Standard Chartered buys into metaverse with The Sandbox partnership

Sandbox

Global banking giant Standard Chartered is following other major competitors journeying into the metaverse by partnering with decentralised gaming platform The Sandbox.

The company’s Hong Kong subsidiary (SCBHK) bought space in The Sandbox’s Mega City district, an area announced in January alongside a number of Hong Kong partners from various sectors.

Led by SC Ventures, Standard Chartered’s innovation, fintech investment and ventures arm, the partnership will seek...

Axie Infinity network loses £468m in largest ever DeFi hack

$30 million Ether theft

Axie Infinity, one of the biggest success stories in the world of blockchain-based gaming, has become the victim of the largest decentralised finance (DeFi) hack in history.

The Pokémon-style NFT battler saw $615 million (£468m) stolen from its Ronin Network – the Ethereum sidechain created to run the game’s transactions – on March 23.

It took a user being unable to withdraw 5,000 ether (£12m) on March 29 for Ronin to realise that 173,600 ether (£448m) and 25.5...

PwC report calls NFTs key future revenue stream for sports industry

Football Stadium

A new report from PwC, one of the Big Four accounting firms, has called non-fungible tokens (NFTs) “the future of digital assets in sports”.

According to the report, titled Sports Industry Outlook 2022, NFTs and digital assets will be one of the ten major trends across the industry in 2022.

PwC sees three key use cases surrounding NFTs’ “potential to shape fan experiences and boost bottom lines”.

The first and most obvious use case is collectible...

RTFKT Studios acquired by Nike in virtual fashion move

Nike Sneaker

RTFKT Studios, a virtual fashion company, has been acquired by sports giant Nike.

The company, pronounced “artifact”, is largely focused on virtual and augmented reality sneakers that are modelled as 3D assets, turned into NFTs, and authenticated through the Ethereum blockchain.

The purchase marks Nike’s first public step into the world of digital assets and the metaverse, following on from Adidas’ partnership with notable NFT brand Bored Ape Yacht Club earlier...

Virtual real estate sells for record $2.4m in Decentraland metaverse

Metaverse

A piece of virtual real estate from the online world Decentraland has sold for $2.4 million (£1.8m) worth of cryptocurrency.

That’s right. For the sceptics still denouncing the perceived stupidity of NFTs, the emergence of the metaverse as a world of virtual ownership will have such individuals pulling their hair out.

Decentraland is an online virtual world where players can purchase land, explore, create, sell assets, and interact with others.

This sale of...

Reddit co-founder sets up $100m investment initiative with Solana

Social Media

Reddit co-founder Alexis Ohanian’s venture firm has teamed up with the Solana blockchain’s venture arm for a $100 million (£74m) investment initiative into decentralised social projects.

Seven Seven Six, Ohanian’s firm, will pay for half of the initiative with Solana coughing up the remaining $50 million.

Ohanian gave his thoughts on Solana at a conference in Lisbon on November 9: "With a high-performance blockchain like Solana, there is an unprecedented...

Epic Games is “open” to blockchain games according to CEO

Epic Games' Fortnite

Video game publisher Epic Games has said it is “open” to games that feature blockchain technology or support cryptocurrency payments.

The company’s position follows Steam, its main competitor, announcing it would not be allowing games that use cryptocurrency or NFTs on its platform.

Whilst Epic’s CEO Tim Sweeney has said the company will not be supporting or publishing NFT-based games, it has differentiated itself from Steam in showing support for...

The Sims creator’s new game to harness blockchain and NFTs

Video Gaming

Video game designer Will Wright, creator of The Sims and Spore, is working on a new game that will incorporate AI, blockchain, and non-fungible tokens (NFTs).

The new game, Proxi, is aimed at self-discovery. It will allow users to create and visualise memories within snow globes which collectively form a conceptual map of the player’s mind.

Wright said he believes that people are their memories and that tackling that in a game is a somewhat frightening...

Xbox to use blockchain for gaming royalties with Microsoft and EY collaboration

Ernst & Young (EY) and Microsoft have announced the expansion of Microsoft's blockchain-based solution for gaming right and royalties management - to help Xbox gaming partners and content creators.

The expansion looks to accelerate contract digitalisation by creating contracts faster using AI based on Microsoft Azure, as well as seamlessly generate and integrate statements and invoices with ERP (enterprise resource planning) applications. Accounting entries will be generated...

Forte partners with five game developers to boost operations

Forte, a California-based blockchain platform developer for games and Ripple partner, is teaming up with five game developing companies to provide best-in-class gaming experiences based on the distributed ledger technology.

The five companies are US-based Hi-Rez Studios and nWay, Canadian social games provider Magmic, and German gaming companies DECA Games and Netmarble, that will follow their previously joined collaborators Disruptor Beam, Other Ocean and...