Asia + Web3 games 🌏 🏹
Will Asia drive the global adoption of Web3 games? Texas Senator Ted Cruz reckons CBDCs are destruction. Hacker turns heist into a liquidity position. Fidelity taps metaverse for financial literacy.
Hello, y'all. Dispatched flexing muscles analysing Meta's 2023 Q1 numbers. Stock is 🚀 Never mind Reality Labs posting $3.9 Billion loss. AI is magic 🧞
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Wazzup gamers 🎮
Did you know that Asia has the potential to be the driving force behind the global adoption of Web3 games?
Well, its an easy guess: China is the biggest game market boasting around 740 Million users, and almost two-thirds of the largest gaming companies in the world are from China, Japan, and South Korea.
Animoca Brands and Sky Mavis, the developers of The Sandbox and Axie Infinity, are leading players in the emerging trend of Web3 gaming in Asia.
DappRadar has all the tea ☕️-
The Asian market has 55% of the world's total video game players - over 1.7 Billion
China, Japan and South Korea dominate with 62 of the world's top 100 gaming companies by market capitalisation.
40.2% of Japanese respondents who do not actively participate in blockchain gaming are still aware of Web3 games.
Now, in China, big dogs like Tencent rule the game industry, but unfortunately, the government's put a ban on cryptocurrencies. So, no dice for game companies there when it comes to using blockchain in their games.
But, in Japan and South Korea, game developers and publishers are taking matters into their own hands and embracing the blockchain revolution like nobody's business!
🚀 From Web2 to Web3 in Asia:
Sony with its latest NFT-related patent application, aims to create a standardised digital infrastructure for gamers to own and transfer digital NFT assets across various platforms.
Bandai Namco is launching a vast network of games and interactive media, starting with the Gundam franchise.
WeMade (market cap - $2B,) has seen significant growth due to the success of its blockchain game "Mir 4 Global."
Square Enix is developing "Symbiogenesis," an NFT game based on 10,000 NFTs and set to launch on the Polygon blockchain.
Com2uS is developing a PoS blockchain called XPLA utilising the Cosmos SDK.
Sega, one of the largest Japanese gaming companies, announced the launch of its first blockchain game with Double Jump Tokyo.
From P2E to PAE in web3 gaming
As the industry evolves, there's a paradigm shift from the traditional play-to-earn (P2E) model to a more sustainable and inclusive play-and-earn (PAE) approach. 🎉 PAE prioritises sustainable tokenomics and long-term growth, emphasising enjoyable gameplay and making games accessible to a broader audience. This shift will help mitigate the criticisms associated with P2E and create a more balanced and inclusive gaming ecosystem.
Despite all the market chaos of 2022, the web3 gaming industry is thriving like never before - DappRadar x BGA Games Report 2022.
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Crypto scammers and meme coins are the best buds.
One wallet address.
114 meme coin scams.
In just 45 days.
That's some serious hustle!
The person even sent some of the stolen funds to a Coinbase address, which is like handing over a key to their front door.
Why hasn't Coinbase flagged this activity yet, you ask?
Well, apparently, the funds are being sent in smaller amounts at a time, making it hard to detect.
Another Twitter user, CoinGurruu, has discovered yet another alleged scammer who has been launching 2-5 meme coin rugs DAILY for almost 2 years straight.
ZachXBT has even uncovered an alleged scammer who has their wallet address tattooed on their back.
Scammers, like meme coins are a hit.
TTD Hack ⚠️
Merlin, a decentralised exchange (DEX) on the Binance Smart Chain, has been drained of $1.82 Million by "rogue developers," according to a statement from the Merlin team.
Hacker turns heist into a liquidity position
A hacker who stole over $160 Million from trading firm Wintermute has become the largest liquidity provider in a Curve Finance trading pool.
He deposited the funds there last year.
The hacker’s stolen funds now account for 28% of the $409 Million backing Curve’s 3pool, a popular decentralised trading pool that lets users swap between stablecoins Tether, Circle’s USDC, and MakerDAO’s DAI.
“All Curve pools are absolutely permissionless, so no one can stop anyone from depositing,” Michael Egorov, founder of Curve Finance.
Launched in 2020, Curve is DeFi’s biggest decentralised exchange, with its contracts holding over $5 Billion worth of crypto across 12 different blockchains.
TTD Blockquote 🔊
Texas Senator Ted Cruz on the real purpose of US CBDCs.
“To destroy all value of Bitcoin, to destroy anonymity, to destroy decentralisation.”
Cruz reckons CBDCs are destruction all the way. And potentially a tool for government surveillance and censorship.
Texas loves Ted, pizza and crypto. In that particular order.
TTD Surfer 🏄
Fidelity taps metaverse for financial literacy experience. To launch Pancake Empire Tower Tycoon on Roblox, and Bloom financial app.
FTX has agreed to sell LedgerX to M7 Holdings. The sale is to fetch $50 Million for debtors of FTX, which filed for chapter 11 bankruptcy.
Franklin Templeton's Nasdaq-listed OnChain U.S. Government Money Fund (FOBXX) would use Polygon. FOBXX is a crypto product and has over $270 million in assets under management (AUM).
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