Weekly GameFi Market Report: August 14–20
Welcome to the newest insights from the GameFi market. It’s been a rollercoaster week! Bitcoin’s volatility certainly turned heads. The cryptocurrency took a dive from the 30k mark to a surprising 25.2k, currently hovering around 26k. While there’s buzz about Chinese corporations, ETFs, and more influencing this shift, our primary interest remains the GameFi market. It’s the most captivating segment of crypto, resonating with the playful spirit in all of us.
As expected, Bitcoin’s decline impacted the broader market, including GameFi. Only a select few tokens showed positive momentum over the past week.
Despite these challenges, there’s been exciting activity in the gamefi, NFT, and metaverse sectors. Let’s delve into the latest developments:
FarmVille to Web3Ville: Zynga’s Sugary New Adventure!
Zynga has taken the lead as the first major mobile game developer to create a blockchain game from the ground up. Their new game, Sugartown, is built on the Ethereum network and offers players an immersive experience with the opportunity to earn in-game rewards. The game’s narrative centers on three farm animals who discover a portal to Sugartown, introducing unique beings known as Ora’s. These beings transform Sugartown into a vibrant hub of entertainment.
Players use the ERC-721 Ora token to access the game. By investing Oras, they can accumulate energy, which is essential for playing games in Sugartown and earning Sugar, the game’s currency for unlocking rewards.
Matt Wolf, Zynga’s Vice President of Blockchain Gaming, expressed the company’s eagerness for Sugartown. He highlighted Zynga’s innovative spirit and their goal to engage a broad audience with this Web3 game. The game aims to resonate with the Web3 audience while also expanding its reach and building a dedicated community.
Later in the year, players will have the chance to create Oras, essential for the game’s free mini-games. Sugartown is designed to be a dynamic experience tailored to Zynga’s community. The Web3 economic technology platform, Forte, is collaborating on this venture. Catherine Mylinh, Forte’s Chief Growth Officer, stressed the mutual commitment of Zynga and Forte to uphold regulatory standards and offer sustainable economic opportunities for players. Both entities prioritize ethical game economies and the protection of everyone in the ecosystem.
Sony’s Next Stop: The Metaverse Express!
Sony has ventured into the metaverse with the launch of its new division, Sony Metaverse Lab. This division, spearheaded by Hiroaki Kitano, a seasoned Sony professional with a background in AI research, aims to delve into and innovate within the metaverse technology.
While Sony is making its mark, it’s not alone in this pursuit. Tech giants like Meta (previously Facebook), Microsoft, and Roblox are already carving out their niches in the metaverse landscape.
The metaverse, though nascent, holds the promise of transforming our digital interactions, encompassing the realms of the internet, gaming, and social platforms. Sony’s foray into this domain underscores their belief in its vast potential.
A glimpse into Sony’s metaverse aspirations includes:
- A new virtual reality headset tailored for the PlayStation 5.
- Exploring the integration of NFTs within the metaverse.
- Collaborations with various companies to craft unique metaverse content and experiences.
While it’s premature to gauge the success of Sony’s endeavors in the metaverse, their commitment is a testament to the significance and potential of this emerging technology.
From Testnet to Bestnet: Immutable zkEVM’s Web3 Gaming Revolution!
Immutable, a prominent blockchain gaming firm, has unveiled the Immutable zkEVM Testnet. This public platform allows developers to trial games and apps developed on Immutable zkEVM.
Immutable zkEVM, rooted in zk rollups — a Layer 2 scaling technology — offers a scalable solution for crafting high-performance Ethereum-compatible games without sacrificing security or decentralization. This testnet launch marks a pivotal moment for the web3 gaming sector, paving the way for next-gen, scalable, and user-centric blockchain games.
Key advantages of Immutable zkEVM are:
- Reduced gas fees: Transactions cost significantly less than on the Ethereum mainnet, broadening game accessibility.
- Swift transactions: Ensuring a smoother and more immersive gaming experience.
- Robust security: Built on the provably secure zk rollups, it offers protection against fraud and breaches.
- Resource efficiency: Consumes fewer resources than Ethereum mainnet, making it eco-friendlier.
