Category: NFT

Blockchain Game Developer Animoca Brands Raises $65 Million – Ubisoft, Sequoia China Participate in Funding

Blockchain Game Developer Animoca Brands Raises $65 Million – Ubisoft, Sequoia China Participate in Funding

On Wednesday, the global developer utilizing popular brands, gamification, A.I., blockchain, non-fungible tokens (NFTs), and mobile technology, Animoca Brands announced the company has closed a capital raise for $65 million. Animoca Brands now has an overall valuation of $2.2 billion after raising funds from firms like Liberty City Ventures, Ubisoft Entertainment, Sequoia China, and Dragonfly Capital.
Animoca Brands Raises $65 Million
In July, Animoca Brands announced the company raised $138.88 million in order to deliver digital property rights via non-fungible token (NFT) technology. The company Animoca Brands was co-founded by Yat Siu in January 2014 and in recent times the company has been focused on blockchain gaming and NFTs. Animoca Brands has backed Sky Mavis the creators of Axie Infinity and the leading NFT marketplace in terms of trade volume Opensea.
Animoca Brands game The Sandbox.
“Animoca Brands is bringing digital property rights to online users, primarily for consumer video game players and the metaverse, through the use of blockchain and non-fungible tokens (NFTs); these technologies enable the true digital ownership of users’ virtual assets and data, and offer various play-to-earn capabilities, asset interoperability, and defi/gamefi opportunities,” the Animoca capital raise announcement details on Wednesday.

Animoca Brands Co-Founder: ‘The Future Digital Property Rights Would Revolutionize Industries by Expanding Financial Inclusion’
Investors in the latest funding round include Liberty City Ventures, Ubisoft Entertainment, Sequoia China, Dragonfly Capital, Com2uS, Kingsway Capital, 10T Holdings, Token Bay Capital, Smile Group, and Tess Ventures. The firm further conducted a pre-money valuation with an estimate of $2.2 billion.
Animoca Brands game REVV Racing.
Alongside the aforementioned Animoca Brands investors, MSA Capital, Octava Fund, Adit Ventures, Summer Capital, Sigitech Holdings, Black Anthem Ltd, Mirana Corp, and Tron’s Justin Sun joined in on the latest $65 million financing round. Animoca Brands boasts blockchain game projects like The Sandbox, Formula E: High Voltage, F1 Delta Time, and REVV Racing.
“I believe that the gaming, art, and music industries are entering a digital renaissance period uniquely enabled by blockchain,” Mia Deng, partner at Dragonfly Capital, said in a statement sent to Bitcoin.com News. “Yat and his team have demonstrated vision and foresight from the beginning and we are therefore excited to partner with Animoca Brands to build some of the largest on-ramps of the virtual world.”
The co-founder and executive chairman of Animoca Brands, Yat Siu, detailed that the company believes in the “future digital property rights” and this innovative trend would “revolutionize industries by expanding financial inclusion.” NFT adoption in games, Yat Siu said has proven that the “future is already here.”
What do you think about Animoca Brands raising $65 million to bolster digital property rights, blockchain games, and NFTs? Lets us know what you think about this subject in the comments section below.

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$2.2 billion, $65 Million, 10T Holdings, Animoca Brands, Animoca Brands capital raise, blockchain games, Capital raise, Com2uS, digital property rights, Dragonfly Capital, F1 Delta Time, Formula E: High Voltage, Kingsway Capital, Liberty City Ventures, Mia Deng, nft, NFT adoption, NFT collectibles, NFT games, NFTs, Non-fungible Token, REVV Racing, Sequoia China, The Sandbox, Ubisoft Entertainment, Yat Siu

Image Credits: Shutterstock, Pixabay, Wiki Commons, REVV Racing, The Sandbox, Formula E: High Voltage, Animoca Brands,

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Ethereum nears its own all-time high as ETH price retakes $4K

