Zone, the first GameFi ecosystem on the Algorand blockchain, raised $2.35 million in new funds before its initial dex offering on January 15.
The latest funding was raised from investors in the cryptocurrency financing and launch pad spaces, including DAO Maker, GSR, Altonomy, Enjinstarter, SuperLauncher DAO, MH Ventures, ZBS Capital, Tag Ventures and K300 Ventures, and brings the UAE-based Zone's total amount secured to $4.35m.
“We see Zone as proof that Algorand is the future of GameFi. The market now has a GameFi ecosystem that supports everything, all without very high fees that discourage user adoption. Institutional investors can see where the market is shifting, and this proves that," Adi Mishra, founder of Zone, said on Tuesday.
GameFi – or gaming finance – combines gaming, decentralised finance and the opportunity to earn, whether in cryptocurrency or cash. This allows anyone to access and generate financial means by simply playing games.
Players can trade for non-fungible tokens – virtual assets that are unique, cannot be replaced with others and can be sent to other digital wallets – such as swords or other in-game items. The NFT market hit $41 billion in value at the 2021, according to blockchain data firm Chainalysis.
A notable example is the game Axie Infinity, where digital pets are bred and pitted against each other. In the Philippines, it became so popular that it became the main source of income for some people, CNBC reported.
The overall gaming market has also been increasingly catching the eye of investors. The top 15 venture capital funds dedicated to gaming have almost $2.5bn in assets under management, according to advisory firm Games One – and the gaming business existed without dedicated venture capital for the first 38 years.
Zone counts Marwan Al Zarouni, the chief executive of the Dubai Blockchain Centre, as one of its advisers. While preparing for its IDO – a type of decentralised crowdfunding platform – Zone took on Sebastien Borget, co-founder and chief operating officer of The Sandbox, and John Linden, chief executive of Mythical Games, as advisers.
It attracted $1.6m in an oversubscribed seed round last October.
The market now has a GameFi ecosystem that supports everything, all without very high gas fees that discourage user adoption. Institutional investors can see where the market is shifting, and this proves that
Adi Mishra,
founder of Zone
Zone has been on the Algorand testnet – an alternative blockchain used for testing – since November.
The games that use Zone and Algo tokens include Chess, Clash Royale, League of Legends and Dota 2.
Algorand – which styles itself as "the future of FinanceFi" – uses a pure proof-of-stake protocol built on Byzantine consensus, in which each user's influence on the choice of a new block is proportional to its stake, or number of tokens, in the system. Users are randomly and secretly selected to propose blocks and vote on block proposals.
It has been dubbed as the "Ethereum killer", alongside other alternative crypto coins such as Solana and Polkadot, because it is more energy-efficient and cost-effective compared to the world's second-biggest cryptocurrency.
Algorand is one of the lesser-known cryptocurrencies, with a market capitalisation of almost $9bn on Tuesday – a mere 1 per cent of industry-leading Bitcoin's over $792bn, according to CoinMarketCap. Its price was down 2.4 per cent in the past 24 hours.
