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Illuvium co-founder shares plans for new ‘interoperable blockchain game’ model

Illuvium’s co-founder says they want to build a series of blockchain games connected to each other, forming an ecosystem of interconnected titles which share NFTs.

Kieran Warwick, co-founder of the blockchain role-playing game Illuvium has lifted the curtain on a gaming concept he says has never been done before — the interoperable blockchain game (IBG). 

Speaking to Cointelegraph during Token2049 in Singapore, Warwick said Illuvium has three games currently being built which will be underpinned by the same economy, governed by a single token (ILV),  and connected by the blockchain — making it an interoperable experience.

“We're building something that has never been done before not in the mainstream and not in Web3.”

 IBG, a term coined by Illuvium, is a series of blockchain games connected to each other, forming an ecosystem of interconnected titles which share NFTs, a common in-game currency, or both.

Aside from trying to blaze new territory in the industry, Warwick says Illuvium is a “fun game” first and foremost, with player enjoyment as a cornerstone, rather than play to earn (P2E) and non-fungible token (NFT) aspects that some titles in the GameFi space have tended to focus on.

He hopes the shift in focus could be the key to attracting players from the mainstream market.

“In our genres that we're hitting, there might be roughly 500 million people that we can bring in that literally won't know that they're playing a crypto game.”

The first game is a city builder, one that Warwick says is a “combination of Sim City and Clash of Clans” where players can build and mine resources for use in the second game, “Overworld.”

Overworld focuses on exploring and capturing creatures called “Illuvials”, which Warwick compares to Pokemon, that can then be battled in the third game, which will be similar to online battle arena titles such as “Teamfight Tactics or DOTA.”

Warwick says they might not stop at three games though, adding at some point they want to “build another six games on top.”

“Imagine taking one of those assets and then going over to the racetrack and playing a Mario Kart Game, but you're not buying a new Nintendo game, it's just one asset that's usable across an entire universe of games.”

At this stage, Illuvium still doesn’t have a formal release date but Warwick hopes to have a working beta in the next two or three months, with plans to publish on mobile, PC, and Mac.

“I reckon probably sometime really early next year is when we'll have open Beta with yields and all the aspects that we need, but not fully polished.”

Related: 'Blockbuster' titles could save GameFi — ABGA President

Illuvium is governed by the Illuvium DAO, a decentralized autonomous organization. Warwick said they originally were going to raise $350 million in funding during the bull market, but the ongoing crypto winter has seen them scale back to between $10 and $20 million.

Warwick also revealed he made the Australian Financial Review's Young Rich List again this year — but the market conditions mean the billion dollars he was worth last year are a distant memory.

Warwick jokingly noted that this was not a concern as his main motivation is only to be richer than his brother, Kain Warwick, the founder of Synthetix, who also made the Australian Financial Review's Young Rich List in 2022.

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Pantera CEO bullish on DeFi, Web3 and NFTs as Token2049 gets underway

Pantera CEO Dan Morehead painted an optimistic outlook for the wider cryptocurrency space during a keynote presentation at Token2049 in Singapore.

Pantera CEO Dan Morehead highlighted the potential growth and value of Decentralized Finance (DeFi), Web3 functionality, nonfungible tokens (NFTs) and Metaverse applications in his opening keynote speech at Token2049 in Singapore.

Thousands of attendees converged on Wednesday at the Marina Bay Sands Convention Center for the start of the two-day conference which features prominent speakers from the cryptocurrency and blockchain ecosystem.

Pantera, a blockchain-focused investment fund with $4.5 billion of assets under management, said it continues to see value in emerging crypto use cases. 

Morehead drew parallels to the early 2000s when emerging technology companies like Amazon, Apple, and Google began to attract major investments after years of dominance by Microsoft in the stock markets.

Pantera Capital CEO and founder Dan Morehead.

Morehead highlighted that while Bitcoin (BTC) and Ethereum (ETH) dominated investors' cryptocurrency portfolios over the past decade, he argued that new projects and use cases could promise even greater returns on investment.

“We’re almost at the point where half of the entire market are things that aren’t the two main blockchains and I’m still wildly bullish on Bitcoin and Ethereum. But I just think these projects are going to perform even better and should be in someone’s portfolio.”

DeFi, Web3, NFTs and Metaverse projects hold the most promise according to Morehead. The Pantera CEO also mused over the state of DeFi, which endured a tough few months following the Terra/Luna collapse and the contagion of now-defunct lending firms.

Related: Pantera to close Blockchain Fund soon after raising $1.3B — double the target

Morehead suggested that DeFi's current command of a $20 billion market cap in comparison to the traditional finance system’s $3 trillion means there is plenty of room for growth in the sector.

