A new PwC report says NFTs are the future of digital assets in sports as they can fundamentally alter how fans consume sports and interact with their favorite teams so let’s find out more in today’s latest crypto news. Nonfungible tokens or NFTs and digital assets are one of the ten major trends in the […]
The CryptoPunks ETH NFT sales surge by 1200% after Bored Apes Yacht Club acquired their IP address as we reported in the previous cryptocurrency news. The Etheruem profile picture collection saw soaring sales after LArva Labs announced the sale to Yuga Labs. The CryptoPunks ETH NFT announced that they sold the IP for CryptoPunks and […]
After an immensely important January for the world of esports, February saw investments, mergers, and acquisitions get back to a regular pace. However, that doesn’t mean that we’re short on good stories, From VSPN going public in Hong Kong to Astralis buying an online TV station, here’s a look at the biggest esports investment stories […]
Esports and gaming coaching platform Metafy has raised $25m (~£18.5m) in a Series A funding round. The round was led by Tiger Global Management and Seven Seven Six ventures, the venture capital company founded by Reddit Co-founder Alexis Ohanian. RELATED: Metafy announces acquisition of GamersRdy Metafy has stated that it will dedicate $1m (~£815,000) of […]
Reddit won’t miss any opportunity to emerge into the NFT space amid the movement of other tech giants into the space. Reddit has officially entered the lucrative NFT market. It has experimented with NFT avatars, allowing users to utilize NFTs as profile images on the content-generation social platform. Following Twitter’s transition to NFT integration, Reddit [...]
Tennis great Serena Williams will become a key part of NFT fantasy sports platform Sorare’s venture into North American sports. Sorare, which is worth $4.
Reddit co-founder Alexis Ohanian is the latest industry figure to express excitement about the concept of play to earn games. The serial entrepreneur, who has now turned his attention mainly to blockchain and crypto-related projects, is optimistic about the promise of play to earn, predicting that it will dominate the gaming world in just a few short years.
"90% of people will not play a game unless they are being properly valued for that time," Ohanian claimed in the podcast. "In five years, you will actually value your time properly, and instead of being harvested for advertisements, or being fleeced for dollars to buy stupid hammers you don't actually own, you will be playing some on-chain equivalent game that will be just as fun, but you'll actually earn value and you will be the harvester."
Play to earn games generally use crypto tokens instead of a regular in-game currency, meaning that players can theoretically exchange their in-game earnings for real-world currency. The most popular title in the category at the moment is Axie Infinity, a Pokemon-like game where the titular Axies can be bought and sold for RONIN cryptocurrency.
Axie's in-game economy is already running into issues according to a Business Insider report, which claims that player returns from the game are slowly diminishing over time due to players cashing out earnings instead of investing them back into the game. The game also has a minimum buy-in of around $300, a high barrier to entry for many players, with lower-level players often earning well below minimum wage.
Other industry figures who have expressed interest in the concept of play to earn games include Take-Two head Strauss Zelnick, EA CEO Andrew Wilson, and Square Enix CEO Yosuke Matsuda, whose comments on blockchain games sparked controversy when he predicted that gamers would move away from what he called "play to have fun."
Polygon has teamed up with Alexis Ohanian, the co-founder of social networking giant Reddit, to launch a $200 million fund to focus on Web3 and social media. In a press release, Polygon announced the launch of the new fund with Ohanian’s venture firm Seven Seven Six to back projects which are “at the intersection of social […]