The Ledger: Tencent lays off metaverse staff, high blockchain adoption among gamers

The week in cryptocurrencies saw new lay offs and more laws hammered out, plus a fair bit of gamers enjoying crypto and blockchain.

This week started with the news that Chinese tech giant Tencent was laying off a significant number of its metaverse staff.

The move was necessitated in the midst of a downturn for the sector, which saw rivals, including Meta, post significant losses. Tencent has decided to stay ahead of events and reduce its exposure to the metaverse.

Tim Berners-Lee, the father of the internet, has cautioned that cryptocurrencies are similar to gambling and that consumers should be smart about their funds and investment. He drew comparisons between the rise of crypto and the dot com bubble of the early 2000s.

All of this comes at a time when Hong Kong’s Securities and Futures Commission (SFC) has introduced new virtual asset rules for trading platforms.

The Chinese government has been responding to growing grumblings by crypto companies which have been openly exporting their knowledge, expertise, and talent to other countries in the region and beyond.

Now, the government wants to see Hong Kong become a new hub for virtual assets and crypto trading.

Norwegian police have seized $6m of missing Axie Infinity funds linked to North Korean hackers. The $600m hack was perpetrated in March 2022, and funds have since been in the process of recovery.

Meanwhile, Markor Technology, a prominent B2B supplier of platforms for the igaming industry, has added Skywind Group as the latest company to join its aggregation platform with live casino games.

Immutable, one of the most prominent crypto gaming startups in Australia, has announced that it is laying off 11% of its workforce.

The cuts are necessary as the company wants to guarantee its long-term sustainability and use its cash reserves smartly to continue operations while it also seeks to turn profitable.

However, not everyone is cutting jobs in the crypto gaming sector. Laguna Games, the developer behind Crypto Unicorns, has hired Andrew “Zyori” Campbell, a former Axie Infinity veteran. Campbell will now be tasked with spearheading market growth for the company.

Gala Games, a blockchain-powered P2E platform, has made headlines by acquiring Ember Entertainment to add its portfolio of mobile games and power its expansion in the world of web3 games further.

Looking for your next crypto casino? Check out: Bitcasino, or FortuneJack.

Written by Alex


Alex is a well-rounded crypto writer who focuses on general market and legal developments. His main interest lies in how crypto gaming can become a more permanent part of the gaming landscape and how blockchain holds benefits to players they are not even aware of.

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