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Sky Mavis hits $2B in sales for its NFT game Axie Infinity

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Sky Mavis and its players have generated $2.05 billion in sales to date for Axie Infinity, an nonfungible token (NFT) game, according to measurement firm DappRadar.

The game uses NFTs to uniquely identify cute characters. Players spend real money to acquire those characters and engage in battles with other players. They can level up the characters and sell them to other players, and that generates income for the players.

The capability to earn money in games is called “play-to-earn,” and it has taken off in a variety of ways. DappRadar has been tracking the space and it said that Axie Infinity has hit No. 1 in NFT collectibles.

More than 615,000 traders have bought or sold Axie Infinity NFTs in 4.88 million transactions. This means that an average transaction for an Axie Infinity NFT is worth about $420. All of this is pretty amazing for a company that had $100,000 in sales in January.

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Axie Infinity’s rise

Axie Infinity

Above: Axie Infinity lets players battle with NFT Axie characters.

Image Credit: Sky Mavis

Axie Infinity grew rapidly early on in the Philippines, where people in rural communities realized they could make three times the minimum wage in a month by playing Axie Infinity and cashing out their proceeds. That proved out the play-to-earn model (which I call the Leisure Economy) at a time when the pandemic had eliminated a lot of jobs.

Axie Infinity’s primary function is as a game, not an NFT collection. Despite that, Axies manage to beat big names in the NFT collectibles space like CryptoPunks, Art Blocks, and NBA Top Shot, DappRadar said. Axie Infinity is steadily building a lead on CryptoPunks, as the latter is lagging with an all-time volume of $1.29 billion.

Axie Infinity’s collection generated more than $765 million in sales, representing about 83% of the total volume of game NFT sales in August. Interestingly, activity for Axie Infinity continues to grow, despite the rising prices for in-game NFTs. While in May, DappRadar reported that the average transaction within the Axie Infinity NFT collection was $226, this value has almost doubled now. Players need to own at least three Axie characters to play. The game now has 1.5 million daily active players, DappRadar said.

Art Art made money from Axie Infinity while he couldn't operate his business.

Above: Art Art made money from Axie Infinity while he couldn’t operate his business.

Image Credit: Emfarsis Consulting

As a play-to-earn game, Axie Infinity relies on its AXS governance token and SLP utility token. Players can earn the latter through gameplay, and then sell it to other users who need SLP to create new Axies.

On September 4, AXS hit an all-time high of $93.68, according to CoinGecko data, a crypto data firm. At the time of publishing, the governance token is trading for $68.51. On the other hand, SLP has gone up more than 7% in the past 24 hours. One Smooth Love Potion (the currency you earn in the game for engaging in and winning battles) is now worth $0.087, down 78% from its all-time high two months ago.

Sky Mavis is now working on a new game mode, which will enable users to test the game for free.

The NFT boom

Sky Mavis raised $7.5 million in May with backers included billionaire investor and Dallas Mavericks owner Mark Cuban.

The Vietnamese studio set out to take part in the mass migration toward NFT games. These have exploded in other applications such as art, sports collectibles, and music. NBA Top Shot (a digital take on collectible basketball cards) is one example. Built by Dapper Labs, NBA Top Shot has surpassed $710 million in sales. And an NFT digital collage by the artist Beeple sold at Christie’s for $69.3 million. Investors are pouring money into NFTs, and some of those investors are game fans. During the first half of the year, NFT sales topped $2.5 billion.

NFTs use the blockchain to uniquely identify and authenticate digital objects, allowing companies to create NFT-based collectibles that can be sold based on rarity. When Axie Infinity started three years ago, almost nobody cared or understood what an NFT was.

Axie Infinity

Above: Axie Infinity has generated $2.05 billion in sales.

Image Credit: Sky Mavis

The team was a band of missionaries (mostly based in Vietnam) who believed that NFTs would enable new types of games, said cofounder Jeff Zirlin (who will speak at our GamesBeat Summit Next event. Just as mobile gaming unlocked new design spaces and player archetypes, so too would NFT games. These games won’t look like the games of the past and will require an entirely new perspective and skillset to build, they believed.

They also believed property rights incentivized players to act more like founders and employees rather than users. These rights include being able to sell your game assets to anyone in the world, earning liquid tokens for playing/contributing, and being able to own a piece of the game you’re playing. If you spend money in a game like Axie Infinity, it was more like making an investment, as you might make money on that investment later on by selling what you bought.

They also believe that play-to-earn unlocks new types of work around digital metaverse economies, just as Uber, Airbnb, and DoorDash created new types of jobs and professions. I wrote about Gabby Dizon’s Yield Guild Games as one of the groups of players that is playing Axie Infinity in order to make a living.

