Weekly GameFi Market Report: July 31 — August 6
The price of Bitcoin ($BTC) has remained relatively stable over the past week, experiencing a brief period of volatility within a 2-day timeframe. During this fluctuation, Bitcoin’s price dipped to 28.5k and then rose back to 30k, appearing to both break down and break out, only to ultimately settle around the 29k level.
In contrast, the GameFi sector has seen some significant activity. Certain projects have experienced substantial gains, with Yield Guild Games (YGG) leading the way, boasting an impressive 225% increase in just the past few days.
There is considerable movement occurring within the GameFi, NFT, and Metaverse sectors, inviting a more detailed examination of these evolving and dynamic areas:
CO2 Tracking Hits the Road with Hyundai, Kia & Hedera
Hyundai Motor Company and Kia Corporation have introduced an AI and blockchain-driven Supplier CO2 Emission Monitoring System (SCEMS) on the Hedera network, aiming to manage and reduce carbon emissions within their supply chain. The system helps in computing emissions at every stage of the supply chain, from raw material acquisition to production and transportation, offering transparency and reliability.
Having previously utilized Hedera’s network, Hyundai and Kia’s new implementation further harnesses the technology to provide insights and confidence to stakeholders. This revolutionary system not only tracks emissions but also predicts future emissions, assisting in setting tangible reduction targets.
The initiative, supported by the HBAR Foundation, aligns with broader sustainability projects, and environmental conservation. Hyundai and Kia’s commitment to SCEMS underlines their efforts to proactively comply with environmental regulations and foster sustainable supply chains, collaborating with partners for a more eco-friendly future.
From NFT Fame to Game Over — Nifty’s Abruptly Shuts Down
Nifty’s, a company previously recognized for releasing NFTs with major franchises like Warner Bros., had pivoted to developing a platform for Web3 creators earlier this year. Unfortunately, this new direction will not come to fruition, as the company has suddenly ceased operations.
In an announcement on Twitter/X, Nifty’s explained the closure as a result of attempting to transition with “limited resources in a difficult market.” The company was working on building the new platform and seeking ways to raise capital to sustain development. Regrettably, the needed investment opportunities did not materialize, leading to the company’s shutdown.
Despite the closure, Nifty’s has been recognized for its work with various brands to create unique NFTs, such as The Matrix Avatars and Game of Thrones: Build Your Realm. The company’s team has spent recent weeks ensuring that those projects could continue. They have decentralized all NFT media and redistributed NFTs on the Polygon network, except for those already on Ethereum. Holders of specific NFTs, including Warner Bros.’ projects, are advised to consult relevant Twitter profiles for updates and follow detailed instructions for exporting private keys if needed.
GameStop’s Crypto: Game Over?
GameStop is retreating from its crypto endeavors, announcing the discontinuation of support for its crypto wallet and NFT marketplace on November 1. The decision is linked to the “regulatory uncertainty of the crypto space,” reflecting a wider trend where companies are reassessing their engagements in digital assets due to increasing regulatory oversight.
The move aligns with GameStop’s gradual shift away from the crypto sector, a change in direction that was already evident before the firing of its CEO, Matt Furlong. In December 2022, Furlong declared that GameStop would not invest substantial shareholder capital in the crypto industry, a decision in contrast to their earlier collaboration with the Ethereum scaling network Immutable X, involving a $100 million incentives fund for developers.
This decision to back away from crypto adds to GameStop’s ongoing challenges. In the midst of a transforming video game industry, increasingly leaning towards digital delivery, GameStop has undergone multiple layoffs in recent years. The company’s stock price has also seen erratic changes, particularly during the meme stock frenzy of early 2021. Exiting the NFT and crypto realms marks another stage in GameStop’s ongoing efforts to adapt to a swiftly changing marketplace.
Crypto 101: Circle & Junior Achievement’s Class
Circle Internet Financial has partnered with Junior Achievement (JA) of Northern California to launch a Digital Financial Literacy Curriculum for high school students in California’s Bay Area. The two-part program covers the history and evolution of money, including topics like Bitcoin, blockchain, NFTs, and stablecoins, and has already received positive feedback in an early pilot.
Additionally, JA of Northern California will manage the Circle Scholar award program, offering twenty $5,000 scholarships to students who complete the curriculum between 2023 and 2025. These scholarships aim to assist students in their higher education pursuits.
Both Circle and JA leaders expressed excitement about the collaboration, emphasizing the importance of understanding the digital economy and its potential for inclusivity and innovation. The program, which will be available throughout Northern California, represents a concerted effort to foster digital financial literacy among young people.
These stories collectively spotlight the ongoing evolution and challenges in areas such as cryptocurrencies, gaming, NFTs, sustainability, and education. The various strategies employed by different entities highlight the complexities and opportunities that characterize our rapidly transforming digital age.
Whether embracing new technology, shifting focus in response to regulatory uncertainty, or closing doors and opening new educational horizons, these events represent a snapshot of a world in constant motion, where innovation, responsiveness, and agility continue to shape the future.
Till next time, Gamestarters!
