In the recent development in the gaming industry, Take-Two, the developer behind the well-known ‘Grand Theft Auto’ franchise that was acquired by Zynga has recently ventured into the world of blockchain gaming. Both companies announced their new Ethereum-based game, Sugartown, back in August. As the first foray in web3 gaming, this venture has already made waves in the non-fungible token (NFT) market generating over $5 million in trading volume, according to the data from OpenSea. The impressive success of ‘Sugartown’ in the NFT market can be attributed to various factors but the integration of blockchain technology and NFTs as the fundamental gameplay element of Sugartown has created a unique and compelling gaming experience.
Background of the Grand Auto Theft Game
Grand Auto Theft also commonly known as GTA is a series of action and adventure-based games. The game was primarily developed by a British development house under the name Rockstar North (formerly known as DMA Designs) while its publishing responsibility was given to its American parent company, Rockstar Games. GTA games are predominantly set in an urban “sandbox” environment, casting a main character who is involved in organized crimes.
The gameplay focuses on an expansive open world that allows the players to undertake missions to advance in the overall story and participate in a range of side activities. The core gameplay encompasses driving and shooting with occasional elements of role-playing and stealth. The most distinctive feature of the game is the possibility to hijack and drive nearly any vehicle they come across in the game’s open world. The game has several sequels, however, Grand Auto Theft III had a major influence on the development of video games that ultimately led to increased production and interest in similar thematics and gameplay mechanics. Despite being labeled as the most controversial video game series by the 2008 editions of Guinness World Records with accusations of violence, connection with real-life crimes, and corruption of gamers, GTA managed to ship 125 million units by November 2012 as per Take-Two Interactive.
Blockchain-Based Game, Sugartown and Title’s NFTs Generate Over $5 Million in Trading Volume
Take-Two along with its mobile gaming subsidiary, Zynga developed and announced its new Ethereum-based name, Sugartown in August. Soon after its launch, the game created ripples in the NFT market generating over $5 million in trading volume. According to the reports of OpenSea, around three weeks after its launch, the game’s access token known as Oras has facilitated trading volume exceeding 3000 ether (approximately $5 million). The current floor price for Oras stands at approximately $430, as reported by OpenSea data. This achievement has come despite the NFT market facing a steep decrease in the trading volume and number of active participants.
As the NFT market continues to evolve, it is promising to observe major players like Take-Two and Zynga venturing into blockchain gaming to captivate the creativity and interest of gamers and collectors worldwide. As per OpenSea data, the company also claims to drop 10,000 tokens as a part of its initial offering. According to the companies, gamers will employ Oras, an Ethereum-based token (or ERC-721), for entry into “Sugartown” and to accumulate “energy,” enabling them to earn an in-game currency.
Disclaimer: This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
