The SEC seems to be announcing the dismissal of investigations against crypto companies every day.
It’s true that the market is free, but there are still no concrete rules or regulations for projects and founders to fall back upon.
Avalon’s Sean Pinnock said in a X Spaces Tuesday that US-based founders and developers can breathe sighs of relief.
Kate Irwin from The Drop and I had our first chat about gaming yesterday. You can hear a summary here if you were curious but weren’t able join.
Jonah Blake from Real Agency’s HQ has some ideas about the current situation and where to go next. For those that thought more friendly regulation meant their bags would be pumped up, this may not be true. It shouldn’t be a big surprise, given the recent market behavior.
Blake’s point is to say that a regulator that isn’t willing to bring lawsuits is not going to automatically mean everyone will jump back to some of the major narratives that were prevalent in last year’s cycle.
Phin Totten, from Abstract, said his team observed a rotating group of Solana trader playing Onchain Heroes. However, they did not continue the game. Totten believes that this is a good sign, as it means that the game hasn’t been released yet. “time investment to return isn’t there” yet.
Blake likened cryptocurrency to sin economies, such as gambling and porn. Before you balk — as I admittedly did — it’s not necessarily a bad thing given the revenue that those types of economies churn out, it’s more about the mindset of those interacting with said economy, and how devs build.
Let me clarify that not all crypto-currencies fall into this category. Particularly not in these modern times.
Blake’s comment on memecoins with their gambling mentality and the impact it has on subsectors such as gaming is worth focusing upon.
“We’ve curated an industry that’s very built around this speed of wealth accrual,” Totten said. “It’s about the path of least resistance to money.”
The frustrations with the time taken to release many Web3 games is directly affecting the way games are developed. Totten said that for now it is likely we will see many of these types of games built with a speed mentality to optimize for their audience.
Does this mean that it is always the same? The optimist — and avid gamer — in me hopes not. But there’s just no point in trying to trot out a game that might not have an audience… yet.
This cycle, the focus is on the audience.
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