In a groundbreaking announcement at Breakpoint 2024, Ian Cummings, founder of Third Time Entertainment, revealed that Photo Finish Live, the leading game on Solana, has become the world's first real-money horse racing game approved by Apple. This milestone, coupled with a partnership with the Kentucky Derby, marks a significant leap forward for Web3 gaming and Solana's ecosystem.

Summary

Ian Cummings, formerly the creative director of the Madden football franchise, presented Photo Finish Live, a horse racing game that has been in development for nearly nine years. The game, built on Solana, offers an open ecosystem where real money is at stake and skill-based gameplay is at its core. Since its launch in April 2023, Photo Finish Live has seen steady growth, with impressive engagement, retention, and spending metrics.

The game's success is highlighted by over 7 million USDC paid back to track owners and players staking the game's Crown token. Every minute, players are actively racing, breeding, and fully immersing themselves in the virtual horse racing world. This level of engagement has set the stage for mainstream appeal, targeting millions of sports fans, horse racing enthusiasts, and the global betting community.

Despite the game's success, Cummings acknowledged the challenges faced by the Web3 gaming industry, including a significant drawdown in funding and skepticism from traditional game developers. However, Photo Finish Live aims to lead by example, creating games that onboard not just gamers but professional game developers to the Web3 space.

The keynote's climax was the announcement that Photo Finish Live is now approved by Apple as the world's first real-money horse racing game, marking a significant milestone in bringing Web3 gaming to mainstream audiences. Additionally, the game has partnered with the Kentucky Derby, the biggest name in horse racing, further solidifying its position in the industry.

Key Points:

Photo Finish Live's Development and Success

Photo Finish Live, developed by Third Time Entertainment, is the culmination of a nine-year vision to create an open ecosystem horse racing game with real money stakes and skill-based gameplay. The decision to build on Solana was driven by the blockchain's speed, security, and vibrant community.

Since its launch in April 2023, the game has demonstrated impressive growth metrics. With over 7 million USDC distributed to track owners and players staking the Crown token, Photo Finish Live has proven its ability to create a sustainable and engaging economic model within the game. The continuous activity of players racing, breeding, and immersing themselves in the virtual horse racing world showcases the game's strong retention and engagement rates.

Challenges in the Web3 Gaming Industry

Cummings addressed the significant challenges facing the Web3 gaming industry, including a nearly 90% reduction in funding for Web3 game development projects since 2022. He questioned the lack of visible results from the $5 billion invested in Web3 gaming projects in 2021 and 2022, highlighting the need for accountability and tangible outcomes in the space.

The presentation also touched on the skepticism from traditional game developers towards the Web3 gaming space, citing perceptions of scams, over-promises, and under-delivery. Cummings emphasized the need to alter this trajectory and lead by example to attract more professional teams and developers to the Web3 gaming ecosystem.

Apple Approval and Mainstream Integration

The keynote's most significant announcement was Photo Finish Live becoming the world's first real-money horse racing game approved by Apple. This approval represents a major breakthrough in bringing Web3 gaming to mainstream platforms and audiences. It opens up new possibilities for user acquisition and legitimizes blockchain-based gaming in the eyes of traditional tech giants.

Additionally, Photo Finish Live's partnership with the Kentucky Derby, as their official gaming partner, further cements the game's position in the horse racing and sports betting industries. This collaboration bridges the gap between traditional sports and Web3 gaming, potentially attracting a wider audience to the Solana ecosystem.

Future Plans and Industry Call to Action

Cummings outlined future plans for Photo Finish Live, including the development of a live streaming app and ongoing work on landmark partnerships across the betting and racing industries globally. These initiatives are part of a broader strategy to expand the game's reach from thousands to millions of users.

The presentation concluded with a call to action for the entire Web3 gaming industry. Cummings encouraged collaboration, offering his expertise to help other teams and raise the collective bar for Web3 gaming. He emphasized the importance of building for mainstream audiences on every device and urged the community to create more games and apps to demonstrate the potential of blockchain gaming.

