Zone, the first GameFi ecosystem on the Algorand blockchain, raised $2.35 million in new funds before its initial dex offering on January 15.
The latest funding was raised from investors in the cryptocurrency financing and launch pad spaces, including DAO Maker, GSR, Altonomy, Enjinstarter, SuperLauncher DAO, MH Ventures, ZBS Capital, Tag Ventures and K300 Ventures, and brings the UAE-based Zone's total amount secured to $4.35m.
“We see Zone as proof that Algorand is the future of GameFi. The market now has a GameFi ecosystem that supports everything, all without very high fees that discourage user adoption. Institutional investors can see where the market is shifting, and this proves that," Adi Mishra, founder of Zone, said on Tuesday.
GameFi – or gaming finance – combines gaming, decentralised finance and the opportunity to earn, whether in cryptocurrency or cash. This allows anyone to access and generate financial means by simply playing games.
Players can trade for non-fungible tokens – virtual assets that are unique, cannot be replaced with others and can be sent to other digital wallets – such as swords or other in-game items. The NFT market hit $41 billion in value at the 2021, according to blockchain data firm Chainalysis.
A notable example is the game Axie Infinity, where digital pets are bred and pitted against each other. In the Philippines, it became so popular that it became the main source of income for some people, CNBC reported.
The overall gaming market has also been increasingly catching the eye of investors. The top 15 venture capital funds dedicated to gaming have almost $2.5bn in assets under management, according to advisory firm Games One – and the gaming business existed without dedicated venture capital for the first 38 years.
Zone counts Marwan Al Zarouni, the chief executive of the Dubai Blockchain Centre, as one of its advisers. While preparing for its IDO – a type of decentralised crowdfunding platform – Zone took on Sebastien Borget, co-founder and chief operating officer of The Sandbox, and John Linden, chief executive of Mythical Games, as advisers.
It attracted $1.6m in an oversubscribed seed round last October.
The market now has a GameFi ecosystem that supports everything, all without very high gas fees that discourage user adoption. Institutional investors can see where the market is shifting, and this proves that
Adi Mishra,
founder of Zone
Zone has been on the Algorand testnet – an alternative blockchain used for testing – since November.
The games that use Zone and Algo tokens include Chess, Clash Royale, League of Legends and Dota 2.
Algorand – which styles itself as "the future of FinanceFi" – uses a pure proof-of-stake protocol built on Byzantine consensus, in which each user's influence on the choice of a new block is proportional to its stake, or number of tokens, in the system. Users are randomly and secretly selected to propose blocks and vote on block proposals.
It has been dubbed as the "Ethereum killer", alongside other alternative crypto coins such as Solana and Polkadot, because it is more energy-efficient and cost-effective compared to the world's second-biggest cryptocurrency.
Algorand is one of the lesser-known cryptocurrencies, with a market capitalisation of almost $9bn on Tuesday – a mere 1 per cent of industry-leading Bitcoin's over $792bn, according to CoinMarketCap. Its price was down 2.4 per cent in the past 24 hours.
Key findings of Jenkins report
- Founder of the Muslim Brotherhood, Hassan al Banna, "accepted the political utility of violence"
- Views of key Muslim Brotherhood ideologue, Sayyid Qutb, have “consistently been understood” as permitting “the use of extreme violence in the pursuit of the perfect Islamic society” and “never been institutionally disowned” by the movement.
- Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
- Laying out the report in the House of Commons, David Cameron told MPs: "The main findings of the review support the conclusion that membership of, association with, or influence by the Muslim Brotherhood should be considered as a possible indicator of extremism."
UAE currency: the story behind the money in your pockets
LA LIGA FIXTURES
Friday (UAE kick-off times)
Levante v Real Mallorca (12am)
Leganes v Barcelona (4pm)
Real Betis v Valencia (7pm)
Granada v Atletico Madrid (9.30pm)
Sunday
Real Madrid v Real Sociedad (12am)
Espanyol v Getafe (3pm)
Osasuna v Athletic Bilbao (5pm)
Eibar v Alaves (7pm)
Villarreal v Celta Vigo (9.30pm)
Monday
Real Valladolid v Sevilla (12am)
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A Prayer Before Dawn
Director: Jean-Stephane Sauvaire
Starring: Joe Cole, Somluck Kamsing, Panya Yimmumphai
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Pharaoh's curse
British aristocrat Lord Carnarvon, who funded the expedition to find the Tutankhamun tomb, died in a Cairo hotel four months after the crypt was opened.
He had been in poor health for many years after a car crash, and a mosquito bite made worse by a shaving cut led to blood poisoning and pneumonia.
Reports at the time said Lord Carnarvon suffered from “pain as the inflammation affected the nasal passages and eyes”.
Decades later, scientists contended he had died of aspergillosis after inhaling spores of the fungus aspergillus in the tomb, which can lie dormant for months. The fact several others who entered were also found dead withiin a short time led to the myth of the curse.
The specs: 2018 Maserati Levante S
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Transmission: Eight-speed automatic
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Fuel economy, combined: 10.9L / 100km
How Filipinos in the UAE invest
A recent survey of 10,000 Filipino expatriates in the UAE found that 82 per cent have plans to invest, primarily in property. This is significantly higher than the 2014 poll showing only two out of 10 Filipinos planned to invest.
Fifty-five percent said they plan to invest in property, according to the poll conducted by the New Perspective Media Group, organiser of the Philippine Property and Investment Exhibition. Acquiring a franchised business or starting up a small business was preferred by 25 per cent and 15 per cent said they will invest in mutual funds. The rest said they are keen to invest in insurance (3 per cent) and gold (2 per cent).
Of the 5,500 respondents who preferred property as their primary investment, 54 per cent said they plan to make the purchase within the next year. Manila was the top location, preferred by 53 per cent.
Skoda Superb Specs
Engine: 2-litre TSI petrol
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