Web3 Gamer: Apple to fix gaming? SEC hates Metaverse, Logan Paul trolled on Steam

19 June 2023

Cointelegraph By Callan Quinn

Gaming on Macs to suck less

Is Apple’s reign as the worst platform for gaming coming to an end?

Amid all the hype about their long-rumored VR/AR headset, which is slated for release in early 2024 (queueing outside the Apple Store starts in October), there are other signals that Apple might finally be sorting out its subpar gaming offering. It’s also releasing software that will make it easier to play Windows games on Mac.

Gaming on a Mac really sucks. Lots of games – particularly indie and early release ones – are not compatible. Keyboard mapping can be funky. To this day, I have been unable to attach special tackles to my fishing rod (no, that is not innuendo) on the Mac edition of Stardew Valley.

With VR games, it’s even worse. If you want to spend hours watching YouTube videos, you can get most VR headsets to somewhat work with a Mac. But right now, the only one that is really officially compatible seems to be the HTC Vive.

Are headsets the future of surfing the web? (Apple)

The downside of an Apple-native product is it comes with an Apple price tag: a hefty $3,499. It’s hard to justify that much money for exploring the empty, laggy metaverse when you could spend a few months traveling and seeing some of the coolest places in the actual world for the same price.

The endless legal wrangling over in-game virtual assets

The Sandbox, Decentraland and Axie Infinity’s tokens – SAND, MANA and AXS, respectively – made cameo appearances in the United States Securities and Exchange Commission’s June 5 complaint against crypto exchange Binance.

The complaint against the crypto exchange contains 13 charges, including that Binance sold unregistered securities. The SEC counted SAND, MANA and AXS among such securities – meaning it considers them to be types of investments, not currencies.

Speaking at the Non Fungible Conference in Lisbon, Portugal on June 7, The Sandbox chief operating officer Sebastien Borget said that his team was aware of the litigation but that they are not themselves subject to any.

“We do not necessarily agree with the characterization that’s been put in that litigation, including the qualification of SAND as a security there,” he said, adding that it would not change the company’s day-to-day business.

Since the announcement, eToro has said it will delist several tokens, including MANA, for US-based customers.

Making in-game currencies securities is a new twist in the mess that is bridging the gap between virtual gaming currencies and real-life money.

It’s not a new thing. The debate over the legal status of in-game currencies precedes even the invention of Bitcoin. Second Life got its first millionaire in 2006, and the question of who owes what to who has continued, exacerbated by the fact that many developers and creators already feel they pay large “taxes” to platforms.

Yet previous conversations have mostly been centered around making sure those that sell virtual assets or developer games on platforms are taxed correctly, not about investment and likely because Web2 digital currencies act more like, well, currencies.

At last check, the U.S. Internal Revenue Service doesn’t seem to be too concerned with digital currencies if they don’t leave a game.

Read also


Features

Crypto, Meet Fiat. You Two Should Get A Coffee Sometime


Features

The Becoming of Bitcoin: A Narrative Untainted by Illusions of Truth

Avalanche wants to help Web2 gaming leaders go Web3

The quest by blockchains to convert gaming companies to the dark side continues with Ava Labs’ launch of Arcad3, a program to help Web2 gaming giants “launch powerful blockchain deployments.”

Ava Labs, which has supported gaming companies in building out more than ten gaming subnets on Avalanche and over 100 Web3 games, will work with teams on game monetization, marketing, user acquisition and risk management.

Among the first companies taking part are Tokyo-based firms Gumi and GREE (not to be confused with the Chinese aircon giant GREE Electrics), as well as Shrapnel, DeFi Kingdoms and Gunz Chain by Gunzilla.

The team behind Shrapnel is among those taking part in the program. (Shrapnel/Avalanche)

GREE’s senior vice president for metaverse, Eiji Araki, said that he believed the program would help the company stay ahead on Web3 gaming and develop relationships with the studios who are experimenting in and building the space. It’s currently working on its first Web3 game, Project INCURSION.

