NFT & Blockchain Gaming Weekly (27/10/2023)

Judge ruled RR/BAYC creators to pay over US$1.5 million in damages to Yuga Labs and transfer their smart contract. Decentraland introduces personalised metaverse identities, dubbed “Decentraland NAME”. Memeland launches its MEME token.

Chart of the Week

A federal judge in California has ruled that conceptual artist Ryder Ripps and his business partner Jeremy Cahen must pay over US$1.5 million in damages to Bored Ape Yacht Club (BAYC) creator Yuga Labs. Ripps and Cahen are the duo behind the RR/BAYC NFT collection, which featured primates in similar poses as the Bored Apes. It also used marketing material similar to BAYC.

The judge determined that Ripps and Cahen’s copies of the Bored Ape NFTs,  which they claimed were appropriation art criticising Yuga Labs’s works, infringed on Yuga Labs’s intellectual property rights. The defendants were ordered to pay all of their profits from the copies to Yuga Labs, and transfer their NFT smart contract and project-related websites and social media accounts to the company.

New Project Spotlight

NFT Collectibles

[LIVE] LIFE OF HEL

‘LIFE OF HEL’ represents the establishment of a new IP monetisation platform set to elevate the LOH saga as the next global-scale manga and anime series. The LOH manga series consists of seven volumes, which will be physically published by Kadokawa Gempak Starz (Q4-23). An animated series is also in the pipeline for release on OTT streaming platforms. The first PFP drop of the LOH series is ‘LIFE OF HEL – Reapers‘.

[UPCOMING] Planet IX: Limited Edition – Corporation Avatar Pack

‘Planet IX Corporation Packs’ can be burned in the player’s in-game inventory. Burning these packs will then unlock Avatars from the Corporation Genesis Collection, consisting of characters representing various corporations in the Planet IX universe. These Avatars will have different utilities in the game, and their full story can only be obtained through the in-game inventory. Collecting multiple characters will allow players to uncover mysteries within the Planet IX universe. The Avatars are AI-analysed and stored as NFTs on the blockchain.

NFT Metrics

Blockchain Game Metrics

The following table shows selected top games by weekly volume in USD:

Gaming Token Performance

The total market cap for gaming tokens now stands at US$9.74 billion, surging by +20.2% from last week.

News Highlights

• Decentraland introduced personalised metaverse identities called Decentraland NAME, allowing users to claim unique names, access virtual spaces, and participate in platform governance.
• Memeland, a Web3 project built by 9GAG’s team, launched its MEME coin with a successful Fire Sale, selling out in 40 minutes and making $10 million in the first hour. The token has a total supply of 69 billion MEME and will be gradually unlocked over 18 months. Allowlist allocations are based on NFT holdings, and crews receive additional benefits. MEME is described as a meme coin with no promises or financial return.
• Async Art, a creator platform known for its pioneering role in the Web3 community, has announced its forthcoming closure. The platform allowed artists to create dynamic, multi-layered digital art that could change over time. However, the NFT space has evolved, leading to operational challenges and a shift in industry motivations. Existing Async NFTs will continue to exist on-chain, but the marketplace will stop supporting purchases by the end of 2023.
• ApeCoinDAO‘s Ape Improvement Proposal 337, which aimed to halve the monthly compensation of special council members, was rejected in a close vote. The justification for the proposal was to reduce the DAO’s monthly financial outlay and increase overall participation. The proposal arose amid criticism of the Special Council due to a drop in ApeCoin’s price and a controversial funding authorisation in July. Community members expressed different opinions, with some advocating for targeted incentives and performance bonuses instead of blanket salary cuts.

Recent Research Reports

• Research Roundup Newsletter [September 2023]: We present to you our latest issue of Research Roundup, featuring trending market insights in September, charts of the month, and our insights on the Ethereum Dencun upgrade.
• Ethereum: Dencun Upgrade and Proto-Danksharding: Ethereum’s next major upgrade is Dencun, which introduces Proto-Danksharding. We explore what it is and its benefits.
• Alpha Navigator: Quest for Alpha [September 2023]: Risk assets end 3Q 2023 mostly down on a QoQ basis, but YTD paints a more positive picture. Inflation retreats. The US avoids a government shutdown.

Recent University Articles

• What Is Stellar’s Lumen Token (XLM)?: Founded in 2014, Stellar aims to seamlessly connect banks, payment systems, and users with its decentralised blockchain network for quick, low-cost, and cross-border transactions.
• What Is Chainlink (LINK)?: Learn how Chainlink, a decentralised oracle network, bridges the gap between smart contracts and real-world data.
• What Is Shiba Inu (SHIB)?: Hailed as the ‘Dogecoin killer’ by some, here’s all there is to know about the canine-inspired meme coin Shiba Inu.

We’re all ears.

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Authors

Research and Insights Team

Disclaimer

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