blockchain gaming

SludgeFeed Joins Hands with OpenSea for Seamless Adoption of Blockchain Gaming

SludgeFeed, a platform in the blockchain gaming sector, has collaborated with OpenSea, a notable digital marketplace for crypto collectibles, to propel the adoption of blockchain gaming by presenting relevant items on its structure.

By teaming up, OpenSea will offer SludgeFeed technical support as it creates a unique non-fungible token (NFT) marketplace that directly integrates into its content and platform.

Blockchain Gaming the New Kid on the Block

Both SludgeFeed and OpenSea seek to thrust mainstream adoption of the blockchain gaming industry by enabling readers to significantly interact with the NFTs because it is a relatively new space.

The co-founder of SludgeFeed, Tom Stankewicz, noted: “While the blockchain gaming industry holds a lot of promise, the current adoption rates are still minimal compared to traditional gaming.”

Stankewicz also added: “Together with OpenSea, we aim to take blockchain gaming to new heights by enabling unique and interactive ways to engage with in-game items and collectibles directly in our platform.”

Conversely, Devin Finzer, OpenSea’s co-founder, ascertained that they were excited with the collaboration made with SludgeFeed because it could instigate more visibility and awareness in the blockchain gaming sector.

He noted: “OpenSea is incredibly excited about the growing number of digital assets on blockchain—from crypto collectibles to ‘decentralized native’ domain names to traditional digital assets like event tickets.”

Through this partnership, new doors will be opened for blockchain games that have already incorporated SludgeFeed into their ecosystem, and this will offer unmatched revenue and marketing opportunities.

Image via Shutterstock

75% Investors Joins Crypto Space due to GameFi, Survey Shows

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ChainPlay, a one-stop platform for all-things blockchain gaming, released a survey on Sunday showing that a set of investors are joining the cryptocurrency landscape because of gaming activities.

The ChainPlay survey indicated that out of the 2428 GameFi investors who participated in the study, 75% of the respondents joined the crypto space solely because of GameFi. This Asian cryptocurrency firm brings gaming to the blockchain. GameFi offers blockchain-based games that enable users to gain real-world financial benefits.

While about half of the investors joined the GameFi platform initially because of profit-making, the recent crypto crash affected 89% of GameFi investors, with 62% losing over 50% of their profits, the ChainPlay study revealed.

The losses relatively discouraged investors from participating in the crypto game economy. The research showed that investors globally spent an average of 2.5 hours per day participating in GameFi, which is down 43% to 4.4 hours from the previous year.

The study identified that the fear of crypto rug pulls and Ponzi schemes are some of the major drivers preventing investors from investing in new GameFi projects. As a result, the survey disclosed that 44% of investors believe that the involvement of traditional gaming firms could be a key factor contributing to GameFi’s growth.

However, regarding future GameFi projects, the ChainPlay research shows that 81% of GameFi investors are shifting away from the traditional mindset and prioritizing the fun factor over profit-making as they seek exciting, positive in-game experiences.

Crypto Gaming Maintains Steady Demands

Blockchain-based gaming is proving to be resistant to the crypto market turndown. Since May this year, most cryptocurrencies have experienced heavy losses triggered by the collapse of TerraUSD stablecoin and its sister cryptocurrency Terra (LUNA).

Despite the crypto market crash, the gaming sector has not witnessed any sign of slowing down. And this indicates that there is no direct link between the crypto market and gamers’ activities.

The number of daily unique active wallets of game decentralized apps (dapps) and those of game transactions has remained at all-time highs since April, according to digital assets data provider DappRadar.

Games such as Axie Infinity, Splinterlands, and Alien Worlds have attracted millions of users each month, each showing its own economies as players trade large volumes.

This demonstrates that gaming has become a key vehicle for bringing use cases of blockchain, Metaverse, and NFTs to consumers who’ve never used cryptocurrency before.

Blockchain games like the so-called play-to-earn game Axie Infinity have attracted hundreds of thousands of players in markets like the Philippines.

Blockchain Gaming is Having a market caps increment

Play-to-earn Over the course of the last year, blockchain gaming has seen a decline as players have emphasized on the quality of their overall gameplay experience.

On the other hand, a recent research from DappRadar reveals that during the first month of 2023, gamers were responsible for over half (48%) of all blockchain activity.

