Latest Crypto News: LG Starts ‘Grand Challenge’ For Startups, Game Studios Shun Blockchain Integration 

Here are some recent news in the crypto world 
Latest Crypto News: LG Starts ‘Grand Challenge’ For Startups, Game Studios Shun Blockchain Integration 

Sokwoo Rhee, LG Senior VP of Innovation at LG Electronics said that its Silicon Valley-based North American innovation center, LG Nova, will collaborate with startups to help them create new ventures. 

LG Starts Grand Challenge Programme For Startups 

In an interview with Metaverse Insider, Rhee said: “We believe startups are at the forefront of innovation. And they are the experts both in technology and the market. So, we want to work with them.”  

To achieve this goal, LG created the grand challenge programme, which seeks proposals to source, test, and invest in startups that hold potential in the Metaverse ecosystem– allowing them to work with LG and determine what type of business they want to create.  

Game Studios Shun Blockchain Integration 

While several mainstream game studios have withdrawn from integrating blockchain tech, three blockchain gaming executives say it's only a matter of time before they change their direction.  

In July last year, Minecraft developer Mojang Studios announced a ban on NFTs and blockchain technology. 

By November, Rockstar Games updated its website to stipulate that fan-operated servers for Grand Theft Auto V can no longer use crypto assets, specifically non-fungible tokens (NFTs). 

Walter Lee, gaming growth lead at BNB Chain, argues, however, the ban is more related to NFT activities than general blockchain tech and thinks that once “more regulation is in place” to guarantee player safety, mainstream studios will warm up to the technology. 

“There is still a lack of education and regulation around Web3, therefore, some users and companies are still skeptical about the benefits and scams that can often be associated with it,” he said. 

Mojang Studios pointed to rug pulls surrounding certain third-party NFT integrations, along with NFT wash trading and issues around digital ownership, as reasons for the ban. Lee believes player demand will ultimately tip the scale on blockchain tech in mainstream games. 

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