Uniswap Labs made a significant move into the blockchain gaming industry with its recent acquisition of ‘Crypto: The Game’ (CTG), an on-chain survival game.
Notably, the second season of CTG witnessed unprecedented success, with all 800 available spots selling out within a mere 13 minutes. Recognizing the game’s popularity among both the core crypto community and outsiders, Uniswap Labs announced the acquisition on Monday.
Uniswap Labs And CTG Founders Team Up
In a statement to Fortune, Mary-Catherine Lader, Chief Operating Officer at Uniswap Labs, expressed excitement about the acquisition, saying, We’ve seen CTG generate a ton of excitement, and Uniswap is focused on making on-chain experiences more human and fun.” While the exact purchase amount remains undisclosed, it involves a combination of cash, tokens, and equity.
Under the terms of the acquisition, the founders of CTG, Dylan Abruscato, Tyler Cagle, and Bryan Lee, will join the Uniswap team. Together, they are currently collaborating on the development of season three while exploring new interactive crypto experiences for consumers.
Importantly, the game will not simply become a promotional platform for Uniswap’s wallet or exchange, as clarified by the companies during a conference call.
Dylan Abruscato, co-founder of Crypto The Game, expressed enthusiasm about the support from Uniswap Labs, stating, “Now we have the full force of Uniswap Labs behind us, we think that’s going to help us make season three the best one yet.”
Convergence Of Gaming And Crypto Communities?
Inspired by popular TV shows like Survivor and Squid Game, CTG’s first two seasons followed a format where contestants purchased 0.1 Ethereum (ETH) (approximately $367) to join one of ten tribes consisting of 80 players.
Over the course of ten days, participants engaged in daily challenges voted each other out and ultimately competed for a grand prize. Season one saw a Japanese player claim a pot of over $150,000, while the prize pool grew to around $250,000 in season two.
Uniswap Labs sponsored a challenge during season two, joining forces with partners such as Adidas and Wormhole. This sponsorship reportedly provided Uniswap with valuable insights into the game’s ability to attract new users to the world of crypto.
According to Fortune Magazine, CTG has gained a “cult-like” following within the crypto community, with enthusiasts closely following the game’s developments through various platforms, including podcasts and media outlets.
Dylan Abruscato emphasized the diverse fan base of CTG, which comprises crypto Twitter enthusiasts, venture capitalists, founders, and influential figures like 3LAU, Packy McCormick, Jesse Pollak, and Bored Elon.
Significantly, the game has also managed to captivate “normies” (individuals new to crypto) who make up about 10%–15% of the audience, presenting an opportunity to onboard new users into the world of decentralized finance (DeFi).
Although the precise number of viewers during the previous season remains unknown, CTG recorded approximately 50,000 unique visitors to its website over the ten-day gameplay period.
Dylan Abruscato described the game as a “24/7 crypto reality show” with villain arcs, drama, and fan favorites, which has become a spectacle within the crypto community.
Currently, the UNI token is trading at $10.29, showcasing a significant 4.5% price increase subsequent to the announcement of the acquisition.
Moreover, the token has experienced a remarkable 7% surge in the past week alone, contributing to its overall upward trend observed over the last month, which has resulted in an impressive 45% price increase.
Featured image from DALL-E, chart from TradingView.com
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