The venture capital and accelerator arm of the world’s largest crypto exchange by trading volume is leading an investment round on a new blockchain gaming token. According to a new announcement from Binance Labs, the crypto incubator led an investment round in the game finance (GameFi) publishing platform Pluto Studio. The platform’s first release, Catizen, […]
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Web 3.0 is no doubt the latest generation of the World Wide Web, and it’s focused on transforming everyday users of the internet. While it’s gradually revolutionizing how global industries operate, the e-commerce industry should not be overlooked. According to Statista’s report covering the third quarter of 2023, in the United States alone their e-commerce […]
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A top-100 web3 altcoin has surged by more than 67% this week amid a wallet update, a new partnership and a relisting on a Korean exchange. WEMIX, a subsidiary of South Korean video game developer Wemade, aims to build a web3 ecosystem that focuses on experience-based services. The project’s native token is trading at $3.91 […]
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What comes to your mind when you hear ‘Web 3.0’? A mere few months ago, the most common answer was ‘crypto,’ but now the public sentiment has changed toward ‘decentralization’ and ‘privacy.’ From payment to art, from social networks to decentralized computing, projects like Binance, OpenSea, Lens Protocol and Ethereum transform how we interact with […]
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It could all be sparked with just one Web3 success story.
While several mainstream game studios have taken a noticeable step back integrating blockchain tech, three blockchain gaming executives say it's only a matter of time before they change their tune.
In July last year, Minecraft developer Mojang Studios announced a ban on NFTs and blockchain technology.
By November, Rockstar Games updated its website to stipulate that fan-operated servers for Grand Theft Auto V can no longer utilize crypto assets, specifically nonfungible tokens (NFTs).
Rip NFT worlds? pic.twitter.com/5bEy5oqtjm
— DeeZe (@DeeZe) July 20, 2022
Walter Lee, gaming growth lead at BNB Chain, argues, however, the ban is more related to NFT activities than general blockchain tech and thinks that once “more regulation is in place” to guarantee player safety, mainstream studios will warm up to the technology.
“There is still a lack of education and regulation around Web3, therefore, some users and companies are still skeptical about the benefits and scams that can often be associated with it,” he said.
Mojang Studios pointed to rug pulls surrounding certain third-party NFT integrations, along with NFT wash trading and issues around digital ownership, as reasons for the ban.
Lee believes player demand will ultimately tip the scale on blockchain tech in mainstream games.
That being said, somegaming enthusiasts have a love-hate relationship with crypto, particularly when NFTs are involved.
French gaming giant Ubisoft Entertainment was forced last year to backpedal on plans to integrate NFTs into its games after player backlash.
An October survey from blockchain entertainment provider Coda Labs found that traditional gamers weren’t fans of cryptocurrencies or NFTs in general, though they didn’t seem to mind NFTs used in gaming as much.
“If there becomes an increased demand from players for blockchain integrations, they will likely revisit their policies," Lee argued.
Grant Haseley, the executive director at mobile and Web3 game development company Wagyu Games, told Cointelegraph that one success story is all that is needed to spark mainstream adoption:
“AAA studios will change their mind once they start yielding true market share to Web3 games. It’s just going to take one Web3 game to explode for the others to take flight.”
According to Haseley, mainstream hesitancy around adoption is out of fear it will undercut the current business model of “the consumer strictly paying for entertainment.”
“They have a great thing going right now, the mobile gaming market, for example has breached $100 billion and is trending upward,” Haseley said, adding:
"If you can make a game on the fly and still maintain profitability without changing your model, why would you even consider something radical that could have lasting effects on your consumer base?”
Justin Hulog, chief studio officer at Immutable Games Studio, shared a similar perspective, explaining that because NFTs and crypto fundamentally transfer ownership of digital assets from companies to players, it’s unappealing for mainstream adoption.
Related: Blockchain tech still far from hitting the esport big leagues, says investor
“GTA V became the most profitable entertainment product of all time, and it’s no secret that quite a significant portion of these profits result from microtransactions that contain in-game currency,” he said.
“Microsoft also introduced microtransactions in Minecraft some time ago; it’s understandable that both companies would want to retain control over their in-game economies for financial reasons,” he added.
