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After the F1 shutdown, Animoca acquires Eden Games to create crypto racing games

Following the closure of F1 Delta Time last month, Eden Games will develop NFT-powered games for Animoca’s REVV Racing environment.

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Animoca Brands, which was recently valued at over $5 billion as one of the top crypto game publishers and metaverse investors, is expanding even more by acquiring Eden Games, a long-running video game producer.

Eden Games, which was founded in 1998, is best known for producing racing games for consoles and PC, such as the Test Drive Unlimited series and Need for Speed: Porsche Unleashed. The French firm has mostly concentrated on racing games, with recent releases such as Gear.Club and F1 Mobile Racing indicating a recent trend toward mobile titles.

Engine Gaming & Media sold the studio to Animoca for $16 million. Eden Games, which was previously owned by Atari, was temporarily closed in 2013 before restarting as an independent studio following Atari’s bankruptcy.

Eden Games will be charged with building blockchain-based racing games, given Animoca’s Web3 focus. The studio will work on Animoca’s REVV Racing ecosystem’s existing games as well as “a series” of new racing games.

The REVV Racing ecosystem contains the NFT-powered racing game REVV, as well as MotoGP: Ignition, Formula E: High Voltage, and Torque Drift, which are all based on Ethereum sidechain scaling solution Polygon. All of Animoca’s racing games are built around the REVV token and are play-to-earn experiences.

An NFT works as a deed of ownership for a digital item, such as race cars, avatars, weaponry, and customisable virtual land in video games. According to DappRadar, the overall NFT business achieved $25 billion in trading volume in 2021.

The Eden Games purchase comes less than a month after Animoca abruptly shut down F1 Delta Time, its legally licensed Formula 1 game. After Animoca was unable to renew the league license, the Ethereum-based game was forced to shut down.

As a result of the transition, Animoca gave REVV Racing NFTs as free replacements for players who had purchased REVV Racing NFTs for F1 Delta Time, as well as a Race Pass NFT that grants access to features like token staking.

Eden Games’ next, as-yet-unannounced racing games will also be part of the REVV ecosystem, and Animoca presented the news as a potential advantage to anyone who earned compensation NFTs as a result of the F1 Delta Time closure.

According to the press release, “the new games will bring further utility to the NFT Race Passes and other assets gained by swapping items from Animoca Brands’ F1 Delta Time.”

This is Animoca’s second acquisition of a racing game studio in 2022. Torque Drift creator Grease Monkey Games was bought by the company in February. The Sandbox, a forthcoming Ethereum-based metaverse game, is also published by Animoca.

NFT

At a London event, an NFT vending machine will increase accessibility to digital art

The NFT vending machine at this year’s NFT.London event will give its profits to a good cause.

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The first-ever physical nonfungible token (NFT) vending machine will be on display at this year’s NFT.London conference, which is set for November 2-4.

The NFT platform aims to give anyone who wish to start buying and trading digital assets a simple and accessible way to do so without requiring them to have a thorough understanding of the Web3 sector. Users won’t need to have a digital wallet to buy an NFT from the vending machine.

Users must choose one of the shown envelopes before entering the code to acquire an NFT from the myNFT vending machine. After making their purchase, users can scan the QR code on the envelope to access an invitation to create a myNFT account, which includes an NFT wallet where they can store their NFT.

“The most convenient method to buy anything is through a vending machine, so we’re shattering the impression that buying an NFT is difficult with this campaign,” said Hugo Mcdonaugh, CEO of myNFT.

The first collection of contributed NFTs from myNFT, which includes names like Dr. Who Worlds Apart, Thunderbirds, and Delft Blue Night Watch, will be available for purchase by interested participants.

The actual NFT vending machine will be situated outside the Queen Elizabeth II Centre, Westminster, London, which is where the NFT.London conference will take place.

The revenue from the NFT vending machine will go to two charities: Roald Dahl’s Marvellous Children’s Charity, which provides specialized nurses to seriously ill children, and Giveth, a blockchain-based philanthropic community that supports public goods, services, and education in developing countries.

The Solana, California-based NFT marketplace Neon introduced a 24-hour NFT vending machine in the financial sector of New York City in February, according to Cointelegraph. This machine took credit and debit card payments. However, people complained that neither the NFT vending machine nor the NFT performed as promised after a week had passed after its introduction.

