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Australia Gaming NFTs Play to Earn

Survey Finds 32% Would Quit Their Job to Play NFT Games Full-Time

A new survey conducted by Balthazar, an Australian NFT gaming company, has found that one in three people would be willing to quit their job if NFT games could allow them to work full-time as gamers.

At least 32 percent of the survey’s 1,103 respondents – predominantly from the Philippines – said they would engage full-time in NFT games if they allowed them to earn the same as, or more than, their current jobs.

Balthazar CEO John Stefanidis says he isn’t surprised by the survey’s findings:

[Gamers] love play-to-earn games and many are ready to quit their other jobs to play NFT games instead, as they could potentially be earning the same, if not more, from playing NFT games.

John Stefanidis, CEO, Balthazar

However, the majority of respondents believe the P2E ecosystem is still in its infancy and is not mature enough to provide them with an adequate income. Over two-thirds said they would need to earn between US$1 to $20 per day (those who have jobs in the Philippines earn an average US$316 per month, or about US$16 per workday) to play NFT games full-time.

Other respondents said they could just play NFT games while keeping their jobs. Some, however, can’t afford NFT assets to even start playing, the reason why Balthazar offers scholarships for its users.

P2E Disrupting the Games Industry

The rise of non-fungible token video games has provided gamers with an opportunity to earn a passive income, thanks to the P2E (Play-to-Earn) model implemented by popular titles such as Axie Infinity.

With the rise of NFT games, a new inducement to engage newcomers to the space is via scholarships, basically a practice where owners of NFTs transfer their assets to new players who don’t own any of their own to play for them and receive a percentage of the earnings. This became a popular method within the Axie Infinity community:

We believe that play-to-earn games will be the biggest disruptor in the crypto space this year, as well as the video game industry, as more gaming companies, crypto holders and traditional investors are investing in the space.

John Stefanidis, CEO, Balthazar

However, it seems some are not happy with the rise of the NFT and P2E industries, tagging them as creators of “bullshit jobs” – a term coined by American anthropologist David Graeber whose 2018 book of the same name analyses the societal harm of meaningless jobs.

By way of perspective, a report published by the Blockchain Game Alliance in December showed that NFT games generated US$2.3 billion in revenue in the third quarter of 2021 alone, and generally saw remarkable growth throughout the year.

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Australia Gaming NFTs

Australia’s Immutable X Raises $200 Million, IMX Token Soars

Australia’s gaming start-up, Immutable, has announced that its most recent funding round has pushed the company’s value to US$2.5 billion. According to an Immutable Twitter thread, the $200 million round was led by investors from Singaporean company Temasek.

Immutable Supercharges Its Mission

Sydney-based blockchain firm Immutable, the start-up behind the scaling solution for Ethereum NFT games – Immutable X – has just joined the ranks of the crypto unicorns (ie, crypto start-ups worth at least a billion dollars). This comes after its latest round of funding, led by Temasek investors alongside metaverse investment firm Animoca Brands and Chinese Temacent. The increase in funding was not the only benefit Immutable received. As a result of the firm’s promotion to unicorn status, Immutable’s token (IMX) has also soared.

Immutable’s previous funding round in 2021 saw it garner US$410 million. Currently, the Immutable X price prediction is neutral; however, the company only seems to be moving from strength to strength. Immutable hopes that the fresh funds will supercharge its goal of pushing NFTs mainstream through high-quality blockchain games.

IMX Pursues Gaming Industry

Immutable X established several high-profile partnerships and deals in late 2021 and early 2022. A partnership was solidified in October with ESL Gaming, a leading Esports company, which provided the ESL Pro Tour NFTs with gasless trading on its platform.

More recently, Immutable X entered a contract with retail game giant GameStop to develop its new NFT marketplace, with the addition of a US$100 million innovation fund to support the NFT space and its creators.

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Crypto News Gaming NFTs Solana

Aussie NFT Project ‘SolChicks’ Has Raised $77 Million in 6 Months

Since September 2021, Australian play-to-earn blockchain gaming company SolChicks has raised A$77 million from venture capital and institutional investment funds, as well as hiring more than 100 staff.

Powered by the high-speed Solana blockchain, SolChicks is scheduled for an “alpha” mini-game release next month and an official release exactly a year after its founding.

SolChicks Joins Seoul Stars and Angrymals in the Catheon Gaming Stable

A pair of Australian finance graduates, chief executive William Wu – based in Shanghai – and CEO Lewis Grafton of Sydney have in six months grown SolChicks into a game studio with two other titles. The duo’s Catheon Gaming team (and parent company) is based in Australia, Hong Kong and Singapore.