Ethereum nears its own all-time high as ETH price retakes $4K

Ethereum’s native token Ether (ETH) is likely to hit its own record high in the short term as ETH has broken above $4,000, a crucial resistance level.Ethereum breaks $4,000, nearing new all-time highETH price rallied on Oct. 20 by over 5% to approach $4,100 on the Coinbase exchange for the first time since May 2021. The cryptocurrency’s run-up above $4,000 appeared primarily in the wake of Bitcoin (BTC) breaking above $65,000 to enter price discovery.According to data provided by Crypto Watch, the 30-day correlation between Bitcoin and Ether came out to be 0.81. That shows an 81% linear positive correlation between the two assets.ETH/USD versus BTC/USD daily price action. Source: TradingViewAs a result, Bitcoin’s ability to enter price discovery opens up similar prospects for Ether, which still trades a few hundred dollars below its current all-time high of $4,385.Related: This Ethereum price chart pattern suggests ETH can reach $6.5K in Q4″If BTC broke to new all-time highs, I don’t see why ETH wouldn’t,” commented Rekt Capital, an independent market analyst, adding:”Turn ~$4,000 into support, and ETH will levitate towards $4,400 for a break to new All-Time Highs.”ETH price ascending triangle setupETH’s latest pump boosted its year-to-date profits by almost 450%, compared to Bitcoin’s 130% returns in the same period. That also raised the possibility of Ether posting better gains than Bitcoin in the coming sessions, thereby achieving levels much higher than Rekt Capital’s $4,400-target.On Wednesday, ETH price broke above the Triangle’s upper trendline. Nevertheless, the move upside accompanied lower trading volume, which could see ETH retest the trendline as support in the near term.ETH/USD daily price chart featuring ascending triangle setup. Source: TradingView.comAs Cointelegraph reported earlier, ETH had been painting an Ascending Triangle structure with a $6,500 upside target.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Audius: Meet The Platform Looking To Shake Up The Crypto Music World

Audius: Meet The Platform Looking To Shake Up The Crypto Music World

Audius, a “new kid on the blockchain”, is looking to shape an entirely new way of music distribution between artist and fans. AudioCoin breaks down the barriers of traditional music financing, directly connecting artists and fans through a transparent, distributed ledger.
Let’s dive in to Audius’ role in music and more on the platform’s native token.
The Get Down: What This Platform & Token Is All About
For those who are familiar with audio platform Soundcloud, you will understand Audius has gained similar comparisons because of its ‘artist-first’ mentality. This approach allowed Soundcloud to birth many successful artists, such as Chance The Rapper, because of the platform’s ability to drive music to fans with minimal label interference. How does this tie into Audius, as well as cryptocurrency more broadly? The platform is using the blockchain to connect sellers and consumers within music in a similar vein as Soundcloud.
Audius also uses the same artist-friendly approach, by allowing them free uploads, a substantial artist percentage payout, and placement opportunities. All of these transactions will be reported on the blockchain. The platform seems to have a firm understanding that artist buy-in is critical.
The crypto music platform also has a token available with limited access points; however, this token has surged into the top 150 tokens and will be looking for continued exchanges to host on.

AUDIO: Audius currently trading at $2.50 AUDIO-USD on TradingView.com
Related Reading | GreedSwap: Super Producers Cool And Dre Help Launch New Coin & Crypto Label
 Audius & The Music Industry
The way music is bought and sold today has evolved drastically over the past decade. With the rise of digital streaming, Audius now provides a new way that might change how we get our favorite songs. Other projects stand to benefit greatly as Audius shows us a new potential blueprint around crypto and the music business.
The San Francisco-based coin has gained some national  attention in recent headlines on Rolling Stones with some heavy hitters getting behind the project. Some of  the fast growing list of artist investors include Katy Perry, Nas, The Chainsmokers (via their Mantis VC), Jason Derulo, Pusha T, Steve Aoki, Linkin Park’s Mike Shinoda, and more. Audius is a example of how music distribution and the blockchain work together and effectively, providing an innovative way of getting music to fans and getting artist’s paid.
Many interested investors around crypto and music are starting to look at Audius (AUDIO) as something to keep an eye on. The crypto’s price jumped significantly this year and is still on the climb as they close out more deals. With powerhouse backings from artists, executives, and platforms like TikTok, it will be interesting to see how things go in 2022 and in years to come.
Related Reading | How NFTs Are Impacting Artists’ Lives: Enter Bullseum

Paris Hilton Reveals Her Genie For Decentraland

Paris Hilton Reveals Her Genie For Decentraland

It’s gone get hot, Paris Hilton said in a statement as she revealed her custom avatar called Genies (pictured above) for the biggest crypto party on the blockchain, ever.

