Does the end of the year bring fantastic presents or mere lumps of coal?
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Both Microsoft and Sony announced their last free titles for 2022. These titles being "free" in the sense that you have to be subscribed to either Xbox Live Gold or Game Pass Ultimate, or one of the several different PlayStation Plus tiers.

Let's start first with the Games with Gold titles because we all know that these will be the weaker of the offerings between the two companies. For your monthly payment, you will be able to pick up Colt Canyon and Bladed Fury. If you haven't heard of either of these titles, you probably aren't alone. Microsoft says that these are both 2D side-scrolling games.

Colt Canyon | December 1 to 31
Hold on to your hats, partner. Let me tell you a tale ‘bout a gunslinger that’s been left for dead and his partner kidnapped. It’s time for you to head out to Colt Canyon, an unforgiving western landscape filled with hidden treasures, weapons, danger, and bloodthirsty scum. Shoot your way through and maybe blow a few things up with TNT along the way with a spaghetti western soundtrack humming in the background. Save your partner and other innocents, and if you’re lucky, you’ll have a blast doing so and won’t end up as buzzard food.

Bladed Fury | December 16 to January 15
Accused of murder and exiled, Princess Ji goes on a breathtaking, action-packed journey to prove her innocence, rescue her sister, and blaze a trail of bloody vengeance. Unleash your side-scrolling skills in this classic 2D game based on Chinese mythology. Take on ancient enemies and gods using high-octane combo attacks! The art and sound design are gorgeously rendered, mixing traditional flourishes with a surreal edge.​
Meanwhile, there are three titles being offered for PlayStation Plus subscribers in December. It's already starting out pretty strong with Mass Effect: Legendary Edition, but then starts to fall off a bit with Biomutant and Divine Knockout: Founder's Edition. I don't know anything about Divine Knockout, but maybe it's going to be good.

Divine Knockout: Founder’s Edition | PS4, PS5
Launching directly into PlayStation Plus, this third-person platform fighter adds a whole new dimension to the genre. Damage enemies to make them vulnerable, then smash them out of the arena in a unique, third-person perspective. Choose from one of 10 playable gods to hurl boulders as Hercules or wield Mjolnir as Thor. Then battle across diverse arenas with their own mechanics to master. Play 3v3 Arcade mode with friends to explore a variety of game modes, or duke it out in hardcore 1v1 and 2v2 Duels. DKO features cross-play and cross-progression. This Founder’s Edition unlocks DKO and bonus content for the game, plus a DKO-inspired skin in Smite.

Mass Effect Legendary Edition | PS4
Relive the legend of Commander Shepard in the highly acclaimed Mass Effect trilogy with the Mass Effect Legendary Edition. Includes single-player base content and over 40 DLC from Mass Effect, Mass Effect 2, and Mass Effect 3 games, including promo weapons, armours and packs — remastered and optimized for 4K Ultra HD. Experience an amazingly rich and detailed universe where your decisions have profound consequences on the action and the outcome.

Biomutant | PS4, PS5
Mix melee, shooting and mutant ability action in this open-world, post-apocalyptic kung-fu fable RPG. A plague is ruining the land and the Tree-of-Life is bleeding death from its roots. The Tribes stand divided. Explore a world in turmoil and define its fate – will you be its savior or lead it to an even darker destiny? Re-code your genetic structure to change the way you look and play, Mix and match parts to create your own unique slash, crush and pierce melee weapons, revolvers, rifles, shotguns and more. The PS5 version features native 4K and HDR support and three different graphics modes.​
PlayStation's offering is effectively five titles since Mass Effect: Legendary Edition includes the first three Mass Effect titles in one package.