In this newsletter, I will cover the impact of FTX fallout on blockchain games. Moreover, we will also cover significant partnerships in the Web3 gaming domain, how Avalanche Gamefi projects are performing, what Sony’s newest patent says about its Web3 direction, and how one of the biggest retailers in the gaming world embraces NFTs. Lastly, how is Gamestop working with Immutable X?
So let’s start, and I hope you do enjoy reading it and that I shed some light on last week’s affairs.
- FTX collapse and fallout The Solana Blockchain is imploding.
- Cryptomon forms an alliance with Unstoppable Domains
- Avalanche and its solid run in gamefi space
- Sony files a patent for digital asset tracking in video games.
- Gamestop NFT marketplace
- Harmony collaborates with Game Space
FTX’s collapse and its fallout on Solana
Blockchain and play-to-earn games on the Solana blockchain are the newest victims of the FTX fallout. Solana’s token, as well as tokens from games like Star Atlas and Aurory, all perished. Aurory’s in-game token has suffered more than 70% damage since the start of the week. As for Star Atlas, its token fell more than 36%. When compared to SOL tokens, SOL suffered a loss of 56%. Some of the other names on the Solana blockchain, like Mini Royale Nations and Panzerdogs, have yet to release tokens.
Earlier, FTX CEO Sam Bankman-Fried pledged $100 million in gaming projects on the Solana blockchain. However, FTX suffered an implosion in the first week of November as the FTX token price declined. Consequently, it was unearthed that FTX had $9 billion in liabilities and only $900 million in liquid assets.
Apart from the Solana debacle, blockchain games are largely showing a decrease in trading volumes in the last seven days. This decrease includes major games like DeFi Kingdoms, The Sandbox, and Axie Infinity.
New Partnerships in Web3 Space
In other news, NFT-powered Metaverse games developer Cyrptomon enters into a partnership with Unstoppable Domains, a Web3 domain provider. This partnership will provide Cryptomon NFT holders with a verification badge. These badges will show up on their Unstoppable Domain profiles. Moreover, the partnership will also secure the user’s Web3 identity along with providing them with unique NFT domains in the future with the suffixes “.kryptomon” and “.kmon.”
In another partnership, Harmony joins hands with Game Space, which will pave the way for traditional Web-2 companies to transition to Web-3. The strategic partnership will considerably reduce the time and cost of on-chain game development. Harmony is a proof-of-stake blockchain company, while Game Space is a one-stop gamefi platform.
Avalanche’s Stable Run in Gamefi Space
The gamefi segment is one Web3 domain that is growing at breakneck speed, and Avalanche is riding the wave. Earlier this week, Avalanche shared a progress report showing growth volume on its gamefi projects. The leading project is Province, with a super growth rate of more than 1481%. The least growth volume also shows a formidable increase of 7.77%. The key takeaway here is that the gamefi segment is enjoying a soaring growth rate. As for its token, AVAX, it experienced a decrease after showing signs of recovery earlier this week. The recovery gains vanished due to the continuous bearish trend during the weekend. So, the AVAX token is still in its lower range at $12.90.
Sony Applies for a Patent to Track In-Game Assets
Big players continue to show interest in the Web3 domain, with Sony getting into the news once again after the previous week. This time, Sony files for a patent that will allow gamers to own unique digital assets and in-game collectibles. The patent was filed in 2021 for a system that tracks digital assets powered by blockchain technology. The patent went public last week. Sony plans to keep a record using blockchain ledgers of digital media assets, gameplay, and video clips of memorable moments with a unique token. The patent filing shows that the multinational technology conglomerate is interested in the Web3 domain, especially NFTs in blockchain games.
Gamestop NFT Marketplace
Another big name in traditional gaming enters Web3 with the official launch of its NFT marketplace. GameStop, the largest video game retailer in the world, joined forces with Immutable X to launch its NFT marketplace on the Immutable blockchain platform. It will use a Layer 2 blockchain solution that does 100% gas-free and carbon-neutral minting. Both Gamestop and Immutable X have also launched a $100 million grant for creators of Web3 games. The partnership will integrate the blockchain games that are on Immutable X into the Gamestop NFT marketplace for easier management.