Fair points. Yeah, I think they could definitely do better at...

Fair points. Yeah, I think they could definitely do better at updating the market on the specifics. The demo presentation was perfect IMO but there could've been a PDF to go along with it (since there's no "official" way of rewatching it). Though I do understand them not wanting to make updates for every little thing.

I can't imagine the admin costs always being as high as they were in the last quarterly - surely they can make cuts here?

"Assuming Metal Genesis is launched in Q3, it’d be one of only a handful of AAA blockchain games, so would garner a huge amount of exposure"
If I recall correctly, Metal Genesis will have its own token - I think. And yeah, that is a very good point you bring up.

"all of the ASX announcements read to me as if they are trying to distance themselves from the crypto side of things"
I'm guessing this is because of what happened with Animoca Brands. It's most likely the whole reason Froyo is a separate entity. Regardless, ICI appears to be the driving force behind Froyo.

In terms of ICI working with Froyo:
Appxplore: all the games shown are from Appxplore with the exception of Moonland (which apparently ICI has some kind of agreement with)
Lemon Sky: working on Metal Genesis, and perhaps responsible for the art of the website
Gameconomy: appears to have created an API that interacts with the backend of the website, and perhaps worked on the smart contracts
Nextgamer: working on Game Box

I'm sure there are other important team members outside of that, but so much of it is built upon ICI's companies.

On top of the 5% allocation of Froyo tokens you mentioned, there's also a 10% team allocation that they might be part of. Furthermore, they get revenue based on NFT sales, and possibly even from tickets purchased via GameBox (depending how you intepret the diagram below):
https://docs.froyo.games/our-ecosystem-1/our-ecosystem-flow

If Froyo is successful it gives the games on the platform huge exposure too which might have their own traditional revenue streams, if they're a mobile game for example.