Facts + Figures

• Photo Finish Live launched in April 2023 on the Solana blockchain
• Over 7 million USDC has been paid back to track owners and players staking the Crown token
• The game has seen steady growth with high engagement, retention, and spend metrics
• There has been a nearly 90% drawdown in funding of Web3 game development projects since 2022
• $5 billion in VC funding was invested in Web3 gaming projects in 2021 and 2022
• Photo Finish Live is now the world's first real-money horse racing game approved by Apple
• The game is an official gaming partner of the Kentucky Derby
• Third Time Entertainment is currently raising a venture round
• A special Photo Finish Live event is being held at Breakpoint 2024, featuring personalities from the Solana ecosystem

Top quotes

1. "We chose to bring this game to Solana for its speed, its security, and really the vibrant community that Solana brings."
2. "Photo Finish Live is really blazing new trails to showcase what's possible from a game in Web3."
3. "We are now the only official gaming partner of the biggest name in the sport, the Kentucky Derby."
4. "It is time to alter that trajectory. This is the situation we're in now, though. Traditional game developers really dismiss this whole space that we're in."
5. "Photo finish is now the very first real money horse racing game approved by Apple in the world."
6. "Our goal is really to exit the bubble of crypto, right? It's getting from thousands of users to millions."
7. "Let's please just build more games. Build more apps. Collectively I know we can do this."

Questions Answered

What is Photo Finish Live?

Photo Finish Live is a horse racing game built on the Solana blockchain that offers real-money gameplay and an open ecosystem. Developed by Third Time Entertainment, the game has been in development for nearly nine years and launched in April 2023. It features skill-based gameplay and allows players to race, breed, and fully immerse themselves in a virtual horse racing world.

How successful has Photo Finish Live been since its launch?

Since its launch in April 2023, Photo Finish Live has seen steady growth with impressive engagement, retention, and spending metrics. The game has paid out over 7 million USDC to track owners and players staking its Crown token. Players are actively engaged in racing and breeding activities every minute of every day, demonstrating strong user retention and engagement.

What major partnerships does Photo Finish Live have?

Photo Finish Live has secured a significant partnership with the Kentucky Derby, becoming their official gaming partner. This collaboration with the biggest name in horse racing provides the game with substantial credibility and exposure in the sports and betting industries. Additionally, the game is now approved by Apple as the world's first real-money horse racing game, marking a major milestone in mainstream adoption.

How is Photo Finish Live different from other Web3 games?

Photo Finish Live stands out by offering a real-money gaming experience in the horse racing niche, which has now been approved by Apple. It combines skill-based gameplay with blockchain technology, creating an open ecosystem where players can earn real value. The game's partnerships with established entities like the Kentucky Derby also set it apart from many other Web3 gaming projects.

What challenges does the Web3 gaming industry face, according to Ian Cummings?

Ian Cummings highlighted several challenges facing the Web3 gaming industry, including a significant reduction in funding (nearly 90% drawdown since 2022), skepticism from traditional game developers, and a lack of visible results from previous investments. He also noted the industry's struggle with perceptions of scams, over-promises, and under-delivery, which have made it difficult to attract and retain both players and professional developers.

What is Third Time Entertainment's vision for the future of Web3 gaming?

Third Time Entertainment aims to lead by example in the Web3 gaming space by creating high-quality games that can onboard both gamers and professional game developers. Their vision includes expanding from thousands to millions of users by integrating with mainstream platforms like Apple's App Store. They are also working on developing a live streaming app and forming partnerships across the betting and racing industries globally to further expand their reach and impact.

How does Photo Finish Live aim to bridge the gap between Web3 and traditional gaming?

Photo Finish Live is bridging the gap between Web3 and traditional gaming through several strategies. Firstly, by gaining Apple's approval for real-money gameplay, it's bringing blockchain gaming to a mainstream platform. The partnership with the Kentucky Derby connects the game to a well-established sport and betting industry. Additionally, the focus on creating a high-quality, skill-based game aims to attract traditional gamers and developers to the Web3 space.

What call to action did Ian Cummings make to the Web3 gaming industry?

Ian Cummings called for greater collaboration within the Web3 gaming industry. He encouraged developers to build more games and apps for mainstream audiences on every device. Cummings offered his expertise to help other teams raise the collective standard of Web3 gaming. He emphasized the importance of working together to demonstrate the potential of blockchain gaming and attract more professional talent to the space.

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