Mythical Games Cuts Down, FIFA In Blockchain, NCSoft Invests In Mysten Labs And More
Welcome to this weekly roundup of crypto and blockchain gaming news. A lot has happened during the week, especially involving big blockchain gaming companies, but not necessarily in auspicious ways. But first..!
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So the news. Lets dive in, shall we?
Let’s have a look at the top stories this week:
- Microsoft invests in a 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, just 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 a peer-to-peer electronic transaction without any financial intermediation. And Ethereum remains the standout protocol to build decentralized applications.
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 game developer behind the popular MMO game series Mir.
WeMade’s newest venture is in a blockchain company 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 that allows NFTs and DAOs. Besides, WeMade’s newest title, Mir4, is arguably the world’s first AAA blockbuster blockchain game. It is not known how much Microsoft invested in the $46 million investment round.
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, investments in Blocklords, Cross The Ages, Animoca Brands, and the Sandbox.
The blockchain gaming industry continues to thrive and attract investments, especially from Asian companies. NCSoft, South Korea’s gaming giant, invested $15 million in Mysten Labs as part 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 in fundraising was led by FTX Ventures. Other notable participants were Jump Crypto, Apollo, Sino Global, Dentsu Ventures, and Coinbase Ventures.
Finally, FIFA’s parting ways with EA led to its entry into the blockchain gaming space for the very first time. The organization will start with four 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 input in between. Furthermore, AI-controlled players will earn four distinct collectibles.
FIFA World Cup 2022 is the second game in the upland metaverse. This project is a collaboration between FIFA and Upland. Upland is a blockchain-based metaverse with virtual land assets that provide full ownership to players.
The third game on Phygtl is the FIFA World Cup Qatar 2022. Phygtl is a mobile application for fan engagement.
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.
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, it 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.