Some players in the guild can afford more Axies, or the currency in the game, and they can lend them out to players who don’t can’t afford them. Those players can then use them to generate more Axies, and they will keep a large percentage of the tokens earned that way, and the rest goes to the guild. The guilds can also acquire land, and its players can build out their plots and then the whole guild benefits from the resources generated on that land.

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Satellite images reveal North Korea expanding facility used to produce weapons-grade uranium

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Images captured by commercial imaging company Maxar earlier this week show construction is underway at a uranium enrichment plant located within the Yongbyon Nuclear Research Facility complex — changes that could allow North Korea to increase production of weapons-grade nuclear material by as much as 25 percent, Jeffrey Lewis, a weapons expert and professor at the Middlebury Institute of International Studies, told CNN.

“The most recent expansion at Yongbyon probably reflects plans to increase production of nuclear materials for weapons production,” he added, noting the ongoing construction is consistent with previous efforts to add floorspace at the facility, allowing it to house more centrifuges and thus, enrich more uranium on a yearly basis.

“The new area is approximately 1,000 square meters, enough space to house 1,000 additional centrifuges. The addition of 1,000 new centrifuges would increase the plant’s capacity to produce highly enriched uranium by 25 percent,” Lewis said.

If North Korea were to upgrade the type of centrifuges currently in use at this plant, it “could increase the capacity of the plant substantially,” he told CNN.

US officials are aware of the recent activity at Yongbyon’s uranium enrichment plant and acknowledge those developments could signal plans to increase production of weapons-grade uranium, according to two sources familiar with the situation.

The National Security Council, Department of Defense, Office of the Director of National Intelligence and CIA all declined to comment.

Signs that North Korea is moving to ramp-up production of this nuclear material are also in line with US intelligence assessments about the country’s commitment to its weapons program, the sources said. The same is true for North Korea’s latest round of weapons tests, including Wednesday’s launch of two short-range ballistic missiles into waters off the east coast of the Korean Peninsula, the sources added.
Initial analysis also suggests North Korea conducted a missile launch over the weekend, a three US officials told CNN, one day after it claimed to have test fired a long-range cruise missile with range capable of hitting Japan.

Together, the activity has resulted in an exponential increase of tensions in what was already one of the most volatile regions on the planet.

State Department spokesperson Ned Price condemned North Korea’s missile launches Wednesday and again called for a diplomatic approach to the issue.

“We have been very clear about what we want to see happen. We are committed to the principle that dialogue will allow us to pursue our ultimate objective and that’s quite simply the denuclearization of the Korean peninsula,” Price said.

More concerns about activity at once-dormant facility

Evidence that North Korea is expanding the size of its uranium enrichment plant at Yongbyon will also likely exacerbate concerns stemming from a recent International Atomic Energy Agency report, which said that the country appears to have restarted a nuclear reactor in the same complex.

The report said these were the first indications of activity at the reactor since December 2018, calling North Korea’s nuclear activities “a cause for serious concern” and the new developments “deeply troubling.”

North Korea Nuclear Timeline Fast Facts

North Korean leader Kim Jong Un purportedly offered to dismantle the Yongbyon complex in exchange for sanctions relief during negotiations with former US President Donald Trump in Hanoi in 2019. However, those talks collapsed in part because neither side was willing to budge. Trump’s team wanted either ballistic missile or other nuclear sites included in the deal, and Kim refused to accept a trade of Yongbyon for less sanctions relief, Trump’s former national security adviser, John Bolton, wrote in his memoir.

While the site appeared to remain dormant until recently, US officials have broadly anticipated activity could resume.

US intelligence officials have said publicly they expect North Korea will remain a “Weapons of Mass Destruction threat” for the foreseeable future as Kim remains “strongly committed” to the country’s nuclear weapons.

Kim, himself, made clear in January that developing lighter, smaller nuclear weapons for tactical uses and pushing forward with production of “super-sized nuclear warheads” are two of North Korea’s top priorities.

“Achieving these goals will probably require North Korea to increase the amount of weapons-grade plutonium and uranium available for weapons production,” Lewis said.

Intelligence agencies have also assessed that Kim “may take a number of aggressive and potentially destabilizing actions to reshape the regional security environment and drive wedges between the United States and its allies—up to and including the resumption of nuclear weapons and intercontinental ballistic missile (ICBM) testing,” according to the intelligence community’s annual threat assessment released earlier this year.

North Korean nuclear reactor used for plutonium production appears active, IAEA says

Recent activity at Yongbyon and a spate of missile tests by North Korea appear to validate both predictions — reviving concerns about the state of the country’s nuclear weapons program.

“The continuation of the DPRK’s nuclear program is a clear violation of relevant UN Security Council resolutions and is deeply regrettable,” the IAEA report said, referring to North Korea by its official acronym, The Democratic People’s Republic of Korea (DPRK).