“I can’t share any details other than the project code yet, but it will be a breakthrough title that successfully combines our nearly 20 years of mobile game development knowledge with the new essence of Web3,” he added in a statement.

GameStop’s CEO replaced by meme stock trading billionaire

So long, Matt Furlong.

The GameStop CEO and former Amazon exec was axed on June 7 following the end of his 24-month contract with the gaming retailer. During that time, he oversaw GameStop’s transition from a primarily brick-and-mortar retailer into a more internet-focused firm.

Ryan Cohen will replace Furlong. Cohen made his fortune founding online pet supplies retailer Chewy but is perhaps better known for his involvement with meme stocks. He successfully rallied people to invest in companies like Bed, Bath and Beyond and GameStop itself, causing their stock prices to skyrocket. Critics say he’s pumping and dumping.

He joined the board of GameStop in January 2021, became chairman of the board that same year and owns around 12% of the company.

Ryan Cohen is the new CEO of GameStop (Ryan Cohen/Twitter)

It seems much of GameStop’s subsequent forays into crypto came from Cohen. In February this year, it inked a deal with Immutable to build out GameStop’s NFT marketplace, due to debut later this year.

Read also


Features

Blockchain Startups Think Justice Can Be Decentralized, but the Jury Is Still Out


Features

Justin Aversano makes a quantum leap for NFT photography

Hot take: Crypto-themed games on Steam

Given a lack of interesting Web3 games that have landed on my desk over the past few weeks, let’s talk about non-blockchain-based games that are about crypto.

Steam may not allow crypto games, but it can do little about trading simulators and Bitcoin mining tycoon RPGs. None are hits. Most seem tongue-in-cheek.

Take Coin Invaders, for instance, which tells players they must save Bitcoin by destroying altcoins. It’s basically Space Invaders with extra steps, notes one reviewer.

Coin Invaders is one of several crypto-themed games on Steam. (Steam)

Or perhaps you’ll enjoy Crypto is Dead, in which an attack has crippled the world economy and physical currency has returned. It’s up to you to determine which bills are genuine and which are fake. Gripping stuff.

Then you can choose from the half-a-dozen-odd mining tycoon simulators, which require you to build mining rigs and businesses to cash in on cryptocurrency to varying degrees of complexity. One version even has a simplified edition for kids.

But perhaps the award for most amusing crypto-themed non-crypto game goes to CryptoZoo, which came out this February. I know what you’re thinking, and the answer is no: Logan Paul hasn’t yet made good on his promise of reviving the zombie project that earned him a whole series on crypto sleuth Coffeezilla’s YouTube channel.

Instead, the task of creating a CryptoZoo game was taken up by Rye Bread Games, who describes themself on Steam as a trader who makes games for fun.

Logan Paul getting trolled on Steam is an adage to the old saying, “If you want something done, do it yourself.” (Steam)

According to its deck, CryptoZoo is “…the best CryptoZoo on the market… the best of its kind… the best there ever will be…”

It may not involve NFTs, but at least players are getting their long-awaited chance to breed animals in scientifically impossible pairings.

Read also


Features

Daft Punk meets CryptoPunks as Novo faces up to NFTs


Features

Designing the metaverse: Location, location, location

Other Stuff

– Heroes of Mavia will release the first phase of its Beta game for Land NFT owners on June 30. The larger community will be able to play the game in the second phase from Sept 1 to Oct 31.

– Amazon’s Prime Gaming partnerships with Web3 companies continue. It’s gearing up for another deal with Mythical Games’ Blankos Block Party, whereby Prime members will be able to claim exclusive bundles for use in the game.

– Ahead of the expected launch of Otherside: Legends of the Mara this summer, Yuga Labs is ramping up the merch machine with KodaPendants for holders of Otherside Kodas and Vessels. The pendants are the first “relic” in the Otherside Relics by Gucci collection.

