M6 Labs NFT Weekly

GM anon! It's indeed an exciting time in the world of crypto and NFTs. NFTs are on a continuous upward trajectory, with trading volume surging, and standout collections like Pudgy Penguins are gaining widespread attention. Additionally, the recent surge in the Bitcoin ecosystem has piqued the interest of numerous traders, while crypto gaming is showing consistent growth in terms of unique users. Let's dive right in!

News

• The popular PC game Splitgate has integrated Bitcoin's Lightning Network, offering players a novel way to earn Bitcoin. This integration represents a significant convergence of traditional gaming with crypto, and specifically BTC. 

• Donald Trump pitches ‘Mugshot Edition’ NFTs to his supporters for $99 each.

• FIFA drops NFTs that offer chance at World Cup final tickets, moves to Polygon.

• Gods Unchained rated 'Adults Only' for play-to-earn elements, booted from Epic Games Store.

• 'Pegaxy' game studio Mirai Labs leaves Polygon for Avalanche Subnet. 

• Pudge Penguins announces Pudgy World Alpha powered by zkSync, releasing Q1 2024.

• 'My Neighbor Alice' game migrates from BNB Chain to Chromia with the new season.

• Ultra reveals first digital PC game that can be resold via NFT license.

• Champions Arena is ushering In a ‘New Generation’ of In-Game NFTs.

• Electronic music duo Disclosure drop AI-Powered NFTs on Beatport.

• Google Cloud to run validator on crypto gaming network XPLA.

The Future of Blockchain Gaming

According to a recent study by Fortune Business Insights the global blockchain gaming market, valued at $128.62B in 2022, is projected to grow to $614.91B by 2030, at a CAGR of 21.8%. This market encompasses games using blockchain technologies like NFTs and crypto, enabling players to earn through transactions. 

• The COVID-19 pandemic boosted this market's growth due to increased online gaming. The growth is also driven by rising demand for NFTs and crypto in gaming. However, regulatory frameworks for crypto and NFTs could restrain market growth.

Notable Companies and Market Share Insights

Providers of blockchain-based games are progressively developing titles that offer interactivity between games, allowing players to utilize assets across multiple games, fostering a connected and dynamic gaming environment. This ecosystem facilitates a seamless transition for players between various gaming experiences. 

Collaborations between blockchain gaming providers and other technology firms aim to extend the reach of their platforms to a global audience of players. For instance, in October 2022, Sky Mavis unveiled a multi-year partnership with Google Cloud to bolster the security of Ronin. 

Ronin, introduced by Sky Mavis in February 2021, represents a blockchain network constructed using the Ethereum virtual machine. Ronin's primary objective is to expedite transaction processing while significantly reducing gas fees for its rapidly expanding user base.

Google Cloud assumes a pivotal role in ensuring the security and governance of the blockchain network, along with monitoring validator uptime. Users and investors of this market are advised to keep a close eye on:

• Dapper Labs 

• Sky Mavis

• Splinterlands

• Animoca Brands 

• Immutable

• Uplandme.

• Illuvium

• Mythical Games

• Autonomous Worlds

Blue Chip and Market Overview

In a remarkable twist, Pudgy Penguins has surged to the top spot in terms of trading volume. This impressive achievement can be attributed to their strategic partnerships, including collaborations with notable companies like Walmart, as well as their active involvement within the cryptocurrency sphere. Meanwhile, Mad Lads remains a strong performer, capitalizing on the recent success of the Solana ecosystem.

Rollbit continues to dominate the crypto-gambling ecosystem.

Historical Sale of Ordinals Inscription: An Ordinals inscription from the Honey Badgers collection was sold for an impressive 10.4 BTC, equivalent to around $450K. This sale was facilitated through the Solana-based NFT marketplace Magic Eden.

Additionally, the renowned auction house Sotheby's recently hosted the first public sale of works from a Bitcoin Ordinals collection titled “BitcoinShrooms” created by the digital artist Shroomtoshi. This event marks a historical moment in the fusion of art and blockchain technology, further showcasing the potential of Bitcoin Ordinals​​. It seems that Bitcoin inscriptions that are NFT-orientated will become a common feature of what is considered Bluechip NFTs, commanding similar price tags as their Ethereum counterparts in the future.

