Welcome to This Week in Crypto, your go-to source for the latest updates in the world of cryptocurrencies and blockchain technology. In this edition, we’ll be covering some exciting developments and challenges in the crypto space. We’ll dive into the highly anticipated launch of Eyeball Pool, a mobile game merging pool gameplay with the power of non-fungible tokens (NFTs). We’ll also explore Bluesky, the decentralized alternative to Twitter, as it secures significant funding and introduces paid services. Additionally, we’ll discuss the recent volatility in the NFT market, with renowned projects like the Bored Ape Yacht Club experiencing sharp price declines. Stay tuned for all the insights and highlights in this week’s edition of This Week in Crypto!
Eyeball Games to Launch Eyeball Pool, A Mobile Game Integrating Pool Gameplay and NFT Ownership
Mobile game startup Eyeball Games is developing a new game called Eyeball Pool that combines digital pool games with non-fungible tokens (NFTs). Built on Immutable zkEVM, an Ethereum scaling network created by Immutable Games and Polygon, the game will allow players to own and trade unique pool cues and potentially benefit from an in-game token. Eyeball Pool draws inspiration from the successful 8 Ball Pool and aims to revolutionize the way players engage with pool games by creating an in-game ecosystem for vibrant communities. The game is scheduled for release in Q1 2024 following beta testing.
Eyeball Games had previously developed Eyeball Pool on the Cronos blockchain network, but ultimately chose Immutable zkEVM due to its focus on gaming. By partnering with a specialized chain, the company aims to expedite the market launch, reach a wider audience, and streamline player onboarding. The game will offer exclusive in-game rewards to NFT holders, and a series of Balldroid NFTs tied to Eyeball Pool will be released on the Immutable X Ethereum scaling network, providing additional benefits and access to an ad-free version of the game.
Decentralized Twitter Alternative Bluesky Secures $8 Million in Funding
Decentralized social media platform Bluesky has raised $8 million in a seed funding round led by Neo, a community-led VC funding firm. The funds will be used to expand the team and enhance the decentralized AT Protocol that powers the Bluesky app. Bluesky, positioned as an alternative to Twitter, originated from Twitter itself, which funded an independent team to work on an open and decentralized social media standard in 2019. Bluesky became an independent organization in 2022 and released its beta app on the App Store a year later.
Bluesky aims to sustain social networks without relying on selling user data for ads. They have introduced paid services, starting with custom domains offered in partnership with Namecheap, allowing users to set a custom domain as their handle on Bluesky. Over 13,000 users have already repurposed existing domains or purchased new ones for use on Bluesky. The company is also developing the AT Protocol ecosystem alongside the Bluesky app and has garnered users such as U.S. Senators who have verified their identity on the platform using the senate.gov domain.
NFT Market Volatility Continues: Bored Ape Yacht Club and Mutant Ape Yacht Club Witness Sharp Floor Price Declines
The NFT market is experiencing a turbulent week as widespread selling causes concerns among collectors and investors. Prominent NFT projects like the Bored Ape Yacht Club are seeing significant price drops, reaching multi-year lows. The Bored Ape Yacht Club, once synonymous with NFTs, achieved peak minimum prices of $429,000 in April 2022. However, the declining NFT market has caused the floor price of Bored Ape NFTs to plummet to around $55,000 (28.5 ETH), marking a 20% dip in USD value over the past week and an 88% decline from its peak.
The Mutant Ape Yacht Club, a follow-up project, has also seen its floor price drop to about 5 ETH ($9,100 worth), the lowest recorded value since its launch in 2021. The recent flood of Bored Ape NFTs hitting the market, including those sold by notable collector Jeffrey Huang, has contributed to the price instability.
