Zynga Set to Launch Web3 Game on Ethereum

Zynga, the renowned mobile game developer, is gearing up to launch its new Web3 game project, Sugartown.

Zynga Prepares to Launch Web3 Game Sugartown

Sugartown is a Web3 game that will allow players to use Ethereum tokens to access the game. To participate, players will need to stake tokens to collect "energy" and in-game currency that can be used to unlock rewards. Additionally, a token called Oras will be available for players to mint this year, following Zynga's release of 10,000 tokens in the initial launch.

Zynga is a giant in mobile game development, known for titles like FarmVille and Words With Friends. The company had initially planned to release an NFT game by the end of last year. In 2022, Zynga was acquired by gaming giant Take-Two Interactive (the company behind the billion-dollar Grand Theft Auto series) for $12.7 billion.

"We are thrilled to launch Sugartown as Zynga’s first Web3 game and also as our first new game with an original IP," said Matt Wolf, Vice President of Web3 at Zynga.

The launch of Sugartown is seen as a significant milestone, marking the first instance of a major mobile game developer venturing into building a crypto game from scratch. If Sugartown succeeds, it could potentially reshape the video game market and encourage other major developers to enter the lucrative Web3 gaming space.

Perspective on Speculative Economy

In an interview last year, Take-Two CEO Strauss Zelnick stated, "We are pioneers in the digital goods market." He expressed interest in NFTs but also noted significant reservations.

Zelnick mentioned that the company has earned billions from microtransactions in Take-Two’s "Grand Theft Auto" and is keen on exploring how NFTs could be integrated into games. However, he stressed his caution towards the speculative nature of the NFT market and his desire to avoid "getting caught up in the speculative economy."

Optimism in NFT Gaming

Despite a significant drop in enthusiasm for Web3 gaming since the last bull run and the decline in NFT collection values, play-to-earn games like Axie Infinity are striving to survive. Recently, the publisher of Axie Infinity announced that the game is now supported on the App Store, aiming to expand its global user base.

According to The Block, new investment flows into NFT gaming decreased in June, reaching the lowest level in over two years. However, figures rebounded the following month, with the sector bringing in $177 million, a 65% increase from the previous month.

Overall, this situation demonstrates that despite market volatility, the optimism and belief in blockchain gaming remain strong, fueling continued efforts towards widespread adoption in the future.