• Sam Bankman-Fried announced FTX's entry into Web3 gaming through the acquisition of 'Good Luck Games'. 
  • The FTX CEO revealed that the in-house developers would build a whitelabel package for the exchange. 
  • FTT price attempts recovery in response to the key development in the FTX ecosystem. 

FTT token, considered the backbone of the FTX ecosystem, has attempted a recovery from a recent price drop as the exchange enters Web3 gaming and development. FTX exchange has forayed into Web3 gaming and NFT web development. 

FTX acquires Good Luck Games, begins NFT focus

Samuel Bankman-Fried (SBF), the CEO of FTX, has acquired the developer of Storybook Brawl, Good Luck Games. FTX acquired the game developer for an undisclosed amount and integrated the game following an acquisition. 

FTX is keen on the development of its game as a whitelabel package for the exchange. According to SBF's tweet, in-house game developers would work toward Web3 game development. 

FTX has launched a gaming unit that enables game publishers to adopt a "crypto-as-a-service" model. Good Luck Games is considered a veteran in game development and design. The Washington-based game developer has worked on Storybook Brawl, a card battle game. 

SBF tweeted about the new development and FTX's plan to launch its expert game and lead Web3 gaming in its ecosystem. 

The native token of the ecosystem, FTT, posted nearly 10% gains over the past week. FTT token is attempting a recovery. 

@CryptoPoseiddon, a crypto analyst and trader, evaluated the FTT price trend and predicted that the token could reclaim $48. The analyst has set a target of $65 for the FTT token. 

Ted of @tedtalksmacro has a bullish outlook on FTT and set a $60 target for the token in the ongoing price cycle. 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Bitcoin Weekly Forecast: Assessing likelihood of 80% rally for BTC before 2023

Bitcoin Weekly Forecast: Assessing likelihood of 80% rally for BTC before 2023

Bitcoin price action over the last 72 hours indicates that a massive bullish move is coming. In the last two articles, we have taken a look at why this is possible from a technical and on-chain perspective. 

More Bitcoin News

Luna Classic price: Binance burned 6 billion LUNC, triggering massive rally in the altcoin

Luna Classic price: Binance burned 6 billion LUNC, triggering massive rally in the altcoin

Luna Classic (LUNC) price witnessed a massive spike on Friday, after yielding 12% gains overnight. The move came after the world’s largest crypto exchange, Binance announced it would be burning 6.39 billion LUNC tokens. 

More Luna Classic News

Binance native token BNB and staking derivatives bleed after $5 million DeFi exploit on Ankr Protocol

Binance native token BNB and staking derivatives bleed after $5 million DeFi exploit on Ankr Protocol

Binance’s native token BNB suffered a 3% decline in response to the $5 million exploit on DeFi protocol Ankr Protocol. The BNB chain-based protocol confirmed that it has fallen victim to a multi-million dollar exploit. 

More Binance Coin News

Cardano price gets underpinned, could move 10% north before New Year

Cardano price gets underpinned, could move 10% north before New Year

Cardano (ADA) price action is trading in more quiet waters as the spillover effects and aftermath of FTX and BlockFi bankruptcies are finally easing into the background. 

More Cardano News

Bitcoin Weekly Forecast: Assessing likelihood of 80% rally for BTC before 2023

Bitcoin Weekly Forecast: Assessing likelihood of 80% rally for BTC before 2023

A massive bullish move is coming. In the last two articles, we have taken a look at why this is possible from a technical and on-chain perspective. In this weekly forecast, we will take a look at Bitcoin’s monthly performance for the last decade and determine if this bullish outlook is possible. 

Read full analysis

BTC

ETH

XRP