According to a 2020 report from market research firm Junpier Research, loot boxes and other microtransaction related features will net gaming companies $20 billion by 2025.
“If anything, this can even be interpreted as both companies acknowledging that NFTs and crypto are real-world assets with value attached to them that could potentially threaten their business model,” Hulog said.
While he does think it is “certainly a possibility” that mainstream studios will embrace blockchain tech, he thinks they will “likely start with something like adding support for cryptocurrencies as a payment method for their games and services.”
Digital asset trading platform Coinbase is announcing that it has received a license to operate in Singapore. Coinbase says that the Monetary Authority of Singapore (MAS) has granted the crypto exchange regulatory go-ahead to provide “digital payment token products and services” in the city-state. The Monetary Authority of Singapore, which is the city-state’s central bank […]
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Behind this western U.S. state, Illinois and New York were the next states most interested in the two major cryptocurrencies.
The Golden State of California may be America’s most inquisitive state about Bitcoin (BTC) and Ether (ETH), new data from CoinGecko has revealed.
In a report shared by CoinGecko, internet users from California accounted for a whopping 43% of all Bitcoin and Ethereum web traffic searches on the crypto tracking website. This is despite the entire state population only accounting for 11.9% of the United States population.
Bobby Ong, chief operating officer and co-founder of CoinGecko, said it was “unsurprising” that California took the crown in the blue-chip cryptocurrency interest, given its place as a “major technological hub.”
California is also home to Silicon Valley — one of the largest technology and innovation hubs in the world.
Among the largest companies situated in Silicon Valley to have invested in blockchain-based applications and crypto startups include Apple, Google, Meta, PayPal and Wells Fargo.
Centralized exchange Coinbase was one of the first major crypto companies to be headquartered in California, despite no longer having a headquarters today. The Graph, Helium, MakerDAO and dYdX are among some of the latest Web3 projects with a presence in the Golden State.
Many prestigious universities with excellent engineering and technology departments are also located in California, such as Stanford University, California Institute of Technology and the University of California, Berkeley.
CoinGecko also noted that other states with a strong interest in the two cryptocurrencies include Illinois, New York, Florida and Washington, followed by Pennsylvania, Texas, Virginia, Georgia and Arizona.
Across the top 20 states, most searches on the website appeared to be weighted toward Bitcoin. However, the data found that four particular states saw more searches for Ethereum than its competitor.
“What’s especially notable is Colorado, Wisconsin, New Jersey, and Florida’s interest in Ethereum over Bitcoin,” explained Ong.
“It remains to be seen how these rankings and market shares will play out in the coming months, with Ethereum’s Merge around the corner.”
The data was collected between May 2 to Aug. 21, 2022, and only collected web traffic data from the United States. The data was indexed on a scale of 0-100, with 100 representing the highest point of web traffic (California) relative to the other states.
Related: 70% of US crypto holders started investing in 2021: Report
The findings come as a recent Study.com survey revealed that over 64% of U.S.-based parents and college graduates with a sufficient understanding of blockchain technology want crypto to be taught in school classrooms.
On the global scale, the U.S. has shared the top spot with Germany when it comes to crypto-friendly regulation and legislation, sharing the top spot with Germany and beating out Singapore, Australia and Switzerland, according to crypto data aggregator Coincub.
Coffee giant Starbucks is working on a new rewards program that involves branded digital collectibles for caffeine consumers. During the company’s Q3 earnings call on August 2nd, interim chief executive officer Howard Schultz hints that Starbucks is launching a Web 3-enabled initiative during its 2022 Investor Day event, which is set to happen in Seattle […]
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A Silicon Valley-based investment firm is launching a massive $4.5 billion digital assets fund as crypto markets continue to see widespread stagnation. According to a new letter penned by Andreessen Horowitz general partner Chris Dixon, the venture capital giant is launching the latest fund because the world is entering into the “golden era” of Web […]
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Retail trading platform Robinhood is launching a new non-custodial crypto and non-fungible token (NFT) wallet in the company’s latest push to embrace the digital asset space. According to a new press release, the trading titan has started developing a multichain Web 3.0 wallet that will allow investors to have total control of their digital assets […]
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