Genies by Dapper Labs will make their first debut on Decentraland starting this Thursday all the way until Sunday.

We haven’t seen one in ‘real’ life yet, but apparently they can move and speak using the celebrity’s voice, and in this case it clearly looks like Hilton as well.

She is to DJ at the festival while showing off her fashionable dresses and accessories or wearables as they called in the metaverse.

These are growing in adoption because they look cool – well, the ones that do. We were gifted one on Decentraland in one of the giveaways and on Opensea in 2d, it looks a bit ‘why anyone wants this?’ On Decentraland however, to us anyway it feels like the crown is something to wear/reveal only for a special occasion because it makes you feel a bit like a king.

Crownking wearable on Decentraland, Oct 2021

These are the ‘normies’ where dress is concerned and it’s mostly the ‘default’ wear that any Metamask account can have. But more and more you see cool trainers, tees, hats, and other virtual stuff that people do buy because they want to stand out and feel cool.

Hilton has a custom everything and she’s going to change her wearables – NFTs you can buy and sell or wear – during the performance. In addition she says she’s bringing a special guest.

“I wish I could tell you about my special guest and what surprises we have in store for you but I can promise it’s going to be hot.”

We don’t know who it is, but if we had to guess we’d say maybe Ashton Kutcher, the: ‘dude, where’s muh Poap?’

He been eth-ing since 2017, so having him there would be cool but, whoever it is will probably be cool.

It probably won’t be Jack Dorsey, the bitcoin maxi, although bitcoin maximalism where eth is concerned kind of died in 2018 because eth has the same coding ethos as bitcoin and can facilitate things that bitcoin can’t, like this party of all parties.

The stage is huge and there are some four of them with a long walk pathway to get between them. In addition there are many floors. On the Worldstage, you can go up to four floors, giving you a different view of the festival.

Metaverse Festival World Stage, Oct 2021

There’s a funfair on the side and many other things to ensure there’s little chance you’ll get anywhere near bored with all of it fairly impressive.

“We’re excited to see what the talented Genies team brings to Decentraland and the Metaverse Festival,” said Sam Hamilton, head of community and events for the Decentraland Foundation, adding:

“The involvement of Paris Hilton is a real scoop and a fantastic addition to an already incredible line-up of musical artists. And this is just the start of a series of new advancements and consumer activations from the Genies team, so the community is in for some major treats.”

All of the performances are live and exclusive for Decentraland, making this an actual festival in the virtual realm.

Decentraland is decentralized however, so don’t expect the very best UI unless you have a GPU. Otherwise you might have sound hiccups or the visuals might feel a bit heavy, but the experience of being there is still pretty cool.

They might put up more servers, or nodes as they called in bitcoin, for this event, but depending on how many show up, then older software – we’re talking 2017 high end laptops – might need a bit of patience.

In this case, they’ve spread it so widely that it should be able to smoothly handle 10,000 attendants or more, especially as each stage has four or more levels up.

From our experience, the load is heaviest where there are most people. This wide setup therefore should allow even older laptops to still have a decent experience if they can find a nice but less populated spot.

There’s just one day left now until all this begins, with the metaverse seemingly starting to become something as the Decentraland team – after some tough years during 2018 and 2019 – appears to have somewhat exceeded expectations with the blockchain metaverse they now debut.

