By
Godfrey Benjamin
April 29th, 2024
The SuiPlay0x1 gaming device will be available in stores worldwide from 2025 onward to improve the adoption of the Sui network.
Sui (SUI) network, a fast-growing layer-one blockchain with more than $646 million in Total Value Locked (TVL), has announced several new products through the SuiBasecamp in Paris. Backed by the reputable developers at Mysten Labs, the Sui network intends to dethrone Ethereum (ETH) as the top smart contract blockchain in the near term.
With dozens of DeFi protocols, the Sui network has attracted significant attention from Web3 investors. Moreover, on-chain data provided by Suiscan shows there are more than 10 million non-zero Sui accounts that have processed over 1 billion transactions.
Closer Look at the SuiPlay0X1
On Wednesday at the SuiBasecamp, the Sui Network unveiled the first hand-held gaming device with Web3 compatibility dubbed the SuiPlayOX1. Notably, the SuiPlay0X1 runs on Playtron’s operating system, thus enabling gamers to enjoy both Web3 and web3 games on one platform. However, the SuiPlay0X1 gaming device will not be available in any store until 2025, when Mysten Labs will probably reveal the pricing.
As the first handheld gaming console with native web3 capabilities, the SuiPlay0X1 device will be integrated with the Sui blockchain through zero-knowledge (ZK) login and Sui Kiosk SDKs. Already, Mysten Labs has nearly 70 games on the Sui blockchain and more are ostensibly in the pipeline, thus making the launch of SuiPlay0X1 strategic. Furthermore, Mysten Labs raised around $400 million during the cryptocurrency winter to build a robust and scalable web3 ecosystem.
@emanAbio announces the SuiPlay0X1 on stage and shares why Sui is the best blockchain choice for gaming – from indie to AAA games. pic.twitter.com/9lCBTUNEKc
— Sui (@SuiNetwork) April 10, 2024
According to Adeniyi Abiodun, the chief product officer at Mysten Labs, the SuiPla0X1 will not exclude existing Web3 gaming platforms from other ecosystems. Meanwhile, the deeper architecture of the SuiPlay0X1 will be deceived later with some speculation that it will be based on Advanced Micro Devices (AMD) technology.
“I love the fact that we’re not excluding existing ecosystems with this. We want every ecosystem to benefit. This is actually an uplift for Web3. And now this technology allows games to engage with users at a very high throughput, very high rate,” Abiodun noted.
Impact on the Sui Price Action
After reaching a new all-time high (ATH) against the US dollar in late March, SUI price has signaled a period of correction and weakness. Furthermore, the weekly Relative Strength Index (RSI) has formed a bearish divergence on a possible double top.
The mid-cap altcoin, with a fully diluted valuation (FDV) of about $14.9 billion and a daily average traded volume of around $286 million, is however bolstered by the new web3 products and vibrant online ecosystem.
As a result, the SUI price could easily rebound from the ongoing correction and confirm a bullish flag. Moreover, the Bitcoin halving 2024 and the increased crypto demand from institutional investors have helped sustain the bullish sentiments.