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Will Bitcoin Halving Bring Mass Adoption To Web3 Gaming?

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  • The Bitcoin halving event is imminent but will it bring mass adoption to Web3 gaming?

In recent months, the cryptocurrency sector has been abuzz with anticipation over the impending Bitcoin halving event. 

We are witnessing the most accentuated pre-halving price pump ever recorded, with Bitcoin breaking all-time highs way ahead of schedule according to the 4-year cycle theory. 

This surge has had a noticeable impact on the altcoin market, particularly the web3 gaming sector. 

Memecoins and AI projects used to dominate the altcoin narrative, but capital is now rotating to GameFi projects. 

According to data from CoinMarketCap, prominent blockchain gaming projects like Gala Games, Pixels, and Floki all registered over 50% gains over the last week.

A Gamer’s Dream

Gaming has experienced exponential growth over the decades, transitioning from a simple form of entertainment to one of the most lucrative industries in the world. 

See Also: This Is How Bitcoin Halving Will Reshape Crypto Markets: Tether Co-Founder William Quigley

However, playing video games for a living has been a dream exclusively reserved for successful streamers and professional gamers. 

Thanks to the growing web3 gaming sector, that dream is now accessible to a broader audience.

That same dream is fueling GameFi, transforming it into one of the narrative-defining trends of the current bull run. 

Just like in the previous cycle, retail investors will likely flock to web3 gaming projects in hopes of turning their hobbies into profitable ventures.

Web3 Gaming Making A Comeback

According to Footprint Analytics, web3 gaming adoption has increased 54.67% from the 2023 average, a trend that is expected to accelerate. 

This shift represents a massive opportunity for smaller studios to innovate and compete, potentially leading to a new era of engaging and financially rewarding games. 

Sky Mavis, the studio responsible for Axie Infinity, managed to secure a $3 billion valuation at the end of 2021; what is stopping the newer blockchain gaming studios from achieving the same and rivaling established companies like Konami and CD Project Red? 

This Time It’s Different

One of the most heavily criticized aspects of blockchain-based games is their lack of engaging gameplay. In other words, most titles feel like a chore to play, severely lacking the element of fun present in traditional games.

Nevertheless, that complaint has been losing steam as GameFi projects have improved. 

While the gaming community at large is still skeptical about crypto, the advantage of owning your in-game assets through NFTs and leveraging DAOs to participate in developing games and in-game economies will be hard to ignore in the future.

Big Players Are Stepping In

Traditional gaming powerhouses such as Ubisoft, Square Enix, and Sony are slowly deepening their toes into the web3 gaming industry. 

While titles like Ubisoft’s ‘Champion Tactics’ and Square Enix’s ‘Symbiogenesis’ may seem simple and experimental in nature, they represent the first wave of blockchain-based games conceived in traditional gaming studios.

Together with Sony’s recent patent for a ‘super-fungible token,’ these ventures highlight a transition from a purely entertainment-centric model to one encompassing economic value, player ownership, and community-driven development. 

The pioneering steps taken by Ubisoft, Square Enix, and Sony could serve as a blueprint for other studios contemplating entry into the web3 gaming sector. Observing these giants’ successes and challenges will be crucial for smaller studios and indie developers.

The Present And The Future Of Gaming Economies

Blockchain technology, though not initially developed with gaming in mind, fits remarkably well within the gaming universe. 

Games traditionally build their own worlds, complete with unique currencies subject to in-game inflation as perceived by players. 

These universes often feature marketplaces and production mechanics mirroring real life, underpinned by player versus player (hunter) and grinding (gatherer) mechanics.

In this context, a game with its own economy doesn’t just operate in isolation; it provides the perfect environment for both DeFi and GameFi elements to thrive. 

This synergy between blockchain technology and gaming opens up new possibilities for game developers to create universes with self-contained economies where the currency has real value both inside and outside the game world.

The GameFi sector is still grappling with some difficulties, including scalability issues, poor user experience, and regulatory hurdles. 

The web3 gaming experience should be smoother, with crypto integrations occurring in the background so the less tech-savvy players don’t feel overwhelmed.