A Slew of Defi Tokens Outperform Bitcoin’s Weekly Gains, Defi TVL and NFT Sales Spike

A Slew of Defi Tokens Outperform Bitcoin’s Weekly Gains, Defi TVL and NFT Sales Spike

October has been a strong month for cryptocurrencies like bitcoin but a number of decentralized finance (defi) tokens have seen higher double-digit gains this past week. Moreover, non-fungible token (NFT) sales have picked up and after the total-value locked (TVL) in defi crossed $200 billion on October 5, two weeks later another $22 billion has been added to the TVL.
Defi Network Tokens Polkadot, Polygon, Binance Coin, Stacks Outperform Bitcoin’s Weekly Gains
Bitcoin (BTC) has been doing extremely well and BTC dominance has increased to 45.3% during the last week. However, a decent quantity of defi tokens from specific blockchain networks have outperformed BTC during the last week.
In fact, out of all the crypto assets in existence today, nine different digital assets saw better gains than bitcoin and a great deal of them are focused on defi. Polkadot (DOT) was this week’s leader with an increase of 19.6% and those gains were followed by polygon’s (MATIC) 19.4% percentage gains. Other strong gainers that outperformed bitcoin included binance coin (BNB), stacks (STX), and stellar (XLM).
Total-Value Locked in Defi Sees $22 Billion Added in 2 Weeks
Two weeks ago, on October 5, the total-value locked (TVL) in defi surpassed $200 billion and today defillama.com stats indicate the TVL is $222 billion. The decentralized exchange (dex) platform Curve holds the largest dominance with 7.72% of the TVL in defi. Curve is followed by Aave, Makerdao, and Wrapped Bitcoin in terms of defi dominance on October 18.
$22.42 billion has been added to the total-value locked in defi since October 5, 2021.
Ethereum captures $152.27 billion of the total TVL in defi and the Binance Smart Chain (BSC) commands $19.22 billion. Blockchains that have seen significant increases in TVL in defi include networks like Solana, Terra, and Avalanche. While Avalanche saw a 31.24% TVL gain, Harmony’s TVL increased by 24% during the last week.
Monthly Non-Fungible Token Sales Increase, Opensea Nears $10 Billion in All-Time NFT Sales
Metrics from nonfungible.com’s 30-day market history indicates that NFT sales jumped a great deal on October 5, and have continued to rise. NFT sales recorded during the last month were around $1.836 billion across 174,529 active market wallets.
30-day NFT sales according to nonfungible.com’s 30-day market history since October 5, 2021.
Statistics from Dune Analytics show that the total transaction volume for NFTs measured in ETH, across 5.9 million transactions, is around 3,886,298 ether or $11.1 billion using today’s exchange rates.
Monthly sale data for the trailing 30 days according to nonfungible.com statistics.
Moreover, dappradar.com data shows that the NFT marketplace Opensea is nearing $10 billion in all-time sales and currently has $9.19 billion recorded so far. Axie Infinity has $2.61 billion and the NFT marketplace Rarible has recorded $230.76 million in all-time sales.

Polygon, Binance Smart Chain Addresses Tap All-Time Highs, Dex Trade Volume Remains Flat While Sushiswap Volume ‘Increased Sharply’
Additionally, statistics recorded by Coin98 Analytics weekly defi report indicates that the number of BSC active addresses reached an all-time high. However, the Polygon (MATIC) network surpassed BSC as far as the quantity of wallets created onchain.
“It also reached the ATH of 100 million wallets,” Coin98 Analytics said in its report. “The number of Ethereum wallets has remained unchanged from last week.”
“Total Addresses by Chain” chart via Coin98 Analytics weekly report published on October 16, 2021, features Ethereum, Binance Smart Chain, and Polygon addresses.
The weekly report also discusses defi’s liquidity by protocol, dex platform weekly trading volume, and the daily active dex users as well. The report highlights that while dex trade volume has not grown much, it maintained $20 to $22 billion each month. Coin98 Analytics detailed, however, that Sushiswap volume “increased sharply, reaching $2.7 billion.”
What do you think about the defi tokens outperforming bitcoin and the TVL increase during the last two weeks? What do you think about the NFT sales volumes increasing and the address increase on Polygon and Binance Smart Chain? Let us know what you think about these subjects in the comments section below.

