Crypto Biz: The return of Web3 gaming, Binance appoints board, and more
This week’s Crypto Biz explores the gaming industry’s renewed optimism, Binance’s first board of directors, Paradigm’s new crypto fund and how Bitcoin miners are gearing up for the halving.
The gaming industry is set to release a massive crop of games in 2024, following a few years of development since the last bull cycle, with game developers reimagining business models to attract and retain players amid growing competition.
Metaverses, nonfungible tokens (NFTs) and even play-to-earn features are still on the table for some studios. Game developer Illuvium, for instance, is working on an interconnected environment that will combine three different titles under the same experience.
In addition, Illuvium’s upcoming release will offer a revenue-sharing model. “We take all the in-game revenue from players spending to travel, cure shards, purchase cosmetics, and fuel and then use it to buy ILV off the market. We then take the ILV and distribute it to stakers in the protocol. The longer you stake, the higher the amount you receive from each distribution,” Kieran Warwick, Illuvium’s co-founder and CEO, told Cointelegraph.
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