Are you keen on keeping up with the newest trends and advancements in the GameFi industry? We’ve diligently tracked the GameFi space over the week to bring you the most exciting updates. Here are the GameFi updates this May 29 – June 2, 2023, that you shouldn’t miss.
Blockchain RPG Illuvium Secures Additional $10M Boost from Framework Ventures
Blockchain RPG series, Illuvium has successfully secured an additional $10 million in funding from Framework Ventures. The newly-raised capital will expedite the game’s development.
Illuvium, built on the Immutable X L2 network is poised to launch a public beta with three interactive AAA games. These games are Zero, Overworld, and Arena. Launched just last year, Illuvium allows players to find and capture NFT creatures called Illuvials while battling.
The Illuvium network incentivizes players to invest in the project by granting ongoing rewards in the form of game fees to staked token holders. Before this, in March 2021, the game raised $5 million in a seed round led by Framework Ventures. Illuvium has also enjoyed financial support from other backers, including IOSG Ventures, LD Capital, and Delphi Digital.
Framework Ventures, a repeat investor in Illuvium, announced in mid-April 2022 its plans to invest $200 million in blockchain game projects after initiating a $400 million fund.
GTA 6 Leak Hints at Innovative Play-to-Earn Crypto Model
Recent leaks point to the possibility of Grand Theft Auto (GTA) 6 integrating a P2E model. The renowned gaming franchise is expected to release its next installment in 2024.
The specifics regarding the gameplay mechanics and micro-transactions of GTA 6 remain uncertain. However, industry insiders speculate that the game might leverage blockchain technology, enabling players to convert in-game earnings into real-world money. There are rumors about the new model that suggests it will introduce crypto rewards, potentially changing the way gamers interact with and profit from the game.
While Rockstar Games has not confirmed the rumored crypto reward system, the company has affirmed that the development of GTA 6 is in full swing. They stated they intend to “markedly move beyond what we have previously delivered.”
The franchise’s previous iteration, GTA V, featured a P2E model where players could trade in-game shares on a fictional stock market and earn money through specific missions. This sets the stage for GTA 6 to offer more sophisticated play-to-earn mechanics, possibly featuring crypto transactions.
Rockstar Games have not confirmed the official release date for GTA 6. But there are speculations that it will be available on PS5 and Xbox Series X/S. With a rumored budget of up to $2 billion, GTA 6 has the potential to become the most expensive video game ever created.
PancakeSwap Expands into GameFi with New Tower-Defense Game
Decentralized exchange (DEX) PancakeSwap has revealed a new tower-defense GameFi game named “Pancake Protectors.” This is in partnership with BNB GameFi protocol Mobox. The announcement was made on May 29, paving the way for using PancakeSwap’s native CAKE tokens for in-game rewards.
Within “Pancake Protectors,” CAKE tokens can be used for various purposes, including speeding up the level-up process, purchasing in-game currency, claiming CAKE heroes, staking CAKE for resource acquisition, and unlocking game levels. A unique in-game marketplace will allow the trading of CAKE heroes, which can be upgraded through participation in lotteries that offer NFT rewards.
The game allows players to assume the role of a commander. Here hero characters are assembled across different levels in a tower defense scenario. Players can also integrate their NFTs with in-game heroes and display them on PancakeSwap profiles.
Cheelee Enables Fiat Purchases for NFTs
Cheelee, a GameFi short video platform, has introduced a new feature enabling users to purchase NFTs using fiat money. This initiative broadens access to NFTs and empowers a wider audience, including those less familiar with cryptocurrencies, to start earning through the Cheelee app just by viewing video content.
Cheelee users can now buy NFTs with their cards or through peer-to-peer transactions on the Marketplace. This is part of Cheelee’s ongoing commitment to driving mass crypto adoption by making GameFi and NFT markets accessible to everyone, even users with limited crypto knowledge.
Following a successful launch on Android, Cheelee unveiled its app on the iOS platform last month, garnering more than 200K downloads to date. The user-friendly platform draws a significant user base with its rewarding system for watching and sharing short videos and purchasing NFTs.
Missed out on last week’s GameFi updates?
That’s all the GameFi updates this May 29 – June 2, 2023! Missed the GameFi updates last week? Click here for the GameFi updates from May 22-26, 2023.