Web3 Watch: GameStop opens NFT Marketplace, Magic Eden Fund focuses on Web3 Gaming
- Crypto Punk # 4464 was this week’s best NFT sale, sold on Tuesday for 2,500 ETH, or $ 2.6 million
- Ethereum Name Service domain names have the highest sales of any NFT collection in the last 24 hours
An immersive Playboy-themed social and gaming experience comes to The Sandbox metaverse. Playboy Land will be the home of a MetaMansion, inspired by the magazine company’s LA-based Playboy Mansion.
This licensing partnership plans to include releases of NFT collectibles and exclusive events for the Playboy Rabbitar community – holders of 3D avatar-based NFT collectibles first released in October 2021. Owners will have special access to experiences, quests and draws at MetaMansion and can provide input on the future of the mansion.
In addition to hosting parties at MetaMansion, The Sandbox intends to build the largest virtual skate park in Metaversen. Tony Hawk Land will be created in collaboration with the project’s namesake and Tom Brady’s NFT marketplace Autograph.
Hawk wants to «bring [skate] culture into the virtual landscape “, said the world champion on the skateboarder in a statement.
Autograph plans to make avatar NFTs based on Hawk and his most iconic gear and clothing, including the skateboard he used when he landed the first 900 of all time at the X Games in 1999.
Web3 around the world
Web3 initiatives are heating up all over the world as governments and international companies look to enter the new area.
Spain
The Spanish government announced that it will issue 4 million euros in grants and assistance for metaverse-related development. The country’s Ministry of Economic Affairs and Digital Transformation will first evaluate companies and individuals working on gaming and entertainment projects based in the EU. Women must make up 25 percent of the membership of participating teams.
In addition, Santander Bank, the largest bank in Spain, is hosting a global blockchain competition focused on start-up and upscaling. The event will be streamed in Decentraland on 14 July.
Germany
The German telecommunications company Deutsche Telekom is sponsoring an NFT campaign on social media to promote volunteering.
The initiative, called WhatWeValue, invites youth volunteers across Europe to support existing organizations that Telekom works with, or to propose activism and community service projects for a chance to receive funding from Europe’s largest telecommunications provider. Selected projects will earn a “Value NFT” and additional support from Telekom’s digital community.
Korea
South Korean imported car dealer Han Sung Motor digitized customers’ digital documents and digital guarantees, marking them as NFTs. The metadata will contain images, videos and texts that confirm ownership of used cars purchased from the dealer. This move is part of the company’s environmental, social and governance (ESG) campaign, according to The Korea Herald, which reported that Han Sung Motor seeks to not only reduce paper costs but also attract millennials and Gen Z customers.
GameStop NFT Marketplace without debut
GameStop launched its NFT marketplace on Monday, just days after the game retailer laid off hundreds of employees, including the CFO. Forbes reported that the CEO claimed the changes were in search of “new products that strengthen customers in the digital asset and Web3 gaming verticals.”
On Tuesday afternoon, Gamestop NFT had passed 1028 ETH in volume and reached at least $ 1 million in the first 24 hours. Messari compared GameStop’s results to those from Coinbase’s NFT marketplace, which was launched in April and has accumulated around 1,699 ETH in volume since then.
@Thrown_eth, the owner of the MetaBoys collection, which is currently at the top of the list for total volume, twitret about the GameStop marketplace experience. While the Layer 2 bridge process was “easily the best” for him, and it was a “seamless ability to transfer NFT to L1 (ETH) and sell on OpenSea”, the marketplace “obviously needs a lot of work.”
Another user and “big NFT guy” @tropoFarmer too twitret that as long as “the volume is there”, the functionality will take a back seat.
At the time of publication, no collection had a floor price above 1 ETH.
Magi Edens explore Web3 games
Magic Eden, the largest Solana NFT marketplace, launched a new venture capital fund that will focus on investing in Web3 games as well as financing its own games. Called Magic Ventures, it will operate under Eden Games, the company’s in-house gaming division, which recently hired former Tencent CEO Tony Zhao as head of gaming investment.
Blockworks conducted a question and answer session with Zhao and Zhuoxun Yin, Magic Eden’s operations manager, to learn more about Magic Ventures and the company’s expansion beyond its core profile picture NFT business.
Block works: What kind of games or projects does Magic Ventures want to invest in?
Zhao: In the first wave of Web3 games, we saw NFT game studios trying to compete directly with high-level IPs from the Web2 site. Recently, we have seen Web3 game projects gain significant market share, not by competing directly with traditional game studios to launch high-concept games, but by introducing innovative applications of real-world user interaction and blockchain technologies. Games like Stepn launched walk-to-earn mechanisms, and Battle Roy Launch Mini Royale has become the case for early NFT game innovation. Magic Ventures will look at games that show the same ability to deliver unique gaming experiences that are both immersive and seamless.
Block works: Which aspect of blockchain-based gaming is Magic Eden most excited about?
Yin: Games are a $ 180 billion market today, with 3 billion players worldwide. We are very excited to explore this new frontier with developers and partners to iterate on everything from marketplace infrastructure and tokenomics to game marketing and NFT game training for new users coming to space.
For game developers, we will offer important tools and operational support. Unfortunately, it takes a long time to develop games, and there are many pain points that builders have to struggle with. For example, coin technology, in-game marketplace management and user acquisition.
Block works: How does the metaverse fit into these plans?
Zhao: We believe that Web3 gaming will be a ramp for millions of blockchain users, driving it into the mainstream and for the technology to be widely used. But gaming and metaverse projects remain in their infancy. The biggest challenge with Web3 games is simply that we need more fantastic, playable and fun games – and it takes time to build.
Despite these challenges, we know that the argument for NFT games is strong. We also know that gaming user behaviors overlap with existing NFT communities, such as social, player status display, and digital ownership. Blockchain technology will introduce innovative gaming that leverages digital ownership through in-game NFT resources for the benefit of all, including both gamers and game creators.
This interview was edited for length and clarity.
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Ornella Hernandez
Block works
Journalist
