After decentralized finance (DeFi) and nonfungible tokens (NFTs) made headlines last year, the play-to-earn concept has also been gaining momentum across the crypto community. Play-to-earn games allow players worldwide to benefit from the security and decentralization features of blockchain by getting rewarded with digital currencies or NFTs. There are many gaming companies adopting the play-to-earn approach, but one blockchain gaming company brings this model to the horror genre. FEAR, a horror ecosystem founded by Jonathan and Patrick Carey, is providing horror fans with a scary ecosystem of games, NFTs, and a dark metaverse. Horror is one of the most-watched gaming …

With the development of gaming platforms, virtual items have also become a popular method of monetization, but most games store data on private servers, giving gamers a reason to doubt their reliability and transferability. Developers can change the game policy at any time to maximize their profits. They are not obliged to consult users or take responsibility for the harm caused to the game ecosystem. This problem can be solved by blockchain technology which makes it possible to own and transfer virtual assets to anyone through nonfungible tokens (NFT). In a world where gamers spend a lot of time and …

Web3 gaming and entertainment company Metatheory founded by Twitch co-founder Kevin Lin has raised $24 million in a Series A funding round on Monday. The round was led by crypto capital venture firm Andreessen Horowitz (a16z), with participation from Pantera Capital, the venture arm of the FTX cryptocurrency exchange, FTX Ventures, and other venture firms, according to the announcement. Metatheory was launched in November 2021 around one year after Lin left Twitch, where he wrote in a Medium article at the time that he was creating the gaming company and also a blockchain game called DuskBreakers. Lin was quoted in …

How to protect kids and teens in the Metaverse Protecting young individuals is a shared responsibility. Therefore, parents must closely monitor their children’s activities in the Metaverse. As with anything else, the Metaverse has its advantages and disadvantages. As a parent, being aware of these risks and taking measures to protect your children from them is paramount. To start with, closely monitor your child’s online activity. Restrict their access to potentially harmful content and keep a close watch on what they see and do in the Metaverse. You should also set clear rules and guidelines for using the Metaverse and …

The founder of the $723.5 million Azuki nonfungible token (NFT) project “Zagabond” caused a sh*tstorm yesterday after revealing that they had previously worked on three abandoned NFT projects. After facing strong backlash from the NFT community, they have since apologized for their “shortcomings.” The three projects in question are Tendies and CryptoPunks copycats CryptoPhunks and CryptoZunks. “Zagabond” suggested all three had failed due to a lack of community support and other factors such as team members leaving or high gas fees on Ethereum. After releasing the blog via Twitter, most replies were in support of “Zagabond’s” honesty on the trial …

The United States Treasury Department Office of Foreign Assets Control (OFAC) announced Friday that it was sanctioning cryptocurrency mixer Blender.io for its role in laundering proceeds from the hacking of Axie Infinity's Ronin Bridge. North Korean state-sponsored hackers Lazarus Group have been identified as the perpetrators of the attack. Treasury Under Secretary for Terrorism and Financial Intelligence Brian E. Nelson said in a statement: “Today, for the first time ever, Treasury is sanctioning a virtual currency mixer. […] We are taking action against illicit financial activity by the DPRK and will not allow state-sponsored thievery and its money-laundering enablers to …

Ready Games, provider of developer and creator tools for the Web3 community, will launch a new ecosystem with the goal of incentivizing Web2 game creators to explore and switch to Web3 with minimal development time and cost while distributing games “as normal” through traditional app stores. On Friday, the company announced the launch of the ecosystem that will include the utility token AURA and a set of developer tools, specifically aimed at bringing mobile Web2 games into Web3 in compliance with Apple and Google app stores’ rules. This process took only five days in the ecosystem’s Alpha version, Ready Games …

SpongeBob and Warhammer mobile game scores Polygon partnership Free-to-play mobile games publisher Tilting Point has entered a multi-year partnership with Polygon Studios to launch 10 Web3 games over the next two years. Polygon Studios and Tilting Point plan to help native Web3 game developers scale their games alongside free-to-play developer partners, as well as studios that want to bridge from Web2 to Web3 gaming. The first three titles in the works are interstellar strategy game Astrokings from Korean developer AN games, which Tilting Point acquired earlier this year, virtual slot game The Walking Dead: Casino Slots, based on the AMC …

Solana and Moonbirds came to the rescue of the bearish nonfungible token market in April after a six-week cooldown phase. According to DappRadar’s monthly report, the NFT market recorded a multimonth trading volume high of $6.3 billion in April, surging 23% from March and breaching the $6 billion mark for only the third time in its history. Moonbirds contributed $500 million worth of trading volume, while the Solana blockchain recorded nearly $300 million in NFT trades, with a 91% month-on-month increase. Many new hyped NFT projects also contributed to the growing trading volume, especially Otherdeeds, which generated $760 million within …

In a statement published on Monday, Japanese video game publisher Square Enix announced that it would be divesting its popular Tomb Raider franchise for $300 million and investing the proceeds into blockchain, artificial intelligence (AI) and cloud computing technologies. The principal developer of Tomb Raider is Square Enix's subsidiary Crystal Dynamics, which generated $92 million in revenue in its fiscal year ending March 2021. Aside from Tomb Raider, Crystal Dynamics and Eidos Interactive, another subsidiary to be divested, hold intellectual properties for titles such as Deus Ex, Thief and Legacy of Kain. Shares of both companies, as well as Square …

Blockchain games are set to overtake decentralized finance (DeFi) as the number one contributor to decentralized application (DApp) activity in terms of uniquely active wallets. A new 18-page report by DappRadar surveys the nascent ecosystem behind this rise. Although still dwarfed by the traditional gaming industry, blockchain games, sometimes dubbed GameFi, have seen an early spurt of exponential growth, according to the report’s data. “The evolution of blockchain games” report, which discusses play-to-earn (P2E) as a new paradigm for gaming, is available on the Cointelegraph Report Terminal to purchase. It details how the play-to-earn model gained traction in the COVID-19 …

The Ronin Network and Sky Mavis have vowed to upgrade their smart contracts, offer lucrative bug bounties and ramp up security following the $600 million hack late last month. As Cointelegraph previously reported, the Ethereum sidechain developed for the popular NFT game Axie Infinity was the victim of an exploit for 173,600 Ether (ETH) and 25.5 million USD Coin (USDC), worth more than $612 million at the time. Earlier this month, the Federal Bureau of Investigation (FBI) attributed the attack to North Korea-based and state-sponsored hacking group Lazurus, as it fired off a warning to other crypto and blockchain organizations. …