Jack Dorsey’s firm, Block Inc., posts $1.47B Q2 profits, Bitcoin revenue drops

Former Twitter CEO Jack Dorsey’s digital payments firm, Block Inc., registered a $1.9 billion profit in the second quarter of 2022 despite the ongoing turmoil within the crypto market. Revenue from Bitcoin services, however, dropped and only accounted for about $41 million of the overall profit.

The firm cited price volatility and lack of consumer demand for the reduced revenue from Bitcoin compared to past years.

The Q2 report showed that the digital payment firm saw its year-to-year profits climb by about 29%. This comes amid the reduced Bitcoin business.

Block Inc. Bitcoin business

Block Inc. generates Bitcoin revenue primarily from BTC trading services through its digital payment application Cash App. The reduced gross Bitcoin gross profit suggests that Bitcoin could be a high-cost venture for the digital payments firm.

Commenting about the reduced Bitcoin revenue, Block Inc. stated:

“The year-over-year decrease in Bitcoin revenue and gross profit was driven primarily by a decline in consumer demand and the price of bitcoin, related in part to broader uncertainty around crypto assets, which more than offset the benefit of volatility in the price of Bitcoin during the quarter.”

The Block also realized a $36 million impairment loss on its BTC holdings, although that is just a loss on paper.

The firm was, however, quick to emphasize that the slump in Bitcoin profits does not reflect the broader performance of the firm’s business.

Following Block’s Q2 performance, investors seem to be quite impressed despite the fact that the firm’s stock dropped by over 7% in the after-hours trading.

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Mummy.io partners with Polygon Studios to scale their metaverse

Immerse play-and-earn MMORPG games platform, Mummy.io has announced a partnership with Polygon Studios to scale its metaverse and allow its community to access more opportunities.

The partnership will help Mummy to introduce new NFT collections and in-game utility integrations to enhance the experience of players of the P&E game. Polygon Studios is an ecosystem that hosts a myriad of Web3 companies including lending dApps, decentralized exchanges, sports betting, play-to-earn games, NFTs, and DAOs.

Over the past 7 months, Polygon has grown tremendously seeing over 19,000 dApps joining the platform.

First airdrop of Stelae NFTs

Along with announcing the partnership, Mummy.io also announced the launch of its first airdrop of Stelae NFTs, which is the first artifact of a Series of 3 with a Demo Chapter 1: Battle of Ankhahur the Fallen in summer 2022.

The airdrop offers special utilities and features to encourage gamers and NFT collectors.

Mummy.io said that the airdropped NFTs will be minted on Polygon, something that would make Mummy.io benefit from low gas fees, high speeds, and reduced latency. Mummy also aims at leveraging the flexibility, sovereignty, and scalability of Polygon while at the same time ensuring interoperability, security, and structural benefits in a competitive manner.

The MMORPG games

MMORPG is a more complex game genre than other video game genres and Mummy’s team has come out clearly to point out the challenges it faces when developing its games. According to the developers, MMORPG requires specialized software and secure integration of blockchain technology.

The team is hoping to combat these challenges with the onboarding of Polygon and also boost their go-to-market strategy and the process of game development.

With the Polygon partnership, Mummy aims to reach out to 3D gamers around the globe and bring AAA gaming standards to the next level.

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