Moving on, a recent report by DappRadar revealed interesting key insights into the direction of the NFT and crypto gaming industry. November 2023, the Dapp industry saw significant growth while also facing new challenges. This suggests that the industry is in a dynamic phase of development. Some key points from the report include:

• Record Daily Unique Active Wallets (UAW): The number of Daily Unique Active Wallets (UAW) reached a notable milestone, hitting 3.4M. This signifies a strong interest and engagement in the dapp ecosystem. The increase in UAW indicates that more individuals are actively using blockchain-based applications daily.

• Blockchain Gaming Dominance: Blockchain gaming accounted for 34% of the Dapp industry. This sector experienced robust growth, with 1.2M daily unique active wallets. 

• Dapp Growth and Diversification: Among the top 10 dapps ranked by Unique Active Wallets (UAW), there was a resurgence in industry diversification. Dapps on the Near blockchain, such as KAI-CHING and Sweat Economy, stood out. These Dapps attracted attention through partnerships and initiatives, leading to substantial user adoption.

NFT Trading Volume: NFTs have continued to gain traction, with trading volume exceeding $994M.

Market Share in NFTs: Blur is still the dominant marketplace for NFTs, while OKX has shot to second place after opening its marketplace. OpenSea, despite a drop in market share, still retains significant number of active traders.

Degen Corner

• Immutable (IMX) experienced a surge of over 50% in the past week, following VanEck's projection that IMX could enter the top 25 coins by market cap, buoyed by the anticipated release of high-profile games like Illuvium.

• The CEO of Pixelmon has confirmed the development of a token, though no specific release date has been announced yet. Considering the recent surge in Pixelmon's popularity and the project's overall turnaround, it appears that this venture is on track to become a leading gaming NFT collection. Investing in a few Pixelmons might be a wise move for those with available capital.

• Poglin is a multifaceted NFT project that blends elements of Anime, games, toys, and Web3. Its initial offering is Poglin SLAM, a free-to-play card game where players collect cards and engage in battles.The backing of Animoca Brands is a significant endorsement of Poglin's vision and intellectual property potential, marking a notable step forward for the project.

• Overworld is a free multiplayer RPG set in a fantasy world where players can team up for Monster Raids, Dungeons, PvP battles, and item creation. The gameplay includes both PvE and PvP competitive battles with unique mechanics and strategies. Jeremy Horn, a game executive with 15 years of experience working with major IPs like Harry Potter, Star Wars, Avatar, and Far Cry, leads Overworld as the CEO and founder. He is also a co-founder of Xterio, further contributing to his expertise in the gaming and entertainment industry.

• Rainicorn is a deflationary NFT farming token that offers its holders the unique ability to create limited edition NFTs and trading cards, which are curated by both established and up-and-coming artists. The $RAINI token strives to deliver utility to its user base through a range of exciting features, including exclusive NFT releases featuring renowned artists, NFT yield farming and staking opportunities, as well as an innovative NFT-upgrade protocol.

• Shrapnel on Avalanche stands as an ambitious AAA first-person shooter game currently in development by Neon Machine, a gaming studio that has successfully secured $37.5M for its development efforts. The game's official release date on the Epic Games Store is scheduled for December, with early access exclusively available to a select group of users. Shrapnel has outlined plans for a full-fledged launch sometime in 2024. The $SHRAP token has experienced a remarkable 170% increase in value over the past month.

• Skyweaver (Polygon), is a digital trading card game from the creators of Parallel, is brought to you by Horizon Blockchain Games. This free-to-play game provides players with the opportunity to amass, exchange, and engage in battles using an extensive range of distinctive cards. Horizon enjoys substantial support from two gaming industry giants: Ubisoft and Take-Two. Who contributed significantly to a Series A funding round that raised an impressive $40M.

• Ordinals still confusing you? Dive into this latest thread put together by members of the Cryptopragmatist team. 

Be sure to also check out this second thread for further Ordinal-related educational content.

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