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Avalon Corp Raises For Web3 Metaverse

Sony Game Developers and Ex-EA Developers Comprise Avalon Corp Team

Avalon Corp.\’s Digital Universe receives $13 million in funding to launch an AAA project in the Web3, metaverse, and blockchain gaming

The world is molding itself towards the crypto universe for investments as well as the future. Big companies are getting interested in blockchain and metaverse or AAA multiverse and looking for different ways to be a part of it. In a similar effort, Bitkraft Ventures has raised $13 million in funding along with other companies to fund Avalon Corp, a Web3 gaming startup working on Avalon universe. The companies included are Hashed, Delphi Digital, Mechanism Capital, Coinbase Ventures, and others. The round also received funding from some angel investors, including former Microsoft executive Charlie Songhurst and Twitch co-founder Kevin Lin.

The big news is their team of developers, has worked in huge tech companies like Electronic Arts, Microsoft, Blizzard, and Sony. The studio\’s first game will be Avalon, which runs on Unreal Engine 5 and has some MMO and Web3 metaverse elements. However, CEO of Avalon Corp Sean Pinnock and Chief Product Officer Jeffrey Butler told Decrypt in an interview that they don\’t perceive Avalon as a metaverse. The main reason for the reluctance is how the term has been taken and misapplied in the digital world.

Butler remarked of the term \”metaverse\” that \”everyone\’s kind of leaping onto this word and just pounding the poor word to death,\” adding that practically every big brand, whether they be a fast food chain or fashion industry, has somehow associated themselves with the creation of their own metaverse.

The Avalon Universe

According to Pinnock, Avalon Corp is building an interoperable AAA Web3 universe at Avalon so that content creators can build the worlds they envision. And their idea is to somehow ignore the word ‘metaverse’ as it would be extremely difficult, if not actually impossible, for a single firm to create such a thing. “We’d like to empower gamers, creators, anyone to build worlds. And then those worlds over time interconnected could become something like an Oasis from Ready Player One.”

According to the duo, the game developers will create the most accurate representation of any Web3 \”metaverse.\” It is not something the consumer brands can achieve because they haven\’t got the necessary expertise to create AAA games.

According to Pinnock, Avalon could host major brands looking to stake their claim in its universe with their own intellectual property and unique experiences. The other huge news that was shared by the duo was that Avalon Corp\’s current COO has also served as the Head of Business Development at Bandai Namco\’s North American division, which owns the intellectual property rights to well-known Japanese properties like Dragon Ball Z, Naruto, and One Piece.

Avalon Corp and Blockchain Options

Pinnock advocated quite strongly for Ethereum Layer 2 protocols. However, Avalon hasn\’t yet chosen a single blockchain to support and enable its interoperable economy. Pinnock declared that he personally thinks quite highly of Layer 2 Ethereum technologies. According to him, the nice thing about that technology is that it has a much lower environmental impact than credit card swipes and costs much less in gas for transactions. He also added that they are able to obtain the transactional scalability they desired. Moreover, digital ownership is crucial to how blockchain will play its role in Avalon. As a result, the blockchain will act to certify all of Avalon Corp\’s assets inside Avalon.

While talking to the media, Pinnock said that it is imperative for this technology to follow true decentralization. The reason lies in it is among the most intrusive ones ever in the making. Butler has been a part of the video game industry for nearly ten years with Sony Online Entertainment working on some hit AAA games. Pinnock was of the opinion that cutting-edge technology like Unreal Engine 5 enables the group to create the style of massively multiplayer environment they desire, at the appropriate scale.

The Avalon Metaverse Offers More

However, Avalon will be much more than just a virtual environment to explore; it will inculcate AAA gaming elements. Moreover, it will allow users to transfer money between Web3 virtual \”worlds\” using crypto and NFTs. The startup is also hopeful of collaboration with AI companies. It plans to eventually deploy a feature that will let users design their own worlds using generative AI technology.

While the team realizes that not every game may have the PC hardware needed to play Avalon Corp\’s universe at a high level, their goal is to make it an AAA-quality game. Pinnock adds that there is a cloud offering for Avalon. His plans are for a cloud gaming component that hosts and renders data online, not on the user\’s computer.

Play to Earn Gaming News

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Solana Suffers from FTX Fallout, Sony Files Patent Involving NFTs, and More

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.

Nice read is also ; “A Promising RPG Blockchain NFT Crypto Game Called Defi Kingdoms.” Or this article “You Did Not Play The Sandbox? You Should!”

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.