FinTech news in Gaming category

We realized very quickly the scaling limitations of Ethereum, but we never wanted to compete with it. Polygon could help Immutable avoid Ethereum congestion and costs without having to build its own alternative.

NFT marketplace Magic Eden is integrating with the Ethereum scaling layer-2 blockchain Polygon to dive deeper into the blockchain gaming and NFT ecosystems, the companies announced on Tuesday. In Magic Eden’s case, its NFT marketplace launchpad is a cross-chain on Solana, Ethereum, or both and is responsible for 90% of all Solana-based NFT volume, according to its website. Long term, the partnership between Magic Eden and Polygon aims to bring more gaming developers and NFT games to market, Yin said. However, in the past 30 days, Ethereum NFT sales volume increased about 26%, while Solana NFT sales volume fell almost 20%, the data showed.

The DID system is compatible with more than 20 Layer 1 networks including Ethereum and Solana, which Yu says will allow Carv to cover 95% of the blockchain games on the market. Blockchain-based identity systems, they argue, are the portal to user-facing applications in the decentralized land, whether the piece of identity is used to send tokens or showcase a gamer achievement. On the enterprise front, Carv provides white-label data service to game operators which can then query cross-platform data about new users, such as their reputation and achievements on established ecosystems like Steam. Carv starts with games because it’s where much of the consumer-facing development in web3 is happening, Yu reckons, but the startup eventually wants to expand to other user scenarios when they are more mature.

Some games, like Delysium and Ember Sword, were initially developed for the layer-2 blockchain Polygon but switched to Immutable X, the company’s NFT platform and layer-2 scaling solution for the Ethereum blockchain. Today, Immutable X launched GameStop’s NFT marketplace out of beta, which will provide GameStop players and customers across the U.S. access to NFTs tied to games on its layer-2 chain. Earlier this year, Immutable, a web3 gaming firm with its own layer-2 chain, Immutable X, launched a whopping $500 million fund to boost gaming on its platform. This announcement follows GameStop and Immutable X’s partnership and $100 million joint grant fund from February.

What started as a gaming guild offering play-to-earn scholarships to over 1,000 gamers to earn (up to $1,000 monthly, according to the platform’s pitch to users) from free-to-play Web 2.0 games and crypto games like Axie Infinity and Pegaxy has grown to a 100,000-member-strong community across an ecosystem including 2,000+ gamers, 10,000 Telegram and 20,000 Discord members. This February, Africa and emerging market-focused Nestcoin raised a pre-seed round to build, operate and invest in its web3 applications, including crypto content platform Breach Club and gaming guild Metaverse Magna (MVM). MVM, incubated in partnership with a multistrategy blockchain investment fund, Old Fashion Research (OFR), welcomed participation from investors including South Korean video game developer Wemade, Japan-based blockchain-focused venture capital firm Gumi Cryptos Capital (gCC), HashKey, Tess Ventures, LD Capital, Taureon, AFF, Polygon Studios, Casper Johansen (Spartan) and IndiGG. At the same time, in the interview, Bademosi stated that the gaming DAO platform was working on launching 10 Web 2.0 games (mostly hypercasual games across different genres), including Candy Blast — its version of Candy Crush — Wordler, Kong Clumb and Electron Dash.

The new division will be built upon the acquisition of blockchain-based loyalty platform for games WonderBlocks, as well as a strategic alliance with blockchain infrastructure gaming developer Forte.

UnCaged Studios, a web3-focused gaming studio, has raised $24 million in a Series A equity funding round to continue growing the crypto gaming industry.

The company just closed a $6.6 million seed round and plans to launch its first web3 gaming world, Project Nightshade, in the fall, Mark Warrick, founder and CEO of the company, exclusively told journalist.

Its fund will also collaborate with other web3 gaming and NFT-focused investors including BITKRAFT, Animoca Brands, Arrington Capital, Double Peak, AirTree, King River Capital and GameStop, as well as strategic gaming publishers, for additional investment opportunities. Immutable, an Australia-based web3 gaming firm, launched an inaugural $500 million developer and venture investment fund, Robbie Ferguson, president and co-founder of Immutable.

Solana Ventures and Solana Foundation have set up a $100 million investment and grant fund to deploy capital into South Korean web3 startups, Johnny Lee, general manager of games at Solana Labs, told journalist.