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Casual gamers a ‘critical’ audience for blockchain games: GameFi execs

Many casual gamers are still reluctant to play games that use blockchain tech, but gaming execs believe one good game could change that.

The casual gaming market will remain a crucial audience for blockchain games and nonfungible tokens (NFTs) in gaming, according to three blockchain gaming company co-founders. 

Casual gamers, people who play games somewhat regularly but rarely invest significant time, make up the largest segment of players in the industry.

Kieran Warwick, co-founder of the blockchain role-playing game Illuvium, called casual gamers “critical” because of the sheer number of them.

There are more than 3 billion gamers worldwide as of 2023, and it’s estimated that at least 1.95 billion are casual gamers, according to Exploding Topics.

Illuvium co-founder Keiran Warwick. Source: LinkedIn

Warwick said gamers interested in earning in-game yield, who are primarily from developing countries and are especially attracted to mobile gaming, are becoming increasingly important as well.

However, Warwick admits there is a “major challenge”closing to coaxing casual gamers into the market because of the perception that blockchain games are of inferior quality.

Despite this, he was optimistic that NFTs, blockchain and Web3 will have a bright future in mainstream gaming.

“NFTs, blockchain, and Web3 have a place in mainstream games in the long term, as mainstream game developers are already working on incorporating these technologies into their games, despite some backlash from their communities,” Warwick said.

“As more fun and engaging NFT-based games are developed, it is likely that players will experience the benefits of ownership and not want to go back to traditional games,” he added.

Yat Siu, the co-founder and chairman of Animoca Brands shares a similar view calling the mainstream casual audience "absolutely critical" for blockchain and NFT games, arguing: 

“Games are still games regardless of whether they're casual or mid-core. One of the things that actually made mainstream gaming larger was casual games.”

According to Siu, the mainstream gaming industry hit a rough patch around 2010 and 2011 and “stopped growing.” The introduction of mobile games helped revitalize and attract a whole new generation of gamers, a feat blockchain games need to replicate.

Yat Siu speaking at a World Econonic Forum press conference. Source: Animoca Brands

Siu believes all it will take is one good game to kick off a blockchain gaming boom — and he predicts it could start in the next 18 to 24 months with hundreds of millions of gamers entering the space.

“I think we're charting a pretty good chart, but you know, you're not gonna convert everyone overnight, right? But it's beginning and people are having fun and also the games are getting better,” he said.

“All you need is one game that’s actually going to be reasonably successful and you’ll basically get large news, and because it's Web3 what’ll happen is that once it’s very popular, it’ll bleed into the other games.”

NFTs in games have faced backlash from mainstream gaming audiences, forcing several high-profile companies to abandon plans to incorporate them, but Siu believes this is only temporary until gamers learn more about how the technology works.

“I think they’re trying to be sensitive to their audience. I mean, so that’s the right thing to do as a company. You can't just say, well, whatever your opinions don’t matter,” he said.

“Most gamers I speak to say they are all about having digital ownership in games but are still against NFTs, but over time, education will fix that,” Siu added.

Related: Opinion: 2023 is a ‘buidl’ year for crypto gaming

Bozena Rezab, co-founder and CEO of GAMEE, a blockchain mobile gaming platform, believes mobile games will have a part to play in attracting casual gamers.

“Casual mobile games are the easiest step into gaming, with the ability to engage a mass audience. This is what these can offer to a quest of onboarding gamers to NFT / blockchain games,” she said. 

However, the gaming exec thinks several aspects must be changed first, such as dropping paywalls, shorter sessions and easier setups for casual players.

“We are still on a path of exploring the use of blockchain tech in games, the concept of ownership of assets is very powerful and will stay. The exact game genres, game economy models and mechanics that will define the future are yet to be explored,” she said.