Nevertheless, blockchain technology holds immense potential to transform the gaming industry, leading to new game mechanics, revenue models, and player incentives. 

Hopefully, predatory monetization models will be phased out, giving way to fair gaming economies where value is created and shared among players, developers, and content creators across multiple platforms.

See Also: Binance Listed USDC Pairs For BONK And FLOKI, Will BONK Or FLOKI Move To The Top?

What To Expect In The Coming Months 

As Bitcoin continues its rally, GameFi projects are predicted to keep growing. 

However, certain indicators, like the risk metric, suggest the market is getting overheated and prime for a correction in the short-to-midterm.

While nothing is certain, the web3 gaming industry is expected to register the most pronounced growth after the halving. 

Once Bitcoin is trading sideways and its dominance begins to fall, the altcoin season will begin.

Macroeconomic factors are at play, but as long as the global economy remains steady, we will have an altcoin season in the coming months. 

While it’s difficult to pinpoint an exact date, the Altcoin Season Index can help us navigate the market and know when retail investors will begin a shopping spree for gaming coins.

Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

#Binance #WRITE2EARN



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Press Release

South African Regulator Grants Approval to 59 Crypto Platforms

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South African financial regulator, the Financial Sector Conduct Authority (FSCA), has granted approval to 59 license applications from crypto platforms seeking to offer services to residents. 

During a financial conference, Felicity Mabaso, the FSCA divisional executive, revealed that the regulator received a total of 355 license applications, with 262 still pending.

In response to this influx, the FSCA set a deadline of November 30 for exchanges and cryptocurrency platforms to submit license applications or face enforcement measures. 

FSCA Commissioner Unathi Kamlana explained that the application processing is ongoing and being carried out gradually due to the high number of applications.

FSCA Uses South Africa’s Existing Regulations 

The FSCA has chosen to utilize South Africa’s existing Financial Advisory and Intermediary Services Act (FAIS) to regulate the crypto sector. 

According to Commissioner Kamlana, the FAIS provides a robust framework that covers crucial aspects of the crypto business, including user protections and enforcement actions when necessary. 

However, Kamlana acknowledges the possibility of future adjustments.

See Also: Hong Kong Approved Spot Bitcoin And Ethereum ETFs

“As we license and supervise, we will discover that perhaps there are gaps that cannot be closed by the existing regulatory framework, the FAIS Act. And we might need to build on that as we discover what those are.”

While specific details about the approved companies have not been disclosed, it is expected that the licensed entities include crypto exchanges and firms offering custody services. 

Regulatory oversight will also extend to crypto brokerage firms and payment processors involved in cryptocurrency transactions.

South Africa Considers Creating New Regulatory Framework

South Africa has been actively considering the creation of a new regulatory framework for the crypto industry since 2021. 

In 2021, the FSCA published a paper highlighting that crypto assets will be brought into the South African regulatory purview in a “phased and structured manner.”

Although the framework was initially expected to be completed by the end of 2022, the South African Reserve Bank (SARB) has already declared cryptocurrencies as financial assets rather than currencies. 

The FSCA aligns with this classification, stating that digital assets should be treated as financial products.

South Africa’s approach towards cryptocurrencies has become more proactive as adoption gradually increases. 

A survey conducted in 2017 revealed that 47% of South Africans had either invested in cryptocurrencies or expressed an interest in doing so. 

Additionally, Bitcoin wallet downloads in the country experienced a 100% increase in the same year. In 2020, crypto exchange Luno reported that South Africa had the third-highest level of crypto ownership worldwide, reaching 13%.

Meanwhile, as crypto adoption continues to rise, South African companies are actively embracing cryptocurrencies. 

Stitch, a South African payments infrastructure firm, introduced “Pay with Crypto” last year, enabling customers to use cryptocurrencies for purchases. 

Paycorp, another company, developed the CryptoExpress app, allowing individuals to withdraw crypto in South African Rands at over 3,000 ATMs.

Last week, cryptocurrency exchange Luno became one of the first firms to receive a license from the FSCA in South Africa, allowing the exchange to operate as a financial services provider in the country.

Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

#Binance #WRITE2EARN





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Doctor Doge (DRDOGE) Rally Over 8,000% Within 48 Hours

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  • Doctor Doge (DRDOGE), a newly launched Solana meme coin, is set to go viral and rally over 8,000%, challenging other popular dog-themed coins, like Shiba Inu (SHIB) and Dogecoin (DOGE).

It’s not surprising that many investors who bought SHIB and DOGE early are also investing into DRDOGE in the first hours and days of it being launched.

People who invested into Shiba Inu (SHIB) and Dogecoin (DOGE) while these coins had small market caps were able to turn hundreds of dollars into millions.

Doctor Doge (DRDOGE), a newly launched Solana meme coin, is set to go viral and challenge other popular dog-themed coins, like Shiba Inu (SHIB) and Dogecoin (DOGE).

DRDOGE was launched this morning, and the meme coin is inspired by Dogecoin – one of the largest meme coins, with its market cap currently being $23.5 billion.

See Also: Solana Releases Update To Alleviate The Ongoing Network Congestion

Due to the fact that Doctor Doge only began trading on decentralized Solana exchanges like Raydium and Jupiter around an hour ago, it has a market cap of just around $16,000.

This means that DRDOGE (contract address: 8uckaPYZWDs57Lm5eeEVnx4FGJDLhXuvrmryzKj7yUvv) has the potential to turn early investors into millionaires if its market cap eventually exceeds the $100 million mark.

In the short term, DRDOGE is set to rally over 8,000% in the next 48 hours, before then targeting further gains.

Additionally, numerous listings on centralized exchanges are planned for Doctor Doge later in April, and these listings could easily propel the memecoin’s market cap to above $20 million.

So it’s not surprising that many investors who bought SHIB and DOGE early are also investing into DRDOGE in the first hours and days of it being launched.

It will be exciting to watch how quickly Doctor Doge’s price will surge in the coming days and weeks, and to see if it can become a mainstream memecoin.

Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

#Binance #WRITE2EARN



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Whales Are Buying Ethereum Like Crazy Amid ETH Price Drop

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  • Amid notable drop in Ethereum’s price, prominent market whales are actively buying Ethereum like crazy.

In the midst of heightened global tensions, the cryptocurrency market witnessed a significant downturn, with the TOTAL index plummeting by a staggering 17% over the weekend, marking a loss of nearly $430 billion in market capitalization. 

While this turbulence affected all digital assets, Ethereum (ETH), the second-largest cryptocurrency by market capitalization, took a notable hit, experiencing an 18.43% decline, reaching a low of $2,852 per Ethereum.

Bitcoin and Ethereum ETFs Officially Approved In Hong Kong

However, amid the market chaos, a fascinating trend emerged – prominent players in the crypto sphere, often referred to as “whales,” showed unwavering confidence in Ethereum’s potential. Notably, large addresses were observed accumulating substantial amounts of ETH during the price drop. 

See Also: Crypto Whales Sold Holdings Before the Market Crash

Whale Activities

One such whale, identified as “0xE34,” seized the opportunity to accumulate 1,000 ETH, worth approximately $3.15 million, from Binance at the market’s lowest point. 

This particular address went on to accumulate an impressive 8,300 ETH, valued at around $25.12 million.

Furthermore, another significant player, a wallet associated with Matrixport, made a decisive move by withdrawing 16,300 ETH, amounting to a staggering $51.1 million, from Binance amid the market turmoil. 

This wallet has been consistently withdrawing ETH from exchanges since March 29, accumulating a total of 67,286 ETH, valued at approximately $228.33 million, at an average price of $3,393.

Matrixport, a prominent player in the crypto financial services sector, has been actively involved in facilitating digital asset management and trading for institutional and retail investors globally.

These substantial purchases of Ethereum during a period of market instability highlight the confidence of several major players in the potential of the leading altcoin. 

Despite geopolitical uncertainties and market volatility, Ethereum continues to maintain bullish sentiment among key holders.

Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

#Binance #WRITE2EARN





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