Catheon’s other games are the Korean-themed Seoul Stars, a “sing-to-earn” game endorsed by K-pop stars, and Angrymals, a player-versus-player fortress defence strategy mobile game inspired by Angry Birds and Worms. But SolChicks is the flagship, said to be similar to traditional RPG titles such as Darkest Dungeon or Diablo, except that the players are “cute chicken characters” that can be bought and sold as NFTs on Solana.

How the Game Works

NFT characters are stored in a digital wallet (the developers recommend Phantom or SolFlare). There are only 10,000 unique origin SolChicks, but players who own two will be allowed to breed them to produce SolEggs. Breeding SolChicks creates unique NFTs that can be sold in the marketplace for profit.

The original SolChicks fall into one of five categories based on the rarity of their attributes. Players can progress their SolChicks through 60 levels, from Tutorial, through Fledgling and Progression, and finally Endgame.

SolChicks are highly customisable based on their primary and secondary stats, which can be improved through buying and adding NFT attributes. Players are urged to “bond” with their SolChick – they need to regularly “feed” it and participate in PvP (player versus player) battles with it to gain experience.

What Players Can Earn

Players are ranked on a weekly basis according to their level and achievements, and rewarded with CHICKS tokens. Users can earn the in-game currency SolCoins, and may also sell and trade their in-game assets and rewards as NFTs.

SolChicks has over 350,000 followers on Twitter and says its community consists of 700,000 across 20 countries. The demo version of the game is currently available to all aspiring players through the SolChicks website.

Crypto News Australia reported on five new NFT projects that launched on the Solana blockchain in December 2021. Add SolChicks to that list.

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Blockchain Crypto News Gaming Metaverse

Minecraft Goes Web3 with Polygon-Based ‘NFT Worlds’

Microsoft’s hugely popular Sandbox game, Minecraft, is going Web3. ‘NFT Worlds’ is a blockchain layer that will be added to third-party Minecraft servers accompanied by a Polygon-based overlay, with the Ethereum sidechain set to offer gas-free transactions.  

Minecraft Adds a Blockchain Layer

Minecraft seems to be the answer Web3 builders have been searching for, and the announcement of NFT Worlds is generating a lot of hype on social media. The 2011 smash-hit video game has remained widely relevant since its release, and the announcement of the move to Web3 will only heighten interest:

NFT Worlds will permit players to experience the metaverse within an existing game. The NFTs Minecraft is set to add will come in the form of land, similarly to metaverse-specific games like The Sandbox. Users who purchase an NFT will be given a world seed – a unique code that generates a specific landscape. Essentially, this will enable users to purchase their own server.

Beyond this, NFT Worlds will provide players with other Web3 features, including an online shop selling items to enhance gameplay. The current floor price for a Minecraft seed is US$45,000 and the $WRLD token will be used for any in-game purchases.

Microsoft Embraces Crypto and the Metaverse

Mid-2021 saw Microsoft introduce NFTs to Minecraft with the backing of an Enjin wallet. The project permits players to collect in-game digital assets granting players access to a range of special quests and benefits. This venture was followed by Microsoft’s move to purchase prominent gaming company Activision Blizzard. The US$69 million acquisition is a continuation of Microsoft’s metaverse plans.

By Lauren Claxton, Crypto News Guest Author

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Blockchain Gaming NFTs

Warner Music Partners with Splinterlands Team to Create Blockchain Games

Warner Music Group (WMG) has announced a partnership with blockchain gaming developer Splinterlands to allow WMG artists to create their own blockchain-based video games.

WMG Enters Web 3.0

The partnership will centre on creating P2E (Play-to-Earn) and “arcade-style” video games for mobile devices. Selected WMG artists will be allowed to launch their own blockchain-based games, thus creating another form of revenue and engagement with their fanbase.

Oana Ruxandra, executive vice-president of business development and chief digital officer at WMG, said the partnership represents a “massive opportunity” for the P2E industry:

I don’t think we can underestimate how massive the opportunity around P2E gaming is. Our partnership with Splinterlands pulls focus to our artists and their music as we all work together to develop and maintain tokenised games. As we build, we will be unlocking new revenue streams for our artists while further solidifying fans’ participation in the value created.

Oana Ruxandra, chief digital officer, Warner Music Group

P2E Industry on the Rise

Founded in 2018 by Jesse Reich, Splinterlands is the originator of a blockchain video game of the same name where users battle 1:1 and buy, sell, and trade cards, in similar fashion to Sorare.

Warner Music Group is a leader in the music industry. They are innovating the music industry to meet the standards set by Web 3.0 community members. We’re thrilled to be working with them and I look forward to new collaborations at the intersection of gaming, music, crypto, NFTs, DeFi, and blockchain.