  

You might also like

Binance tightens South African compliance rules for crypto transfers  
Binance tightens South African compliance rules for crypto transfers  

Binance is set to implement new compliance measures for South African users, requiring sender and receiver information for all crypto deposits and withdrawals.In an announcement on April 23, the largest exchange in terms of daily trading volume of cryptocurrencies said the move comes in response to local regulatory demands.Starting April 30, Binance users in South Africa will be prompted to provide additional information when transferring crypto.For deposits, users must disclose the sender’s full name, country of residence, and, if applicable, the name of the originating crypto exchange. Similarly, withdrawals will require beneficiary details before processing.Binance to require information for all crypto transfers in South Africa. Source: BinanceThe update will only impact crypto deposits and withdrawals, leaving trading and other platform features unaffected.Related: US judge transfers Binance lawsuit to Florida, citing first-to-file ruleMissing transfer details may reverse transactionsBinance warned that failure to provide the required information may result in delayed transactions or, in some cases, a return of funds to the sender.In preparation for the rollout, users will need to re-login to their accounts starting April 24.The change comes as South Africa moves to boost oversight of the rapidly moving crypto sector.On April 2, Bloomberg reported that South Africa’s Revenue Service (SARS) is urging individuals, crypto exchanges and intermediaries involved in crypto transactions to register with the authority, warning that failure to do so is now illegal.In March, the Financial Sector Conduct Authority (FSCA) of South Africa issued a public warning against two unlicensed crypto firms, Afriinvest and Mutualwealth, accusing them of soliciting investments while promising unrealistic returns of up to 10,000 rand ($542) per day.Related: Binance, KuCoin, MEXC report service issues due to AWS network interruptionSouth Africa pushes to become key crypto hubEmerging economies across Africa, particularly South Africa, are positioning themselves as potential digital asset hubs amid growing regulatory clarity, Ben Caselin, chief marketing officer (CMO) of Johannesburg-based crypto exchange VALR, told Cointelegraph in September 2024.Caselin said that South Africa’s strong legal framework and ease of business make it a key entry point for crypto expansion across the continent.The South African crypto market is projected to generate $278 million in revenue in 2025, with expectations to grow at a compound annual growth rate (CAGR) of 7.86% and reach $332.9 million by 2028, according to Statista.Revenue in South Africa’s crypto market is expected to grow by 7.86% by 2028. Source: StatistaRegulatory momentum is increasing, with the FSCA approving 59 crypto platform licenses in March 2024, while over 260 applications remain under review.Cointelegraph contacted Binance for comments but did not receive a response by publication.Magazine: Former Love Island star’s tips on how to go viral in crypto: Van00sa, X Hall of Flame

SEC says it won’t re-file fraud case against Hex’s Richard Heart  
SEC says it won’t re-file fraud case against Hex’s Richard Heart  