The CEO was also bullish about Web3 given its focus on giving users control of their data, as well as platforms owned or governed by communities rather than centralized entities.

“The existing internet is all about extracting value out of you. There are also some sketchy governance issues in big tech. I’m excited for a world where people create and add value and all these networks actually own their data.”

Morehead went as far as describing Web3 as the most inevitable trade he’s seen, highlighting the potential for decentralized versions of existing projects to hand value back to creators and users.

The Pantera CEO concluded his presentation by underlying his belief that the current cryptocurrency market cycle is different from previous years given strong fundamentals, pointing to some 200 million people that use blockchain-based platforms and cryptocurrencies, which could increase to one billion in the next three years.

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3 ‘blockbuster’ titles that could save GameFi — ABGA President

To attract more users and make blockchain gaming more mainstream, Kevin Shao says future titles should find a “balance” between and accommodate different users' tastes.

Kevin Shao, Executive President of the Asia Blockchain Gaming Alliance (ABGA) says he’s holding out hope for three “triple-A” blockchain gaming titles that could help propel GameFi into the mainstream and rescue it from the bear market.

Speaking to Cointelegraph during Asia Crypto Week, the Executive President said one obstacle preventing mainstream adoption is current GameFi titles often have a focus on non-fungible tokens (NFTs) and play-to-earn (P2E) features without caring about “game performance,” and users' enjoyment.

In a P2E model, gamers typically buy an NFT in order to play the game and can win gaming tokens which can then beconverted into Bitcoin (BTC), Ethereum (ETH), fiat currency, or stablecoins.

While he acknowledges these current GameFi titles are enjoyable for a lot of people, Shao says future titles should find a “balance” to accommodate different users' tastes if it wants to go mainstream.

Executive President of the Asia Blockchain Gaming Alliance Kevin Shao in Singapore

In his opinion by moving away from the “existing project lineage,” developers could start taking cues from the mainstream gaming industry and incorporate features for people who want to play “for fun,” rather than for profit.

During a presentation at a conference in Singapore, Shao highlighted three upcoming AAA titles he believes are shaping up to have the changes the GameFi industry needs — Illuvium, Phantom Galaxies, and Big Time.

Illuvium is an open-world exploration, NFT creature collector and auto battler game, Phantom Galaxies is an online third-person RPG using NFTs to customize mechs, and Big Time is an RPG monster hunting action game with NFTs used to personalize weapons and clothing. 

Related: Crypto gaming sucks — But devs can fix it

Shao said they have "very good teams" behind them and a large bankroll from investors which could allow them to do "something different,” at least “compared to other projects recently," and could be game-changing for GameFi if they can build a strong user base before the next bull market. 

According to Shao, we will most likely see the result “maybe this year or next year.”

The Asia Blockchain Gaming Alliance (ABGA) launched on Nov. 25, 2021, in Singapore and is a non-profit co-sponsored by institutions in the gaming industry.

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Almost everything could be tokenized in 5-10 years — Matrixport co-founder

Cost efficiencies, improved liquidity, 24/7 market access, and the removal of intermediaries were the main advantages' cited which blockchain infrastructure has over current legacy systems.

In five to ten years, almost every “real world” asset class could be tokenized in the form of a nonfungible token (NFT) according to Cynthia Wu, co-founder of digital asset service platform Matrixport.

Speaking to Cointelegraph, Wu said the best case for NFTs would see the widespread representation of real-world assets to be stored and traded on-chain:

“Eventually all the major financial asset classes are going to be represented on this new financial infrastructure [and] NFTs could be our instrument to represent off-chain assets like real estate deeds, equities or bonds.”

The move on-chain would make these real world assets “more liquid and more tradable” which would improve price discovery and transaction activity, Wu added.

But Wu said that while it’s great that we’ve created over two trillion worth of digital native assets on-chain from Bitcoin (BTC), Ethereum (ETH) and other tokens, the only niche to have generated NFT transaction activity has come from digital collectibles — which hasn’t really helped institutional adoption:

“We haven't really been seeing off-chain assets being represented on-chain [...] we're now really only at the first 3-5% of it.”

But nonetheless, Wu is confident that the tide will turn.

Earlier this month, a report from Boston Consulting Group (BCG) estimated the total size of tokenized illiquid assets to reach $16.1 trillion by 2030.

BCG predicted much of this tokenization to come from pre-initial public offering (IPO) stocks, real estate, private debt, and revenue generated from small to medium-sized businesses.

However, while the tokenization of real-world assets has piqued the interest of financial institutions, Wu said some have been a bit reluctant to move on from the legacy systems that have served them well over the years.