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Aave, Binance Smart Chain, blockchains, BSC, Chains, Coin98 Analytics, Coin98 Analytics Report, Curve, dappradar.com, decentralized exchange, decentralized finance, DeFi, Defi Blockchains, Defi Total Value Locked, Defi TVL, defillama.com, DEX, Dex Platforms, ETH, Ethereum, nft, NFTs, Non-fungible Token, nonfungible.com, Protocols, Solana, Sushiswap, Terra, total value locked, TVL

Image Credits: Shutterstock, Pixabay, Wiki Commons, Coin98 Analytics, Nonfungible.com, Defillama.com,

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Rarible introduces zero-cost NFT minting feature

Rarible introduces zero-cost NFT minting feature

Nonfungible token (NFT) marketplace Rarible has introduced a new functionality titled “lazy minting” that promises users the ability to create nonfungible tokens at zero cost — all while enhancing environmental sustainability on the platform.Instead of the traditional method whereby data is stored on the blockchain immediately after minting, Rarible announced Monday that, under its new program, NFTs are “minted not at the moment of creation, but at the moment of purchase. It’s the buyer who pays the gas fees when purchasing the item.” In this case, data will be stored on a decentralized peer-to-peer storage system called IPFS.Amid the influx of new retail participants into the NFT space over the past year, a large segment has been perturbed by the consistently high gas fees on the Ethereum network, increasing their barrier-to-entry and diverting many investors to alternative blockchains, such as Solana. According to data from Rarible Analytics, the current average gas price on Rarible for minting a single ERC-721 token is 0.022ETH, equivalent to $82.26 at current prices. This is actually a favorable time to mint on the platform, in comparison to frequent times of high network activity where gas fees can soar to hundreds of dollars.This is why the Rarible implementation will be welcomed as a positive initiative by the community, though it is yet unknown as to its potential impact on the wider market. Related: Rarible’s daily transactions see a rapid declinePopular cryptocurrency exchanges Coinbase, FTX and Binance have been among the latest iteration of crypto firms expressing intent to build products and services in the NFT space. Coinbase garnered enormous social attention for the upcoming launch of its NFT marketplace, registering 1.1 million email signups in the first 24 hours. One week on, this figure is now 2.35 million.To add greater context to this figure, leading NFT marketplace OpenSea has recorded a little over 263,000 unique users across the last 30-days, in addition to in excess of $3 billion in total volume.Coinbase recorded 68 million verified users and 8.8 million monthly active users across the second quarter of 2021, according to its latest shareholder report.Analytics data from DappRadar reveals that Rarible has recorded 10,100 unique users over a 30-day period, RARI, the platform’s native token, has experienced positive growth over the past month, rising 80% from one year lows in late September to the current value of around $22.20.

Epic welcomes blockchain games but don't expect any Fortnite NFTs

Epic welcomes blockchain games but don't expect any Fortnite NFTs

Gaming platforms are choosing sides on blockchain, cryptocurrencies and nonfungible tokens (NFTs) within their respective ecosystems. Following reports of Valve banning crypto and NFT-related games on Steam, its primary competitor, Epic Games Store showed a welcoming attitude for blockchain developers and the use of crypto in video games.Epic Games CEO Tim Sweeney said that the Epic Games Store would enable games using blockchain technology as long as the developers abide by the relevant laws and disclose their terms. The games need to be age-rated by an appropriate group, Sweeney wrote, adding:“Though Epic’s not using crypto in our games, we welcome innovation in the areas of technology and finance.”Sweeney told The Verge that when it comes to the use of NFTs in video games, Epic is willing to work with early developers in this field under some limitations as a platform provider. However, he previously made it clear that Epic Games, as a game developer, is not planning to use NFTs in its own products like Fortnite.The CEO clarified that Epic will not support cryptocurrency transactions through its payment service, so the developers need to use another payment system. Epic Games Store also doesn’t have a plan to integrate blockchain into its client anytime soon.Epic Games Store, developed by major video game publisher Epic Games, is a platform to purchase and download video games. Launched in 2018, the platform enables users to buy the digital version of a video game via a desktop client and then store it in a library to be downloaded and played whenever they want. Related: Half of unique active crypto wallets played a blockchain game in Q3Sweeney’s commentary follows a blockchain game ban on Steam, a prominent digital video game store. Steam’s updated guideline for game developers states that video games that use blockchain technology and “issue or allow exchange of cryptocurrencies or NFTs” are not allowed on the digital store.Game developer SpacePirate claimed that “Steam’s point of view is that items have value and they don’t allow items that can have real-world value on their platform.”