The market capitalization of the top gaming tokens increased by 122% on average over the month of January. Gala (GALA), the digital utility token of the Gala Games ecosystem, had its value climb by 218% during this time period.

According to the survey, the increased interest in these gaming tokens is a result of buzz from the sector reaching viewers in more mainstream media. For instance, Gala Titles made news when it announced the acquisition of a new mobile gaming company that had more than $20 million in assets under control as well as 15 games.

This is due to the fact that blockchain gaming is already a subset of the old business. As blockchain technology becomes more popular, more people will start playing Web3 games, which will eventually become widespread.

The Wax blockchain still has the most active gaming activity, with 331,000 distinct active wallets. This continues to be the case. The BNB Chain was the only one of the top four blockchain gaming ecosystems that did not see a growth in the number of gaming protocols between the end of 2022 and the beginning of 2023.

The beginning of 2023 was marked by increasing activity, and robust financing helped set the ground for what many people refer to as the “building” year of blockchain gaming. This word highlights the attention that the industry has placed on developing games that are more powerful and of higher quality.

According to Gherghelas, the amount of money being invested in this particular sector is “growing dramatically.” Total investments are expected to reach around $7.6 billion in 2022, which is a 105% increase from 2021. During the month of January alone, investments in the blockchain gaming business reached more than $156 million.

In addition to this, the research emphasized the significance that the metaverse has had in the rise in activity around blockchain gaming this year. The information showed that the trade volume for January in games connected to virtual worlds reached $44.5 million, which is a 114% rise over the amount seen in the previous month.

Although there was a 19% decline in sales, the total gain may be credited to the success of key metaverse platforms such as The Sandbox and Decentraland, which both had an increase in trade volume of 114% and 83%, respectively. This was despite the fact that sales fell.

According to a research published by DappRadar in 2022, blockchain-based transactions related to gaming on Web3 accounted for about half of all transactions in that year.

Bored Ape Yacht Club wins legal battle, Mandala Metaverse selects Polkadot, Square Enix partners with Elixir Games, and Cricket Stars launches on Tezos

Bored Ape Yacht Club (BAYC) creators Yuga Labs have scored a key win in their long-running court battle with Ryder Ripps, the co-creator of copycat NFT project RR/BAYC. Yuga Labs initially filed a complaint against Ryder Ripps and co-founder Jeremy Cahen back in July 2022, alleging that the duo had engaged in trademark infringement, false advertising, and unfair competition, among other things. In a pre-trial summary judgment ruling on April 21, a U.S. district court in central California found that Ripps and Cahen had infringed Yuga Lab’s trademarks with their RR/BAYC NFT collection. The Court further ruled that Yuga Labs is entitled to an injunction and damages, the latter of which will be determined at trial. The case highlights the importance of protecting intellectual property rights in the burgeoning NFT market.

In other news, Mandala Metaverse has chosen Polkadot to host its first major NFT drop on April 28. Mandala Metaverse is a story-based project that has content spanning across TV, graphic novels, gaming, and AR. Its gaming elements have been developed in Epic Game’s Triple-A quality Unreal Engine. The drop, called the “Cryptonauts,” features different avatars that will serve as playable characters in the game. The artwork was illustrated by comic artist Bruce Zick, who has worked on projects for giants such as Disney and Marvel. The decision to take the Cryptonauts NFTs to Polkadot is a significant development for the platform, which is not traditionally known for hosting gaming and NFT projects. The move underscores the potential of Polkadot’s future-proof NFT applications and its ability to offer innovative ways to use NFT assets.

In addition, Square Enix has partnered with Web3 infrastructure firm Elixir Games to bring blockchain gaming to the mainstream. The move was announced on April 19, but specific details on the partnership are sparse at this stage. Elixir Games hosts both traditional and Web3 games on its platform, and also offers Web3 distribution features for its partnered games, such as NFT sales and marketplaces. As such, Square Enix will likely take advantage of those features when launching games via Elixir. This partnership is a significant development for the blockchain gaming industry, as it brings the mainstream gaming industry closer to the world of Web3.

