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Nifty News: Porsche ends ‘low effort’ NFT mint early, Oreo dunks into the Metaverse and more

Coin Telegraph
<div>Nifty News: Porsche ends 'low effort' NFT mint early, Oreo dunks into the Metaverse and more</div>
Animoca Brands

Porsche’s first foray into NFTs appears to have flopped after recording underwhelming sales and was heavily criticized by the community.

Porsche criticized for 'low effort' NFTs, ends mint early

Car manufacturer Porsche had to cut short a nonfungible token (NFT) mint of its famous white 911 model only two days after the public mint started, saying its “holders have spoken.”

The Jan. 23 launch was seen by some as a huge flop for Porsche with just 2,040 of the 7,500 NFTs available having been sold at the time of writing.

The mint was widely criticized by the crypto community for being “low effort,” “tone deaf” and overpriced. The price of the NFTs were set at 0.911 Ether (ETH) ($1,417).

Sales on secondary markets have been undercutting the live mint, with some selling for as little as 0.86 ETH.

After announcing it would cut the supply, Porsche clarified that minting would still be open until 11am UTC on Jan. 25. The collection recorded a surge of FOMO buying which temporarily drove up the floor price.

Get Stuf’d: Oreo launches a Metaverse…and a really big cookie

Cookie company Oreo launched its own Metaverse, the OREOVERSE, an interactive digital world where cookie lovers can play cookie-themed games and enter into a sweepstake.

The OREOVERSE is on desktop, mobile and in Meta’s Horizon Worlds, where users with a Meta Quest headset can enter the Metaverse and experience it in virtual reality (VR).

A screenshot from the web-based version of Oreo’s new metaverse. Source: OREOVERSE

Oreo enlisted the services of TV personality Martha Stewart along with her gardener and friend Ryan McCallister to endorse the Oreo-inspired digital world.

The grand prize for the sweepstake gives users the chance to win $50,000 amongst a range of smaller prizes.

The Metaverse announcement was paired with the unveiling of its latest limited-edition cookie called the “Most OREO OREO” which has a “Most Stuf” creme center — filled with bits of Oreo.

Nike kicks off NFT marketplace with Air Force 1’s

In its first collection of NFTs on its “.SWOOSH Studio” NFT marketplace, Nike is set to launch a NFT collection influenced by its iconic Air Force 1 sneakers following a community vote.

The Polygon (MATIC)-based NFTs will go live on Jan. 25 according to a Jan. 23 tweet by Jasmine Gao, Nike Virtual Studios’ senior product manager.

Nike announced the upcoming NFT marketplace on Nov. 14 last year, which Nike Virtual Studios general manager Ron Faris claimed would help “onboard the next million” into the “wonderful world of web3 and digital assets.”

It aims to be a community-driven platform for Web3 digital art, with members given the chance to help co-create virtual creations with the global fashion brand through community challenges.

According to the Nov. 14 press release, members who win the challenge will also be able to earn royalties on the virtual product they help create.

Nike also suggested that digital wearables would eventually be usable in games and other “immersive experiences.”

Twitch co-founder's Fractal brings its games to Polygon

The gaming company Fractal will be expanding its F Studio product suite to the Polygon blockchain and is bringing along 30 Polygon gaming partners for the ride.

The partners include games such as Phantom Galaxies, Life Beyond, League of Kingdoms, Blast Royale and Sunflower Land.

Fractal and Polygon launch partners. Source: Polygon Gaming.

Fractal is an NFT gaming marketplace founded by Twitch co-founder Justin Kan and provides a launchpad for new projects as well as facilitating tournaments.

It also boasts a software development kit allowing developers to build in-game marketplaces where players are able to buy and sell NFTs in-game, rather than needing to go through Fractal’s marketplace.

The platform originally started on the Solana (SOL) network, but according to a Jan. 23 report by VentureBeat, Fractal is expanding over to Polygon due to its speed, scalability and ability to accelerate game development with the security of the Ethereum network.

