Crypto News

Why Are GameFi Projects Crucial Contributors To Crypto Adoption?

The gaming industry is pegged to hit the $200 billion mark by 2024 and is constantly outperforming expectations. Play-to-Earn (P2E) is trending in GameFi, besides being a significant catalyst for crypto adoption. According to Triple-A, the total revenue from blockchain gaming has risen from $321 million in 2020 to $1.5 billion in 2021. Blockchain-based games have attracted 1.22 million unique active wallets (UAW) in Q1 2022. Popular titles like Axie Infinity and Decentraland accounted for 22,000 of those. The promise of decentralized ownership, inclusive decision-making procedures, and attractive financial incentives are the primary factors drawing gamers to P2E. GameFi’s success has been a massive push for crypto and blockchain’s acceptance and legitimacy, propelling adoption. GameFi — Gaming That Pays for Real GameFi combines gaming and finance, as the name suggests. It is the financialization of video games using blockchain-based methods to let users monetize their gaming experiences. Play-to-Earn (P2E) is a primary feature of this model. Traditional games have centralized business models where producers retain the maximum profit share, whereas in-game assets aren’t interoperable. Gamers thus have little or no way to monetize grinding or in-game achievements. Moreover, gaming studios have the final say over the game’s development trajectory, the supply of in-game assets, and their use cases. On the other hand, P2E games adopt the principle of decentralization, letting gamers receive crypto-based rewards for achieving in-game goals. Gamers also retain their in-game items—like avatars, modifications, weapons, pets, and land—in non-fungible tokens (NFTs).  GameFi thus ensures genuine ownership of in-game assets while making them interoperable and tradable in secondary markets. Crypto Community’s Response to GameFi Projects There is a growing recognition that GameFi boosts engagement in the entertainment sector by integrating gaming and financial processes as giants like Epic Games and Ubisoft are diversifying their ventures to develop blockchain games that support crypto and blockchain-based assets. Games like Fights of the Ages (FOTA) are on a quest to provide more immersive blockchain gaming experiences. FOTA is a AAA multiplayer online battle game with a fantasy universe inhabited by various races. The game utilizes NFTs to allow digital property ownership and let users own valuable assets, collectable through the gameplay. The in-game economy enables players to earn by competing in tournaments and races. FOTA’s metaverse integrates Microsoft Mesh, the world’s first platform supporting Mixed Reality (MR). This provides players with a highly immersive experience, blurring the virtual and real worlds. Final Thoughts GameFi creates an environment where gamers can use their skills to earn crypto while playing. This provides an incentive for gamers and educates them on the benefits of using cryptocurrencies. Gamers also benefit from faster and more secure crypto transactions. This makes gaming a more enjoyable experience since players no longer worry about waiting long durations for their payments. Though blockchain games are still in the nascent stages of development, they are positioned to compete with traditional pay-to-play and free-to-play games while disrupting the gaming sector. The economic incentives they carry will push the adoption of cryptocurrencies, blockchain, and digital assets forward.

