Web3 game Illuvium sells out digital land

GM. Today we are going Web3 game heavy because that is where the next mega trend is. Fortunes will be minted in the next bull market in Web3 gaming. We dive into a few projects below. Let's go!

Today's Topics:

• Web3 game Illuvium sells over $72M in land

• Gala Games is launching GRIT

• Deep dive on FRAX the 2nd largest stablecoin

• Quick Links

Web3 game Illuvium sells over $72M in land

First it was Bored Ape Yacht Club selling out their Otherdeed land a month ago. Now Illuvium, a ETH based RPG with massive hype has also sold out all their digital land.

Sales began last Thursday and ended on Sunday. Almost 20,000 plots of land were sold at a total value of more than $72M. Quite impressive since we are in a crypto bear market. Even more impressive is the game won't come out until later this year. So they collected the money before really building anything?! Yea.

In the traditional game development model AAA game titles cost about $60-80M to launch. Deep pocketed game studios like EA and Activision fund the projects. Success is not guaranteed which is why you see tent pole titles like Call of Duty and Madden just drop updates every year.

Projects like BAYC's Otherside and Illuvium are proving you can collect money up front before game production is complete. This lowers the risk for title developers and also gives participants upside. Illuvium has an ILV token that can be staked. ILV stakers will be redistributed a portion of ETH from the sale.

Our Take: We are very bullish on Web3 gaming. Mainstream game studios are starting to jump in and the next major game studio could be native to Web3.

Gala Games plans to launch GRIT shooter

Gala Games is launching a Wild West battle royale game later this year. The game will be the first Web3 game to launch in the Epic Game Store. This is the opposite of rival game marketplace Steam who has banned NFT and crypto games. Guess they are not HODLing?

GRIT will follow a free-to-play model on PC with users owning NFT assets. The NFTs can be bought, sold, and used for game play. The team will drop 10,000 player avatars which players can customize. Why does every NFT project use 10,000 as the magic number?

GRIT is looking to mimic Fornite where players get dropped into a killing spree with the last man standing. Due in late 2022.

The avatars are being sold this week at an event in Malta aptly titled "Gunslinger's Box" sale. Follow them on twitter for updates.

Deep dive on FRAX the 2nd largest stablecoin

A must read thread for those thinking about stabling up in FRAX.

OxHamZ suggestions to the FRAX team:

• Create a deposit bearing = stFRAX

• Create vaults that lock liquidity for a fixed return = stFRAXv

• Vaults will be matched with accretive loans

• Loans will be divided into senior / junior tranches to deliver optimal risk adjusted returns

Solid suggestions before we ape into FRAX ourselves.

Quick Headlines

Elon Musk trying to bail on Twitter Deal - He is accusing Twitter of not accurately portraying spam/bot activity and thus breaching the deal.

Visit the Quantum NFT Gallery in Los Angeles - The founder Justin Aversano says, "We want to have 20 to 50 spaces around the world."

SEC looking into Binance BNB ICO - Regulators are looking for violations from the 2017 launch.

Funding News:

Binance Labs investing in PancakeSwap - PancakeSwap is an automated market maker supporting the BNB Chain with over 400,00 daily active users and $4.82B TVL.

Hacks & Scams:

Reuters calling out Binance for laundering $2.35B+ in illicit crypto funds - Binance denies accuracy of report.

IRA Financial Trust suing Gemini over $36M Bitcoin Theft - Gemini is denying wrongdoing.

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Disclosure: We are a newsletter for information only. We are not financial advisors nor do we claim to be. Consult your legal, investment or tax advisor. Crypto is risky. Do you own research.