STEPN reports US$122.5M profit in Q2 2022 through platform fees. Shanghai plans to cultivate a US$52B metaverse industry by 2025. Animoca Brands boosts valuation to US$5.9B after $75.32M funding round.
Key Takeaways
- Move-to-earn game STEPN reportedly generated US$122.5M profit in Q2 2022 through its platform fees. The funds will be used to improve the platform, including security and server enhancements, anti-cheat systems, expansions, partnerships, and a ‘buyback and burn’ program of its native token, GMT.
- Last Friday, the Shanghai city government released a policy paper outlining its plans to cultivate a metaverse industry worth US$52B by 2025, focusing on virtual reality headsets, chips, cloud computing, and 5G technology.
- Animoca Brands has completed its second funding round worth US$75.32M, boosting its valuation to $5.9B.
- The total market cap for GameFi tokens now stands at US$8.51 billion, down -7.9% from last week.
Highlights
- Vietnam’s Ancient8 gets US$6M to build infrastructure software for GameFi
- Disney launches startup accelerator program focused on NFTs and the metaverse
- Blockchain-based games see an uptick in users despite bear market conditions
- Believe it or not, metaverse land can be scarce after all
- Hyundai dives deeper into metaverse with NFTs, virtual clothing and more
- Volumes surge 205% in Axie revival as co-founder claims project is ‘healing’
- Playboy to build a ‘MetaMansion’ in the metaverse
- Chip maker Pringles is hiring for the metaverse
- KPMG adds metaverse hub to its client service
- Indie gaming studio Bravo Ready raises US$3 million seed round
- Axie Infinity Origin bug fixes and Challenger Mode changes
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Research and Insights Team
