iWorld
House of Gaming joins hands with blockchain venture Bluewheel Capital & Wharf Street Studios
Mumbai: House of Gaming, a next-generation technology firm aimed at developing esports in India through its three verticals: Indian Gaming League, Hefty Games, and GameGods, has partnered with Bluewheel Capital and Wharf Street Studios. The aim is to bring blockchain gaming to the mainstream. The association’s goal is to build a reputation for the House of Gaming enterprise’s recent ventures into Age of Tanks ( Bluewheel Capital) and Epiko Regal (a fantasy world influenced by and based on Indian mythology created by Wharf Street Studios).
The House of Gaming’s alliance with Bluewheel Capital and Wharf Street Studios will strengthen its efforts to support and drive Web3 gaming adoption across the globe. The collaboration also aims to kickstart and fuel the gaming and NFT ecosystems of Hefty Games with exclusive P2E (Play to Earn) tournaments. Fostering higher engagement, in addition to the existing portfolio of Lokesh, TSG, Gyan, AS Gaming, and Team Orangutan Elite, House of Gaming also intends to release NFT trading cards, allowing gamers to own collectibles from their favourite gamers.
Because of its collaboration with Polygon and eDAO, Hefty Games has established itself as a one-stop shop for all forms of digital art in the gaming world on the blockchain. Polygon, which is also the leading Ethereum scaling and infrastructure development platform, will help to engage gamers and bring them closer to industry titans like Hindustan Talkies, the media conglomerate, and Hungama, one of South Asia’s largest digital media entertainment companies. At Hefty Games, we aim to get things going and keep them going. Expanding partnerships in the worlds of collectibles and blockchain, this collaboration will help India realise the positive economic impact of blockchain gaming while transforming House of Gaming into a multi-service entertainment application.
Contributing to the development of the most diverse portfolio of gaming titles via the blockchain association, House of Gaming will aim to elevate itself to be a powerhouse for providing entertainment across esports, games, and blockchain technology.
House of Gaming co-founder and CEO Yash Pariani said, “Our strategic alliance with Bluewheel Capital and Wharf Street Studios is a gateway to newer means of engagement in the esports community. With the widespread adoption of Web3 gaming, there is even greater momentum and scope added to the sector. We are looking forward to creating a strategic impact towards enhancing the future of gaming.”
Bluewheel Capital CEO V Agarwal said, “Our partnership with House of Gaming will help incentivize engagement, allowing players to turn blockchain into a potential source of income. With the increasing difficulties of cryptocurrency and Web3 gaming, its true potential remains unrealized. The collaboration will revitalise the industry to create advantages in the NFT space.”
Wharf Street Studio founder and CEO Venkatesh Krishna Murthy said, “Our collaboration with House of Gaming only increases our chances of expanding the blockchain world and making NFT Games an important source of revenue distribution for an influx of upcoming games. Epiko Regal is one such competitive title, and our goal is to give this game a significant stake in the blockchain ecosystem.”
Recently, House of Gaming collaborated with the blockchain giant Polygon to introduce gaming NFTs via Hefty Games. Following the recent announcement of Hefty Art bringing MF Husain’s paintings into the metaverse, its collaboration with Polygon and eDAO will help bring gaming enthusiasts closer to industry titans such as Hindustan Talkies, the media conglomerate, and digital media entertainment company Hungama.
iWorld
Snapchat parent Snap cuts 16 per cent of workforce in AI-driven restructuring
The Snapchat parent is axing around 1,000 jobs and closing 300 open roles to save $500m, as artificial intelligence makes smaller teams the new normal
CALIFORNIA: Snap is snapping. The Snapchat parent has confirmed plans to cut around 1,000 employees, roughly 16 per cent of its full-time workforce, as it bets that artificial intelligence can do what headcount once required. Shares jumped more than 10 per cent in premarket trading on the news, a brisk vote of confidence from a market that has watched the stock shed about 31 per cent this year.
The restructuring, which also closes more than 300 open roles, follows pressure from activist investor Irenic Capital Management, which holds an economic interest of about 2.5 per cent in the company and has been loudly pushing Snap to tighten its portfolio and lift performance. The firm got what it asked for, and then some.
Chief executive Evan Spiegel told employees the cuts would reduce annualised expenses by more than $500m by the second half of the year. The company expects to incur charges of between $95m and $130m related to the layoffs, mostly severance, with the bulk landing in the second quarter. Staff in Snap’s North America team were asked to work from home on the day of the announcement.
The financial backdrop is not without bright spots. Snap expects first-quarter revenue to rise around 12 per cent to approximately $1.53 billion, broadly in line with analyst estimates. Adjusted core profit for the January to March quarter is forecast at about $233m, comfortably ahead of Wall Street’s expectation of $186.8m.
The harder question surrounds Specs, Snap’s augmented reality smart glasses subsidiary, which Irenic has urged the company to spin off or shut down entirely. The unit has absorbed more than $3.5 billion in investment and burns through approximately $500m in cash annually. Snap is pressing ahead regardless, with a consumer product expected later this year, even as Meta leads the market in the segment.
Spiegel is betting that leaner teams, smarter machines and a consumer AR play can restore Snap’s credibility with investors who have run out of patience. The redundancy notices have gone out. The harder restructuring, the one that requires a hit product rather than a headcount reduction, is still very much pending.
