DeFi News Official TheBitTimes.com

The days of wasting hundreds of hours on a game and receiving almost nothing in return are over — and it's all thanks to NFTs and blockchain technology. Blockchain gaming is going from strength to strength — underpinned by the explosion of nonfungible tokens, which continue to achieve mainstream adoption. The FRUITS Eco-Blockchain Project is building on this momentum by allowing NFTs to be redeemed for a coveted, real-world object: a physical golden egg. First came the console, then the humble PC. Smartphones soon came along and transformed the entertainment industry entirely — making games free to play, and putting them in the hands of consumers in emerging economies. Now, blockchain technology and nonfungible tokens (NFT) are ushering in the next wave of innovation. Once, in-game assets couldn't be transported from one title to another, traded freely with others, and sold on secondary markets. Web3 makes this possible — all while allowing avid players to receive recognition...

Proof of Play raised $33 million to create fully on-chain games that “quickly immerse players in fun gameplay.“ Proof of Play, a company led by Farmville co-creator Amitt Mahajan, raised $33 million to create Web3 games, according to a Sept. 21 announcement. Majahan is the CEO of Proof of Play, and Twitch co-founder Emmett Shear is a board member. The funding was co-led by Chris Dixon at Andreessen Horowitz (a16z) and Neil Mehta at Greenoaks. Investors Naval Ravikant, Balaji Srinivasan and the founders of streaming platform Twitch also participated, as well as Web3 firms Anchorage Digital, Mercury, Firebase, Zynga and Alchemy. Proof of Play released a closed beta of its first game, Pirate Nation, in December 2022. Pirate Nation Web3 game. Source: Proof of Play In its announcement, the company claimed it can overcome many roadblocks players commonly encounter when attempting to play Web3 games . It stated that it possesses “a set of technological and product innovations” that will “qu...

The company expects to raise another $20-$30 million when the full round closes in the coming months. Game publisher Mythical Games has secured $37 million in Series C1 funding, with plans to launch a new marketplace and pursue other revenue-generating initiatives. With this funding, Mythical will continue to hold the unicorn status with a valuation of over $1 billion. “Our focus is optimizing our business to get to profitability by year's end, and the funds will primarily be used in our efforts to achieve that," told John Linden, co-founder and CEO of Mythical Games speaking to Cointelegraph. The round was led by Scytale Digital with ARK Invest, Animoca Brands, MoonPay, PROOF VC, and Stanford Athletics, alongside previous investors Andresseen Horowitz, WestCap, Gaingels, Signum Growth, and Struck Capital. Mythical expects an additional $20-$30 million raise in the coming months, when the full round is expected to close. The publisher plans to release in a few months its n...

Despite a tumultuous year, DeFi, NFTs and blockchain games drove DApp usage across the industry, according to DappRadar’s 2022 report. 2022 will go down as a challenging year for the cryptocurrency and blockchain space, but the adversity faced has been strewn with plenty of positives for the decentralized application (Dapp) ecosystem. DappRadar has released its yearly report on the industry, focusing on challenges faced alongside notable technological achievements and an increasing number of active daily users. Cointelegraph highlights the main takeaways from the DApp industry in 2022, which are pertinent, considering macro factors like inflationary concerns in major economies, the collapse of industry-specific projects like Terra/Luna and FTX as well as market woes across the board. Perhaps most telling is unique active wallet data (UAW) from 2021 and 2022, demonstrating a 50% increase in the average daily UAW year on year. This is up from 1.58 million daily users in 2021 to an aver...