Finally, a free-to-play multiplayer NFT cricket strategy game called “Cricket Stars” has been launched on the Tezos blockchain. The game is being led by Tezos India, an organization that focuses on developing projects on Tezos, in partnership with esports game publisher GoLive Games. The game offers player cards that can be used to affect the game or traded on the marketplace. It also offers player vs player modes, knockout tournaments, and esports tournaments. Despite the name, no licensing deals with actual cricket stars appear to be in place. The launch of Cricket Stars on the Tezos blockchain is a positive development for the platform, as it highlights the versatility of the technology in the gaming industry.

Overall, the developments in the NFT and blockchain gaming space are indicative of a growing interest in Web3 technologies. The Bored Ape Yacht Club legal victory is a significant win for the NFT market, as it reinforces the need for creators to protect their intellectual property rights. The launch of the Cryptonauts NFT drop on Polkadot highlights the platform’s potential for future-proof NFT applications. The Square Enix and Elixir Games partnership brings blockchain gaming closer to mainstream gaming. Finally, the launch of Cricket Stars on Tezos highlights the versatility of blockchain technology in the gaming industry and its potential for broader adoption.

As Web3 technologies continue to evolve and mature, it is likely that we will see more significant developments in the NFT and blockchain gaming space. The integration of these technologies into mainstream industries, such as gaming and entertainment, is an exciting development that could have far-reaching implications for the future of digital content creation and distribution. As more creators and developers experiment with these technologies, it is likely that we will see new and innovative use cases emerge that push the boundaries of what is possible with NFTs and blockchain gaming.

Bored Ape Yacht Club wins legal battle

Bored Ape Yacht Club (BAYC) creator Yuga Labs has emerged victorious in a legal battle with Ryder Ripps, the co-creator of copycat NFT project RR/BAYC. Yuga Labs had filed a complaint against Ripps and his co-founder, Jeremy Cahen, alleging trademark infringement, false advertising, and unfair competition, among other things. The US District Court for the Central District of California ruled in favor of Yuga Labs in a pre-trial summary judgment on April 21, finding that Ripps and Cahen had indeed infringed Yuga Lab’s trademarks with their RR/BAYC NFT collection. The court has also ruled that Yuga Labs is entitled to an injunction and damages, which will be determined at trial.

This legal victory is being hailed as a landmark moment for Web3, as it sends a message to scammers and counterfeiters that they will be held accountable. Ripps and Cahen had created RR/BAYC back in May 2022 as a protest against Yuga Labs, using all of the same imagery as the original BAYC NFTs. Ripps is also known for his conspiracy theory that the BAYC artwork was designed to convey racist caricatures, and that the project’s logo and branding have several nods to certain Nazi symbols and language.

In other news, Mandala Metaverse has selected Polkadot to host its first major NFT drop on April 28. Mandala Metaverse is a story-based project that spans TV, graphic novels, gaming, and AR, and its gaming elements have been developed in Epic Games’ AAA quality Unreal Engine. The NFT drop, called “Cryptonauts,” features various avatars that will serve as playable characters in the game. The artwork was illustrated by comic artist Bruce Zick, who has worked with giants such as Disney and Marvel.

Polkadot is not known for hosting gaming and NFT projects, with no recorded sales data on aggregators such as CryptoSlam. However, Mandala Metaverse CEO Jon Shanker believes that Polkadot’s real future-proof NFT applications, such as nesting, staking, and the ability to send NFTs over bridges, make it an ideal choice for the Cryptonauts NFTs.

Moving on, Square Enix, the developer of Final Fantasy, has partnered with Web3 infrastructure firm Elixir Games to bring blockchain gaming to the mainstream. Although details on the partnership are still scarce, Elixir Games offers both traditional and Web3 games on its platform, along with Web3 distribution features such as NFT sales and marketplaces. Square Enix is increasingly interested in launching games via Elixir, and this partnership is expected to bring blockchain gaming closer to mass adoption.

Finally, a free-to-play multiplayer NFT cricket strategy game called Cricket Stars has been launched on the Tezos blockchain.

Explosive Growth Forecasted for Blockchain Gaming: Market to Hit $614 Billion by 2030

The blockchain gaming industry, a dynamic and rapidly evolving sector, is forecasted to skyrocket from its 2023 valuation of $154.46 billion to an astounding $614.91 billion by 2030, marking an impressive compound annual growth rate (CAGR) of 21.8%. This remarkable growth trajectory underscores the increasing integration of blockchain technology into gaming, offering an innovative blend of entertainment and digital asset management.