A senior administration official told CNN late last month that the US is aware of the new report and “closely coordinating with our allies and partners on developments regarding the DPRK.”

The senior official added, “This report underscores the urgent need for dialogue and diplomacy so we can achieve the complete denuclearization of the Korean Peninsula. We continue to seek dialogue with the DPRK so we can address this reported activity and the full range of issues related to denuclearization.”

Renewed criticism of Biden’s North Korea approach

Recent actions by North Korea are also prompting fresh criticism of the Biden administration’s policy towards Pyongyang from Republicans in Congress.

“Given the Biden-Harris administration’s pitiful track record — it’s no surprise that Kim Jong Un now wants his pay-day from President Biden. That’s why he feels emboldened to resume testing missiles and restarted the Yongbyon nuclear reactor,” Rep. Mike Rogers, top Republican on the House Armed Services Committee, said in a statement this week.

“We need to respond by strengthening alliances in the region, enforcing the sanctions regime, and increasing our investment in missile defense,” he added.

North Korea says it fired new long-range cruise missiles, according to state media

Relations between the two longtime adversaries have been frosty since, and both Washington and Pyongyang have been focused on containing the threat of Covid-19 since the pandemic swept the globe in early 2020. North Korea’s borders have been sealed to keep the virus at bay, despite the knock-on effects on trade with China, an economic lifeline for the impoverished country. Kim’s regime is now reportedly dealing with a food crisis.

President Biden’s administration has made several attempts to reach out to North Korea by email to start discussions with Washington, a senior South Korean official with direct knowledge of the situation told CNN.

North Korea has acknowledged receipt of the emails, the official said, but did not feel compelled to respond due to what is seen as a lack of a detailed agenda or any serious indication the US is willing to move the conversation forward from what was agreed upon at Trump and Kim’s first summit Singapore in June 2018.

CNN’s Joshua Berlinger, Oren Lieberman and Jennifer Hansler contributed reporting

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Reid Hoffman is returning to Disrupt – TechCrunch

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You’ve most likely discovered from Reid Hoffman earlier than, both by means of his innovations, investments or inspirational phrases. The entrepreneur is the co-founder of LinkedIn, a companion at Greylock and the creator of a brand new ebook primarily based off of his hit podcast, Masters of Scale. 

His storied previous makes him chock-full of fascinating anecdotes and classes, which is why we’re excited to have him again on the TechCrunch Disrupt stage taking place subsequent week from September 21-23. I’ll sit down with him to study his perspective on a few of the largest tensions that entrepreneurs face immediately. Hoffman’s recommendation is usually fueled by his uncooked conversations with prime tech CEOs and founders, so we’ll broaden entry to his speed-dial listing to know how even his personal perceptions on blitzscaling, progress and entrepreneurship are altering amid the pandemic. As I explained in my review of his new book, his phrases learn like a well-networked mentor providing you with a pep discuss — so even in the event you’re not constructing a startup, there will likely be helpful classes to study simply by listening.

Right here’s the way it impacted my interview course of, for instance:

Whereas press wasn’t a fundamental character within the ebook, “Grasp of Scale” has already modified my perspective on how I interview founders. Classes from Tristan Walker made me wish to ask extra questions on founders, and their most controversial beliefs, fairly than how they plan to spend their new spherical of funding. A observe from Andrés Ruzo made me understand {that a} startup that makes an excessive amount of sense may be a cushty learn, however it won’t be a moonshot that disrupts the world; in different phrases, pursue the startups which have an excessive amount of seemingly silly ambition — as a result of they might be the place the most effective strides, and tales, are made. Lastly, it confirmed my perception that the most effective litmus check for a founder is that if they’re prepared to speak in regards to the hardships forward of them in an sincere, humble manner.

OK, that’s all I’m hinting. Be part of me at Disrupt, the place I’ll put Hoffman on the new seat, steadiness out the cheerfulness with some cynical takes and push him to clarify what his inevitable subsequent ebook is about. Purchase your tickets to TechCrunch Disrupt using this link, or use promo code “MASCARENHAS20” for somewhat low cost from me.

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Day by day Crunch: Lucid Air places Tesla in rearview mirror by incomes 520-mile EPA vary score – TechCrunch

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To get a roundup of TechCrunch’s largest and most necessary tales delivered to your inbox day by day at 3 p.m. PDT, subscribe here.