Coinbase faces new lawsuit over alleged investor deception

Exchange Giant Coinbase Adds Support for Ethereum-Based Blockchain Video Game Altcoin As Markets Stumble

Exchange Giant Coinbase Adds Support for Ethereum-Based Blockchain Video Game Altcoin As Markets Stumble

Cryptocurrency exchange Coinbase is listing the utility and governance token of Illuvium (ILV), an open-world fantasy battle game built on the Ethereum (ETH) blockchain. According to the announcement by the largest crypto exchange in the US, consumers should only trade ILV on the ETH network. “Coinbase will add support for Illuvium (ILV) on the Ethereum […]

The post Exchange Giant Coinbase Adds Support for Ethereum-Based Blockchain Video Game Altcoin As Markets Stumble appeared first on The Daily Hodl.

Coinbase faces new lawsuit over alleged investor deception

Coinbase Adds Native Token of Ethereum-Based NFT Gaming Project to Its Listing Roadmap

Coinbase Adds Native Token of Ethereum-Based NFT Gaming Project to Its Listing Roadmap

Top US crypto exchange Coinbase is including another token to its listing roadmap, adding Illuvium (ILV) to its roadmap. On Thursday, Coinbase added ILV, the utility and governance token of Illuvium, an open-world fantasy battle game built on the Ethereum (ETH) blockchain. Illuvium is part walkthrough adventure and part player versus player battle, and ILV […]

The post Coinbase Adds Native Token of Ethereum-Based NFT Gaming Project to Its Listing Roadmap appeared first on The Daily Hodl.

Coinbase faces new lawsuit over alleged investor deception

$72M Illuvium NFT Land Dutch auction saves buyers thousands on gas fees

The use of a Dutch auction on its own chain may be two major factors that contributed to the sale’s success in selling out the Land plots and keeping gas fees low.

Open-world blockchain game Illuvium managed to keep the average transaction fee for its nonfungible token (NFT) Land at about $20 by holding the Dutch auction on the Illuvium X Layer-2 scaling solution.

The price to mint the NFTs was a fraction of the cost users paid to mint in Yuga Labs’ Otherside sale. Illuvium reports that users spent only $350,000 in fees in total to mint nearly 20,000 plots of Land worth about $72 million, all without any reported network errors.

By contrast, the Otherside sale was plagued with issues. Users paid an average of $6,000 in gas fees and some as high as $14,000. Ethereum became congested as buyers attempted to get their orders filled as quickly as possible.

The 19,969 plots of Land were sold mainly to ILV holders using a Dutch auction format, where the price per unit decreases over time based on how many are sold ahead of it. This allowed potential buyers to wait for a more desirable price range to place an order.

Co-Founder of Illuvium Kieran Warwick said the sale had been designed as an antidote to Ethereum NFT sales that result in wasteful bids that reward miners and cost the buyer.

The 4,018 ETH raised in the sale, valued at about $7.4 million, will be redistributed to holders of Illuvium’s native ILV token. However buyers mostly used ILV tokens to make their purchases. The 239,388 sILV2, a staked version of ILV tokens, will be burned.

It was a fairly impressive effort considering the NFT bear market which has suffered a major decline in volume over the past 30 days. Sales volume topped $137 million on May 6 and has fallen 78% to $31 million as of June 5 according to NFT market tracker CryptoSlam.

Illuvium is a decentralized fantasy RPG of epic scope based on massive battles of creatures called Illuvials.

Illuvium NFT Land plots are a pivotal aspect of the game’s ecosystem. Land generates FUEL, which is used to capture game characters called Illuvials or sold for Ether (ETH). There will also be utility for Land on the upcoming Illuvium Zero game.

Warwick believes Illuvium’s game design and tokenomics set it apart from other gaming finance (GameFi) competitors. But he told Cointelegraph that Illuvium is free to play for casual gamers who aren’t yet willing to stump up some cash. “It wasn't an option to not have a free to play version,” he said.