Emerging Trends in Blockchain Gaming

1. The Emergence of DAOs in Gaming: One notable trend is the integration of Decentralized Autonomous Organizations (DAOs) within games. Pioneered by games like Alien Worlds, DAOs allow players to participate in on-chain governance and decision-making, enhancing the sense of community and player agency. This adoption signifies a shift towards more decentralized and player-centric gaming experiences.

2. Driving Crypto and NFT Adoption: Blockchain gaming is also accelerating the adoption of cryptocurrencies and Non-Fungible Tokens (NFTs). Games like Axie Infinity and Splinterlands are not just entertaining; they educate players about digital currencies and asset trading. This trend is expected to contribute significantly to the widespread adoption of cryptocurrencies and NFTs, potentially reaching a tipping point between 2023 and 2024.

3. Incorporating AR and VR Technologies: Another significant trend is the integration of Augmented Reality (AR) and Virtual Reality (VR) technologies. These technologies enhance gaming experiences by providing immersive and interactive environments. The decreasing costs of VR equipment and the growing ubiquity of smartphones are making AR and VR more accessible to a broader audience.

4. Cloud and Streaming Video Games: The shift towards cloud gaming or ‘Gaming as a Service’ (GaaS) is revolutionizing how games are accessed and played. With advancements in internet speeds, particularly the rollout of 5G, cloud gaming is expected to become more prevalent, reducing the need for physical game purchases and facilitating massive multiplayer online experiences.

5. Creative Gaming Collaborations: The growth of Web3 gaming is fostering unique collaborations, especially with the involvement of celebrities and well-known NFT creators. These collaborations are not only enhancing the gaming experience but also bringing new players into the blockchain gaming ecosystem. As players realize the potential to win, earn, and trade in-game assets, the demand for innovative and engaging games is rising.

Conclusion

The blockchain gaming market is poised for remarkable growth, driven by technological advancements and innovative integrations of blockchain, AR, VR, and cloud gaming. As these trends continue to evolve, they are set to redefine the gaming landscape, offering more immersive, interactive, and decentralized gaming experiences. With the market projected to reach over $600 billion by 2030, the future of blockchain gaming looks incredibly promising.

South Korean Gaming Giant Wemade Faces $41 Million Tax Bill for Crypto Operations

At the hands of the National Tax Service (NTS), the South Korean gaming company Wemade, which is well-known for its advocacy in blockchain gaming, has been confronted with a massive tax demand equivalent to $41 million. This demand was made with the intention of collecting taxes. An investigation of Wemade’s cryptocurrency operations that took place between the years 2019 and 2022 led to the discovery of this new information. Specifically, the WEMIX tokens that were distributed by Wemade Tree, which is a subsidiary of Wemade, were the primary focus of the investigation.

The cryptocurrency subsidiary of Wemade, known as Wemade Tree, will start releasing WEMIX tokens beginning in January 2019 and lasting until 2022. This period of time will span from January 2019 to 2022. Specifically, this is the subject at hand. The National Transportation Safety Administration (NTS) is now conducting an inquiry into this matter, and as a consequence, the corporation is now compelled to meet a high tax responsibility. This financial setback in striking contrast to the earlier efforts done by the business, such as the development of a $100 million Web3 fund in collaboration with Whampoa Group, which is located in Singapore, is an example of how the corporation has been working to improve its financial situation.

Although WEMIX coins were removed from Korean exchanges the previous year due to data problems, they staged a successful comeback in 2023 and relisted on the same platforms. This was despite the fact that they had been removed from Korean exchanges. A large gain of roughly 90 percent occurred in the value of the token when it was relisted, and it eventually reached 3,000 Korean won, which is equivalent to approximately $2.31.

According to statements made by Wemade, the firm plans to comply with the tax regulations that are now in effect. Having admitted that it will complete its commitment to pay the whole amount by the prescribed date of February 29, 2024, the firm has said that it will do this. A representative for Wemade indicated that the firm has made public its desire to pay the tax obligation in good faith. Wemade has made this communication public. The need of more clear crypto tax regulations for the benefit of the company is brought to light by this remark.