It has been quite an interesting week for the crypto gaming industry in terms of events. Starting from the Ethereum token sales to the holiday’s Bitcoin gifts, the industry is reportedly growing and developing at an unprecedented rate. While some projects come under the banner of success, others get under the regulatory scanner. Here’s the one stop shop for all the curation of the most important crypto gaming news of this week.
Token Launch Frenzy Takes Centre Stage
This week has proven to be quite eventful for the Ethereum gaming industry, as several tokens have been launched.
On Wednesday, Nifty Island, a gaming platform like the popular Roblox, launched its ISLAND tokens. Thus, the platform explains that the token is to serve as the currency in its gaming economy. The launch enabled it to have a market capitalization of $15 million and was expected to bring new solutions for clients who would need to be serviced differently.
In the same manner, Kaidro, a complex franchise that encompasses a crypto gaming and animated series, launched its KDR token. Still, at the time of this article’s writing, KDR has a market cap of slightly more than $10 million. Also, the Moonray game released it’s MNRY token based on Ethereum as well as the same platform as the game.
However, not all launches are quite as glamorous as you might have envisioned them to be. In some instances, it was revealed that while the TOMA token, which is built on the Aptos blockchain, was launched to the market, it would shortly thereafter experience a 50% price dip, leaving some of its followers rather frustrated. The developers responded with reassurance:
“Yes, we know some of you are pissed off talking about token prices and airdrops,” the Tomarket team said in a post on Telegram.
Santa Brings Bitcoin in Festive Mobile Game Event
As for this holiday, the Bitcoin Miner, a popular mobile crypto game available on both the Apple Store and Google Play, has launched the Santa’s Moonshot event.
This event is open until Monday: By mining festive fake coins like Snowlana and Elfereum, players can earn hundreds of bonus satoshis – the smallest unit of Bitcoin. Players are also also able to gain in-game boosts and rewards.
Players have appreciated the event because they receive real BTC while completing a fun holiday-themed task. According to sources, the game is active during this event, indicating that more people are interested in Christmas-themed crypto gaming.
CyberKongz Asks If Token complies With SEC Laws
The US Securities and Exchange Commission (SEC) has raised the alarm on the crypto gaming segment and has recently served a Wells notice to CyberKongz, an NFT gaming project.
CyberKongz developers noted that the SEC informed them that their ERC-20 token, integrated into the game, may violate securities laws.
“The Division of Enforcement of the SEC has come to us with quite hostile words that tokens that are in blockchain games have to be registered as securities,” the project team said in a statement.
The developers agreed to fight the SEC on this aspect while saying that this form of regulation could slow down growth in the crypto gaming niche. This is another case of raised eyebrows when it comes to regulation within the fledgling Web3 space.
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Philadelphia 76ers Launch Web3 Mobile Game
Such Philadelphia 76ers basketball team together with Crypto news presented the new free-to-play mobile game Spectrum Sprint.
Pixel art and side-scrolling: the game where the players can rush through the revisited sights of Philadelphia to reach the former Spectrum arena. Participants can earn digital collectibles and compete for prizes across four tiers: Newbie, Amateur, Professional, Superstar and Celebrity.
Spectrum Sprint has been described as Crypto.com’s attempt to combine traditional sport and Web3 gaming era.
Conclusion on Crypto Gaming and NFTs Games
Activity in crypto gaming remains high with fresh developments, holiday campaigns, and regulation difficulties. From Ethereum tokens redesigning game economies to Bitcoin Miner spreading holiday cheer, the space is moving quickly. Although the new and strict rules of such bodies as the SEC are increasingly focusing on young projects, major companies continue the processes of achieving great headers while adhering to the new rules.
This is especially important for crypto gaming lovers as new possibilities and risks appear day by day and even week by week. Keep following The Bit Journal for the latest updates on Crypto gaming.
FAQs
- What do you think is the Moonshot of Santa in Bitcoin Miner?
Santa’s Moonshot is the Christmas event in the Bitcoin Miner mobile game where mining festive fake coins gives you bonus satoshis plus in-game rewards.
- CyberKongz: Why is the SEC investigating?
CyberKongz received a Wells notice from the SEC in relation to the legal status of its asset – an ERC-20 token. The project team has been committed not to let this interpretation pass.
- What is the ISLAND token of Nifty Island?
The ISLAND token is used in gaming on Nifty Island as it is the utility token that supports its in-game economy. This week, it unveiled the platform with a market capitalisation of $15m.
- What is Philadelphia 76ers Spectrum Sprint game?
Spectrum Sprint is a free-to-play Web3 mobile game powered by the NBA team with Crypto.com as its partner. It includes Philadelphia places, pixels, and digital assets.
- Is it worth to invest in crypto gaming tokens?
This has made experts to suggest that although, Crypto gaming tokens could potentially bring benefits, the profit-bearing instruments remain particularly vulnerable to fluctuations of the 聲 market and being locked in the crosshairs of a regulatory crackdown. Any individual intending to join the investment should first research on them.
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