Woo X launches tokenized T-Bills for retail investors

Sega Curbs Interest in ‘Boring’ Blockchain GamingJapanese video game behemoth Sega Corp., once an advocate for blockchain gaming, is reevaluating its involvement in the sector as the global crypto industry continues to face challenges.In a recent interview with Bloomberg, Shuji Utsumi, the Co-Chief Operating Officer of Sega, revealed that the company will withhold its major franchises from third-party blockchain gaming projects to protect the value of its content.Photo by Pat Krupa on UnsplashHalting blockchain game developmentAdditionally, Sega is temporarily halting the development of its own blockchain games. These decisions mark a significant shift for the 60-year-old gaming studio, which previously joined other industry players in exploring the potential of blockchain technology to enhance game appeal. However, the recent collapse of the digital currency market has dampened enthusiasm for such initiatives.While Sega withdraws from blockchain gaming, it does plan to allow external partners to utilize its lesser-known characters, such as those from Three Kingdoms and Virtua Fighter, for non-fungible tokens (NFTs). NFTs serve as digital asset ownership certificates.Sega’s intention to venture into the NFT community drew criticism from some gamers who viewed crypto technology as environmentally harmful. Utsumi emphasized the importance of creating enjoyable gaming experiences and expressed his skepticism about the “play-to-earn” model associated with blockchain games, describing such games as “boring.”Reservations on Web3 adoptionIn addition to the uncertainties surrounding blockchain gaming, Utsumi expressed reservations about the adoption of Web3 technology in Sega’s upcoming “super game” initiative. This initiative involves the release of high-budget online multiplayer games starting in 2026. Sega is currently assessing whether the technology will gain traction in the gaming industry before committing to its implementation.Sega’s strategic shift reflects a broader cooling trend relative to the Web3 concept, which implicates an internet built on blockchain technology. Despite attracting significant investments in the past, Web3 has faced criticism and diminishing interest from major players like Ubisoft.However, Sega will continue to offer its lesser franchises to several blockchain games that will be announced later this year. The company also plans to invest hundreds of millions of yen in related projects, as the technology still holds value in enabling the transfer of characters and items between different games. Sega remains open to further involvement in blockchain gaming as the technology matures.Big brand cautiousnessUtsumi acknowledged that the views expressed by blockchain advocates may seem extreme to many in the video game industry. Nevertheless, he recognized the importance of risk-takers who pioneer new technologies, referring to them as the “first penguins” who should not be underestimated.Sega’s cautious approach reflects the need to strike a balance between innovation and maintaining the core aspects of enjoyable gaming experiences, while closely monitoring the evolution of blockchain and Web3 technologies in the industry.It’s also likely that the gaming sector’s most coveted brands will remain cautious on blockchain gaming while newcomers like Animoca Brands can better afford to be the risk takers that drive blockchain gaming forward. Earlier this week, Animoca’s Co-Founder Yat Siu said that he was bullish where blockchain gaming is concerned.

Japanese Firm Exec Underscores User Experience and Collaboration in Web3Hiroshi Tsuruoka, the Chief Operating Officer (COO) of UNCHAIN, a Japanese company specializing in Web3 entertainment services, recently underscored the significance of unique experiences and collaboration in the Web3 space. He shared these insights during his conversation with Webmaster Forum, a platform offered by Japanese web content provider Impress Corporation.UNCHAIN, Tsuruoka’s employer, aims to assist companies in entering the Web3 sphere and developing entertainment services that offer users a secure and enjoyable experience. The company provides comprehensive support, including planning, development, and marketing, tailored specifically for the Web3 environment.Photo by Shubham’s Web3 on UnsplashImportance of content qualityDuring the interview, Tsuruoka said that Web3 seems to have lost some of its previous popularity in Japan. Initially, the market experienced rapid growth driven by highly speculative products like NFT artworks and Play to Earn (P2E) games, which attracted participation from many Japanese companies. However, the subsequent downturn of global projects prompted the Japanese blockchain industry to reassess its strategy, recognizing the paramount importance of content quality.Meaningful experiencesAccording to Tsuruoka, the appeal of blockchain games extends beyond their profit potential, deriving more from the unique, enjoyable experiences they offer. He believes that gamers find it meaningful when they play a pivotal role in expanding the gaming market and giving rise to new gaming cultures. Moreover, the incorporation of NFTs in games allows users to retain ownership of their in-game items even if a company discontinues its service, fostering a deeper emotional connection between users and their virtual possessions.This emerging trend fosters a culture of creation, where users, operators, and creators come together in a collaborative space to generate secondary creations and new services. Users delight in actively contributing to this ecosystem and helping it grow.Tsuruoka recognizes that decentralization presents both advantages and challenges. On one hand, it offers individuals greater freedom. However, it also places the full responsibility of data management on the users themselves, in contrast to a centralized environment where the game provider handles data management.Tsuruoka advises against placing excessive emphasis on speculation and financial gain when discussing Web3. Instead, he encourages companies to prioritize delivering meaningful and valuable experiences to users. Tsuruoka believes that emotional experiences, such as owning a distinctive avatar through digital assets, hold tremendous potential in the Web3 realm.Web2 success firstHe asserts that no Web3 project can guarantee success without proving its worth in the Web2 space. Services that proved valuable in Web2 could experience significant growth when combined with Web3 elements.Strong relationshipsTsuruoka highlights the importance of establishing strong relationships between companies and users in the Web3 environment. While platforms like Discord can facilitate these relationships, it is crucial to strategically design user engagement, motivation, and enjoyment before launching a service. Effective community management in the Web3 space requires deep user engagement, which entails ongoing and intensive communication between operators and users.Tsuruoka emphasized the need to heed user feedback. Regardless of the service type, incorporating user opinions and collaborating with them can result in significant community and project growth, with corresponding increases in asset values. He added that this is not limited to the Web3 domain.

