Coinbase Makes Decision On GALA V2 Token
Mark Kennedy
May 08, 2023
GM GM. Welcome to Lootbox!
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Coinbase makes decision on GALA v2
5 top web3 gaming VCs and how to approach them
The Sneakies
Coinbase Makes Decision On GALA V2 Token
Picture this, Gala Games, a web3 gaming startup, is all set to launch their upgraded GALA (v2) token through an airdrop to their loyal token holders on May 15.
But guess what? Coinbase is like, "Nah, we're not supporting this one." 😬 talk about giving the cold shoulder.
According to Gala Games, the token upgrade is super important for their crypto game. They've got this shiny new smart contract with improved burn mechanisms, enhanced security, and future upgradeability.
Sounds pretty cool, right?
Well, Coinbase doesn't seem to think so.
Jason Brink, the President of Blockchain at Gala Games, took to Twitter to express his confusion.
Little bit of context on the $GALA v2 deployment coming on May 15th.
Time for a bit of a history lesson! Back in the early days of @GoGalaGames, we had originally built $GALA as an ERC-1155 token on the same contract most of the @TownStarGame tokens are on. However, we quickly… twitter.com/i/web/status/1…
— Jason Brink aka BitBender (@BitBenderBrink)
May 4, 2023
He's scratching his head (frankly, so are we), wondering why Coinbase is treating their token upgrade like an airdrop of bonus tokens instead of a necessary improvement.
Come on, Coinbase, can't you see the bigger picture?
A positive outlook from Gala
Despite the setback, Brink remains hopeful. He believes that once Gala Games clarifies its approach, Coinbase might change its tune.
Devil’s advocate
Now, let's take a step back and see things from Coinbase's perspective. They've been dealing with all kinds of legal and regulatory challenges lately, like the SEC breathing down their necks. So, it's understandable that they're being cautious when it comes to tokens and such.
But hey, we at Lootbox know how important it is for ecosystems like Gala Games to get the support they need for critical upgrades.
So, here's to hoping that Coinbase reconsiders its decision once Gala Games explains its upgrade plans in more detail. Fingers crossed, my gaming friends!
Web3 Gaming VCs And How to Approach Them
In the fast-paced world of web3 gaming, securing funding from venture capital investors can be a game-changer for aspiring game developers.
So which VCs are pumping a lot of money into web3 gaming, and how do you approach them?
Let’s get started…
Animoca Brands
With 133 VC investments and $1.5 billion in assets under management (AUM), Animoca Brands is a mobile games developer and a major investor in the gaming space.
Approach: Focus on demonstrating the unique aspects of your web3 gaming project, highlighting its potential for mass adoption and long-term profitability. Show how your game aligns with Animoca Brands' vision of pushing the boundaries of blockchain and mobile gaming.
Bitkraft Ventures
As one of the most active VC investors in gaming, Bitkraft Ventures has made 98 investments with $566.7 million AUM, backing notable studios like Epic Games and CCP Games.
Approach: Showcase your passion and deep understanding of the gaming industry, emphasizing the innovative elements of your web3 game. Highlight how your project can revolutionize the gaming landscape and attract a global player base.
Makers Fund
Makers Fund, with 93 VC investments and $1 billion AUM, is known for investing in both gaming studios and esports startups.
Approach: Craft a compelling narrative around your web3 game's potential to disrupt the esports scene or pioneer a new gaming genre. Demonstrate how your project aligns with Makers Fund's portfolio and its mission to support the next generation of gaming experiences.
Infinity Ventures Crypto
Focused exclusively on DeFi and web3 startups, Infinity Ventures Crypto has made 80 VC investments and has been actively supporting the crypto and blockchain gaming space.
Approach: Emphasize the integration of blockchain technology and cryptocurrencies within your web3 game, showcasing how it can create unique gameplay experiences and drive user engagement. Highlight the potential for decentralized economies and virtual asset ownership.
Andreessen Horowitz (aka a16z)
As one of the largest VC firms, Andreessen Horowitz launched its dedicated games fund, backing NFT gaming startups like Dapper Labs and crypto gaming studios.
Approach: Communicate your vision for the future of web3 gaming and how your project aligns with Andreessen Horowitz's investment focus. Emphasize the role of NFTs, blockchain, and immersive experiences in your game to capture their attention.
Tips for approaching web3 gaming VCs
Research extensively: Understand each VC firm's investment thesis, portfolio, and areas of interest to tailor your pitch accordingly.
Build a strong network: Leverage connections within the gaming industry and attend relevant conferences and events to establish relationships with key players and potential investors. Crypto Twitter is also useful for this.
Develop a compelling pitch deck: Clearly articulate your game's unique selling points, monetization strategy, market potential, and team expertise.
Showcase your demo or MVP: Create a working demo or prototype of your web3 game to demonstrate its potential and engage investors visually.
Practice, practice, practice: Hone your presentation skills, delivering a concise and compelling pitch that captures the attention and imagination of the investors.
By understanding the landscape and approaching these top web3 gaming VCs strategically, you can level up your chances of securing the funding and support necessary to transform your web3 gaming vision into a reality.
The Sneakies
Coinbase took the first round against the SEC. Now it flirting with crypto-friendly jurisdictions like the UAE with compliment-filled tweets like this.
Earlier, we told you about Sui’s launch of its mainnet. With 40 games already in development, it’s looking like devs are pretty bullish on Sui.
In case you didn’t know, The NFT Gaming Company is heading to VeeCon 2023.
With Immutable Passport going beta, they have announced another feature. It’s called Immutable Checkout. It allows users to add funds, swap assets and various payment methods.
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