PLUS: On-Gaming Next Big Thing?

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Here are key highlights of this week:

• Gaming giants enter Web3 🚀

• Consequences of NFT lending 📉

• On-chain gaming — next big thing? 🤔

Let’s get started!

Gaming Giants Enter Web3 🚀

Ubisoft, the renowned video game development company, is making its mark in the world of web3 gaming.

Back in 2018, Ubisoft developed a prototype NFT game called HashCraft, inspired by Minecraft. Although they ultimately decided not to release it, this marked their initial foray into the web3 economy.

Since then, Ubisoft has been working closely with various crypto startups through their Entrepreneurs Lab accelerator program. They have supported projects like Axie Infinity, Nine Chronicles, and NBA Top Shot.

Ubisoft didn't stop there. They attempted to release in-game NFT items with Ghost Recon Breakpoint in December 2021, but the results were not noteworthy. However, this setback didn't deter Ubisoft from pursuing their web3 gaming plans.

Recently, Ubisoft presented their first web3 game, Champions Tactics: Grimoria Chronicles, at a special event in Japan. This tactical role-playing PVP game allows players to compose a team of mythical Champions and engage in thrilling battles against others, all within the dark world of Grimoria.

Consequences of NFT lending 📉

The NFT market has experienced a significant downturn, leading to a surge in liquidations of non-fungible collectibles. Around 1,200 NFTs have been cut loose as the floor prices of several blue-chip assets hit new lows.

Blur has been criticized for treating NFTs as fungible tokens and creating a wash trading environment. Traders initially took advantage of the rewards model, but many are now losing money and withdrawing their funds from Blur's NFT bidding pool.

Critics argue that Blur's model destabilizes NFT prices, creates a dichotomy between "mercenary" and "genuine" market participants, and undermines the long-term sustainability of the platform and the overall health of the NFT market.

Despite the growing criticism, the founder of Blur Pacman believes it is the "cost of doing business." He did not indicate any plans to change Blur's model in response to the complaints.

As NFT prices continue to decline, the finger-pointing towards Blur highlights the challenges and controversies surrounding the incentivized trading model. The situation underscores the need for a sustainable and balanced approach in the NFT market to ensure the long-term success and confidence of investors and collectors.

On-chain Gaming — Next Big Thing? 🤔

On-chain gaming is the talk of the town, but is it worth all the hype?At its core, on-chain gaming merges the realms of gaming and cryptocurrency, creating a dynamic fusion that holds incredible promise.

Imagine a gaming experience where true ownership reigns supreme, where your in-game assets are not just pixels on a screen, but tangible digital treasures that you can buy, sell, and trade with real value. That's the power of on-chain gaming.

By leveraging blockchain technology and non-fungible tokens (NFTs), on-chain gaming offers a revolutionary concept: true ownership of in-game assets. No longer will you be confined to a game's limitations or the whims of game developers.

With on-chain gaming, you become the master of your virtual destiny, with the ability to control, customize, and even profit from your virtual possessions. But on-chain gaming doesn't stop at ownership.

And let's not forget the tantalizing potential for monetization. On-chain gaming introduces exciting avenues for players and developers to earn real rewards. It's a high-stakes adventure where your strategic gameplay can lead to real-world profits.

Sure, there are challenges to overcome, like scalability and infrastructure. But the allure of on-chain gaming lies in its ability to reshape the gaming landscape as we know it.

More Game Updates

- Aurory shared some big updates including EVM chain integration, art upgrades, whitepaper V2, and game-hub revamp.

- Endless Clouds revealed their new 3v3 PvP brawler game called Capsule Heroes and all prior collections will have in-game utility.

- Kuroro Beasts migrated to The Arbitrum Foundation and all their collections will be on the Treasure marketplace.

- Gods Unchained introduced a new game mode called Chaos Constructed.

- The Chairman of Animoca Brands, Yat Siu, is selected for the Task Force to promote Web3 development.

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