👣 Crypto's gold mine is the gaming industry

July 13, 2022

GM 👨‍👩‍👧‍👦

Seedphrase Daily👋 We’re rushing to end this bear market as much as you are. This is your daily dose of crypto to keep you hopeful.

Today’s estimated research time is 6 hours and 21 minutes condensed into a read time of 4 minutes. Stay tuned to where we talk about:

  • 👣Magic Eden’s big step into the gaming industry

  • 🕹Animoca Brands raises $75M to invest in blockchain games. 

  • ⏱When will bitcoin bottom?

👣Magic Eden’s big step into the gaming industry

NFT unicorn Magic Eden, which accounts for over 90% of Solana's market share, launched a Web3 gaming venture firm. Led by Tony Zhao, formerly the head of gaming investments at Tencent, a huge technology development company. 

Things are getting serious. 😎

The game division has already agreed with several Solana games (Aurory, Mini Royal: Nations, and Genopets) to power-in-game NFT marketplaces for each.

They said, "Developers can focus on one thing that they know how to do, which is to build great games," he explained. "We'll help them to take care of all the Web3 elements and to help them onboard into the ecosystem." 

As Magic Eden signs new game developers, they enter an ecosystem that offers a launchpad for primary and secondary sales of each project—not having to worry about understanding the blockchain technology, which enables them to focus on making cool stuff that regular people can enjoy. 

It's much easier to build a house when you have the tools. 🏚

Players can buy and sell NFTs within each game without going to an external marketplace. This creates a seamless process for players that aren't accustomed to Web3 or navigating a wallet to use the technology without even knowing, which is the goal of mass adoption.

🕹Animoca Brands raises $75M to invest in blockchain games.

Animoca Brands said it completed the second phase of a $75.3M funding round earlier this year, which valued the company at $5.9B.

Keep in mind that times like this are where builders are working, keep an eye out and see where the smart money is flowing 🙇‍♂️

Yat Siu, the co-founder of Animoca Brands, said, "Digital property rights represent a society-defining generational shift that impacts everyone online and will set the stage for the emergence of the open metaverse. We are deeply honored to continue to enjoy strong support from investors as we work to solidify the leadership position of Animoca Brands in the Web3 industry and in the field of true digital ownership."

The investments will help product development, secure licenses for intellectual properties, advance the open metaverse, and promote digital property rights for online users.

This much capital coming to the smaller people industry is a sign of interest of the world developers. Don't forget that Nike, Epic Games and Google have money invested into metaverse/gaming ventures.

As the gaming industry develops from a 2D to 4D experience, so will the markets. We've seen countless gaming consoles and developers come and go over the last 20 years, and it's safe to assume there will be some new competitors coming for the title. 

⏱When will bitcoin bottom?

No one can time the market perfectly, but we can enter at an ideal time frame.

A Bloomberg MLIV Pulse Survey asked 950 investors where they see BTC price heading, and we still haven't experienced the worst of it. 60% of people said BTC would drop to $10K before even reaching $30K. Some other notable figures like Kevin O'Leary also believe we haven't bottomed yet, and we should expect a huge panic in the crypto space.😮

And with all the bad news of crypto exchanges collapsing, it could be wise to wait out the market bottom and play safely while things are moving volatile. Once BTC hits those support lines, we could be in for a long reverse.

And that's when we can start aping again, times will be happy, Twitter will be active, and more importantly, everyone will be "making money"! ☀️

🌱NewSeeds 

Insurance Company Sued for Refusing to Cover $7.5 Million in BTC. Suing next time I get rugged. 😂

Bitcoin Ransom Payment. They probably sent it through Coinbase… 😭

Meme of the Day 

None of this is financial advice. This newsletter is strictly educational and is not investment advice or solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research! 

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