Mysten Labs, a web3 infrastructure company, and BlueJay Games, a leading gaming studio, have joined forces to launch Arcade Champion, a mobile web3 arcade game, on the Sui Layer 1 blockchain. Arcade Champion is a reimagining of classic arcade games that integrates non-fungible tokens (NFTs) and play-to-own elements, making it more appealing to a wider range of players.

The game uses a hero-based system that represents each player’s unique characters with NFTs, which can be upgraded, traded, and fused. These NFTs play a critical role in both solo and dual modes of play, allowing players to accumulate bonuses and coins and attain arcade supremacy.

By leveraging Sui’s cutting-edge technology and functionality, including on-chain object and data storage, NFT-friendly infrastructure, and dynamic user-generated content support, Arcade Champion provides a seamless and immersive gaming experience for players. Additionally, Sui’s Move programming language enables quick and efficient development and execution of smart contracts, making it an ideal platform for game development.

The launch of Arcade Champion on Sui’s mainnet is set to attract a broader audience to web3 gaming by bridging the gap between Web2 and Web3 users. The game’s play-to-own elements and hero-based NFTs will be available to players on the first day of the mainnet launch.

Evan Cheng, Co-Founder, and CEO of Mysten Labs, expressed his excitement at the partnership and said that Arcade Champion’s mix of NFTs and play-to-earn incentives would propel the gaming industry forward. Michel Mailhot, CEO of BlueJay Games, added that Sui’s purpose-built gaming infrastructure, speed, and efficiency would enable them to take advantage of the massive opportunity ahead.

Mysten Labs, founded by senior executives of Meta’s Novi Research and lead architects of the Diem blockchain and Move programming language, aims to create foundational infrastructure for web3. Sui, developed by Mysten Labs, is the first Layer 1 blockchain designed to cater to the next billion users in web3 by offering a general-purpose blockchain with high throughput, instant settlement speeds, rich on-chain assets, and user-friendly web3 experiences.

BlueJay Games, based in Austin, Texas, has over 20 years of experience in the gaming industry and is dedicated to creating innovative and engaging games that appeal to a wide audience.

#SUI #MystenLabs #layer1 #blockchain #BlueJayGames

This article was republished from azcoinnews.com

On March 22, the debtors for the defunct crypto exchange FTX approved an agreement that would sell its preferred stock in Mysten Labs, the company behind the Sui blockchain. The agreement comes after FTX filed for bankruptcy in November 2020.

The proposed deal, which was filed in the United States Bankruptcy Court in the District of Delaware, would see Mysten Labs and the FTX estate agree to a mutual release of claims. As part of the agreement, the debtors plan to sell roughly $95 million worth of preferred stock back to Mysten in addition to $1 million in SUI tokens.

Mysten Labs offered to repurchase the assets in an offer letter to the FTX estate on March 16, but the FTX bankruptcy estate retained investment bank Perella Weinberg Partners (PWP) to solicit interest from other potential buyers before ultimately entering into the deal with Mysten.

FTX Ventures had led Mysten Labs’ high-profile $2 billion Series B fundraise in August, investing $101 million in the round and receiving about 570,000 shares of preferred equity in Mysten Labs and warrants to purchase up to about 890,000,000 SUI tokens. The FTX entities paid about $101 million for the equity and an additional $1 million for the token warrants.

The proposed agreement with Mysten Labs would allow the FTX estate to continue to “solicit higher or better offers from any third party” up until a sale date is finalized by the court.

In a filing, the FTX debtors stated, “After thoroughly evaluating alternatives with the assistance of PWP, the Debtors determined that it was in the best interest of their estates and their constituents to proceed with [Mysten Labs, Inc.] and work toward executing a mutually agreeable transaction, with the expectation that the Debtors will continue marketing the Interests and confirming that no higher and better offer exists over the course of the coming weeks.”

The deal would also see the highly anticipated SUI token being released by Mysten Labs. Mysten Labs, which is focused on building a blockchain that can process transactions faster and cheaper than other popular blockchains, has been working on the SUI token for some time.

Overall, this agreement represents a positive step for the FTX estate and its creditors, as it allows them to monetize their holdings in Mysten Labs and potentially recoup some of their losses. However, it remains to be seen whether the FTX estate will be able to secure a better offer from a third party before the sale date is finalized.

#FTX #MystenLabs #SUI #azcoinnews #BTC

This article was republished from azcoinnews.com

Sui Gas Pool revolutionizes transaction sponsorship on the Sui network. It empowers developers to easily cover gas fees for users, boosting onboarding and handling high transaction volumes.
Key benefits:
Effortless user onboarding: New users can interact with dApps without owning gas coins, reducing entry barriers.Scalability: Handles high transaction volumes efficiently, ensuring smooth user experience.Open source: Freely available for the Sui developer community, fostering collaboration and innovation.
How it works:
Gas coins are split into smaller denominations for optimized distribution.Users interact with dApps, reserving gas coins for transactions.Sui Gas Pool signs and executes transactions, releasing gas coins upon completion.
Scaling mechanisms:
Automated gas coin splittingControlled transaction executionCentralized data persistenceMultiple sponsors and services
Sui Gas Pool is already successfully implemented in Enoki, Mysten Labs' customer experience platform. Its open-source nature invites the Sui community to explore and leverage its potential for scalable sponsored transactions.
#SUI #SuiGasPool #MystenLabs #GasPool #SuiFoundation