Related: Asset tokenization: A beginner’s guide to converting real assets into digital assets

Wu pointed out the traditional financial system hasn’t accounted for the trading of nonfungible assets because they can’t easily be exchanged the same way a fungible or divisible asset can, but tokenization on the blockchain provides a solution for that.

She also argued that blockchain infrastructure is the superior option to legacy systems, citing cost efficiencies, improved liquidity, 24/7 market access, and the removal of intermediaries as the main factors that would lead to a more streamlined financial system.

Matrixport co-founder Cynthia Wu.

Matrixport was established in Feb. 2019, and currently manages between $3-4 billion in digital assets from a broad mix of retail and institutional clients.

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Italian Serie ‘A’ Soccer Team AC Milan to Launch NFT Initiative

Italian Serie ‘A’  Soccer Team AC Milan to Launch NFT InitiativeAC Milan, a popular soccer team in the Italian Serie A league and the current champion, announced the launch of a new non-fungible token (NFT)-based project. The organization established a partnership with Monkeyleague, a Solana-based Web3 soccer game, which became its official NFT partner to launch a new series of NFT branded game assets for […]

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‘Grotesquely overpriced’ — Apple’s App Store wants 30% cut on NFT sales

While the commission is standard for Apple, some have expressed their displeasure at the company's “grotesquely overpriced” cut of sales.

Non-fungible token (NFT) app developers and others have balked at a decision by tech giant Apple to impose a 30% commission on NFTs sold through apps on its marketplace, effectively putting NFT purchases in the same boat as regular in-app purchases.

According to a Friday report from The Information, the smartphone company is now allowing NFTs to be bought and sold through apps listed on its marketplace but imposes its standard commission on in-app purchases of 30% — similar to that imposed by Android’s app store Google Play.

The commission rate has however been slammed by some for being “grotesquely overpriced” — particularly when compared to standard NFT marketplace commissions, which are around 2.5%.

Tech blogger Florian Mueller called Apple’s “app tax” on NFT sales “abusive but consistent," while Epic Games CEO Tim Sweeney tweeted that Apple is “crushing” another nascent technology that “could rival its grotesquely overpriced in-app payment service.”

The report noted that popular Solana (SOL) NFT market Magic Eden withdrew its service from the App Store after learning of the policy, even after Apple offered to lower its commission to 15%, though the app continues to be listed on the app store at the time of writing.

Meanwhile, other NFT marketplaces on the App Store have reportedly limited functionality due to the hefty commissions. There is also the added challenge of being forced to conduct transactions in U.S. dollars rather than cryptocurrency, which could prove risky given the volatility of cryptocurrency markets.

Related: Throw your Bored Apes in the trash

Others have seen the positive side of Apple's NFT acceptance. Gabriel Leydon CEO of Web3 game developer Limit Break said the move “could put an ETH wallet in every single mobile game onboarding 1B+ players!” adding he would “HAPPILY give Apple a 30% cut of a free NFT.”

It’s not the first time companies have battled with Apple regarding its commissions, Epic Games has filed legal proceedings after its flagship game Fortnite was delisted from the App Store in Aug. 2020 after the publisher attempted to sell in-game purchases which skirted Apple’s fees.

NFT marketplace apps on the app store currently include OpenSea, Rarible, Magic Eden and marketplaces in crypto trading apps include Binance, Crypto.com and Coinbase Wallet.

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Disney seeks corporate lawyer for ’emerging technologies’ and NFTs

The role includes “full product life cycle legal advice and support for global NFT products," among other responsibilities.

The Walt Disney Company could be on the verge of expanding into the crypto space after posting a new job for an “experienced corporate attorney” to work on “emerging technologies” such as nonfungible tokens (NFTs) and the Metaverse. 

According to the Sept. 23 listing on the Disney careers website, the company is hiring for a “Principal Counsel — Corporate Transactions, Emerging Technologies & NFTs” to work on transactions involving NFTs, the Metaverse, blockchain, and decentralized finance (DeFi).

Specifically the entertainment conglomerate is seeking someone to provide “full product life cycle legal advice and support for global NFT products" and ensure they comply with all current laws and regulations on U.S. soil and internationally.

Other duties include "due diligence for NFT, blockchain, third-party marketplace and cloud provider projects,” as well as providing regular legal advice on cryptocurrency-related matters, and digital currency and guiding Disney's efforts in relation to emerging technologies.

The new role comes as The Walt Disney Company has been slowly positioning itself around the crypto, blockchain, and Metaverse space.

During the company's fourth-quarter earnings call in November 2021, CEO Bob Chapek said the firm was preparing to blend physical and digital assets in the Metaverse.