Japan’s HashPort Group Raises $8.5M in Funding RoundHashPort, a leading blockchain developer based in Japan, has successfully raised 1.2 billion Japanese yen (approximately $8.5 million) in a Series C funding round.The funding was secured through key investors, including Sumitomo Mitsui Banking Corporation (SMBC), The University of Tokyo, Edge Capital Partners, and Japanese billionaire entrepreneur Yusaku Maezawa. With this latest infusion of capital, HashPort’s total funding has now reached an impressive 2 billion yen (about $14.2 million).Global expansion plansThe announcement, which was made on Friday, revealed that these fresh funds will be instrumental in driving HashPort’s global expansion plans, particularly in the face of complex regulatory environments. The company aims to fortify its business operations and establish a robust compliance management system, essential for navigating the intricate web of global regulations.At the core of HashPort’s ecosystem are two significant components. The first is its namesake blockchain-related consulting and system solution, which has gained substantial recognition in Japan. The second is HashPalette, a public chain specially designed for non-fungible tokens (NFTs), tapping into the booming NFT market. Additionally, HashPort is set to unveil an exciting metaverse game called The Land Elf Crossing in the upcoming fourth quarter.Coincheck collaborationHashPort’s previous collaboration with Japanese cryptocurrency exchange Coincheck garnered considerable attention. Together, they launched Japan’s first initial exchange offering (IEO), which raised an impressive 22.45 billion yen (approximately $160 million) in commitments for the Palette (PLT) token. As a testament to the success of this venture, PLT Place, the official NFT marketplace of Palette Chain, now boasts over 370,000 users.President Seihaku Yoshida expressed HashPort’s future ambitions, revealing plans to cooperate with Expo 2025, a highly anticipated event scheduled to take place in Osaka. HashPort aims to develop digital wallets and digital passports linked to soulbound tokens (SBTs) for Expo 2025. With an estimated 28 million visitors expected to attend the expo, the company sees this as a historic opportunity to introduce Web3 technology to a broader audience.Soulbound tokensIn December 2022, one of HashPort’s current investors, SMBC, joined forces with the company to explore the potential applications of SBTs. Proposed by Ethereum Co-Founder Vitalik Buterin, SBTs represent the characteristics or reputation of individuals or entities, much like the concept of soulbound items in the popular massively multiplayer online role-playing game (MMORPG), World of Warcraft.As part of that collaboration, SMBC and HashPort were discussing the possibility of creating a “safe and secure Web3 economic zone.” No further details were given beyond that, but the idea may have been along the lines of creating something like Cyberport, an innovative digital community which has been created in Hong Kong, featuring over 1,900 start-ups and technology companies.The successful funding round marks a significant milestone for HashPort, providing the necessary financial resources to accelerate its expansion plans and drive innovation in the Web3 space. As the company continues to pioneer advancements in the blockchain and NFT sectors, its collaboration with Expo 2025 and ongoing exploration of SBTs showcase the company’s efforts in attempting to contribute towards shaping the future of decentralized technologies.