video games

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

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

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.

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.

BitCoin Video Games

Bitcoin Video Games

Bitcoin is the most popular cryptocurrency in the world. Many businesses now accept bitcoins and as a result, bitcoin prices are rising. Bitcoin can impact traditional payment systems and the video games industry. Bitcoin is based on Blockchain technology it can help to solve the problems of the gaming industry. We already see the gaming industry using cryptocurrencies and many crypto games are in development.

Bitcoin Video Games
Bitcoin Video Gamesgaming consultants

 

 

 

 

 

 

The use of Bitcoin in gaming is a new trend. Many games have introduced the Bitcoin payment system in in-game purchases as well as Esports. So we expect more development of Bitcoin in the gaming market in near future. In this article, we discuss Bitcoins and its impact on the gaming industry.

What is cryptocurrency

Cryptocurrency is a digital currency, unlike traditional currencies like dollars, euro it is based on a decentralized system, and the value is decided by its demand and supply. Unlike dollars and euros, cryptocurrencies have no physical presence some of the popular cryptocurrencies are:

Bitcoin is a type of cryptocurrency that still remains the most popular and valuable cryptocurrency. Bitcoin was launched in 2009. Many people invest their capital in Bitcoins and if  the market is in favor then they can earn huge profits.

Why is Bitcoin popular?

There are a lot of cryptocurrencies available but noother crypto currency comes close to the Bitcoin.. The question everybody asks: Why is Bitcoin so popular?

Cryptocurrencies’ price is based on their demand and supply. Many people prefer Bitcoin because of the security that Blockchain technology offers. Many businesses are accepting Bitcoin as a trading currency, which is the main reason for its popularity (not enough research here). Many formidable companies like Tesla and Samsung are showing interest in Crypto currencies which leads to more and more people flocking towards crypto currencies with their investments.

As it is based on Blockchain technology, there is a very low chance of fraud. The main problem with Bitcoin is the severe fluctuation of prices. A lot of people avoid investing in Bitcoin because its prices are not stable.

Asian video game publisher Nexon buys 100 million worth of Bitcoin

Nexon, a video game publisher, bought 1717 Bitcoin for about $100 million. The average price of a Bitcoin was $58226 including fees and other expenses. This is a huge step by Nexon, total purchase represents less than 2% of companies’ total cash and cash equivalent on hand.

Bitcoin Video Games
Bitcoin Video Games – gaming consultants

 

 

 

 

 

 

 

Other big companies like Tesla and MicroStrategy are exploring the potential of cryptocurrencies,  (no coherence)Nexon’s CEO said that, “In the current economic environment, we believe Bitcoin offers long term stability and liquidity while maintaining the value of cash for future investments.” After seeing such big names showing interest in Bitcoin, we assume that Bitcoin’s price will increase in the near future and we expect more people to show interest in Bitcoins.

Bitcoins and gaming

The gaming industry is booming nowadays, however, we see gaming servers being attacked, and with virtual reality and 5G, this problem may arise. Blockchain technology helps to solve this issue; Blockchain isbased on decentralized system and end-to-end encryption, so the gaming servers are safe. Security is one of the main reasons for Blockchain technology’s popularity.

Using Bitcoin enhances transparency because everyone can see Bitcoins’ transactions. Nowadays, games require you to purchase in-game assets like guns, skins, cars, etc. now; you can use Bitcoins to purchase your in-game assets. (no need, tautology). For transfer, their assets take days for processing payments, but with Bitcoin, you can easily and instantly send payments with no restriction.

How does Bitcoin work in gaming?

You can buy or sell Bitcoin via exchange wallets, which means once those who want to send payment can use bitcoin wallets to send payment (not clear). (repetition, already discussed above).

You can buy games through crypto wallets; Bitcoins can also be used in online fantasy games. Through Blockchain, the overall experience of fantasy games increased(not clear). The platform eliminates the complex verification system and makes the system transparent.

Benefits of Bitcoin Video Games

Cryptocurrency can solve problems related to transactions and fraud in the gaming industry. Here are some benefits of Bitcoin/cryptocurrency in gaming:

Bitcoin works on decentralized systems and removes bureaucracy and intimidators and allows players to enjoy their favorite games and pay quickly. With Bitcoin, you can instantly and easily send payments anywhere in the world.

Bitcoin allows gamers to play games without worrying about security and exchange rates. You can pay anyone without exposing your identity.

The main benefit of bitcoin is its security system; many online games have trust issues. But Bitcoin prevents this fraud transaction because it keeps records of every transaction. Bitcoin also eliminates the risk of hacking and ensures secure and safe payment.

Normal payment systems like credit cards, PayPal require transaction charges but Bitcoin has no hidden charges. In gaming, if you use Bitcoin, there are no hidden charges and fees and because of peer-to-peer transactions, you need not to worry about payment security.

Sometimes,  in-game purchases requires you to share your personal information. If you are not comfortable sharing your personal information you can use Bitcoin for these payments.

Final words BitCoin Video Games

As we see there is considerable development in the Bitcoin and gaming industry. Bitcoin is popular but expensive; many prominent players promoting Bitcoins expect it to be more popular in the future. New technologies are coming in the field of gaming like VR, with these new changes we need a secure system where Bitcoin and Blockchain can help. Bitcoins are helpful in online fantasy games, sports fantasy, and many people now use Bitcoin in fantasy games because of its security system.

In the gaming industry Bitcoin can solve many problems related to Esports and gaming. The main problem with Bitcoin is its fluctuating prices. But there are many other benefits of Bitcoins like end-to-end encryption, secure payment, etc. But all in all, we can expect some major developments in the near future.

If you wish more details about how gaming can work with crypto’s, contact gaming consultants.

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