Polygon Gaming will be making a strategic investment in Fractal for an as yet undisclosed amount according to the report, in an effort to deepen the partnership between the two firms.

More Nifty News:

An up-and-coming NFT racing game called PetaRush sold out all the NFTs available through both its whitelist and public sales. The game allows users to integrate some NFT collections from outside the games' ecosystem by pursuing partnerships that allow them to use the IP of other collections.

In a recent interview with Cointelegraph, the co-founder of the blockchain role-playing game Illuvium, Kieran Warwick, suggested casual gamers are “critical” to the success of blockchain games that utilize NFTs. Animoca Brands Chairman Yat Sui echoed the sentiment, claiming that all it would take is one good game to kick-start a blockchain gaming boom.

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Cosmos co-founder proposes peer-to-peer clearing system in white paper

Cosmos co-founder proposes peer-to-peer clearing system in white paper

Web3 gaming still a long way from mainstream adoption: Survey

Coin Telegraph
Web3 gaming still a long way from mainstream adoption: Survey
Big Time

In a survey commissioned by Coda Labs, 6,921 people from five countries were asked a series of questions to determine their perception of crypto, NFTs, and Web3 gaming.

A new survey commissioned by blockchain entertainment provider Coda Labs suggests that despite the huge amount of money being poured into Web3 gaming, traditional gamers are still yet to warm up to crypto or NFTs and have little interest in Web3 games. 

According to the survey, gamers pointed to practical barriers as their main reason for shying away from Web3 games, with gamers often not knowing how they might work and lacking a blockchain wallet.

The survey found that only 12% of non-crypto gamers have tried Web3 games, while just 15% of those yet to try were interested in doing so in the future. 

The survey pointed to play-to-earn (P2E) as the most recognized term associated with Web3 games, and crypto earnings as the most commonly perceived benefit of playing them.

When these two factors are considered in tandem, the findings reinforce what many industry players have been saying recently — that gamers are more interested in playing a "fun game" than the tokenomics associated with many Web3 games. 

Respondents’ perception of the main challenges associated with Web3 games. Source: Coda Labs.

The survey data suggests that those who had played Web3 games ended up being positive about them, with traditional gamers giving them a rating of 7.1 out of ten while gamers who are active within the crypto space rated them at 8.3.

Speaking to Cointelegraph last week during Asia Crypto Week, the executive president of the Asia Blockchain Gaming Alliance (ABGA), Kevin Shao suggested the focus on the P2E and NFTs aspect of blockchain games may be what is holding back mainstream adoption of GameFi.

Shao believes the release of “triple-A” titles like Phantom Galaxies and Big Time can help shift gamers' perspective of Web3 games away from the P2E features and onboard people who are looking to play games purely for fun.

Related: Blockchain gamers surge as users attempt ‘stacking crypto’ — DappRadar

Conducted throughout June 2022, the survey saw responses from 6,921 people across five different countries.

To be eligible to participate in the survey, the respondent needed to play video games at least twice per month, have used a crypto wallet, traded via a decentralized exchange, or traded an NFT in the last 30 days.

The survey was conducted by data creation platform WALR, which is a member organization of the Market Research Society and complies with its Code of Conduct.

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Cosmos co-founder proposes peer-to-peer clearing system in white paper

Cosmos co-founder proposes peer-to-peer clearing system in white paper

Gamers want fun, not a grind fest for tokens — Animoca subsidiary

Coin Telegraph
Gamers want fun, not a grind fest for tokens — Animoca subsidiary
Animoca Brands

Once blockchain games can offer a similar experience to League of Legends or Fortnite they will become more popular, argues Blowfish Studios' Luke Sillay.

Blockchain-based games need to spend more time actually being “fun to play” rather than developing flashy tokenomics, an Animoca Brand-owned blockchain game developer told Cointelegraph.