The US Securities and Exchange Commission has said it doesn’t intend to refile its securities fraud complaint against Hex founder Richard Schueler, who goes by Richard Heart.“Plaintiff Securities and Exchange Commission provides this notice that it does not intend to file an amended complaint in this matter,” the regulator’s lawyer, Matthew Gulde, stated in an April 21 letter to New York District Court Judge Carol Bagley Amon. The court had previously dismissed the SEC’s original complaint on Feb. 28 as Judge Amon said the regulator failed to establish that it had jurisdiction over Heart’s activities, which she said were not specifically targeted at US investors.She granted leave for the SEC to file an amended complaint by March 20, later extending the deadline to April 21.Heart posted to X on April 22 that “Richard Heart, PulseChain, PulseX, and HEX have defeated the SEC completely and have achieved regulatory clarity that nearly no other coins have.”Letter from the SEC to Judge Amon. Source: PACERHeart added that the SEC walked away from some of its other cryptocurrency cases voluntarily, but claimed his was the only case where “the SEC lost and crypto won across the board, with a dismissal in court of every single claim the SEC brought.”Heart said it was a victory for open-source software, cryptocurrency and free speech because the SEC “actually sued software code itself in this case.” SEC hunted Heart in FinlandThe SEC sued Heart in July 2023 for alleged unregistered securities offerings of three tokens, HEX, PulseChain (PLS), and PulseX (PSLX), claiming he made more than $1 billion by touting the tokens as a “pathway to grandiose wealth for investors.”In April 2024, Heart tried to have the suit tossed, claiming the regulator “has no sway over him,” because he didn’t reside in the United States. Related: Finnish police seize watches worth $2.6M from Hex founder Richard Heart: ReportThe SEC opposed this in August, claiming he touted the tokens at a Las Vegas event. In December 2024, Interpol issued a Red Notice for Heart, seeking his arrest in Finland, where he was also suspected of tax evasion. The PulseChain native token (HEX) hit an all-time high of $0.031 in December 2024 but has since tanked 76% as most altcoins have failed to follow Bitcoin’s momentum this year. The SEC has dropped or suspended several cases against crypto firms so far this year under the Trump administration.Magazine: Altcoin season to hit in Q2? Mantra’s plan to win trust: Hodler’s Digest

Australia’s top court sides with Block Earner, dismisses financial regulator's suit  
Australia’s top court sides with Block Earner, dismisses financial regulator's suit  

The Federal Court of Australia has sided with fintech firm Block Earner in an appeal against a ruling that found it was required to hold a financial services license for its now-discontinued crypto-related products. Block Earner’s crypto-linked fixed-yield earning product is not a financial product, or a managed investment scheme, and is not a derivative under the Corporations Act, Justices David O’Callaghan, Wendy Abraham and Catherine Button said in an April 22 judgment. The trio said Block Earner’s yield product couldn’t be classed as an investment or financial product because users loaned crypto under fixed terms for interest payments and didn’t pool contributions to generate further benefits. The terms and conditions framed it as a loan, and users had no exposure to the firm’s business outside of the agreed interest rate, they added.A court has dismissed the legal proceedings against Block Earner and ordered Australia’s financial regulator to pay costs. Source: ASICThe Australian Securities and Investment Commission (ASIC), which first brought the case, has been ordered by the court to pay costs for the proceedings, including appeals. The regulator said in an April 22 press release that it is currently “considering this decision.”Block Earner’s chief commercial officer, James Coombes, told Cointelegraph the court decision brings clarity that crypto assets shouldn’t be treated differently from other asset classes when applying existing laws. “Our product was simply defined as one where customers would lend their assets to us for a fixed return, there was no share in the upside of the pool of assets and as such no Managed Investment Scheme existed,” he said. “The fact that it included crypto assets should not alter that simple definition, and I believe this case forms a bedrock for ambitious brands around Australia to build from.”An ASIC spokesperson declined further comment.Earner product won’t make a return Despite the win in court, Block Earner will not be reviving its Earner product after axing it when legal proceedings began, but Coombes said that “crypto-backed loans products remain the core focus of the company.”“Regulation going forward is not an easy task, and we empathise with the regulators on this point,” Coombes added. “We hope a collaborative process can bring about positive change.” Related: Australia outlines crypto regulation plan, promises action on debankingASIC launched civil legal proceedings in November 2022, arguing that Block Earner needed an Australian Financial Services License to offer its three crypto-linked fixed-yield earning products.In February 2024, an Australian court initially found the fintech firm would need a financial services license to operate its crypto yield-bearing products. Another June 2024 ruling released Block Earner from any financial penalties because it had “acted honestly” and pursued its legal opinions before launching the products, which ASIC appealed.Magazine: SEC’s U-turn on crypto leaves key questions unanswered

Open chat
1
BlockFo Chat
Hello 👋, How can we help you?
📱 When you've pressed the BlockFo button, we automatically transfer to WhatsApp 🔝🔐
🖥️ Or, if you use a PC or Mac, then we'll open a new window to load your desktop app.