U.S. Regulatory Restrictions and Crypto Compliance Cause Delay in Shrapnel Blockchain Game Launch

U.S. Regulatory Restrictions and Crypto Compliance Cause Delay in Shrapnel Blockchain Game Launch

Play-To-Earn Games News, P2E Games News | 08 May 2024 10:28 UTC

The expected release of the blockchain game, Shrapnel which is a first-person extraction shooter, has been significantly affected by a restriction concerning regulations in the US. The Web3 game has to remove and alter some of its features for its US player base.

Even in this age of digital optimism, where rules are constantly being pushed aside, the web3 game "Shrapnel" has a hard time with rules and regulations. The fact that players from the United States aren't allowed to play has slowed down the release of the first-person shooter blockchain game.

Web3 Game Shrapnel Removes the Feature of Cash Out for US Players

The creators of Shrapnel, an upcoming AAA first-person extraction shooter built on the blockchain, have decided to take away a feature from the game for US players so that the country's securities regulator will be happy.

Francis Brankin, the head of economy for Shrapnel, said in an interview that players in Europe and Asia will be able to cash out their money without any problems, but players in the US will not be able to do so at all.

"They [U.S. users] can do everything else that other players can do, but they can't cash out. Because that's what makes it a security to the U.S. player, the problem starts when they can turn it into money.

Origin of the Cash Out Restriction

Gary Gensler's strict rules for the SEC are to blame for this limit. As a result of the changing regulatory environment, a number of American cryptocurrency companies have cut back on their domestic operations. Instead, they are going global to reach more gamers with their amazing products. Since Gary Gensler became chairman of the U.S. Securities and Exchange Commission, the agency seems to be on a regulatory enforcement parade. This has led many U.S. bitcoin companies to limit their local services in favor of growing outside the country.

Shrapnel is a first-person extraction shooter set on Earth in the year 2038. Players look for goods and try to get their winnings while avoiding enemies and other players. Brankin says that players can make money in more ways than just by playing the game. They can create open economies and own the intellectual property rights to things in the game. This was a big reason why CEO Mark Long made the decision for the company to use blockchain technology. Users can start from scratch to build a brand and make and sell items within the game.

He is keeping his fingers crossed that this is just a temporary problem and that the Shrapnel development team, Neon, will soon let users in the United States withdraw their funds directly into their bank accounts.

"User-generated content is clearly a big thing," said Brankin, citing Roblox and Minecraft as examples from the encyclopedia. Brankin says that scalability was a big reason why Neon chose to use Avalanche. For now, Shrapnel's transaction processing capacity of 555 TPS (two million per hour) is enough, but as Avalanche matures, it will be easier to scale.

US Regulatory Concerns

The U.S. financial markets are the strongest and most profitable in the world in part because of the rules that govern them. But the framework seems to be one of the worst places in the world to regulate digital assets. Businesses all over the world are investing in new technologies. If lawmakers and regulators want to take advantage of this and stay in the game, they need to catch up quickly.

In December, Neon will put out a paid version of the game that can be played early. At some point, the game will no longer cost anything to play. Even though restrictions on US users are slowing down the release of Shrapnel, the co-founder of Sandbox told the media that the metaverse and gaming in general are growing in Asia, especially in Hong Kong, South Korea, and Japan. Also, problems with regulations will be solved soon, so everyone will be able to use everything Shrapnel has to offer.

About Web3 Game Shrapnel Extraction Shooter

The players in the AAA first-person shooter Shrapnel have complete dominance over the items they assemble. The extraction web3 game attracts players interested in shooting, and it's similar to Roblox in which adults participate in the building process.
Shrapnel takes place in a world that has survived the apocalypse. Players must navigate perilous areas, combat hostile groups and creatures, and gather resources in order to survive. The game has complex physics, destructible locations, extensive character customization options, and a variety of game modes, including single-player, co-op, and competitive multiplayer.

FAQ: Shrapnel Blockchain Game and U.S. Regulatory Restrictions

What is "Shrapnel," and why is it facing delays in its U.S. release?

Answer: "Shrapnel" is an upcoming AAA first-person extraction shooter game built on blockchain technology. It offers players the ability to earn money within the game and own intellectual property rights for in-game items. The game is facing delays in its U.S. release due to regulatory restrictions imposed by the U.S. Securities and Exchange Commission (SEC).

What specific feature is being altered for U.S. players, and why?

Answer: The feature being altered for U.S. players is the ability to cash out their in-game earnings. This change is necessary to comply with U.S. securities regulations enforced by the SEC. Players in Europe and Asia will still be able to cash out their earnings, but this feature will be restricted for U.S. players.

Why are U.S. regulatory concerns impacting "Shrapnel" and other cryptocurrency companies?

Answer: U.S. regulatory concerns, particularly under the leadership of SEC Chairman Gary Gensler, have led to increased scrutiny and strict rules for cryptocurrency and blockchain-related activities. Many cryptocurrency companies, including "Shrapnel" developers, are choosing to limit their domestic operations and expand globally to avoid regulatory complications.

How does "Shrapnel" work, and what sets it apart from other games?

Answer: "Shrapnel" is set in a post-apocalyptic world in the year 2038 and allows players to explore dangerous areas, engage in combat, and collect resources to survive. What sets it apart is its use of blockchain technology, which enables players to create open economies within the game, own intellectual property rights, and earn money through various in-game activities.

What blockchain technology is "Shrapnel" using, and why?

Answer: "Shrapnel" has chosen to use Avalanche blockchain technology. The decision was driven by Avalanche's scalability, with a transaction processing capacity of 555 transactions per second (TPS). As the Avalanche platform matures, "Shrapnel" expects to scale more effectively and accommodate a growing player base.

When can we expect the release of "Shrapnel" for U.S. players?

Answer: While U.S. players are currently restricted from cashing out their in-game earnings in "Shrapnel" due to regulatory concerns, there is hope that this limitation will be temporary. The development team, Neon, is working to address these regulatory issues. A paid early-access version of the game is planned for release in December, with the goal of eventually offering free-to-play access to all users.

Is the metaverse and gaming industry still growing despite regulatory challenges?

Answer: Yes, the metaverse and gaming industry continue to experience growth, especially in Asian markets such as Hong Kong, South Korea, and Japan. Despite regulatory challenges, the demand for virtual worlds and online gaming remains strong, and it is expected that regulatory issues will be resolved over time to allow broader access to platforms like "Shrapnel."

The release of the blockchain web3 game Shrapnel which is a first-person extraction shooter, has been significantly affected by a restriction

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