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Cryptocurrencies in the Metaverse Despite Axie Infinity’s Ronin Hack, have a Bullish Week!

Despite a $552 million hack of Axie Infinity’s Ronin sidechain, gaming and NFT cryptos like Enjin and The Sandbox have surged this week.



Investors are still pouring money into gaming, NFT, and metaverse cryptocurrencies, even though the “play-to-earn” game Axie Infinity’s Ronin sidechain suffered one of crypto’s largest-ever thefts this week.

The constant growth of cryptos like Enjin Coin (ENJ), Flow (FLOW), Gala (GALA), The Sandbox (SAND), and Decentraland (MANA), all of which have witnessed significant gains in the last week, reflects this enthusiasm.

According to CoinMarketCap, Enjin Coin has climbed more than 11% in the last day and a stunning 19% in the previous seven days. The initiative makes it simple for game producers to incorporate scarce digital products in non-fungible tokens (NFTs) into their creations. It also has a Discord-like social network that allows users to establish guilds and even run digital storefronts.

Over the last seven days, the native cryptocurrency that powers Flow has increased by 15%. Dapper Labs, the company behind CryptoKitties and NBA Top Shots, is working on Flow’s blockchain project. The company created its blockchain to satisfy the unique requirements of the NFT industry, including scalability issues.

Gala Games had a solid week, gaining 10% in that time frame. The initiative was among the first wave of crypto-centric gaming companies, bringing blockchain-based products to popular games like Farmville.

Metaverse is a video game network. The Sandbox is presently selling for $3.71, up 5.7 percent in the last 24 hours and more than 10% last week. The game’s native token, SAND, is used to fuel the game’s DIY digital environment, with users using the cryptocurrency to buy, build, and trade various items. As a result, rather than gamers earning money by playing, builders outside of The Sandbox crew are also encouraged to create.

Finally, Decentraland, despite being the least bullish of the group, has gained more than 7% in the last seven days. This is because its native token, MANA, serves as the foundation for what is effectively a metaverse real estate market. The project’s native NFT representing digital plots of land is LAND, whereas MANA is the ERC-20 token used for transactions.

Since last week, all five of these cryptocurrencies have been steadily rising. However, market leader Axie Infinity and its native tokens AXS and SLP have navigated rougher waters.

Axie Infinity has been hacked

This week, the crypto game that pioneered the “play-to-earn” concept suffered one of the greatest thefts in the industry.

Axie Infinity’s layer-2 sidechain, Ronin, was targeted by the attacker, who made off with 173,600 Wrapped Ethereum (WETH) and 25.5 million in stablecoin USDC. The attack happened on March 23, but it wasn’t revealed for another six days.

Following the hack, the project’s native AXS token dropped by over 11%, from $72 to $62. It’s since recovered some of those losses and is now trading at $66—still up more than 6% in the last week. Its Smooth Love Potion (SLP) token, which players obtain for winning in-game combat, went through a similar ordeal.

The SLP token dropped from $0.0248 to $0.0196, representing an almost 21% drop. It has since recovered and is currently trading at $0.02119, up 4.7 percent on the day and 2.2 percent on the week.


According to Music Ally, Spotify has begun testing NFTs on its platform

If a trial deployment goes well, artists may soon be allowed to market their non-fungible tokens (NFTs) on Spotify, according to Music Ally.



Spotify, the most recent tech business to join the NFT bandwagon, entered the web3 world earlier this month with the introduction of “Spotify Island” on Roblox on May 3. Spotify will now test NFTs on the platform to specifically selected US consumers, starting with a single trial selection of artists, including Steve Aoki and The Wombats.

Users will have to purchase NFTs through an external marketplace, thus they won’t be able to sell them directly. As part of the trial, Spotify has stated that it will not take a portion of the sales.

Simultaneously, customers have stated that Spotify is sending out surveys and even paying some people to talk to team members about their feelings regarding NFTs and web3. Questions concerning sentiment, cryptocurrency purchases, and why people acquired NFTs have been circulated on Twitter. Some poster responded with mockery to the queries.