Crypto News

How Blockchain Technology Expands The Education Frontiers

From digital tokens to play-to-earn games, blockchain technology has disrupted several industries. Today, it is entering the education sector. From cross-border payments to synthetic assets, distributed blockchain ledgers and their tokenization utilities have created powerful financial products that are globally accessible. While blockchain is democratizing finance, its usability doesn’t have to be limited to cryptocurrencies. Another industry that carries equal weightage as finance and needs an immediate restructuring is education. The current system doesn’t cater to all students equitably. Some have more access to higher-level education, while others struggle to get the bare minimum, which was primarily observed during the pandemic. So to make sure such disparity never occurs again and all learners have access to top-notch education, there has to be a solution fundamentally changing the education system from the inside out, and many believe blockchain technology powering the metaverse is the way to go. Blockchains Can Make Structural Changes to Education The distributed ledger technology can significantly impact how teachers and students interact and how academic documentation is done. Educators can program lessons and curriculums onto a blockchain by leveraging smart contracts. Furthermore, smart contracts can distribute academic credits to students upon completing all course modules. Aside from automation, blockchains excel at rights management and privacy protection. As a result, researchers attempting to publish their papers can retain full ownership of their work while avoiding traditional publication procedures. For educational institutions, blockchains reduce the burden of file storage and document verification. Currently, most institutions use centralized cloud servers to store student data, making them vulnerable to single-point failures. To overcome this, institutions need decentralized file storage systems. They ensure data is secure and that no third party can alter student records. Moreover, it costs considerably less compared to cloud storage. Education Meets Metaverse For Immersive Learning Experiences While blockchains vastly improve the efficiency and security of business and academic processes within education systems, it alone doesn’t address the main problem: student engagement. Since the pandemic, the new normal for students has been online learning. Although online tools have made education more accessible, they still lack the ability to provide immersive learning experiences. This is where metaverses step up to the plate. Blockchain-powered metaverses can transform online learning environments into virtual spaces with enhanced social interaction and gamified learning techniques. While education in the metaverse is a fairly new concept, there are projects like Edverse making headway. Edverse is creating the most immersive and insightful education metaverse on blockchain by bringing teachers, learners, promoters, creators, and institutions together. Edverse also values gamified learning. They are introducing tokens and NFTs to incentivize all stakeholders for their contribution and participation. Similar to play-to-earn, Edverse incorporates learn-to-earn and wear-to-earn incentive models. Educators can transform their learning modules into NFTs and sell/rent them on an open marketplace. And when learners complete these modules, they earn experience points which can be redeemed for $EDV tokens. Edverse is also suited for educational institutions or promoters. They can buy, create, and rent co-learning spaces to launch new custom courses and advertise on a global stage. In addition to gamification, Edverse is raising the bar for global learning standards. It covers learning journeys from Kindergarten to Class 12, with a focus on skill empowerment, physical strengthening, and ancient sciences. New Education Revolution Around the Corner? Education is one of the largest industries in the world that is untapped technology-wise. Many online platforms and tools are improving the medium of learning at scale, but the experience remains old-school. The use of blockchains can structurally change the way education is available to students and eliminate the issues in academic documentation and evaluation. Metaverses with blockchain solutions and advancements in VR/AR are needed to make that next jump in the digital-first world for the education sector. With increasing awareness and widespread acceptance, it is not too far stretched to see institutions and learners adopt blockchain in some capacity in the near future.  

Crypto News

Investors Make For Stablecoin Hills As USDT Volume Touches All-Time High

With the market in turmoil, crypto investors are beginning to turn to stablecoins such as USDT and USDC to provide cover from losses. These stablecoins which are pegged to the U.S. dollar have been the obvious winners from the recent crash but it seems that investors are taking it one step further this time around. USDT volume across the Ethereum blockchain shows that investors are ramping up their activities in these stablecoins. USDT Provides Much-Needed Cover Through the crypto market downtrend, only a handful of cryptocurrencies have managed to retain their values. They were all stablecoins, and although some of them had lost their peg, the majority had been able to retain and provide some much-needed cover for investors. The sheer amount of volume of USDT being moved by investors on a daily basis is a testament to the fact that investors are converting to stablecoins to weather the bear market. Related Reading | Market Downtrend Trigger Bitcoin Inflows From Institutional Investors On May 12th, the volume of Tether USD being transacted on the Ethereum network reached a new all-time high. Data shows that more than $33 billion worth of USDT was moved across the network. This is significantly higher than the $24.5 billion in USDT that was transacted on February 4th, 2021, the previous all-time high. USDT-U.S. Dollar peg at $0.9990 | Source: USDTUSD  on However, the motives behind both records had been the same; investors getting out of highly volatile digital assets into an asset that offered a measure of stability. These investors did not wish to cash out their digital assets to fiat currencies just yet and assets like USDT or USDC provide the perfect place to park funds while waiting out the bear market. Ethereum Fees Skyrocket One thing that investors moving into stablecoins such as USDT has brought with it is increased transaction fees on the Ethereum network. With so much volume being moved across hundreds of thousands of transactions, the network is expectedly congested and as such would have to increase gas fees to be able to process these transactions. Related Reading | Ethereum Tumbles To 10-Month Lows As Sell-Offs Intensifies This was the case on May 12th as the network had recorded a large number of transactions. Gas fees on the network for a single USDT transaction were shown to have risen as high as $20 during this one-day period. As many as 182,000 Tether transactions had been carried out in the 24-hour period. Despite this high demand for the stablecoin though, the market cap has not reflected this. Instead of increasing, it is down by 3.34% in the last 24 hours. Nevertheless, it remains an investor favorite as it is the largest stablecoin in the market. At the time of writing, one USDT is selling for $0.9988, maintaining a close peg to the U.S. dollar. Featured image from Wccftech, chart from