The game combines collectibility and built in rarity. Warwick said each in-game character NFT, called an Illuvial, is unique and the supply is deflationary. One method to deflate the supply is that to level up an Illuvial requires burning three others.

Each Illuvial also comes in a set that only remains available for six months. Warwick said, “Every six months we produce a new set and you can never collect those Illuvials ever again.”

“So people can play for free as much as they want. Using the tier zero Illuvials and shards. But if they want to explore further with higher level characters is when they start paying.”

Illuvium will have its work cut out to gain traction in the current conditions with the NFT gaming industry seeing a troubling 82% drop off in daily sales volume. Daily volume hit $70.3 million on Jan 1, 2022, but clocked in at just $13.7 million on June 6 according to decentralized app (Dapp) tracker DappRadar.

Related: Could GameFi and carbon currencies reverse blockchain’s climate stigma?

Coinbase faces new lawsuit over alleged investor deception

Ethereum Whale Loading Up on Six Altcoins Amid Bitcoin and Crypto Market Resurgence

A crypto whale known for its Ethereum (ETH) holdings is making a splash by buying big into six different altcoins. The transaction tracker WhaleStats tweeted out that a whale known as “Light” just bought over $11 million of Wrapped BTC (WBTC), which is an Ethereum token designed to maintain a constant peg to the price […]

The post Ethereum Whale Loading Up on Six Altcoins Amid Bitcoin and Crypto Market Resurgence appeared first on The Daily Hodl.

Coinbase faces new lawsuit over alleged investor deception

Crypto founders top young Australian rich list

Seven of Australia's 87 richest entrepreneurs aged 40 and under are crypto founders, according to the Australian Financial Review.

The AFR’s list contains 87 of Australia’s richest entrepreneurs aged 40 and under, with each boasting a net worth greater than AUD 36 million ($26.9 million).

The list is topped by Melanie Perkins and Cliff Obrecht, the co-founder and chief operating officer (COO) of popular graphic design software providers Canva. The married couple has an estimated net worth of AUD 16.5 ($12.3) billion between them.

Seven crypto luminaires have debuted on the Australian Financial Review’s (AFR) “Young Rich” list of 2021, including the minds behind some of the leading protocols in the decentralized finance (DeFi) and nonfungible token (NFT) sectors.

Synthetix

Kain Warwick, the founder of derivatives trading protocol Synthetix is ranked as the most affluent crypto figure in Australia, coming in at seventh overall with an estimated net worth of AUD 879 million ($657 million).

Kain founded Synthetix in 2017, with the protocol comprising an Ethereum-based decentralized synthetic asset issuance protocol that offers exposure to a wide range of markets such as crypto, stock and commodities via synthetic assets.

Synthetix ranks as the 22nd-largest DeFi protocol with a total value locked (TVL) of $2.2 billion, while its native SNX token comprises the 85th-largest crypto asset with a capitalization of $1.9 billion.

Synthetix has raised a total of AUD 46.1 million ($34.46 million) over six funding rounds. The round included participation from Paradigm, Coinbase Ventures and IOSG Ventures according to Crunchbase.

Illuvium and the Warwick brothers

Kain Warwick is not the only member of the family on the list, with three of his brothers in Aaron, Grant and Keiran also making the list this year.

The three brothers co-founded the upcoming play-to-earn crypto game Illuvium in 2020. Keiran leads the pack with a net worth of AUD 463 million ($346 million) to rank 22nd, while Aaron is close behind at 26th with AUD 425 million, and Grant comes in at 34th with AUD 196 million.

Despite the Illuvium game currently still being in development, ILV has shot up the market cap rankings this year amid meteoric price growth to currently sit at 145th with a capitalization of $721 million.

To date, Illuvium has raised $5 million from a funding round that included participation from Framework Ventures and IOSG Ventures.

