The Animoca Brands-backed Warena project has announced a partnership with the Illuvium project to achieve cross-metaverse compatibility via a 2-phased approach. The partnership will allow cross-chain compatibility across gaming platforms.
Under the first phase of the partnership, new players can start accumulating the resources necessary for purchasing the first in-game NFTs. Warena promises that Phase 1 will see higher user-orientation and greater attention to personalization.
The second phase entails cross-game integration, allowing players to migrate their characters from other games into the Warena metaverse and expand gameplay opportunities.The partnership is aimed at alleviating issues of cross-platform compatibility, which impede the development of the metaverse market into a unified environment powered by NFT technologies. At present, in-game NFTs are restricted to their respective metaverses, limiting gameplay diversity. Cross-platform compatibility will make digital items collected on one platform available to players in other games.
Economies of scale and network effects will apply with cross-platform compatibility as NFT value will increase, unrestricted by real-world rules that do not apply in digital metaverses. The ability to teleport NFT-based gaming assets across connected gaming ecosystems through interoperable blockchains will unleash the full value of NFTs.
Warena is a Play-to-Earn metaverse that allows players to create their own unique characters and interact with others across various universes in a variety of combat games. The internal marketplace offers numerous warriors to choose from, each endowed with their own characteristics. Players earn rewards in-game in NFT format and can buy or sell assets, earning money for their actions that contribute to the game’s ecosystem. The project raised over $1.5 million during the latest funding round, which was attended by Genesis Builders, DAOMaker, Momentum 6, Master Ventures, Animoca, Clovers Ventures and others.
Illuvium, which raised over $5 million in the round led by Animoca Brands, is a decentralized ecosystem based on a vast open-world full of NFT collectibles that feature “four-dimensional-shading holographic” NFT designs. The players interact via Illuvials – magical creatures that can be captured and endowed with powers as they progress up the level-up tree. Players can earn income by selling their creatures for ETH on an exchange. Illuvium is set to launch a DAO in the near future that will usher community governance and turn the game into a self-sustaining gaming platform.
NFT projects continue to see impressive exposure as evidenced by the latest investment rounds. In October, the Recur NFT-focused startup closed its $50 million funding round with a valuation of $333 million, backed by billionaire Steve Cohen’s family office. Another project – Sky Mavis – a Play-to-Earn NFT platform raised $152 million at a nearly $3 billion valuation.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.