We're changing things up this week while the deep work takes shape on the game demo and preparations to share for feedback sessions are arranged. We thought we'd take a step back and highlight a few things that caught our eye this past 2 weeks out in the wilds. Buckle up brosephs, here's what we found.

The ever-evolving realm of Crypto and Web3 is teeming with groundbreaking developments and significant shifts. This week has been particularly eventful, touching on areas from gaming to NFT marketplaces decline and the broader cryptocurrency market. Here’s an overview of the main highlights that caught our eye and some thoughtful commentary on these crucial events.

Web3 and Gaming: Current Landscape

Gaming within the Web3 ecosystem continues to show remarkable potential, blending immersive experiences with decentralized technologies. Major players in the gaming industry are increasingly exploring blockchain-based solutions, aiming to offer gamers verifiable ownership of in-game assets through NFTs. This shift heralds a new era where players gain more control and financial stake in their digital engagements. However, it’s essential to recognize that while enthusiasm is high, widespread adoption still hinges on overcoming technical and regulatory challenges. We're mindful that bigger game studios appetite for Web3 adoption is brewing but no one entity is willing to go all in right now. Maybe it's market sentiment, maybe it's the gamer's reluctance around NFTs and the negativity that has surrounded the hype over the past 3-4 years, who knows, but it feels like something is brewing and we can't wait to be a part of it, if only a small part to begin with. Game7's Youtube Channel interviewed Simon Davis - FOunder CEO of Mighty Bear Games recently who shared his experience and thoughts on the current state of the relationship between Founders and Communities in web3, a great watch when you have 30mins:

Immutable X's Strategic Shift

One of the standout stories this week is Immutable X’s decision to shutter their NFT marketplace. Instead of competing head-on with other platforms, Immutable X has opted to partner with leading marketplaces. This move underscores a growing trend towards collaboration over competition in the Web3 space. By leveraging the strengths of established marketplaces, Immutable X aims to streamline user experiences and broaden the reach of their Layer-2 scaling solution for Ethereum. This strategy could very well set a precedent for other projects prioritizing scalability and user accessibility over direct competition.

NFT Market Trends: A Declining Curve

NFT sales have seen a noticeable decrease month-on-month, prompting discussions about the sustainability of the NFT boom. While some skeptics point to this trend as evidence of a bursting bubble, others argue that it signals a maturing market. The decline may drive creators and platforms to focus on quality and utility over sheer volume, potentially leading to more meaningful and valuable NFT offerings. Balancing hype and substance will be critical for the long-term health of the NFT ecosystem. Interestingly August saw between a 6-8% increase in sales but a decline in market participation, which may hint at a shake out of many fringe speculators in favour of die hard project supporters and believers in the true growth potential of this sector of the industry. Maybe we've hit the bottom of the curve and as YAz would say back in the day "The only way is up" Baaabeee!

Cryptocurrency Market Fluctuations

Last week witnessed a sharp drop in the prices of Bitcoin and Ethereum, with ethereum dipping under $2000 for the first time in 2024, shaking investor confidence. The sudden dip was attributed to a mix of macroeconomic factors and regulatory pressures. However, the market has shown resilience, with prices beginning to recover swiftly as Eth recovers to over $2,500 as of the weekend. Such volatility is not uncommon in the crypto space, but it serves as a stark reminder of the risks involved. For seasoned investors, these fluctuations often present buying opportunities, while newcomers might find the unpredictability daunting. Alt coins and Memes still dominate Market Caps at present, which for some institutional investors may seem outrageous, but it's turning heads and we're even seeing institutional backers elect to take a stake and a punt into the meme world to speculate on the trend even further.

One Other Noteworthy Highlight

Aside from the major headlines, one other noteworthy development emerged this week in Web3:

Hamster Combat CEO rejects VC offers in favour of players: https://t.me/s/hamster_kombat
Hamster Manifest

🐹Dear CEOs🐹

Since our explosive growth began, we’ve received numerous investment offers from some of the biggest venture capital firms in the Web3 space. We’ve turned down every single one.

To this day, Hamster Kombat doesn’t have any external investors.

Why, you ask?

First and foremost, we value you—our players—far more than any investor. The only way to obtain the future $HMSTR token is by playing the game. 60% of the total supply is reserved for the players, with the rest reserved for providing market liquidity, future ecosystem partnerships and grants, rewarding squads, and other items.

This approach ensures that everyone has the same opportunity, regardless of wealth. In Hamster Kombat, anyone can win, and ultimately, we all win together.

We love this manifesto and conviction to stick to their guns and ensure players and early adopters to the core values and gameplay are the ones to be rewarded first and foremost. Only being able to earn the token through playing, nothing else. A reserved amount of up to 60% for players is huge. We love this approach and similarly $FOOD will be earned in the same way through social proof and gaming rewards in the Hangry Animals game. A $FOOD migration and allocation announcement will follow when the Game Demo has been put through its paces.

Looking Ahead

The Web3 landscape is dynamic and full of potential. As we move forward, the interplay between technological advancements, regulatory frameworks, and market dynamics will shape the future of this space. It’s an exciting time for both developers and users, as innovations continue to push boundaries and redefine digital interactions.

This week's events highlight the rapid pace of change and the complex nature of the Crypto/Web3 industry. From gaming and NFTs to market trends and regulatory shifts, each development adds another layer to the evolving narrative. Staying informed and adaptable remains key for anyone navigating the Web3 world. Stay safe out there, Stay Hangry.

For more content and up to date posts, join us on X or visit the website for some juicy visuals to keep you frothy! TIll next week, Hangry Out.