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Could this trademark application indicate that PayPal is developing an NFT market? 

A trademark application for blockchain and cryptocurrency technology has been submitted by PayPal. Some claim that the file has something to do with Web3 and the metaverse, although it may be tied to an NFT marketplace.

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A recent trademark application by PayPal has been found, and it suggests the development of a service pertaining to several facets of blockchain technology. The file, which was made on October 18, makes a notable allusion to the potential introduction of a non-fungible token (NFT) market.

For its logo, PayPal submitted two trademark applications. The first one concerns “downloadable software” for cryptocurrency trading and storage. The second discusses cryptocurrency-related payment processing services.

Although users may currently buy cryptocurrencies on PayPal’s platform, this filing suggests that there may be more to come. The concept of assets is substantially broader in the filing’s terminology. Mike Kondoudis, a trademark lawyer licensed by the USPTO, claimed on Twitter that this filing relates to NFTs and the metaverse.

Although there is no proof to support this, it would not be shocking if it were true. The finance business would be adding its name to a lengthy list of businesses that are starting to make inroads into the Web3 and metaverse spaces.

PayPal is investing more in cryptocurrency.
Over the past two years, PayPal has intensified its focus on cryptocurrencies. First, the company made a huge announcement for the industry by saying that consumers would be able to purchase cryptocurrency on its platform.

However, it didn’t start enabling users to move those funds into wallets outside of the network until recently. It indicated that it would roll out additional crypto-related features in the latter part of last year. One of those additions might be an NFT marketplace.

It teamed up with Coinbase’s TRUST network more recently. This was viewed by many as an endorsement of the sector. The TRUST network upholds consumer security and privacy while adhering to the banking industry’s Travel Rule.

Increased Criticism of Payment Giant
Additionally, PayPal has been in the spotlight for all the incorrect reasons. The business has recently come under fire for a contentious policy that penalized users for disseminating false information. Later, it claimed that false information was released with the amended policy. Crypto aficionados, however, were eager to point to this as evidence of the value of decentralization.

PayPal established a blockchain and cryptocurrency advisory committee earlier this year. According to the company’s management, working with governments is essential to overcoming obstacles and seizing possibilities.

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Seba Bank, a cryptocurrency company, aims to store valuable NFTs

Seba Bank, a cryptocurrency company, has launched its first NFT service, a blue-chip NFT-specific institutional-grade, certified, and independently audited hot and cold storage custody product.

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The launch comes in response to requests from customers to keep their NFTs with the bank alongside other crypto assets, such as the already-approved Bored Ape Yacht Club, Cryptopunk, and Clone X NFTs. The bank stated that new collections would be added based on customer demand.

With its newest offering, Seba Bank seeks to entice investors who view NFTs as an asset class and crypto natives. Not your keys, not your bitcoin is a well-known phrase in the crypto sphere, and adherents of this maxim could object to having their Apes or Punks stored with a third-party custodian.

Urs Bernegger, co-head of markets and investment solutions at Seba Bank, however, highlights a growing group of NFT holders who are more at ease handing up their NFTs and private keys to a company.

They don’t want the key because they aren’t even aware of how to handle and store it. He claimed that they’re more concerned with damaging the key than giving it to a bank.

It’s a significant issue. Between 2.3 million and 3.7 million bitcoins, according to Chainalysis, are trapped in inaccessible wallets. Numerous accounts of people have lost millions owing to losing private keys, including Russian officials, students, and engineers. Families have also been prevented from accessing substantial quantities of money following sudden deaths in which wallet owners had not disclosed their private keys.

Bernegger asserts institutional custody can be advantageous for native crypto users as well. There has been an increase in businesses providing services that employ NFTs as collateral for conventional banking services like loans.

Seba Bank is thinking about implementing these features in the future. Based in the crypto-friendly Swiss town of Zug, the four-year-old bank already backs several investing, credit, lending, and staking options for cryptocurrencies and might extend them to NFTs.

“Instead of traveling to the market, for instance, we could create a club for collectors and assist them in finding other collectors. There are a few things we have in mind, but we laid the groundwork by storing NFTs securely at first, “explained he.

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