Weekly GameFi Market Report: Sep 11-17

Published onDecember 14, 2023
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Entering a new week in the crypto landscape, Bitcoin has recently rebounded from a bearish trend, climbing from $24,800 to its current position at $26,700. Whether this uptick will sustain itself remains to be seen.

Concurrently, several GameFi competitors have bucked the trend, registering gains of up to 40% over the past week.

Now, let’s explore the top stories from the past week in more detail.

Horizon Worlds Goes Mobile: Meta’s Mini-Metaverse

Source: Meta

Meta is broadening the reach of its metaverse platform, Horizon Worlds, by introducing early access to mobile and web versions. Initially, a limited number of users can explore the world of Super Rumble via the Meta Quest app on Android devices and web browsers. iOS support is expected to roll out in the coming weeks. As the early access program progresses, Meta plans to unveil additional worlds, allowing users to engage in a variety of activities such as socializing with friends, attending comedy shows, and enjoying free concerts, all from any web-connected device.

Meta’s expansion aims to make the metaverse accessible to a wider audience, beyond those who own Quest headsets. The company believes in providing multiple entry points to the metaverse, and this move is seen as a significant step toward that vision. The new flat-screen version of Horizon Worlds is designed to alleviate the fear of missing out (FOMO) for those who don’t own a VR headset, enabling them to join friends online and partake in various activities.

Safety remains a priority for Meta, as the mobile and web versions will maintain the same safety features as the original VR version, including specific protections for teen users. The company has also optimized the user interface for these new platforms, incorporating features like mute and pause buttons for a more seamless experience. Horizon Worlds remains free for users aged 13 and up in supported regions.

While the early access is currently limited, Meta plans to gradually extend the availability as they collect user feedback to refine the experience. Interested users can sign up to be notified when more invites become available, as Meta continues to evolve its multi-platform metaverse offering.

Animoca’s Mocaverse Gets a $20M Boost

Hong Kong-based Animoca Brands has secured $20 million in funding to accelerate the development of its Web3 metaverse project, Mocaverse. Led by Liberty City Ventures, the investment round also included Kingsway Capital, Alpha Wave Ventures, and Animoca Brands itself.

Mocaverse aims to be a leading metaverse in blockchain gaming, integrating existing Animoca projects like The Sandbox, REVV Racing, and Crazy Defense Heroes. The funding will be used for further development and strategic acquisitions of other Web3 assets.

Key Takeaways:

  • Mocaverse will unify Animoca’s existing Web3 projects, creating a more cohesive gaming experience.
  • The project will expand its offerings by introducing new games and immersive experiences.
  • Animoca Brands, already a leader in the blockchain gaming space with over 170 projects, received strong financial backing, signaling confidence in its metaverse strategy.

As the concept of the metaverse gains traction, Mocaverse is well-positioned to become a significant player, potentially broadening the audience for blockchain gaming.

Binance Says Bye-Bye to Polygon and The Sandbox

Binance, a leading cryptocurrency exchange, has announced that it will terminate its staking program for The Sandbox and cease support for Polygon-based NFTs, effective September 26. According to the company’s official blog post, the move comes after “careful consideration” and aims to “streamline the product offerings on the Binance NFT Marketplace.”

Launched in April 2021, the Binance NFT Marketplace began offering support for Polygon-based NFTs on March 8, 2023. Shortly thereafter, on April 28, the platform introduced The Sandbox NFT staking program, which enabled users to earn SAND rewards by staking their LAND NFTs. Both features had a lifespan of just six months on the platform.

Starting September 26, the platform will no longer support staking of LAND NFTs on the Polygon network. All currently staked LAND NFTs will be automatically unstaked and returned to users’ accounts by September 28. Final SAND rewards will also be credited to users’ Spot wallets on the same day.

In addition, the NFT marketplace will withdraw support for the Polygon network altogether on September 26. From that date, users will be unable to purchase, deposit, offer, or list Polygon-based NFTs on Binance. All existing Polygon NFTs must be withdrawn by December 31. Any listings affected by this change will be automatically canceled on September 26, and the corresponding NFTs will be returned to users’ accounts by September 28.

GameOn Teams Up with LaLiga for NFT Soccer Mania

Source: https://twitter.com/gameonfanapp/status/170191647215342409

Web3-based fantasy sports platform GameOn has formed a significant regional partnership with LaLiga, one of the world’s leading football leagues, to create officially-licensed NFT fantasy games for fans in the United States and Canada. The next-generation fantasy games will feature real-world LaLiga players and matches, offering fans various game modes such as Live Fantasy, Quests, and PvP Battles. Players can win exclusive prizes like cash, VIP tickets, celebrity meet-ups, and signed merchandise.

LaLiga will promote these Web3 games through multiple channels, including in-stadium events, emails, watch parties, mobile apps, their website, and social media. The partnership will cover both LaLiga’s top-flight competition, LaLiga EA SPORTS, and its second division, LaLiga HYPERMOTION.

GameOn’s CEO, Matt Bailey, emphasized that the partnership aims to bring fans closer to top clubs and players while focusing on profitable revenue growth. Boris Gartner, CEO of LaLiga North America, highlighted that the collaboration would offer fans new ways to engage with their favorite clubs and players.

The company also hinted at upcoming partnerships and plans to release detailed revenue projections later this year. The LaLiga partnership marks a new era for GameOn, which expects to announce several more significant collaborations in the coming months.

PayPal Makes Web3 Payday Easier!

PayPal has launched new payment solutions for Web3, aimed primarily at U.S. customers, to simplify crypto transactions and bridge the gap between digital assets and traditional finance. The service allows for easy conversion of digital assets to USD, which can be used for shopping, money transfers, and other financial activities. Major crypto wallets and decentralized apps, including MetaMask, have already integrated this feature.

The initiative is expected to benefit Web3 merchants by tapping into PayPal’s large user base and fast payment processing, while also offering robust security measures like KYC and anti-money laundering protocols.

A key component of this rollout is PayPal’s new stablecoin, PYUSD, designed to offer a secure and user-friendly payment experience. The introduction of PYUSD marks a significant step for PayPal in promoting broader cryptocurrency adoption by making it easier to convert digital assets to fiat currency for everyday use.

In summary, the past week has been a whirlwind of activity in the crypto and metaverse landscapes. From Bitcoin’s rebound and GameFi’s notable gains to Meta’s expansion of Horizon Worlds and Animoca Brands’ significant funding for Mocaverse, the digital frontier is more dynamic than ever. 

As GameOn’s partnership with LaLiga promises to bring sports fans closer to the action, it’s clear that the boundaries between the digital and physical worlds are becoming increasingly blurred. 

Stay tuned for more developments as these stories continue to unfold!

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