Web3's Gaming Voodoo 🐉 🧙
Web3 gaming rides success waves, but 75% wipe out. Cross-chain protocol Wormhole bags $250M cheque. Who's new to the Bitcoin ETF ride? Altman is back at OpenAI office. Cristiano Ronaldo is being sued.
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Web3 gaming was a booming industry.
Is it still riding high on the waves of success?
75% of Web3 games launched in the last five years have "F.A.I.L.E.D"
CoinGecko's definition of a "failed" Web3 game?
The 14-day moving average number of active users drops by 99% or more from its peak.
2018-2023 Web3 games stats
The rest? Casualties of a volatile and unpredictable crypto winter.
A Rollercoaster of Launches and Collapses
2021: Highest number of games launched in a single year: 738.
2022: Highest number of failed games in a single year: 742.
This puts the average failure rate of Web3 games at around 80% for any given year since 2018.
Lessons from the Past
Web3 gaming has seen its pioneers, like CryptoKitties, rise to fame and then fade into obscurity.
Games like Decentraland, The Sandbox, and Axie Infinity have stood the test of time and continue to thrive.
2023 has shown signs of stabilisation, with a lower number of failed projects.
Blockchain gaming is gaining attention as estimates suggest the market's value in 2025 could be up to 10% greater than in 2022.
The gaming market could grow by more than 10% between 2022 and 2025, according to some estimates.
Does it matter to web3 gaming?
Out of four web3 games, three have failed.
Adoption is still going on.
Sony and Microsoft's Moves Toward Blockchain
Sony has filed a patent for a system allowing players to transfer digital assets between PlayStation titles using blockchain technology.
Microsoft is planning to add crypto wallets to Xbox, enabling secure asset trading across platforms.
Sony and Microsoft have yet to offer decentralised game development or digital asset ownership on their platforms.
Venture Capitalist's Search for Blockchain Gaming Startups
Bitkraft Ventures has invested $103 million in blockchain-based gaming since 2021.
Moonpay's new goals: Web3 infrastructure firm MoonPay has also launched an investment arm called MoonPay Ventures, which will focus on early-stage startups in web3, gaming, and fintech.
In July, blockchain gaming and the metaverse saw a surge in investments. Blockchain gaming accounted for 41% of on-chain dapp activity, with WAX leading the way.
According to former gaming executives, mainstream approval is crucial for the future of blockchain games.
The industry is expected to make a strong comeback in 2024 with highly anticipated titles.
The Q3 2023 State of Blockchain Gaming report reveals a 12% increase in unique wallets and $600 million in venture capital funding for Web3 games.
TTD Numbers 🔢
Funding check for cross-chain protocol Wormhole, taking its valuation to $2.5 billion.
A Star-Studded Backing: Behind Wormhole's meteoric rise are investors like Brevan Howard, Coinbase Ventures, Multicoin Capital, Jump Trading, ParaFi, Dialectic, Borderless Capital, and Arrington Capital.
The platform has unveiled its development-focused unit Wormhole Labs.
At the helm of this venture is Saeed Badreg, who has been steering the ship as CEO since August.
Since its launch in 2021, Wormhole has facilitated the transfer of a staggering $35 billion in value.
It's a workhorse, processing over 2 million cross-chain messages daily across 30-plus chains.
Wormhole has emerged as a heavyweight.
Swiss asset management firm Pando Asset has filed an application for a spot bitcoin exchange-traded fund (ETF) with the US SEC👇🏻
TTD OpenAI 👁️
Sam Altman is back as the CEO of OpenAI after just 12 days of firing - hiring - back to where he got fired from.
Altman wasted no time, making it official in a company memo on Nov 29.
He confirmed that Mira Murati, who briefly held the interim CEO role, will return to her previous role as the chief technology officer.
You might wanna read this threat👇
Meet the New Board: Altman also unveiled the cast of characters on the "new initial board," with Salesforce CEO Bret Taylor as chair, former US Treasury Secretary Larry Summers, and Adam D’Angelo, the CEO of Quora, making appearances.
Greg Brockman will also reprise his role as OpenAI’s President.
It's a star-studded lineup for this season of OpenAI.
Microsoft's Role: Altman revealed that Microsoft will have a non-voting observer seat on the board.
“We clearly made the right choice to partner with Microsoft and I’m excited that our new board will include them as a non-voting observer.”
TTD BTC 🪙
Bitcoin has shown remarkable performance this year, boasting a staggering 130% increase in value.
This places it ahead of nearly all other top-25 cryptocurrencies.
In fact, its gains are on par with Tesla's stock and outpace Intel and Microsoft. Nvidia, driven by AI excitement, has surged over 230%.
The total cryptocurrency market cap nears $1.5 trillion, with Bitcoin making up over half.
Reasons for the Surge: It's attributed to pending applications for spot Bitcoin ETFs by Wall Street giants, like BlackRock.
These ETFs require real Bitcoin purchases.
Halving Momentum: Bitcoin's next halving is expected in April 2024.
Past halvings triggered significant bull markets
2012: 8,900% surge.
2016: 285% climb.
2020: 540% increase.
This time, a potential spot ETF launch coincides with the halving, boosting demand.
Bitcoin miners are keeping a close eye on the upcoming halving.
They face profit challenges post-halving, especially those with higher costs.
Read more: Bitcoin's 2024 Bash 🎉
Surge Triggers $29 Million in Short Liquidations
Bitcoin's recent price surge led to nearly $30 million in short liquidations, according to Coinglass data.
In the past 24 hours, the crypto market witnessed over $119 million in liquidations, with shorts accounting for the majority at $73 million.
Bitcoin shorts took a hit, with over $29 million in liquidations, as Bitcoin briefly crossed $38,000 before retracing.
TTD CR7 ⚽
Portuguese football star Cristiano Ronaldo faces a class-action lawsuit in Florida, alleging that his promotional deal with Binance led to investor losses.
The lawsuit suggests that Ronaldo's promotion of his NFT collection on the Binance platform could have encouraged investors to purchase unregistered securities.
It claims that Ronaldo should have been aware of the issue, given his investment experience or external advice.
The plaintiffs seek damages for losses incurred when US authorities began investigating Binance for tax evasion.
Ronaldo's promotion is alleged to have played a role in this.
Ronaldo's Binance Deal: In 2022, Cristiano Ronaldo partnered with Binance to promote NFTs that showcased his career.
The deal drew criticism from some fans.
Binance recently agreed to a $4 billion settlement related to money laundering, wire fraud, and violations of sanctions.
Ronaldo's net worth was estimated at around $500 million in May, with substantial earnings from his contract with Al-Nassr FC, branded clothing line CR-7, accessories, and endorsements.
TTD Surfer 🏄
Binance will stop supporting its BUSD stablecoin on December 15.
Crypto trading firm Copper, led by former British Chancellor Phillip Hammond, is set to launch a tokenised securities platform early next year.
Amazon has announced the launch of its new image generator as part of Amazon Titan.
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