Weeks later the company filed a patent for a “virtual-world simulator” referring to a potential theme-park metaverse.

According to the patent application, Disney's possible foray into the Metaverse could involve visitors to their theme parks using mobile phones to generate and project personalized 3D effects onto nearby physical spaces, such as walls and other objects.

At the time it was reported there were "no current plans" to use the"virtual-world simulator” patent, however, the recent job listing could be a sign that this may be changing.

Related: Metaverse graphics aim for community and accessibility — Not realism

Earlier this year, the company focused on augmented reality (AR), nonfungible tokens (NFTs) and artificial intelligence (AI) in its 2022 Disney Accelerator Program, which selected six “growth-stage” companies to benefit from its business development platform.

Companies selected for the program this year included layer-2 scaling platform Polygon, along with two other Web3 projects — Flickplay, a Web3 application that allows users to discover NFTs via augmented reality (AR), and Lockerverse, a Web3 storytelling platform that connects creators and brands.

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Post offices adopting NFTs leads to a philately renaissance

Nonfungible tokens are being used to reinvigorate post stamp collecting in Austria and the Netherlands.

Philately? If you are a millennial, there is a good chance you used Google to find out that there is a word dedicated to collecting and studying postage stamps.

This same search also paints the picture of a hobby in decline, as younger generations are increasingly preoccupied with their screens and the constant stream of dopamine hits served up by TikTok, Instagram, Twitter and other popular social media platforms.

Two European postal services have looked to capitalize on the popularity of nonfungible tokens (NFTs) in recent years to reinvigorate the philately sector. Cointelegraph caught up with Netherlands’ PostNL and the Austrian Post Office (PostAG) at the Blockchain Expo in Amsterdam to delve into their collaborative effort that has successfully married post stamps with NFTs.

PostAG philately head Patricia Liebermann and PostNL product manager Sacha van Hoorn are a vivacious duo that have kindled a working friendship that seems to be the backbone of the NFT-powered renaissance of post stamp collecting in both countries.

Austrian Post Office (PostAG) Philately head Patricia Liebermann and PostNL product manager Sacha van Hoorn at the Crypto Stamp stand during the Blockchain Expo in Amsterdam.

PostAG first explored the use of NFT post stamps in 2019 with real-world stamps issued with a digital twin NFT originally minted on the Ethereum blockchain. Over the next two years, Austria’s post office continued the project with near-field communication (NFC) chip functionality introduced in 2021 to further the functionality, verifiability and security of post stamps.

Reflecting on the dimming interest in philately, Liebermann unpacked the initial idea and its quick uptake some three years ago:

“In 2019, we invented the idea of having a physical stamp combined with an NFT, it was mind-blowing, and we were overwhelmed with all that feedback. And that's why we said, okay, there is a target group out there who is interested in this new way of collecting.”

Van Hoorn's efforts to continue innovating PostNL’s post stamp offerings had already explored the use of augmented reality and artificial intelligence on stamps, but PostAG’s NFTs exploits led her to reach out to her Austrian counterpart. Knowing that development would take a significant amount of time and resources, a collaboration was formed:

“So we actually decided to contact the Austrians because they were the first, and we really wanted to have their experience and their knowledge and ask them, how did you do it?”

The partnership has culminated in a joint launch of a new edition of Crypto Stamps which is being labeled as a first-ever joint crypto stamp issuance. It is also the first edition of PostNL NFT stamps, with the stamps issued in a variety of respective colors of the Netherland and Austrian flags. The stamps also feature the respective countries’ national flowers, with tulips and edelweiss in the background of the PostNL and PostAG stamps.

PostAG and PostNL Crypto Stamps on display at the RAI convention centre in Amsterdam.

The physical stamps are produced by Austrian firm Varius Card, whose managing director Michael Dorner unpacked the latest security features in conversation with Cointelegraph. The fourth edition of the Crypto Stamps features invisible UV rays and forensic security. The NFC chips also provide cryptographic proof of any given stamp’s authenticity.

Dorner also regaled recent conversations he had with older generation Austrians that were avid stamp users who were introduced to NFTs through PostAG’s Crypto Stamps. Unfamiliar with the digital collectibles, some grandparents inevitably asked their grandchildren to help them come to grips with the digital twin of their real world stamps.

“They called up their grandchildren and said, ‘Do you know what an NFT is?' and the grandchild says, ‘yes, what do you have?’ Suddenly they sat down together for dinner, they checked the crypto stamps and the kids were like, ‘Granddad, let's check what color you have.'”