Sustainable Bitcoin miners

Brothers Daniel and William Roberts also made the list, with the duo ranking in at 19th with a combined AUD 484 million. The duo founded a sustainable energy-focused Bitcoin (BTC) mining firm dubbed Iris Energy earlier this year. Cointelegraph reported in July the firm was looking to raise $200 million in preparation to go public on the Nasdaq stock exchange.

Last week the firm filed for an initial public offering (IPO) with the U.S. Securities and Exchange Commission (SEC) to raise up to $100 million. The firm intends to list its shares under the REN ticker later this year.

Related: Aussie firm to launch $100M class action over dodgy QOIN token

Sergienko’s rise to fame

Finally, Sydney-based Sergei Sergienko ranked in at 60th with a net worth of AUD 97 million ($72.5 million) in part due to his work with Chronobank, a blockchain-based firm he founded in 2016 that streamlines recruiting processes and enables workers to get paid in crypto assets.

“The company empowers HR and recruitment professionals with blockchain technology, as well as enabling global freelancers to secure the best jobs and make sure they are paid quickly and fairly,” Chronobank’s website reads.

Coinbase faces new lawsuit over alleged investor deception

Axie Infinity, Decentraland and ‘metaverse’ cryptos rally after Facebook rebrands to Meta

The net market capitalization of metaverse tokens grew 13.40% to $12.36 billion in the past 24 hours.

Facebook’s decision on Oct. 28 to rebrand itself to Meta — to indicate its plans to build an avatar-filled metaverse — helped spark a speculative rally across cryptocurrencies that belong to similar virtual world projects.

Decentraland, a virtual place with its own economy, currency (MANA) and social events — accessible to anyone with a web browser — saw its market valuation explode from $1.44 billion to $2.08 billion over the past 24 hours. This happened as its native token, MANA, jumped by around 45% to $1.14 in the same period.

MANA/USDT daily price chart. Source: TradingView

At its intraday best, the Decentraland cryptocurrency was changing hands for $1.227 on Oct. 29, its highest level since May 18.

The “Meta” FOMO

Traders started rushing into the Decentraland market after assessing Facebook’s foray into the virtual world sector. The company’s chief executive officer, Mark Zuckerberg, said it will from now on be "metaverse first, not Facebook first" following the latest rebranding.

Emil Angervall, co-founder and chief operating officer of music tech startup Corite, told Cointelegraph that Meta poses extreme upside opportunities for the still-emerging nonfungible token (NFT) space.

Calling it a highly liquid venture, Angervail stressed that Meta would eventually collaborate with existing NFT projects in the space, which would help the crypto sector, on the whole, to come into the mainstream. He added:

“We can expect unique NFT and metaverse innovations tailored to Meta in the coming months.”

Axie Infinity, a Pokemon-styled “play-to-earn” pet training game and virtual world, also saw its market valuation increase by around 10% in the past 24 hours, from $7.74 billion to $8.40 billion.

AXS/USD daily price chart. Source: TradingView

At the same time, Axie Infinity’s native token, Axie Infinity Shard (AXS), also rallied by over 20% to hit $150 for the first time in two weeks. AXS serves as legal tender in the Axie marketplace, where players use it to purchase in-game NFTs (digital pets).

Other metaverse projects and their tokens, notably the Sandbox (SAND), Illuvium (ILV) and Division Network (DVI), also rallied strongly, confirming a price boom across digital assets that specifically focuses on virtual reality services.

Metaverse tokens and their performance in the last 1 and 24 hours. Source: Messari

On the whole, the net market capitalization of metaverse tokens grew 13.40% to $12.36 billion over the previous 24 hours.

“The growth in these tokens did not come as a surprise,” Mike Dickens, operations manager of NFT marketplace Blockasset, told Cointelegraph, adding:

“The new Facebook name alludes to the ground-breaking work these NFT protocols have done in recent years [...] These factors also contribute to the rising sentiments surrounding these NFT tokens Friday.”

Correction risks

Greg Waisman, co-founder and chief operating officer of crypto-based payment network Mercuryo, advised traders to wait for a price correction across multiverse crypto assets despite their recent gains.