Election pledges on migration
CDU: "Now is the time to control the German borders and enforce strict border rejections"
SPD: "Border closures and blanket rejections at internal borders contradict the spirit of a common area of freedom"
Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
Torque: 480Nm, 670Nm, 870Nm
On sale: Later in 2025 or early 2026, depending on region
Price: Exact regional pricing TBA
The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
Karwaan
Producer: Ronnie Screwvala
Director: Akarsh Khurana
Starring: Irrfan Khan, Dulquer Salmaan, Mithila Palkar
Rating: 4/5
The specs: 2019 Haval H6
Price, base: Dh69,900
Engine: 2.0-litre turbocharged four-cylinder
Transmission: Seven-speed automatic
Power: 197hp @ 5,500rpm
Torque: 315Nm @ 2,000rpm
Fuel economy, combined: 7.0L / 100km
UAE currency: the story behind the money in your pockets
NYBL PROFILE
Company name: Nybl
Date started: November 2018
Founder: Noor Alnahhas, Michael LeTan, Hafsa Yazdni, Sufyaan Abdul Haseeb, Waleed Rifaat, Mohammed Shono
Based: Dubai, UAE
Sector: Software Technology / Artificial Intelligence
Initial investment: $500,000
Funding round: Series B (raising $5m)
Partners/Incubators: Dubai Future Accelerators Cohort 4, Dubai Future Accelerators Cohort 6, AI Venture Labs Cohort 1, Microsoft Scale-up
5 of the most-popular Airbnb locations in Dubai
Bobby Grudziecki, chief operating officer of Frank Porter, identifies the five most popular areas in Dubai for those looking to make the most out of their properties and the rates owners can secure:
• Dubai Marina
The Marina and Jumeirah Beach Residence are popular locations, says Mr Grudziecki, due to their closeness to the beach, restaurants and hotels.
Frank Porter’s average Airbnb rent:
One bedroom: Dh482 to Dh739
Two bedroom: Dh627 to Dh960
Three bedroom: Dh721 to Dh1,104
• Downtown
Within walking distance of the Dubai Mall, Burj Khalifa and the famous fountains, this location combines business and leisure. “Sure it’s for tourists,” says Mr Grudziecki. “Though Downtown [still caters to business people] because it’s close to Dubai International Financial Centre."
Frank Porter’s average Airbnb rent:
One bedroom: Dh497 to Dh772
Two bedroom: Dh646 to Dh1,003
Three bedroom: Dh743 to Dh1,154
• City Walk
The rising star of the Dubai property market, this area is lined with pristine sidewalks, boutiques and cafes and close to the new entertainment venue Coca Cola Arena. “Downtown and Marina are pretty much the same prices,” Mr Grudziecki says, “but City Walk is higher.”
Frank Porter’s average Airbnb rent:
One bedroom: Dh524 to Dh809
Two bedroom: Dh682 to Dh1,052
Three bedroom: Dh784 to Dh1,210
• Jumeirah Lake Towers
Dubai Marina’s little brother JLT resides on the other side of Sheikh Zayed road but is still close enough to beachside outlets and attractions. The big selling point for Airbnb renters, however, is that “it’s cheaper than Dubai Marina”, Mr Grudziecki says.
Frank Porter’s average Airbnb rent:
One bedroom: Dh422 to Dh629
Two bedroom: Dh549 to Dh818
Three bedroom: Dh631 to Dh941
• Palm Jumeirah
Palm Jumeirah's proximity to luxury resorts is attractive, especially for big families, says Mr Grudziecki, as Airbnb renters can secure competitive rates on one of the world’s most famous tourist destinations.
Frank Porter’s average Airbnb rent:
One bedroom: Dh503 to Dh770
Two bedroom: Dh654 to Dh1,002
Three bedroom: Dh752 to Dh1,152
The Lowdown
Kesari
Rating: 2.5/5 stars
Produced by: Dharma Productions, Azure Entertainment
Directed by: Anubhav Singh
Cast: Akshay Kumar, Parineeti Chopra
SPECS
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Meydan card
6.30pm: Al Maktoum Challenge Round-1 (PA) Group 1 US$65,000 (Dirt) 1,600m
7.05pm: Conditions (TB) $100,000 (Turf) 1,400m
7.40pm: UAE 2000 Guineas Trial (TB) $100,000 (D) 1,600m
8.15pm: Handicap (TB) $175,000 (T) 1,200m
8.50pm: Al Maktoum Challenge Round-1 (TB) Group 2 $350,000 (D) 1,600m
9.25pm: Handicap (TB) $175,000 (D) 1,900m
10pm: Handicap (TB) $135,000 (T) 1,600m
Fire and Fury
By Michael Wolff,
Henry Holt
