Welcome to Lootbox - a weekly newsletter covering the business side of video games.
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What's in this Lootbox?
- 📈 FaZe Clan Goes Public
- 🚫 Minecraft Hates NFTs
- 🚫 Indonesia Hates Video Games
- 📷 Meme
📈 FaZe Clan Goes Public
Esports and overall gaming content brand FaZe Clan went public on the Nasdaq on July 20th via a $725M SPAC deal.
Honestly nothing says "we're desperate" like going public via a SPAC. That's just so 2020 am I right?
$FAZE currently trading at a $1.36 BILLION market cap so you'd think they must have cracked the Esports monetization / growth problem.
FaZe Clan generated just $58.81M of revenue in the past 12 months. That's a comical 23x multiple. I guess investors are really banking on their new ghost kitchen partnership with DoorDash called FaZe Subs?
🚫 Minecraft Hates NFTs
Minecraft officially stated 2 weeks ago that they are not jumping on the crypto web3 NFT bandwagon.
With every crypto kid on the planet lecturing people against their will about web3 gaming, its a pretty big deal when the largest video game on the planet say thanks but absolutely no thanks.
Most people don't realize that game developers are STRONGLY against web3/crypto/NFT gaming. Why do you think all NFT games suck? Because all the good game developers legitimately hate the thought of crypto.
NFTs and web3 have their place in the world and probably in some niche of gaming. But they definitely don't have a place in Minecraft.
Full statement below:
🚫 Indonesia Hates Video Games
On July 29th Indonesia's ministry of information KOMINFO officially blocked access to Steam, Epic Games, and Paypal.
Why? Because they hate video games.
Ok not really. KOMINFO introduced new guidelines that require certain companies to register with the organization. For whatever reason Steam, Epic Games, PayPal and more never got the memo (or was trying to call their bluff).
The bans are temporary and PayPal has already been unbanned. TBD on Steam & Epic Games. In the mean time hopefully gamers can just hop through a VPN and get their Fortnite fix.
Thanks for Reading :)
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