- Developers can now access the Immutable zkEVM Testnet. For more insights, they can visit the Immutable zkEVM Developer Hub, which offers comprehensive resources, including guides, tutorials, and a community forum.
This testnet launch heralds a transformative phase for web3 gaming, ushering in a new wave of enhanced blockchain games. The future of what developers will create on Immutable zkEVM is indeed promising.
Animoca & AWS: The Dynamic Duo Powering Up Web3!
Animoca Brands, a leader in digital property rights for gaming and the metaverse, has partnered with Amazon Web Services (AWS) to advance Web3 development. As an official AWS Activate Provider, Animoca can equip its portfolio companies with the necessary tools, resources, and expert guidance to develop blockchain-based products on AWS. Additionally, these companies can apply for up to US$25,000 in AWS Activate credits to aid their AWS-based development.
Animoca, with over 450 Web3 companies and projects, is at the forefront of creating decentralized ecosystems, granting users genuine ownership of their virtual assets. This concept of digital ownership is fundamental to an open metaverse where participants are not just users but also owners and stakeholders.
The collaboration between AWS and Animoca aims to support emerging Web3 companies in Animoca’s portfolio. Through the AWS Activate program, these companies receive technical, networking, fundraising, and marketing assistance, including credits, mentorship, and exclusive content. AWS Activate has historically assisted numerous early-stage companies in expanding their cloud operations. Startups can use their credits to access a range of AWS Cloud services, from computing and storage to analytics and machine learning.
Utilizing AWS Activate, Animoca Brands enhances its connection with AWS, enabling its portfolio companies to benefit from top-tier infrastructure, develop strategies for both Web2 and Web3 ecosystems, expand globally in a short time, and bolster security measures.
Yat Siu, co-founder and executive chairman of Animoca Brands, expressed excitement about the partnership, emphasizing the potential it holds for Web3 startups globally, especially given Hong Kong’s reputation as an innovation hub.
OpenSea’s New Wave: Bye-Bye Mandatory Royalties!
OpenSea, a leading NFT marketplace, recently announced that it will no longer enforce creator royalty fees on secondary NFT sales. From August 31, artists introducing new projects on OpenSea can only recommend a creator fee, typically between 2.5% to 10%, which buyers may choose to pay as a gesture of goodwill. However, existing collections on non-Ethereum blockchains and those using OpenSea’s Operator Filter can still enforce creator fees until February 29, 2024. After this, all creator fees on the platform will be optional. OpenSea’s CEO, Devin Finzer, clarified that while creator fees remain, their mandatory enforcement will end.
OpenSea’s decision reflects the changing NFT market dynamics. New NFT platforms, like Blur, which offer little to no creator royalties, have gained traction, with some even surpassing OpenSea in trading volume. To remain competitive, OpenSea has adjusted its stance on royalty fee protections.
The NFT community has had mixed reactions to OpenSea’s announcement. Some NFT platforms that still enforce royalties criticized the move, while several prominent NFT artists voiced their concerns online. SuperRare’s CEO, John Crain, highlighted the importance of royalties in supporting artist sovereignty in the NFT art movement.
The GameFi and broader crypto market continues to evolve at a rapid pace. From major shifts in NFT marketplace policies to groundbreaking partnerships and technological advancements, the landscape is ever-changing.
As industry leaders adapt and innovate, they shape the future of decentralized gaming, metaverse, and digital ownership. It’s an exciting time to be part of this digital revolution, and we look forward to witnessing the continued growth and transformation of the sector.
Stay tuned for more updates and developments in the world of GameFi and crypto.
About Gamestarter
Gamestarter is a complete gaming ecosystem that brings a new standard for blockchain gaming by building a multichain launchpad & NFT marketplace.
Gamestarter also has an in-house game studio focused on building high-quality blockchain games (Gamestarter Originals) like Dark Frontiers & Pixel Pix. Gamestarter Accelerator acts as an investor and advisor to promising games.
Gamestarter adds liquidity, player-ownership, and new funding resourcesto the largest entertainment industry in the world.
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