PIF Picks: The Top GameFi Updates this March 20-24, 2023

Do you need the latest GameFi updates? We have carefully monitored the GameFi industry this week to bring you the most recent and exciting developments. Below is a summary of all the noteworthy GameFi updates this March 20-24, 2023.

Gala Games files $28m lawsuit against pNetwork over alleged exploit

Gala Games files a $28M lawsuit against pNetwork over an alleged exploit in November 2022, claiming negligence and tortious interference. The GameFi initiative experienced an incident where an unauthorized wallet address created more than $2 billion in GALA tokens and withdrew $4.5 million from the liquidity pool without permission. The lawsuit alleges the incident was due to a plain text private key leak in one of three pNetwork affiliated smart contracts on Gala.

PNetwork submitted a detailed report to Swiss authorities about the incident. Gala Games allegedly deleted messages related to their involvement in planning, supporting, and communicating the white hat intervention. Gala Games is seeking $27.7 million for out-of-pocket costs due to the breach, additional compensation for injuries, punitive damages, and other relief. 

If the lawsuit succeeds, they will convert the damages, excluding legal fees, into $GALA. The legal team has invited other injured parties to contact them.

TripleC Announces Strategic Partnerships with World-Renowned Game and Entertainment Companies

GameFi incubation and distribution platform, TripleC, aims to revolutionize the gaming industry by incubating and publishing fun-to-play and sustainable web3 games. TripleC has a team of experienced entrepreneurs with diverse backgrounds.

The platform has signed deals with major game development companies and cultural/entertainment firms to introduce NFTs and GameFi games featuring exciting IPs from animation to the Web3 world. TripleC plans to launch its first AAA GameFi game in 2023, bringing Web2 players to Web3.

Nexon Teams Up with Polygon to Launch NFT Game Based on MapleStory Universe

Gaming giant Nexon is teaming up with Polygon to launch a new Web3 game called MapleStory Universe. The new game is based on Nexon’s MapleStory franchise, which grossed $4B+ and 180M+ users since 2003. Tokenized assets impact gameplay in MapleStory Universe and are tradeable in-game.

Nexon will use Polygon’s Supernets, similar to Avalanche’s Subnets, to create a dedicated sub-network for its project. This will enable Nexon to have its unique “dedicated app chain” and Nexon and scale effectively. MapleStory Universe does not yet have a confirmed release date, but Nexon has confirmed that there will be no NFT presales, and players can earn items as NFTs simply by playing the game. Nexon also plans to issue its unique coin; specific details will be revealed later.

EVE Online Creator CCP Games Raises $40M for New AAA Title in Web3

CCP Games, the popular MMORPG EVE Online developer, has raised $40 million in funding to expand the EVE universe with a new Web3 game. The new game will be an AAA title utilizing blockchain technology and set within the EVE universe. The funding round was led by Andreessen Horowitz and included participation from BITKRAFT, Nexon, Kingsway Capital, and HASHED, among other investors.

The new game will feature on-chain systems and focus on persistence, composability, and open third-party development. CCP Games CEO, Hilmar Veigar Pétursson, stated that blockchain advancements would allow them to create a new universe that reflects their expertise in player autonomy, enabling players to engage in new ways.

The funding round and new game announcement suggest that CCP Games is bullish on blockchain technology and Web3 gaming as it joins other major game makers in exploring the potential of this new frontier.

Missed out on last week’s GameFi updates?

Missed the GameFi updates last week? Click here for the GameFi updates from March 13-17, 2023.

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