By Marcus Soterio, analyst A publicly listed digital asset broker GlobalBlock
Bitcoin finally saw some relief yesterday, rising around $22,500 as the S&P 500 rose 1.5%. After the SBF’s assurance on Wednesday, there is renewed hope that the worst of the liquidity crisis may be behind us. The only downside sign for Bitcoin to me is the consistent data showing that inflation is plausibly slowing. This should give confidence that the liquidity crunch in the crypto market is over as the Federal Reserve becomes more aggressive with their monetary policy.
The gaming industry is unfazed by the market downturn as Animoka Brands continues to support blockchain gaming projects in this bear market, with a $32M funding round for Planetarium Labs. Other investors include Samsung’s Next and Planetarium partners Crust Universe, the investment arm of South Korean tech giant Kakao, and Wemed, publisher of the acquisition game Mir4.
Planetarium Labs Game System is based on LibPlanet, a software development tool that allows developers to create blockchain applications on the Unity game development platform. “Instead of sharing a single network with multiple games, each game runs on an app-specific blockchain network and has the freedom to design its management and customize Tokinomics, such as enabling free-to-play,” their CEO said. So they’re trying to build a community-driven web3 gaming network that’s inherently decentralized.
Also Convoy Ventures, a traditional gaming VC, has entered the blockchain gaming space. They have raised $150 million in new funding, and 20% to 30% will be allocated to blockchain and crypto-related games.
Gaming giants such as Ubisoft and Square Enix have talked about the importance of blockchains and NFTs in the future of the gaming industry and plan to integrate blockchains in the future. In my opinion, this shows how early we are in the blockchain game space as it clearly recognizes its potential to revolutionize even though the infrastructure is not ready in most cases.