Jesse Reich, founder, Splinterlands

The P2E industry is booming as more video game developers integrate blockchain to power innovative features such as in-game cryptocurrency, native tokens, NFTs (non-fungible tokens) and much more.

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Axie Infinity Crypto News Gaming Metaverse Tokens

Metaverse Token SLP Up 300% in a Week Amid Big Changes to Axie Infinity

Just before the dawn of the release of Season 20 for the world’s most popular play-to-earn blockchain game, Axie Infinity, the in-game reward token Smooth Love Potion (SLP) shot sky-high. Before a slight pullback, the SLP token went 3X in just days.

SLP Price Chart. Source: CoinGecko.com

The SLP rally follows the announcement of a deflationary update to the game’s economy, removing user rewards for completing certain in-game missions, including Adventure Mode SLP and Daily Quest SLP, which “will be sunset (reduced to 0)”.

Season 20 is close and when it’s released, a variety of important economic balancing changes will be implemented.

axie.substack.com

How Axie Rewards Work

Once players have collected a team of Axies, they can collect SLP tokens by completing battles. Those tokens can be redeemed for new in-game features, including breeding new Axies. 

Among the changes coming in the new Season 20 update will be a 56 percent reduction in the daily supply of SLP tokens. Players will no longer be able to earn SLP from daily questing or playing in adventure mode, thus increasing the tokens’ scarcity. 

SLP Listed on Binance

Earlier this week, Binance added SLP/BNB as a trading pair, allowing traders to directly exchange BNB for SLP on the exchange. Whenever tokens get a listing on a major exchange such as Binance, it often results in a price pump as it makes the token more accessible for new investors.

While Axie Infinity’s SLP has enjoyed notable price pumps over the past few months, is still 9x away from previous highs. The SLP token was trading at US$0.39 only seven months ago. The game continues to adopt more players and attract recognition from investors. In November, Crypto News Australia reported that an Axie Infinity land plot NFT had sold for a record-breaking US$2.48 million.

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Crypto News Gaming NFTs

Grand Theft Auto Publisher Thinks NFTs are a ‘Good Fit’

Strauss Zelnick, CEO of game publisher Take-Two Interactive, has flagged his support for non-fungible tokens (NFTs) and their future in the gaming industry, though he remains concerned about their volatility and the prospect of NFTs dividing gamers globally.

NFTs – ‘A Good Fit’

Zelnick recently stated that he feels NFTs are a “good fit” for the company’s future offerings. Yet the publisher of legendary gaming franchise Grand Theft Auto went on to say that his company is wary of “speculation” considering the current state of the industry.

Take-Two CEO Strauss Zelnick. Source: game-news24.com

We want to make sure that consumers always have a good experience every time they engage with our properties and losing money on a speculation is not a good experience, so we’re going to stay away from speculation. However, we’re highly convinced there’s an opportunity for NFTs to fit with Take-Two’s offerings in the future.

Strauss Zelnick, CEO, Take-Two Interactive

Zelnick’s caveat may put GTA fans at ease for the moment, particularly as anticipation for the release date of the sixth franchise instalment starts to mount. And while Zelnick has said the company believes in rare goods and collectibles, this may change in future. Caveats aside, a lot of fans still aren’t buying it:

NFTs Polarise Gaming Industry

NFTs within the gaming industry seem to be increasingly polarising. Ubisoft recently caused its fan base and the greater community to revolt over its decision to bring NFTs to the Ghost Recon series. The release of an NFT trailer at the end of 2021 sent Twitter and YouTube into meltdown, and there seems to be no sign of the conversation slowing.

Even popular YouTube gaming channel, the AngryJoeShow, spent some time berating the use of NFTs in a recent video:

This outrage has seen several game publishers and developers pull back on their plans to implement NFTs. The Ethereum video game Worms cancelled its own NFT plans after the decision caused longtime supporters to walk away. Japanese multinational giant Sega has also reconsidered its future due to negative opinions.

By Lauren Claxton, Crypto News Guest Author

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Crypto News Gaming Metaverse Tokens

Metaverse Token GALA Soars 100% in a Week Following ‘SpiderTanks’ Launch

Play-to-earn (P2E) metaverse gaming protocol Gala (GALA) has seen its token price rocket 117 percent this month, with 100 percent of that figure soaring in a single week.

A big part of the Gala surge can be ascribed to the launch of SpiderTanks, a PVP Brawler game developed by award-winning Netherlands-based gaming studio GAMEDIA:

Land and Venue Sales Also Booming

As well as actual gameplay, the newer generation of games launching on Gala has tapped into another growing trend in the P2E space, land and venue sales. These allow users to earn passive income, helping to grow a larger pool of community members invested in the protocol long-term.