Retro NFT packs drive frenzied Top Shot speculation

Retro NFT packs drive frenzied Top Shot speculation

Trade volume for NBA Top Shot’s nonfungible tokens has skyrocketed over the weekend following the launch of their retro Run It Back 2005-06 packs on Friday, Oct. 15.According to Crypto Slam, daily volume on Top Shot’s marketplace jumped by more than 440% from $829,520 on Oct. 14 to more than $4.5 million the next day. Oct. 16 also saw more than $4 million worth of tokens trade hands.Top Shot’s NFTs feature video highlights depicting key moments from the history of professional basketball, with the latest packs celebrating the stars of the 2005 – 2006 season.On Oct. 17, NBA Top Shot tweeted that nearly 10,000 Run It Back packs had been sold in 24 hours at a rate of seven purchases per minute.7️⃣ purchases a minute. For the last 24 hours. ⏰ Over the past day, we’ve seen 9,921 purchases of Run It Back 2005-06 Moment™️ Collectibles alone. Find RIB Moments ➡️ https://t.co/fuCnRDcRJA pic.twitter.com/LcxNHsiwuE— NBA Top Shot (@nbatopshot) October 17, 2021The packs started at $169 each, with collectors competing to snag moments depicting basketball legends such as LeBron James and Shaquille O’Neal. Top Shot’s packs feature three tiers of rarity ranging from “common” to “legendary.”Crypto Slam data shows that the NBA Top Shot marketplace has hosted a whopping $744 million worth of secondary sales since July 2020. Top Shot trade activity peaked during the first quarter of 2021, with $45.7 million worth of trades occurring within 24 hours on Feb. 22.While more than $200 million worth of Top Shot NFTs changed hands during the months of February and March, monthly volume has since retraced sharply with approximately $20 million of trades taking place during September and October.Related: Top Shot to sell exclusive NFT moments at live basketball gamesAfter its weekend surge, Top Shot is ranked as the third-largest NFT project by daily secondary volume, with more than $2.5 million in tokens trading hands in the last 24 hours according to Crypto Slam.Axie Infinity ranks in first place with $18.6 million worth of trades for the past day, while CryptoPunks is second with a 24-hour volume of $6.2 million.In late September, Dapper Labs, the team behind Top Shot, announced plans to branch out beyond basketball and launch an NFT platform and marketplace in partnership with the National Football League (NFL). Dapper Labs is currently targeting to have completed its first NFL drop by the end of 2021.

Steam Kicks Out NFT Disruptors

Steam Kicks Out NFT Disruptors

Steam is apparently terrified it is being disrupted by blockchain based games with Valve updating its rules to disallow “applications built on blockchain technology that issue or allow exchange of cryptocurrencies or NFTs.”

“Steam’s point of view is that items have value and they don’t allow items that can have real-world value on their platform. While I respect their choice, I fundamentally believe that NFTs and blockchain games are the future,” says Age of Rust (pictured), an NFT game that was kicked out of Steam.

Many in-game items go for thousands on Steam and they even have a marketplace for their skins. Out of top games there by revenue, only two out of 12 don’t have what they call microtransactions. They say:

“Steam provides world class support for in game purchases, whether that is items, in-game currency, or anything else that you can think up, you can use the Steam Microtransaction APIs to provide customers with more choices…

For any in-game purchases, you’ll need to use the microtransaction API so Steam customers can only make purchases from the Steam Wallet.”

