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Hello reader,
Back in 2021, I worked on an episode of Tech in Asia Explains focused on non-fungible tokens.
One point of discussion was the use of NFTs in blockchain gaming: getting a super cool car while playing Gran Turismo 7 and then being able to use it in Grand Theft Auto or having access to a limited-edition character skin that would still exist (and hold value) even if a game shuts down its servers – that kind of stuff.
Still, while there’s so much hype around blockchain gaming, it hasn’t really hit the mainstream. In particular, we haven’t really seen any AAA games come up on the chain, but there’s at least one blockchain firm trying to change this: Singapore-based Oasys.
Today we look at:
- Oasys, a blockchain backed by Sega, Bandai Namco, and Square Enix
- An online retail insights company that’s raised some cash
- Other newsy highlights such as the launch of Pinduoduo’s sister app in Canada and the lawsuit filed by FTX investors against the exchange’s VC backers
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One step closer
Image credit: Timmy Loen
Oasys, which aims to help mainstream developers enter the cryptoverse, started operations in February 2022, launched its mainnet last October, and has raised US$20 million in seed and venture funds to date. Apart from attracting some pretty big gaming giants as investors, here’s a look at how it’s doing.
- In the works: There are 12 playable games on the Oasys blockchain as of February 16, and the firm wants 20 titles running on it by the end of the second quarter. It hopes to see its first AAA games from Sega later this year as well.
- Problem-solving: A challenge that traditional game publishers face is introducing games to a new platform. Bugs and development issues are not uncommon, and the crash of one game on a blockchain could crash all the others. Oasys solves this by “splitting” the chain – while the infrastructure layer or Layer 1 will still be used by all, in-game transactions will be processed on Layer 2. Each game and title will have its own L2, so a crash wouldn’t affect anyone else on the blockchain.
- Other roadblocks: Oasys still has several hurdles it has to address, such as getting traditional gaming firms to adapt to challenges brought about by injecting an unregulated token economy into games. Navigating regulatory issues related to Japanese laws around gambling and digital tokens is also a concern.
Read more: Why are Sega, Bandai, Square Enix backing this blockchain?
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