Since March, when Spotify placed two job offers for working on early-stage web3 projects, rumors have circulated that the firm was interested in entering the web3. The announcement comes only days after Meta revealed that it would begin testing digital collectibles and NFTs on Instagram as well.

By the time of publication, Spotify had not responded to a request for comment from The Block.

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Square Enix intends to issue tokens and make a significant investment in Web3 gaming

By investing in blockchain gaming infrastructure, the big game producer is altering its business strategy to include a stronger NFT environment.



Square Enix announced in its first-quarter results report that as part of its medium-term business strategy in 2022, it will include nonfungible tokens (NFTs) into more game goods.

According to Square Enix’s most recent earnings report, the company manages $3 billion in assets. The company controls the Final Fantasy franchise, which it sold for $300 million on May 3rd.

According to the report, the company began testing NFTs in February this year on the Shi-San-Sei Million Arthur game. If the pilot program is a success, the game’s NFTs will be renewed for a second season, and the company will expand its NFT and blockchain activities.

SE wants to provide regulatory clarity and norms for blockchain gaming, address scalability in NFT economies, and consider forming a corporate capital venture unit, among the top priorities of its blockchain domain projects.

The company also announced that it intends to create an overseas organization that will be responsible for “issue, administering, and investing our own tokens,” implying that the company will begin to build a large gaming-token economy.

SE has been exploring its options in the blockchain gaming market with the help of Web3 gaming and metaverse venture capital firm Animoca Brands. As SE digs deeper into the ecosystem, collaboration between the two companies is expected to deepen.

Square Enix’s gaming clout, according to Animoca’s executive chairman Yat Siu, will only help the company establish a blockchain gaming presence. On Monday, he said to Cointelegraph,

“Square Enix has long talked about the possibilities of blockchain games, so it understands it better than most of the traditional gaming titans.”

The third objective of the report’s medium-term business strategy is to invest in and monetize blockchain, artificial intelligence (AI), and cloud computing. This aligns with CEO Yosuke Matsuda’s stated desire in January to increase his company’s involvement in such technologies.

Despite a broad cryptocurrency market dip in 2022, the appeal of Web3 and NFT gaming has remained strong. On Saturday, according to market tracker DappRader, there were roughly one million daily active gamers, nearly the same as on January 1.

Gamers, on the other hand, aren’t spending as much as they used to, with total sales volume for NFT game items falling 88 percent from $70 on January 1 to $8.7 million on Saturday.

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Ukraine’s Ministry of Digital Transformation has approved a charity NFT initiative to aid military operations

On Thursday, Mykhailo Fedorov, Ukraine’s Vice Prime Minister and Minister of Digital Transformation, tweeted his support for Avatars for Ukraine, a non-fungible token (NFT) project that benefits Ukraine’s humanitarian and defense efforts.



The project includes 70 digital artworks based on Ukrainian imagery and resistance to Russian forces that evolved as a result of the Russia-Ukraine war. All earnings from the sale of digital art go to support Ukrainian war efforts. The Ukrainian Ministry of Digital Transformation has approved Avatars for Ukraine, and the first NFT will be released on May 19.

This isn’t the first time Ukrainian officials have used blockchain technology to help fund war activities. The Ukrainian government opened a website in April this year where people could purchase and trade NFTs to support Ukraine’s military efforts, as well as raise over $100 million in crypto donations.

Avatars for Ukraine also joins a growing trend of NFT projects assisting in the donation of monies to charity, with some or all of the proceeds of NFT art going directly to the charity.

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Bitcoin (BTC) $ 30,157.00 2.41%
Ethereum (ETH) $ 2,058.76 3.34%
Tether (USDT) $ 1.00 0.25%
Chiliz (CHZ) $ 0.116455 2.02%
Enjin Coin (ENJ) $ 0.719523 1.89%
Decentraland (MANA) $ 1.19 1.10%
Flow (FLOW) $ 3.03 7.13%
The Sandbox (SAND) $ 1.34 1.91%
WAX (WAXP) $ 0.127500 2.52%
ECOMI (OMI) $ 0.001595 3.10%
Terra Virtua Kolect (TVK) $ 0.039488 2.18%