New partnerships are also helping Gala expand the reach of its ecosystem. One of the most significant is this week’s announcement of a collaboration with the 888innercircle community, which numbers more than 205,000 members who are fans of digital art and collectibles:

Gala User Numbers Explode

The Gala community has recorded a huge leap in user numbers, particularly since the beginning of December. The aggregate was 122,230 as at February 7, representing a threefold increase since November from 40,380 users, confirms Dune Analytics.

Metaverse tokens in general have been surging since November, with VR (virtual reality) tokens and blockchain games on fire over the holiday period. Also in November, the metaverse token SAND hit an all-time high after announcing its highly anticipated Metaverse Alpha event.

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Australia Crypto News Gaming Immutable X NFTs

Australia’s Immutable X Partners with GameStop in $100 Million NFT Platform Deal 

One of the leading non-fungible token (NFT) scaling platforms, Australian blockchain startup Immutable X, has partnered with retail game giant GameStop to create its new NFT marketplace, as well as a US$100 million fund to support innovation in the NFT space and its creators.

GameStop will be using the Immutable X Layer 2 solution for its speed, zero gas fees, and 100 percent carbon neutral technology to move the company into the nascent NFT sector.

Pursuant to the February 2 announcement, the two companies will also be launching a US$100 million joint fund to empower game developers in the creation of their latest NFT projects. The fund will be used for grants to help creators of NFT content and technology. But individuals who want to build or are building an NFT game project can submit proposals here for a chance to be among the first to build on the new platform.

Gaming Industry Slowly Adopting NFTs

Co-founder of Immutable Robbie Ferguson stated that it wants to change the gaming landscape by “bringing the age of digital ownership to billions of players worldwide […] one that rewards players rather than extract value from them”. GameStop plans to be a catalyst for this by having its marketplace bring “billions of low-cost, in-game assets that can easily be bought and sold” to its 50 million+ users.

Some in the gaming space are of the opinion that the evolution of the industry will be toward players owning their in-game assets. Avid gamers will be able to monetise their time in-game and have more to show than just hundreds of hours and cosmetics that gather virtual dust. On the other side of the coin, many gamers are pushing back against integrating NFTs with games, seeing it as just another cash grab from corporates.

In correspondence with tech website VentureBeat, Ferguson stated that “the best thing to do is to create truly player-first gaming experiences that embrace the benefits, rather than the hype, of NFTs. Most importantly, the games have to be good – it’s play-and-earn, not play-to-earn.”

Immutable X has been busy carving out a name for itself in the gaming industry, having recently signed a deal with ESL Gaming to provide NFTs of its Counter-Strike global tour as well as raising US$60 million in its series B funding round.

NFTs Starting the Year With a Bang

NFTs have performed considerably better than cryptocurrencies this past month, with transaction volume gaining a steady increase.

Weekly NFT transaction count. Source: Dune Analytics

As more major names start joining the NFT space, it looks quite promising that NFTs will soon become part of gaming culture.

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Crypto News Gaming NFTs

‘Worms’ Ethereum Video Game NFTs Cancelled After Backlash

Following backlash from the community, collectible “Worms” have been buried as fans and other game developers complain about the company’s NFT plans. Echoing recent pushback to other video game NFT projects, the collectibles have been canned:

Team17 Closes its Can of Worms

The sentiment is not new, as video game firms announce plans for digital collectibles and backlash ensues. It happened again this week with publisher Team17 and its plans for NFTs based on the Worms video game franchise. The indie game publisher confirmed on Twitter that it was no longer pursuing its NFT plans, following significant criticism on social media after announcing them.

The British publisher had planned to release NFT collectibles inspired by the 26-year-old Worms franchise, which has to date sold 75 million games. Team17 had partnered with Reality Gaming Group to release the NFTs on the company’s Ethereum sidechain, called the Digital Assets Trading platform.

In addition to community pushback, Team17 also encountered resistance from its partners Aggro Crab, a studio that had its 2020 game Going Under released by Team17. Aggro Crab said it would not work with the long-running publisher if it continued with its NFT plans:

Gaming Community Pushing Back Against NFTs

Although 2021 was the ‘Year of the NFT’, and many have invested significant amounts of money in the industry,  the gaming community does not share the sentiment.

One Twitter user questioned why Team17 would even attempt launching collectibles given that “it’s common knowledge by now that NFTs are not wanted in this medium”:

Many other gaming companies have copped the same criticism as Team17, including Ubisoft. The company received massive backlash from its gaming community after it announced plans to add NFTs to its platform with the release of the last title in the Ghost Recon series. SEGA has also had to backtrack on its NFT plans after receiving considerable backlash from its fans across the globe.