Revenue data is not provided by this monopoly platform that has 80% market share, so how much is made from ‘micro’ transactions is not clear but their 150 million players often have to pay as much as for a new game to open a new section of the game they are playing.

For every transaction of any kind, Steam takes a cut of 30%, something they can enforce because the items have to be exchanged through their Steam wallet and marketplace.

The blockchain however opens up banking, finance, in-game revenue or microtransactions APIs in a way that no one wallet can have a monopoly because anyone can build on the open source network.

Steam thus won’t be able to get a cut of these NFT sales, something that disrupts their business model, and thus they’re using their monopoly power to effectively ban the competition.

“I haven’t touched my Steam ever since discovering Blockchains and NFTs. Gaming just doesn’t feel the same anymore without NFTs. No NFTs No Play!” – says a Guilds of Guardian Ambassador.

The blockchain enables new business models for game developers that we call ‘better than free.’ Previously in web 2.0, users are the product and so get access to the content they create for ‘free,’ with the customers of platform operators being the advertisers.

Now the product is the NFT or the token with different experiments going on as you’d expect, but a prominent one is where the NFT is given away for free.

There might be a quest for example and at the end you get an NFT as a reward. There are different ‘levels’ of the NFT, plentiful (free or thereabout), rare (‘expensive’ or premium), and then everything in between.

The ‘free’ NFT might have value however, or it might not. Some hopefully will have value if it’s going to be a successful game as far as the developers are concerned, and so that free NFT is used to get adoption, to bootstrap, with gamers then hoping if the game becomes valuable, so does their free NFT.

Then, this NFT or a general project token can be used to give holders governance over the project. One successful NFT project for example, The Bored Ape Yacht Club, says they’ll launch a token with details sparse at the moment.

Fundamentally, this is copying bitcoin’s method of bootstrapping to apply it to pretty much everything. In circa 2010, Gavin Andresen, a prominent former bitcoin developer, had a faucet that would give away 5 bitcoin for free to anyone that bothered to click it.

You could mine bitcoin in your laptop, getting 50 bitcoin from mining, at a time when the value of 10,000 bitcoins was two pizzas.

Gradually getting bitcoin, or play to earn NFTs or project token airdrop/yield, becomes more difficult. For bitcoin, its scarcity then is its value. For a project, the sharing of revenue with its holders gives it value which is set by holders themselves through governance. For a game, there can be a combination but in addition there’s direct product value as the game NFT can open game elements.

In this business model, something like Steam can be anathema as the game itself is the platform, furnished with all the necessary financial elements provided by the blockchain, and holders ownership of that game platform to decide trade-offs is in some ways the whole point.

But you can have a far more simple model as well where there are in-game items and they just happen to be in an NFT form. In which case as a developer or for reselling players, you wouldn’t have to pay 30%.

Something Steam clearly doesn’t like as Valve then wouldn’t be making $4 billion a year from rent seeking. Yet there isn’t such a thing as Steam. What there is are game developers and game players. What they like is what matters.

If developers like paying 30% and if players like their in-game items to be 30% more expensive, then they can keep using what to us sounds a bit outdated.

If instead they like freedom and the empowerment of being a customer instead of a product to the Steam platform, then developers should start thinking about open platforms, about transitioning to web3.

That’s especially because it isn’t quite 2015 anymore when the first such dapp, OpenBazaar, was unusable. Now, on ethereum especially and on second layers, the experience sometime is matching and even surpassing that of web2.

We’re not fully there yet, but this space is at the dawn of broadband and after using some dapps, we have sometime wondered whether it might leap to fiber.

In two or three years, the time it takes for a new game development, this space will transform at the technical blockchain ‘pipelines’ level where capacity and usability is concerned as currently it is on the brink of reaching a mature form at the protocol level.

Thus this rejection by Steam is shortsighted as they too will have to think where they’ll find themselves in a few years with a poetic potential development being GameStop disrupting them through web3 like they disrupted GameStop through web2, even if it is more probable that at least for some time it is many different startups causing disruption.

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