Whats up and welcome to Day by day Crunch for September 16, 2021. We’re nonetheless on the countdown to Disrupt, so make sure you have a ticket, and get ready to drop your pitch deck into the hat. We’re going to space! — Alex

The TechCrunch High 3

  • Tigers love robots: Certain we’re accustomed to seeing Tiger reduce checks into each software program firm nonetheless alive, however do you know that the capital fund can also be into bodily items? Our personal Brian Heater has the information.
  • What could stop the startup boom? At the moment on the positioning TechCrunch dug again via its protection of the Q2 enterprise capital cycle, asking what may cease the momentum that we’ve seen in current quarters. The quick reply? Not an excessive amount of. The heady startup market is extra secure than you’d suppose, however solely partially by itself benefit.
  • The American government gets serious about breaches: The U.S. Federal Commerce Fee (FTC) is ensuring that firms know that if their apps “accumulate private well being info [they] should notify customers if their knowledge is breached or shared with third events with out their permission.” Which is sweet. However how was that not all the time the rule?

Startups/VC

Apple held an occasion this week, so the know-how market remains to be reverberating with takes about why it’s the iPhone 13 and never the iPhone 12S. No matter your take there, Apple’s lengthy shadow is making itself recognized elsewhere. Like the marketplace for serving to of us discover their devices. The Cupertino-based big made waves the opposite month by introducing AirTags, in competitors with Tile, a startup. Effectively, Tile is now back with $40 million in new capital. To warfare!

  • Fiberplane raises capital to build Google Docs for SREs: Constructing software program tuned for a selected market is scorching today. The technique is akin to constructing an anti-Phrase, if you’ll. In Fiberplane’s case — the corporate simply raised $8.8 million — it’s constructing a Google-Docs-style product for website reliability engineers, or SREs. Is that area of interest too small? In all probability not?
  • CodeSignal raises (again): Ah, credentialing. CodeSignal needs to make making use of for developer gigs a bit extra based mostly on ability and a bit much less based mostly on the place one went to high school. Buyers are lining as much as fund its imaginative and prescient, dropping a contemporary $50 million into the corporate’s coffers lower than a yr after it raised $25 million.
  • Self Financial proves that credit-building is still venture-backable: Altos Ventures led a $50 million Collection E for the corporate, which needs to assist “customers construct credit score and financial savings on the similar time.” It’s a good suggestion, given how damaged the American credit score system nonetheless is as we speak.
  • Byju’s buys coding platform Tynker: The $200 million transaction will assist Byju’s proceed to broaden in the USA. The Indian firm’s bullishness by itself sector is probably balm to founders and buyers nervous about edtech within the wake of China’s resolution to kneecap its home startup class chasing the market.
  • Open Mineral: What an ideal startup identify. And it’s greater than apt, as the corporate needs to carry transparency to the worldwide commodities markets. Which is sweet, as extra transparency means higher value discovery, and a extra environment friendly market. Open Mineral simply closed $33 million in a Collection C.

3 methods to make adopting new HR tech simpler for hiring managers

Most of us desire to belief our instincts as a substitute of letting automated instruments assist us make selections, notably in relation to hiring. However that’s not good.

In case your startup has an advert hoc hiring course of, you’re not monitoring candidates correctly, there’s little consistency relating to how they’re handled and bias performs a serious function in who will get employed.

It’s effective to be skeptical of automated hiring instruments —- however not ignorant.

(Additional Crunch is our membership program, which helps founders and startup groups get forward. You can sign up here.)

Large Tech Inc.

  • Twitter Super Follows may not be super lucrative: Knowledge popping out from the Twitter Tremendous Follows product signifies that its early efficiency is lackluster. A lot in order that it would go the best way of Fleets. Do you Tremendous Observe? If that’s the case tell us.
  • Ford spends to boost electric truck production: Apprehensive that EVs could be a fad? Cease fretting. Conventional American automotive firm Ford is doubling-down on its electrical F-150 manufacturing, TechCrunch stories. And if Ford is doing effectively with EVs, they effectively and actually are mainstream.
  • Lucid Air snags the longest-range EV title, surpassing Tesla: Dodging the Elon fanboys for a minute, Lucid Motors is pushing the state of the EV artwork a bit ahead with a automotive that sports activities a 520-mile vary. That’s one hell of a hike. Generally phrases, the gap bump that Lucid — recall that the corporate goes public later this yr — intends to supply may spark an arms race relating to EV vary. Sure, please.

TechCrunch Specialists: Development Advertising

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Picture Credit: SEAN GLADWELL (opens in a new window) / Getty Photos

TechCrunch needs you to advocate development entrepreneurs who’ve experience in search engine optimisation, social, content material writing and extra! For those who’re a development marketer, go this survey alongside to your shoppers; we’d like to listen to about why they beloved working with you.

For those who’re interested in how these surveys are shaping our protection, try this visitor column by Bryan Dsouza on Additional Crunch, “5 things you need to win your first customer.”


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Wendy Williams Rushed To Hospital – Mental Health Issues From COVID!!

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Talk show host Wendy Williams has been struggling with the effects of a breakthrough case of COVID, MTO News has learned. And this morning the talk show host was rushed to the hospital for treatment.

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