cryptocurrency

Bitcoin Recovers As Blockchain Games See Huge Investments

Written by Marcos Sotero, Analyst In the digital asset broker listed on the stock exchange GlobalBlock

Bitcoin finally saw some respite yesterday, topping out around $22,500 as the S&P 500 Index gained 1.5%. There is some renewed optimism that the worst of the liquidity crunch may be behind us after Wednesday’s reconfirmation of SBF. The only sign of a Bitcoin bottom for me is the continuous data that shows us that inflation is convincingly flipping down. This should lead to the Federal Reserve becoming less aggressive with its monetary policy, thus providing confidence that the liquidity crisis in the cryptocurrency market is over.

The gaming industry has not been alarmed by the market downturn, as Animoca Brands has continued to support blockchain gaming projects in this bear market, investing $32 million in a funding round for Planetarium Labs. Other investors include Samsung Next and Planetarium Krust Universe, the investment arm of South Korean tech giant Kakao, and WeMade, publisher of the for-profit game Mir4.

Planetarium Labs gaming system is based on Libplanet, a software development toolkit that allows developers to build entire blockchain applications on the Unity game development platform. The CEO said, “Instead of sharing multiple games on a single network, each game runs its own blockchain network and has the freedom to design its management and allocate tokens, such as enabling free play.” So they are trying to build a community-led Web3 gaming network, which is decentralized in nature.

In addition, Konvoy Ventures, a traditional gaming VC firm, has entered the blockchain gaming space. They have raised $150 million for a new fund, with 20% to 30% going to blockchain-related and crypto-related games.

Gaming giants like Ubisoft and Square Enix have also talked about the importance of blockchains and NFTs for the future of the gaming industry, and are planning to integrate blockchains in the future. In my opinion, this shows how early we are in the field of blockchain gaming, where there is a clear recognition of the potential to revolutionize, although in most cases the infrastructure is not ready.

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