All three individuals believe that the NFT-paired post stamps are leading to a philately renaissance, with Dorner describing the shift as the next generation of collectors:

“Two generations with two completely different aspects come together, and they talk. And there's you have this new community, you have this 'collectors 3.0'. Like the young collectors, we all suddenly just started getting interested in stamps again.”

These positive sentiments are also backed up by the popularity of each launch, with Dorner and Liebermann highlighting that all previous NFT-paired collections were completely sold out.

While not giving an approximate number, Dorner estimated that 150,000 to 250,000 post stamps with NFT pairs had been sold since 2019 — suggesting the initiative could be one of the most successful NFT projects in the world. The latest edition of Crypto Stamps is minted on the Polygon blockchain.

Bitfinex Says ‘Sell-The-News’ Reaction to Rate Cuts Could Push Crypto Markets Down in September

Funko Partners With Walmart to Drop DC Digital Collectibles and Physical Twin Counterparts

Funko Partners With Walmart to Drop DC Digital Collectibles and Physical Twin CounterpartsFunko has teamed up with the multinational retail corporation Walmart and the American film and entertainment studio Warner Bros. to bring digital collectibles to the retail space, the pop culture collectibles firm announced on Wednesday. According to Funko, the digital collectible offering is consumer friendly as fans can purchase the non-fungible token (NFT) and physical […]

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UNICEF Giga NFTs to connect schools in developing countries to internet

The popularity of NFTs drives fundraising experiments for UNICEF's Giga initiative to connect more schools around the world to the internet.

Developed countries often take for granted the ubiquity of the internet. But the reality is that some 2.9 billion people still don’t have connectivity to the world wide web.

Data provided by UNICEF highlights that the majority of this internet-less mass of people reside in undeveloped countries, and children continue to be disadvantaged by the lack of internet connectivity at local schools.

A UNICEF-led initiative is tackling this dilemma in a novel way through a joint venture with the International Telecommunication Union that led to the creation of Giga in 2019.

Gerben Kijne, blockchain product manager at Giga, outlined the firm’s Project Connect initiative at the Blockchain Expo in Amsterdam. Giga has made strides in connecting schools to the internet in developing countries around the world.

Gerben Kijne speaks about Giga's Project Connect and its Patchwork Kingdoms NFT fundraising experiment at the Blockchain Expo in Amsterdam.

The first step in this process was mapping schools and their connectivity through Project Connect. Giga uses machine learning to scan satellite images to identify schools on an open-source map. To date, it has pinpointed over 1.1 million schools across 49 countries and connectivity data for a third of these schools.

Having identified a huge number of schools in need of internet accessibility, the next step in the process was creating a novel fundraising initiative tapping into the world of blockchain, cryptocurrencies and NFTs.

Speaking to Cointelegraph after his keynote address at the RAI Convention Centre in Amsterdam, Kijne unpacked Giga’s Patchwork Kingdoms initiative. With NFTs surging in popularity over the past couple of years, Giga looked to make the most of the craze through its own NFT-led fundraising experiment in March 2022.

Giga teamed up with Dutch artist Nadieh Bremer to launch a collection of 1000 procedurally generated NFTs minted on the Ethereum blockchain. The NFTs were produced using Giga’s school data to represent those with and without internet connectivity.

The NFT public sale raised around 240 Ether (ETH) in totality, valued at $700,000, which went directly to connecting schools to the internet. Kijne conceded that the value raised was secondary to the exploration of a different kind of philanthropic fundraising.

“I think NFTs also provide a really interesting use case. One of the things that we're starting to look into is what does philanthropy look like for the next generation of people? Because if you go to UNICEF now and you donate, I don't even know what you get, probably like a ‘thank you email’ or something.”

Kijne believes that NFTs can provide a closer connection to donations, highlighting their use to track the impact of donations through the ownership of a specific school’s NFT and monitor when the funds raised are ‘cashed in’ to pay for internet connectivity.

Many learnings were taken out of the NFT-based fundraising initiative. As Kijne reflected, building a community before the launch may well have helped boost support. As has been seen in the NFT space, community members play a role, but opportunistic NFT investors are always present and looking for a chance to profit from new launches.

“I think quite a few people that sort of joined us, they formed one of two camps. We have the people we were aiming for, Giga supporters. Many bought their first NFT ever. Then the other group is people who are thinking, ‘Oh, a UNICEF NFT! Let me get on that.'”

Despite that fact, the project was deemed a success and provides an intriguing use case for blockchain-based NFTs as a means of transparent, community-building fundraising. The public sale in March 2022 sold out in three hours and raised $550,000. The additional 20 percent of funds raised came from secondary sales on OpenSea.

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