Captivating Updates: Sega Executive Dismisses P2E Games as ‘Dull,’ Tom Brady’s NFT Venture Makes a Turnaround, and More!
Sega Executive Finds P2E Games Unexciting
In a surprising twist, the co-chief operating officer of Sega, the gaming powerhouse responsible for Sonic The Hedgehog, expressed his disdain for play-to-earn (P2E) games, labeling them as “boring.” As a result, Sega has decided to postpone its plans to delve into blockchain gaming and has withdrawn the offer of using their popular franchises in third-party blockchain projects.
Shuji Utsumi, the Sega executive, remarked, “What’s the point if games are no fun? The action in play-to-earn games is simply lackluster.” Nevertheless, Sega will still allow some of its lesser-known titles to be licensed for nonfungible token (NFT) collections and plans to unveil blockchain games featuring these titles later this year. Sega continues to invest millions in related projects, demonstrating its commitment to exploring the potential of this technology.
The fate of Sega’s highly anticipated “super game,” originally slated for a 2026 launch, remains uncertain in terms of its integration with Web3 technology. Utsumi acknowledges the usefulness of the technology in facilitating the transfer of in-game items between different gaming titles. However, Sega is taking a cautious approach and will wait until wider adoption before fully embracing it. Utsumi stated, “We are evaluating whether this technology will truly flourish in our industry.”
Breaking: Via @bloomberg, SEGA Co-COO Shuji Utsumi has confirmed that SEGA’s biggest IPs, Sonic will not use blockchain, to avoid devaluing them. #SonicNews— Sonic Stadium ✪ Sonic the Hedgehog Community (@sonicstadium) July 7, 2023
They were non-committal on using Web3 for their fabled “super game.”
Tom Brady’s NFT Company Shifts Focus Away from NFTs
Autograph, the NFT-centric startup co-founded by the esteemed American football star Tom Brady, has decided to alter its strategy by moving away from NFTs. The company’s marketing has discreetly removed crypto-related language and diminished its emphasis on terms like NFT. Instead, Autograph aims to assist celebrities in fostering stronger connections with their fans, emphasizing loyalty-building initiatives.
Since its establishment in 2021, Autograph has secured significant funding, including a $170 million Series B investment in January 2022. The company had previously entered into NFT deals with prominent entities such as ESPN and the PGA Tour. However, Autograph experienced a decline in revenue in 2022, aligning with the broader downturn in the crypto market. Brady’s association with the now-bankrupt crypto exchange FTX and his involvement in a class-action lawsuit aimed at celebrity promoters of the exchange have also impacted his crypto reputation.
Euro Metaverse Regulations Not Yet Necessary, Claims EU Competition Chief
For now, creators and inhabitants of metaverses within the European Union can breathe a sigh of relief, as specific regulations governing this emerging sector are not yet deemed necessary. Margrethe Vestager, the EU competition commissioner, stated that despite the significant investments made by tech giants Microsoft, Meta, and Apple in this nascent field, no competition concerns have been triggered.
Vestager emphasized the abundance of innovation witnessed in virtual worlds, stating, “No company can confidently claim sole ownership of this realm. We hope to explore and understand this further.” She further clarified that existing EU laws regarding market monopolies, privacy, and forthcoming regulations on artificial intelligence can be applied to the metaverse. Vestager added, “In Europe, we already possess a comprehensive digital legislation framework. We should take the time to investigate and avoid rushing into regulations prematurely for the sake of safety.”
Next week, Vestager plans to introduce a metaverse-related initiative aimed at assisting antitrust regulators in comprehending this rapidly evolving space.
Major League Baseball Ventures into the Virtual Realm
The world of United States professional baseball is embracing the metaverse with open arms, becoming the first professional league to establish a virtual world where fans can congregate. Improbable, a leading metaverse technology company, recently unveiled the virtual space aptly named “MLB virtual ballpark.”
Developed within Improbable’s “MSquared” network of interoperable Web3 metaverses, this virtual stadium offers an opportunity for individuals worldwide to participate in the thrilling experience of Major League games. Kenny Gersh, the executive vice president of media and business development at MLB, expressed his excitement, stating, “Now, anyone with an internet connection can partake in the magic of Major League games, irrespective of their physical location.”
Herman Narula, the founder and CEO of Improbable, envisions the technology contributing to the creation and sale of digital assets. MLB already has an existing partnership with the NFT platform Candy Digital, indicating its dedication to exploring new avenues within the metaverse.
Other Exciting News
In Ethereum’s NFT ecosystem, the royalties earned by creators have reached a two-year low, as reported by Nansen, an analytics firm. This decline coincides with a dip in the floor price of Yuga’s renowned Bored Ape Yacht Club NFTs.
Yat Siu, co-founder of Animoca Brands, expressed optimism regarding the blockchain gaming sector. The company is actively seeking licenses as a prerequisite to deploying its impressive $800 million metaverse fund.
In summary, the gaming industry witnesses Sega’s retreat from blockchain games, Tom Brady’s NFT venture undergoes a strategic shift, the European Union refrains from metaverse regulations, Major League Baseball embraces the virtual realm, and Ethereum’s NFT ecosystem experiences fluctuations. These developments exemplify the dynamic nature of the technology-driven world we inhabit, promising exciting possibilities for both creators and enthusiasts alike.