Web3 Weekly 10/12

🟨 Big Time Token Pamppp, Yuga's Big Bet on Otherside, Rocket League Ends Trading, and more big gaming news

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Web3 No Re
October 12, 2023

Gm ga and gn gamers!

I hope you all have been enjoying the SBF trial as much as we have. We’re not exactly quants, but confidence about trading is at an ATH after finally having someone to blame for liquidated BTC longs. All that plus bribing foreign officials, creating crypto accounts for Thai prostitutes, scamming princes… every day just keeps getting better.

We can only hope this case inspires federal courts to allow cameras in courtrooms and other bad actors in this industry to plead not guilty despite overwhelming evidence against them.

Someone needs to put the courtroom sketch artist on to NFTs

Enough fraud, let’s get real (but not in a real estate ‘backed’ stablecoin sort of way). Here’s what’s on the docket for this week’s Web3 Weekly:

  • Big Time Token Pamppp

  • Change Log

  • Yuga’s Big Bet on Otherside

  • Rocket League Ends Trading

  • Other News

Big Time Token Pamppp

Big Time’s latest patch (v0.28) is here. With player data resets due to inventory tweaks, the continuation of Benjamin Franklin’s Quest Line, and Cyberpirates stirring chaos, there’s a lot to unpack. But let’s dive into the real star of the show: the economy!

The player craftable economy has officially launched, and it’s all about $BIGTIME. Players can now craft Hour Glasses, unlocking $BIGTIME drops throughout the cosmos. By completing quests and defeating enemies, players gather $BIGTIME, Time Crystals, and other crafting materials. You can also craft your very own Cosmetic NFTs in your Personal Metaverse! From Armories to Time Wardens, the crafting world is your oyster.

$BIGTIME Top Three Holders (Source: Etherscan)

As of writing, $BIGTIME is $0.24 and has surged nearly 300% since its launch on Wednesday. Although some are touting a billion-dollar FDV, it appears that the top three wallets are holding 96.5% of the supply, meaning the amount of tokens actually in circulation is quite small.

Change Log

Yuga’s Big Bet on Otherside

On Friday, Yuga Labs announced on Twitter that it would be restructuring its internal teams and laying off over 120 employees. The restructuring that mostly affected US-based employees came as part of a decision to go “all-in” on Otherside.

Gaming layoffs are clearly on the rise, and with Yuga’s growing model of web3 gaming, they seem to have unfortunately been added to the mix. Nearly 60 gaming companies announced layoffs in the second half of 2023, affecting over 2500 employees according to data compiled on videogamelayoffs. But Yuga’s decision to “double down” on gaming and downsize other initiatives seems to fly in the opposite direction of the industry.

Yuga’s portfolio includes some of the most successful “blue chip” NFT projects like BAYC, Crypto Punks, and Meebits. Its gaming portfolio, mostly centered around the Otherside universe, includes LOTM, HV-MTL, and Wreck League. With mixed results and reviews on their initial gaming strategy, it’s a bit surprising that the team would elect to put this much focus on a new area of their business that has had a “few rocky rollouts.” One thing is clear from the statement: Yuga Labs is very bullish on web3 gaming.

Rocket League Ends Trading

In an Epic move, Rocket League has decided to ban P2P trading. Despite the decision to end item trading and transfers between players being one of the biggest updates to the game in a long time, the community has made it pretty clear that it would have rather had literally anything else.

The news comes as Rocket League updates like its planned upgrade to UE5. Overall, things have not been looking good for the game, and the seemingly random decision has made things a lot worse for players. During Epic’s recent layoff last month, 80% of Psyonix employees were let go, leaving players worried about the future of the game.

If only there were some way for players to take control over their in-game assets so that people like Tim Sweeney couldn’t limit or remove their ability to transfer their items freely…

Other News:

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