New data from DappRadar suggests that gaming remains a vital organ to the blockchain industry. According to the report, the gaming sector accounts for approximately 50.51% of industry usage month-over-month (MoM), as per August numbers. While overall the numbers are a good indicator for the sector, it is a decrease from the previous month. Last month the gaming sector made up approximately 57.30% of industry usage (MoM). The data from DappRadar comes from the daily Unique Active Wallets (UAW). According to the surveyor, there are around 847,230 gaming-related UAW active daily with nearly $698 million in transactions. Gaming has long …

After much speculation, the wallet hodling more than 22 billion of Axie Infinity’s total supply of in-game token Smooth Love Potion (SLP) has been identified as an address belonging to Binance. The wallet was first highlighted by Axie Infinity player and tech co-founder Michael Benko, who raised concerns about it having over 50% of SLP’s total circulating supply, which could potentially have an impact on the game's ecosystem. Following a Cointelegraph report on the matter, Axie Infinity co-founder Jeff Zirlin confirmed on Twitter that the address is a “Binance Ronin gateway contract.” A previous statement to Cointelegraph from Sky Mavis …

Changpeng Zhao (CZ), CEO of Binance, criticized the creation of a novel "free-to-own" business model in the GameFi space on Tuesday, writing: "If everything will be free in the world, why do we have to work so hard..." The Binance CEO then explained that nothing is absolutely free, pointing to how the exchange can offer zero trading fees for Bitcoin and Ether pairs because of adequate revenue generated from other trading pairs. He added that new projects that are free to sign-up can come at high risks from being early adopters. The firm facing the brunt of CZ's criticism is …

All for one and one for all We need GameFi, DeFi and SocialFi to create a holistic Metaverse experience. Even with metaverses focusing on one purpose, these elements are essential to ensuring viability and scale. In essence, a metaverse can scale only if DeFi, GameFi and SocialFi can work together seamlessly. DeFi, in essence, would take care of the financial elements, GameFi the experiential elements and SocialFi the credibility elements for the economic actors. Without the DeFi elements, a metaverse would lack commercial scalability. Without the GameFi elements, the community would lack the experience motive for continually returning to it. …

GameFi, the fusion of gaming and decentralized finance (DeFi), attracts a set of investors that tend to choose projects based on their use case rather than money-generating potential. The GameFi ecosystem attracts GenZ investors and gaming enthusiasts. As a result, it stands as an entry point for numerous first-time investors. A ChainPlay survey participated by 2428 GameFi investors revealed that 75% of the respondents joined the crypto space solely because of GameFi. While roughly half of the investors joined the GameFi space initially for profits, 89% of GameFi investors succumbed to Crypto Winter 2022 — with 62% of them losing …

An independent Web3 gaming company has unveiled its very first project — and is vowing to offer an immersive, powerful experience for players. Digital Insight Games says its debut title will be known as Cloud Castles. It's scheduled to be released in 2023 — and promises to blend beloved elements from role-playing games with cutting-edge real-time strategy and tactics. In lush battlegrounds rendered in stunning detail using the latest technology, including Unreal Engine 5, Cloud Castles will give gamers the chance to collect and evolve fantasy creatures, and deploy them in fast-paced battles. Of course, a key tenet of Web3 …

Phil Spencer, the head of Microsoft’s gaming company Xbox is optimistic about the Metaverse but remains “cautious” about play-to-earn (P2E) crypto games due to its economic and speculative aspects. Speaking with Bloomberg anchor Emily Chang on Aug. 25, Spencer suggested that while many gamers are not yet sold on the current concept of a Metaverse, according to his definition, they have essentially been playing in Metaverse worlds for decades: “My view on Metaverse is that gamers have been in the Metaverse for 30 years. When you’re playing games, if you’re playing a World of Warcraft game, you’re playing in Roblox, …

Are cryptocurrency games innocent fun? Or are they Ponzi schemes facing an imminent crackdown by regulators in the United States? Tokens related to cryptocurrency games — known colloquially as “GameFi” — were worth a cumulative total of nearly $10 billion as of mid-August, give or take a few billion. (The number may vary depending on whether you want to include partially finished projects, how you count the number of tokens that projects technically have in circulation, and so on.) In that sense, whether the games are legal is a $10 billion question that few investors have considered. And that’s an …

Although there is still an apparent lack of women in the Web3 sector, blockchain-based games geared toward women may help drive inclusivity. A recent report from the Entertainment Software Association found that 48% of gamers in the United States identify as female. It has also been noted that nearly half of all gamers in the world are women. The interest that women have taken in the billion-dollar gaming sector is notable. This, combined with the massive growth being projected by the GameFi industry, is a key reason why a number of Web3 games are being built specifically for female users. …

As the hype surrounding play-to-earn (P2E) games and platforms began to dwindle in early 2022, Web3 participants began to emphasize the need for games to be more “fun” and less finance-oriented. In the most recent episode of NFT Steez, Alyssa Expósito and Ray Salmond spoke with Aron Beireschmitt, the CEO of Laguna games and founder of Crypto Unicorns, about the sustainability of P2E-focused blockchain games. For Beireschmitt, the evolution from a play-to-earn to a play-and-earn model suggests that there is still experimentation and maturation to be seen for these games. “Nothing has changed about making games,” says Beireschmitt, but with …

Phat Loop Studios, the company under fire last week for abandoning its Kickstarter and crypto-funded MMORPG game Untamed Isles, is now denying accusations that they lost their backers' funds investing in crypto. The company came under fire last week after announcing a “hiatus” of their Pokemon-like open-world video game, with some the community accusing the developers of spending game development funds to bet on the crypto markets. In a statement on Wednesday, the developers behind the project, which raised over $841,000 NZD ($525,000 USD) on Kickstarter, insisted that all funds raised “were spent by the studio developing the game.” The …

Australian indie game developer Grease Monkey Games, a subsidiary of Animoca Brands, has received received financial support from video-game giant Epic Games to develop a new blockchain-based motorsport game Torque Drift 2 Receiving an Epic MegaGrant from the Fortnite developers, the funding will be used to develop the motorsport title, which is based on drifting. The Unreal Engine is a 3D computer graphics game engine developed by Epic Games, which has been used in many industries after it was first showcased in the 1998 game Unreal. According to an Aug. 18 announcement from Animoca Brands, the Epic MegaGrant, which ranges …