Immortal was a play-to-earn chess app that used crypto rails to monetize chess video games. However after “heavy dishonest” marred the sport expertise, the platform shut down its financialized crypto options.

Immortal is a free on-line chess web site. Till lately, customers might accrue CheckMate (CMT) token rewards whereas taking part in. 

The platform additionally hosted a market for chess piece NFTs. The NFTs have offered for as a lot as $14,300, however gross sales netted just a few cents following the announcement. 

Immortal raised $15.5 million in a Sequence A led by The Chernin Group in September 2022.

Within the challenge’s Discord, Immortals NFT house owners lamented the loss in worth of their belongings. 

Learn extra: Web3 Watch: Solana and Bitcoin high Ethereum in NFT gross sales

“Any of us that invested and misplaced cash ought to principally blame ourselves for the losses. We invested in a fringe high-risk space of a fringe high-risk business. And I say that as somebody who misplaced a big amount of cash,” one wrote.

Immortal was constructed with Immutable X’s layer-2 scaling know-how. The chess platform mentioned it might nonetheless use Web3 tech for “anti-cheat measures and group engagement.”

The so-called “play-to-earn” mannequin has been a well-liked one for including crypto rails to gaming however has encountered a number of roadblocks alongside the way in which, this occasion of dishonest being the most recent.

Arbitrum experiences downtime after leap in inscriptions

Arbitrum, the most important Ethereum layer-2, suffered a “partial outage” on Friday after “a sustained surge of inscriptions” clogged the sequencer.

The pseudonymous hildobby, who works in information on the enterprise fund Dragonfly, revealed a Dune dashboard exhibiting that 90% of Arbitrum’s information was inscriptions within the two hours main as much as the outage. Hildobby’s information confirmed the mass majority of the inscriptions have been labeled “honest.”

For practically two hours, Arbitrum’s sequencer struggled to course of transactions on the community. At one level, the layer-2’s swap price appeared to spike far above Ethereum’s.

Shortly after 3 pm ET, the Arbitrum staff mentioned that the sequencer was again up and working.

A number of networks have developed some type of inscriptions, a means of encoding arbitrary information resembling artwork or fungible tokens, onto blockchains. Bitcoin ordinal inscriptions have introduced congestion within the community’s mempool to close all-time highs.

Learn extra: Avalanche will get the ‘Ordinals’ bump, units new transaction report

One attention-grabbing stat:

  • Solana-based memecoin BONK accounted for roughly 10% of Coinbase quantity on Friday. Ethereum and Tether accounted for roughly 11% and 10%, respectively, over the identical time-frame. 

Learn extra: Solana followers instantly BONKers over the Saga telephone

Additionally of observe:

  • The previous music file-sharing platform LimeWire launched an AI music studio the place customers might use generative AI instruments to create and publish music on the platform. The notorious LimeWire model and mental property was offered in 2021.
  • Former president Donald Trump is launching one other NFT assortment, promoting $99 collectibles of his mug shot taken over the summer season. Anybody who purchases at the least 47 of the playing cards will obtain a bit of Trump’s swimsuit and be invited to a dinner at Mar-a-Lago, Trump mentioned on Fact Social.

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