The FTX ordeal has been felt throughout the WHOLE of the cryptocurrency sphere. Billions have been misplaced by traders. Even institutional traders like BlackRock have misplaced out on their donations to the FTX firm displaying nobody has come out on high.
What’s attention-grabbing nonetheless is the gaming facet of crypto that has been instantly impacted by FTX’s downfall. Video games discovered on the Solana Blockchain have been essentially the most affected. Tokens for these video games have plummeted in worth. There are 2 sides to this. Sure folks have probably misplaced out in the event that they purchased the tokens, nonetheless the video games might now be thought-about extra accessible for extra informal crypto avid gamers.
Picture Credit score | DailyO
Solana token itself has additionally been reaching new lows as a consequence of present market circumstances and the headlines we now have seen. Buying and selling presently at $13.80 from its all time excessive of $258.
In 2021, FTX, Lightspeed, and Solana Ventures had put ahead $130 million in funding to be put into the Solana gaming ecosystem. This was enormous PR for FTX and the Solana blockchain.
Lightspeed’s CEO, Amy Wu had this to say on Twitter on the time:
“Excited to announce our $100M joint web3 gaming initiative with @FTX_Official and @Solana Ventures! We’ll be investing in gaming studios, platforms, and infra corporations on the intersection of blockchain and gaming within the @Solana ecosystem and past”.
Video games affected by FTX collapse
A few of Solana’s high video games have felt the influence not too long ago of FTX. Token worth has subsidied which can have additional implications sooner or later regarding the longevity of the initiatives. Nevertheless, loyal followers will keep true to their favorite video games. Let’s look a bit deeper into the video games affected.
Star Atlas
One of many new up and coming triple A crypto video games has been knocked again considerably as a consequence of FTX. Star Atlas was not too long ago featured on the Epic Video games Retailer, an excellent achievement contemplating it was solely a beta, model demo of the sport.
Nevertheless the token for Star Atlas’ has confronted important decline. $ATLAS has declined by 34%, buying and selling presently at $0.002621.
Aurory
The subsequent Solana blockchain sport on the record is Aurory. This can be a tactical flip based mostly JRPG ruled by Play-to-Earn fundamentals and NFTs. It’s a vibrant, quirky sport that has obtained nice reception and consumer engagement from their followers up to now.
Aurory’s token, $AURY, has confronted a whopping 64% decline in worth. At the moment buying and selling at 0.5300.
TapFantasy
Solana’s high rated sport, TapFantasy, couldn’t even escape the turmoil. This can be a free to play, play to earn MMORPG obtainable on each desktop and cellular. The TAP token for TapFantasy suffered an 11% drop in worth.
Nevertheless amidst the token’s losses, the general quantity of energetic distinctive wallets rose in the identical timeframe. Previously 7 days alone there have been 2,563 wallets registered. A 23% improve.
Picture Credit score | Animoca Manufacturers
Animoca Manufacturers have had their say
Many shall be conversant in the well-known Animoca Manufacturers, the brainchild of The Sandbox, one of many largest video games presently on the blockchain.
Their chairman, Yat Siu has had his enter over the FTX headlines, enter we might wish to take discover of when trying longterm at web3 and digital forex buying and selling/investing.
“I see Hong Kong stepping up within the wake of this newest disaster within the crypto trade,”
“This is a chance for the town to implement a regulatory method to develop the trade,”
“This may also help right what has thus far gone incorrect available in the market.”
At the moment Hong Kong is competing with Singapore as one in every of Asia’s high contributors and hotspots for all issues crypto and web3. Hopefully quite a bit could be taken from these nations from the current FTX ordeal, as Hong Kong is seeking to strengthen the infrastructure of its laws relating to these industries.
It seems Animoca Manufacturers had ties with FTX nonetheless they have been “restricted to a non-material buying and selling stability” and the gaming firm will “proceed to speculate and help the ecosystem”.
The fallout of FTX shall be an attention-grabbing one for web3 as we see the 2022 months reside into the brand new yr of 2023.
We’ll make sure you preserve you up to date as there could also be way more to nonetheless uncover relating to the downfall of FTX.