Speaking to Cointelegraph on the first day of the 2022 Tokyo Games Show, Luke Sillay, the lead community manager at Australia-based game developer Blowfish Studios said that far too many blockchain games have put the focus on in-game rewards and tokenomics rather than gameplay. 

“You can see from a lot of other blockchain games that they're not actually fun to play. Like, yes, you have potential to earn quite a significant amount of token and you get a good return on investment most of the time. But generally speaking, they're not that fun, right?”

Sillay said that generally, many of these games have simplistic game modes that are built around earning, rather than pure enjoyment, and have therefore failed to grasp the attention of traditional gamers thus far.

According to data from DappRadar, the most popular blockchain games in terms of active users over the past 30 days are Gameta, Alien Worlds, and Solitaire Blitz with one million, 814,000, and 652,760 users, respectively. The figures show significant interest in the games but pale in comparison to popular traditional games.

Sillay said games should primarily be “fun to play” and attractive to look at, stating:

“Our kind of thought is that if it's fun to play and it's attractive to look at, people want to play it."

Blowfish Studios is an Australian video game developer that was acquired by Animoca Brands for around $6.6 million in July 2021. As part of the acquisition, Animoca has guided Blowfish from Web2 to Web3 gaming, with NFT game Phantom Galaxies (currently in Beta) being the company’s main focus.

2022 Tokyo Games Show

Questioned on the type of games that would work best with NFTs and P2E integration, Sillay highlighted free-to-play giants such as Riot’s League of Legends and Epic Games’ Fortnite which already have internal markets built into them.

He noted that these types of games generally attract die-hard fans because they are fun to play, and continually update and improve the experience over time. This leads to people who play for multiple years and happily spend money to purchase products such as new character skins.

“Say like League of Legends and Fortnite with your skins and stuff like that [...] If you can play and enjoy something for a really long time, you know, and then you drop it, in a year or two in, you don't really have much to show for it. But if you do that with blockchain, you can potentially sell all the assets you've earned,” he said.

Sillay went on to note that there are some barriers to entry in blockchain games that may be putting some people off, and that if the onboarding process can be ironed out this could attract new users.

“It's a very daunting thing trying to learn about this whole new technology, creating a wallet etc, and there are so many words in blockchains that mean completely different things,” he said.

Sega Booth: Tokyo Games Show

Phantom Galaxies is an open-world mecha-robot shooter game expected to have an official early access launch in Q4 2022. Its in-game NFTs have already seen a high level of demand, with more than 517,000 owners of its Origin Collection according to OpenSea. The project also concluded a private NFT sale in May that fetched an estimated $19.3 million.

Related: Animoca confirms $110M round led by Temasek, plans new acquisitions

At this stage, Phantom Galaxies requires just one NFT to get started, making it a relatively straightforward process to get involved.

“Then the rest is actually at the moment just like a traditional game basically,” Sillay said.

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Cosmos co-founder proposes peer-to-peer clearing system in white paper

Cosmos co-founder proposes peer-to-peer clearing system in white paper

Blockchain Firm Animoca Brands Raises $358 Million to Enhance Web3 and the Metaverse

Bitcoin.com
Blockchain Firm Animoca Brands Raises 8 Million to Enhance Web3 and the Metaverse
10T Holdings
Blockchain Firm Animoca Brands Raises 8 Million to Enhance Web3 and the MetaverseAnimoca Brands has announced the blockchain and cryptocurrency-focused firm has raised $358.8 million to bolster the non-fungible token (NFT) industry and “build the open metaverse.” The capital raise follows the firm’s previous $65 million and $138.88 million raises last year and today, Animoca Brands has an overall valuation of $5 billion. Animoca Brands Raises $358 […]
Read more
Cosmos co-founder proposes peer-to-peer clearing system in white paper

Cosmos co-founder proposes peer-to-peer clearing system in white paper

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