While the ongoing crypto winter has been tough for the industry as a whole, 2022 has been particularly tough for Solana. The collapse of FTX and Alameda Research, closely associated and financially entrenched in the Solana ecosystem, has accelerated his year-long decline marked by technical problems and high-profile hacks.
Solana hosts a thriving NFT ecosystem and expands its gaming push, but turbulent times and a 94% token price plunge have forced some creators to seek greener pastures elsewhere. I started looking for the ground. The Solana game Tiny Colony is the latest project to make the transition to another blockchain. Similar announcement From the creators of DeGods and y00ts.
Tinyverse Games, developer of Tiny Colony, today announced plans to migrate its in-development NFT game (a blockchain-based construction and management simulator) from the Solana blockchain to Immutable X, an Ethereum scaling network.
Tinyverse co-founder and CEO Arshia Navabi said: Decryption“They have a great development team and incredible gaming-focused technology.”
In Tiny Colony, players must build and manage an underground colony of humanoid ants, strategically farm, mine, hatch larvae, and defend the colony to survive. Players earn NFTs that can be used in-game or traded on the marketplace. An early version of the game was released to testers on Solana last summer, but the full version is set to debut on Immutable X later this year.
Tiny Colony is a relatively small project compared to Ethereum games such as Axie Infinity and Bored Ape Yacht Club’s Otherside, which each generated over $1 billion in NFT sales.
According to Tinyverse, the project was originally launched through Fractal on the Solana marketplace and has generated over $3 million worth of NFT sales to date. His NFTs in the game now on the secondary market he SOLs starting at less than $5 a piece.
NFTs are blockchain tokens that represent unique items. In video games, this means in-game characters, accessories, digital land plots, etc. Elsewhere, NFTs are used for profile pictures (PFPs), artwork, sports and entertainment collectibles, access passes to exclusive events and experiences, and more.
nababi said Decryption Tiny Colony will allow current Solana NFT owners to trade in Immutable X versions of the same assets through a process called “burn-in minting.” Details of the redemption process will be shared “in the next month or so” as the technical process is finalized with the help of the Immutable X developers.
Why Immutable X?
Immutable is the creator of the Immutable X network and the developer of the NFT-based card game Gods Unchained. Immutable X is a Layer 2 scaling solution that enables faster and cheaper transactions than Ethereum’s own mainnet. Navabi said Immutable’s focus on gaming and player experience would be ideal for Tiny Colony.
Considered by some to be the “Ethereum killer,” Solana is an alternative destination builder for decentralized apps (dapps) and NFTs due to its lower fees and ability to process higher volumes of transactions per second than the mainnet of Ethereum itself. was famous as
However, the buzz Solana gained in 2021 did not last through 2022, as network outages, increased competition, and turmoil in the NFT market seemingly fueled a sharp drop in token prices. SOL has fallen from its peak of $260 in November 2021 to around $16 today. This is significantly lower than major cryptocurrencies such as Bitcoin and Ethereum.
Luckily, we didn’t lose any money to the impact of FTX, but we do have a sizeable SOL reserve that we need to hold for a longer period of time until the value of SOL and the market recovers.
— Tiny Colony (@TinyColonyGame) November 17, 2022
Tinyverse previously commented on Solana’s decline. November Tweet Threadwhich did not lose any money in the FTX collapse, wrote, “There is a sizeable SOL reserve that needs to be held for a longer timeframe until SOL’s value and markets recover.”
“Don’t get me wrong, Solana was an incredible starting point for us. [Solana]said Nababi DecryptionHowever, when Tinyverse began talking to Immutable and learned that its future plans were focused on games and NFTs, Navabi said he was “immediately hooked.”
Founded in 2021, Tinyverse is made up of gaming, film and TV veterans who have worked on projects for Netflix, Disney, Amazon Prime and Paramount, as well as gaming brands EA, Capcom and PlayStation.
Technical limitations of Ethereum itself make it too fast and costly for many Web3 games, but scaling networks like Immutable X and Polygon are making games that allow user-owned assets without hefty transaction fees along the way. is increasingly being adopted by creators to achieve
“We are thrilled to welcome Tiny Colony to our rapidly growing Immutable X family and provide teams with a complete suite of tools and solutions to make games as accessible, engaging and performant as possible. We are delighted,” said Immutable VP of Global Business Development Andrew. Sorokowski said in a statement.
The main reason for the move is that Immutable X doesn’t have a gas fee to complete transactions, Navabi said, adding that the traditional ( or Web2) stating that the network is user-friendly for gamers.
“Game developers and producers should stop expecting Web2 gamers to understand these elements and try to make this a very good landing home for them. It needs to be a familiar space,” he said. Immutable X’s “strategy, timeline and focus are very much in line with that.”
Tiny Colony Pivot Comes in Less Than a Month DeLabs announced Two of Solana’s top PFP projects, DeGods and y00ts, bridging to other platforms.
The details of the process are still unknown, but DeGods will move to Ethereum and y00ts will move to Polygon. $3 million grant From Polygon Labs (formerly Polygon Studios). Polygon Labs, along with President Ryan Wyatt, has also reportedly attempted to solicit other of his Solana projects. Confirm by tweet reply In December, he said the team “reached out to many projects across multiple chains.”
Navabi said Tinyverse has not received direct funding for its move, but Immutable will offer grants of IMX tokens based on project milestones once it goes live on Immutable X. About money.
“It wasn’t our focus,” he said. “If we were focused on money, we would go to Polygon or these various blockchains that offer huge incentives to switch.”