Jason Fung, former head of TikTok’s gaming division, has founded the new company titled Meta0. He wants to fix infrastructure problems with blockchain gaming by developing a special protocol with multi-chain support.

Blockchain company Polium has announced its own “multi-chain console” for Web3 gaming. The device, however, faced a lot of criticism online, with people struggling to understand its purpose. Not to mention its logo being similar to that of the GameCube.

Crypto hedge fund Three Arrows Capital (3AC) has filed for bankruptcy amid the ongoing blockchain industry collapse. The company is now seeking protection from creditors in the US after failing to pay a $670 million loan.

30 Chinese tech companies, including Tencent, have signed a pact to stop NFT secondary trading. They also pledged to regulate their activities in the market and prevent speculations.

Mona has raised $14.6 million for its metaverse platform for digital creators. It is designed to help people build virtual worlds and sell them as NFTs, while also offering its own infrastructure and editor.

The NFT market has continued its downfall this month, with sales dropping to the lowest levels in the last 12 months. Experts think that investors are now looking for safer places following the latest Terra collapse and other warning signs.

Project Twelve (P12), which operates its own metaverse editor, has closed a new $8 million funding round. The company will allocate the money to develop its own Web3 gaming ecosystem and make the game economy sustainable. One of the goals is to remove the widespread for-profit model.

STEPN, the most famous move-to-earn app globally, has seen its reward token drop almost 100% in the last two months. This might be due to the unsustainability of the product’s tokenomics. However, its rivals in the category have been on the rise for a while.

Harmony, a blockchain protocol for Web3 apps and games like DeFi Kingdoms, has offered a $1 million bounty for the return of $100 million stolen during the latest bridge attack. However, some people think the reward is too low for hackers to consider taking it.

Sky Mavis has pledged to reimburse Axie Infinity players affected by the $625 million hack no later than next week. However, the announcement came in the wake of the latest crypto market crash, which sent the Ethereum price to the downfall.

Square Enix has once again opened up about its blockchain ambitions. The Japanese publisher plans to create NFTs that will be integrated into its games and will focus on story.

Venture firm 1confirmation has launched a new $100 million fund for NFT projects. The company will invest in gaming, art, and other startups, with the main focus on new projects.

Epic Games-backed metaverse platform Core has started its expansion into the blockchain space. Manticore Games launched its own API that allows creators to make games and other interactive experiences based on their NFT collections.

36 tech giants, including Epic Games, Microsoft, and Meta, have formed a special group for the open metaverse. They will cooperate to accelerate the development of standards needed to build and deploy digital worlds compatible with each other.

Bisonic has launched the first playable demo of its upcoming Web3 MMORPG based on the Forgotten Runes Wizard’s Cult NFT collection. Titled Forgotten Runiverse, the game utilizes the so-called “create-to-earn” model, tokenizing every digital item and providing players with more UGC opportunities.

Game monetization and advertising platform Admix has announced its merger with LandValut, which builds virtual experiences on platforms like The Sandbox. Together, they will form a new metaverse company with a valuation of $300 million.

Immutable, which operates an Ethereum-based scaling platform, has launched its development and venture investment fund. The company will back creators of Web3 games with a combination of cash and its native token.

Animoca Brands has acquired a majority stake in TinyTap, a platform that allows users to create educational games. The $38.8 million deal should help the Hong Kong-based company gain its foothold in the area of blockchain-based educational UGC.

VC firm True Global Ventures (TGV), which has already backed blockchain companies like The Sandbox and Animoca Brands, has announced the first closure of its $146 million follow-on fund. It will support late-stage Web3 startups, including gaming ones.