development which will serve as infrastructure for Web3 games. The company emerged in 2021 and launched its first project, Sui, a decentralized proof of stake blockchain. Its recent $300 million fundraising was led by FTX Ventures, other notable participants were Jump Crypto, Apollo, Sino Global, Dentsu Ventures, and Coinbase Ventures.
FIFA Launches 4 Web3.0 Blockchain Games
Finally, FIFA parting ways with EA led to its entry into the blockchain gaming space for the very first time. The organization will start with 4 Web 3.0 games that will coincide with the FIFA World Cup 2022. The first game among the lot is AI League: FIFA World Cup Qatar 2022 Edition. The developer behind the game is Altered State Machine. The game is a 4-on-4 casual football game where AI will compete and players will have an input in between. Moreover, the players will earn four unique collectibles in AI-controlled players.
The second game is FIFA World Cup 2022 in the Upland Metaverse. This project is a collaboration between FIFA and Upland. Upland is a blockchain-based metaverse with virtual land assets providing full ownership to players.
The third game is FIFA World Cup Qatar 2022 on Phygtl. Phygtl is a fan engagement mobile application.
The fourth and final FIFA game on the blockchain is Matchday Challenge: FIFA World Cup Qatar 2022 Edition. It is a social prediction game based on football cards. It will be interesting to see how football game fans around the world take FIFA’s new ventures in Web3 gaming.
Blockchain Gaming Developer Mythical Games Lays Off Staff
Finally, we have Mythical Games, a blockchain game developer, going after cost-cutting leading to the laying off of 10% of its employees. The company is valued at more than $270 million in venture capital, previously the company was valued at $1.25 billion. The reason given by the company behind the recent firing was the economic downturn. The company’s leading project in blockchain gaming is Blankos Block Party which is suffering from a low daily active user count leading to difficulty finding games for online players.
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