Related: Digital land in Decentraland sells for $913K... to a virtual property developer

The executive told Cointelegraph that “Traders will profit more to place their bets when the market has cooled off from this massive price upshot,” albeit adding that Meta would overall push the sector to higher valuations in the coming quarters. Notably:

“Meta’s exerted indirect influence may push this capitalization which may top $60 billion before the end of Q1 2022.”

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, and you should conduct your own research when making a decision.

Coinbase faces new lawsuit over alleged investor deception

NFT game creator flips Axie Infinity virtual land for 9,200% gain in one year

Illuvium co-founder Kieran Warwick has sold a virtual land plot in Axie Infinity for $28,000 after purchasing it last year for $300.

Kieran Warwick, the co-founder of forthcoming NFT-powered gaming metaverse Illuvium, has revealed he made a gain of more than 9,000% from flipping a virtual plot of land purchased from the Axie Infinity metaverse.

Warwick, the brother of Synthetix founder Kain, recounts purchasing the plots during mid-2020, noting there “weren’t too many use cases” for digital land at the time, with in-metaverse advertising and  mining having yet to become common as utilities for virtual property.

He purchased the plot for $300, and announced the sale a year later for $28,000 on July 13.

Despite the lack of apparent utility, Warwick invested “quite a bit into” Axie Infinity based on “the promise for them to build out the metaverse.” While players are still waiting for Axie to build out functionality for its land, Kieran notes the plots have increased in value by thousands of percent over the past year.

“Basically it was speculation, I just thought that play-to-earn in itself, which is this new paradigm of gaming which is taking off now, is going to bring so many players to this game. No matter what, if I buy a rare plot of land, it's going to be worth some money,” he said.

Warwick has invested in digital land in four metaverse projects, but named only Axie Infinity and Mars.

“I want to have land in all of the different games that I think are [...] going to grow in the next few years.”

He likens his investment strategy to physical real estate, noting that investors look for new developments and other signs of growth when seeking to forecast whether property prices in a given suburb are likely to appreciate.

“It's the exact same principle in the metaverse,” said Warwick. “If you feel like there’s going to be popularity and there’s going to be other people building next to you [...] then it’s a no-brainer to buy these land plots. In almost every single case, they’re very rare.”

“If they mint 10,000 land plots, and then all of a sudden there’s a million players, you can see that the scarcity there is going to really create some allure.”

Land can be a productive asset

Beyond speculative buy-and-hodl plays, Warwick emphasizes virtual real estate investors can put their land to work, noting that many landowners within Decentraland host advertising on their plots in the game.

While he thinks “advertising opportunities are probably the biggest use case” at the moment, Warwick predicts the utilities for virtual land will be “endless” as metaverses grow.

Warwick also revealed that his own project will soon start selling land, emphasizing that Illuvium’s virtual plots will have “a use case from day one.”

He said that Illuvium will host a mini-game allowing virtual landowners to mine for an in-game mineral used to mint items within the game.

“You can only mine it if you have land, so immediately there’s a use case,” Warwick said, emphasizing he does not want the sole utility of Illuvium's real estate to be speculation: “just a stagnant thing where people buy, and it’s only important if someone else wants to buy it.”

Coinbase faces new lawsuit over alleged investor deception

Blockchain-Based Gaming Illuvium (ILV) Token Is Now Listed on Bitcoin.com Exchange

Blockchain-Based Gaming Illuvium (ILV) Token Is Now Listed on Bitcoin.com ExchangePRESS RELEASE. Bitcoin.com Exchange is thrilled to announce the listing of ILV, being available to trade on the 3rd May 2021 at 15:00 UTC. ILV was created by the Illuvium team, as the token to reward players in their open-world RPG adventure game built on the Ethereum Blockchain. ILV will start trading with USDT and […]

Coinbase faces new lawsuit over alleged investor deception