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Square Enix to wind down its Web3 venture Symbiogenesis in July

However, the project failed to meet expectations and Square Enix has decided to pull the plug.
Why Did Symbiogenesis Fail?
Despite the hype surrounding Web3 and blockchain technology, Symbiogenesis failed to gain traction in the gaming community. The platform allowed players to purchase in-game items using cryptocurrency, but this concept was not well received by the majority of gamers. Additionally, the high transaction fees associated with using cryptocurrency made the purchasing process cumbersome and unattractive.
Impact on the Crypto Market
The news of Symbiogenesis' discontinuation has caused a stir in the crypto market. Many investors were banking on the success of this project to boost the adoption of cryptocurrency in the gaming industry. However, this setback has caused a dip in the prices of popular crypto tickers such as Bitcoin (BTC) and Ethereum (ETH).
Lessons Learned for Future Web3 Ventures
The failure of Symbiogenesis serves as a learning experience for future Web3 ventures. It highlights the importance of understanding the target audience and their preferences before implementing blockchain technology. It also emphasizes the need for user-friendly and cost-effective solutions when it comes to integrating cryptocurrency into existing systems.
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#SquareEnix #Symbiogenesis #Web3 #CryptoGaming #Bitcoin #Ethereum #LessonsLearned #Blockchain #GamingIndustry


Sentiment Result: Negative

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