Alibaba to Auction Gaming NFTs
The Punters Pick #15 — Chinese ecommerce giant Alibaba to launch auctioning marketplace for digital art and gaming-based NFT assets
The introduction of non-fungible tokens (NFT) into the online gaming industry is creating a lot of interesting dynamics in the industry. An industry that used to be exclusively focused on entertainment is evolving into an entertainment-earning hybrid as gamers worldwide turn to NFT-focused games to potentially generate an income.
Major enterprises like Alibaba are providing infrastructure to cater to the increasingly NFT-fueled blockchain gaming industry. Blue-chip enterprises are recognizing the fast-paced innovation in the field and are scrambling to provide infrastructure to cater to the growing market.
In the latest Punters Pick, we highlight some of the recent innovations in the gaming market, mainly in the area of NFT integration. We also highlight the entry of Alibaba and detail the auctioning market they will provide for digital art and various gaming-based NFTs.
CryptoPunt Development Update
Over the past week, we have made further progress on the Blackjack game while also making some broader frontend and backend improvements. As CryptoPunt approaches its alpha launch, we are ensuring that both the games and wider platform are optimized and ready for users. We also carried out a brainstorming session among the development team over the past week to help inform some upcoming decisions like PUN fees, tokenomics, and theme colours.
Blackjack progress
- We have fully implemented the logic for the Blackjack game including functions such as double down and split.
- We resolved a minor issue in the game’s smart contract which was identified last week.
- The frontend of the Blackjack game was further improved including adjustments to the room table and card dealing
- We will continue to make further improvements to the game’s smart contract over the coming week and implement code related to the buy-in and also the ability to facilitate multiplayer sessions.
Frontend and backend refinements
- New theme implemented on the frontend
- Implemented the capability for multiplayer sessions on the game’s main contract
- Improved security and PUN token functionality on the backend
- Over the coming week, we will finalize features related to fees and token rewards
Brainstorming session:
- Considered the fees to collect for various games and features
- Considered various ideas for game and theme customization
- Brainstormed NFT-based play-to-earn games
- Thought through various Tokenomics such as treasury and burn ratios
After our brainstorming, we are prepared to continue pushing CryptoPunt development forward at a fast pace over the coming weeks. We have carefully considered how the next-generation gaming platform should be designed and structured and we will implement these considerations over the following weeks. When CryptoPunt, users and PUN token holders can look forward to a sublime and easy-to-access gaming experience.
Check out the Jackpot Game between 2 players
Alibaba launches NFT auction site
NFTs can provide a bridge between the virtual world and the real world. Physical assets like artwork and collectables can be tokenized and issued as NFTs. NFTs can also exist solely in digital format, giving rise to blockchain-based digital assets that can be easily traded and bestow certain privileges on holders.
Digital art and online gaming are two of the industries that are experiencing the highest level of NFT adoption. Artists are able to sell their art in new and unique ways while gaming platforms are able to integrate an asset that incentives and encourages gaming activities.
“Play-to-Earn” games are a growing field of games that immerse NFTs into their platforms to incentivize players to collect and trade these assets. Blockchain games like Cryptoblades, My DeFi Pet, and Axie Infinity are among the games where integrated NFTs give users the possibility to compete for NFT assets and exchange these to earn a real-world income.
More platforms are beginning to integrate NFTs in different ways. This is opening up more opportunities for netizens who find useful and profitable opportunities on such platforms. Chinese e-commerce giant Alibaba recently launched an NFT auction site. The site is expected to serve digital artists and game developers by allowing them to auction their NFT assets.
Alibaba’s NFT platform is already up and running as some creators are already listing their digital content on the platform. Bidding on the marketplace will not start until September. Some of the items already listed on the Alibaba NFT marketplace include a painting of a landmark in Sichuan, “Star Wars” based arts, and NFTs from video games such as “Wasteland 2” and “Grand Theft Auto”.
Alibaba is not the only one anticipating that the sale of digital content will be a massive market. Delphi Digital analyst Piers Kicks expects the market for digital content to grow to $300 billion.
SwapXI is a decentralized platform that is also providing infrastructure targeted at the growing blockchain-based gaming market. According to a press release by the platform, its new project is aimed at providing a payment gateway for the gaming community. This gateway will create a bridge between the virtual gaming marketplace and the outside world, making it easy for the value derived from gaming exercises to be easily retrievable in the mainstream.
Projects like CryptoPunt are also facilitating broad access to the blockchain gaming industry. The permissionless access of CryptoPunt enables anyone with an Ethereum-based wallet to participate in popular blockchain games.
Blockchain technology is changing the gaming industry. The immersion of NFTs into gaming platforms is not the only way that the industry has been innovating. The decentralized and permissionless nature of blockchain technology is facilitating access and ownership in ways that were previously impossible. We will continue to cover how this fast-paced industry is evolving in future releases of The Punters Pick.
About CryptoPunt
CryptoPunt is a next-generation gaming and gambling Dapp. Underpinned by the Ethereum blockchain, CryptoPunt is positioning itself to be the leading blockchain-based gaming application. Users can start gaming in less than one minute with no KYC or registration process. CryptoPunt will offer a broad suite of games, including an option that has a virtual world and an in-game economy.