Crypto News

Blockchain Technology: Enabling A Decentralized Future

What started as a distributed digital ledger enabling a peer-to-peer network has now become a whole new dimension of the internet. Blockchain, the underlying technology of cryptocurrencies, evolved in an immense way over the last ten years. Bitcoin is its first real use case, and it is now recognized as a global monetary network with a fixed supply that several countries have accepted as legal tender. Yet, blockchain’s functionality doesn’t end with Bitcoin. There are many prominent use-cases of blockchain technology that helped the crypto market accrue over $1.8 trillion in market cap. That too, despite little or no attention and participation in the early days of growth. The Scope of Blockchain-Powered Disruption Blockchain technology will be a disruptive force across industries. For example, it can transform the venture capital industry, reshaping how companies raise money with the help of tokenization. This in turn will help companies increase capital efficiency exponentially while enabling decentralization. Security Token Offerings (STOs) are a working use case in this regard. With STOs, startups can freely distribute tokens in the form of equity and raise capital in an adequately regulated manner. Gaming is another prominent industry that blockchain disrupts. GameFi is emerging as the next era in gaming and entertainment, innovating in-game assets and NFTs. Thus, gamers have access to unprecedented revenue streams, which is substantiated by the immense popularity of Play-to-Earn (P2E) games. Moreover, unlike traditional video games, blockchain gaming enables players to retain asset ownership and derive value in open marketplaces. NFTs are critical to GameFi. But even beyond that, they facilitate several use cases, including those in digital art and entertainment. Moreover, DAOs or exclusive communities use NFTs to determine whitelists and for access control. Emerging artists and creators also use NFTs to tap into their fan bases and generate considerable revenue compared to what they are making on Web2 platforms. Having said that, however, blockchain has a bigger purpose overall. It solves the problems of fragmented monetary systems with digital assets. Stablecoin is one prominent example of such an asset that also addresses the volatility of ordinary cryptocurrencies. Since stablecoins are pegged to the value of some underlying fiat or cryptocurrency, they maintain a ‘stable’ price and become relevant for day-to-day transactions. This also makes stablecoins key to blockchain’s mass adoption, especially for cheaper and faster cross-border payments. Unlocking Blockchain’s Full Potential Blockchain disrupts existing industries in many ways. But for the technology to achieve its full potential, there’s a need for solutions that boost interoperability and cross-chain functionalities. Progress is already being made on this front, because of platforms like Konstellation Network. Built with the Cosmos SDK, Konstellation caters to the expanding decentralized capital markets through its cross-chain infrastructure. It strives to make asset management more seamless for users by operating under one umbrella. In doing so, Konstellation has integrated VegaX, an ASM known for its crypto investment products. Users thus have access to the index strategies of VegaX that can improve overall returns in DeFi. Moreover, the platform has a separate set of portfolio management tools, available on Taebit—a South Korean DeFi platform simplifying crypto investing and staking. Konstellation also gives investors exposure to the metaverse through the Solana-based NFT game, Squid Squad OG, and an integrated marketplace, Kambrian. People who own a part of this collection can earn high rewards by playing a simple game of rock, paper, and scissors. Furthermore, Konstellation recently went a step further to promote blockchain-oriented innovation by launching an incentive pool in collaboration with Osmosis Zone. The pool initially held 10 million $DARC — Konstellation’s native token — and has two equal sub-pools paired with $ATOM and $OSMO. This strategic partnership also sheds light on the significance of Cosmos as a whole, when it comes to shaping the future of blockchain. Towards Mass Adoption Besides strengthening decentralized capital markets, projects like Konstellation significantly enhance blockchain’s value proposition for individuals and institutions alike. They unlock cross-chain liquidity, which prepares the ground for scalable and sustainable markets. In turn, this initiates a positive feedback loop—innovation boosts adoption and adoption encourages innovation. As more sectors implement blockchain, the closer the world will get to Web3.  

Crypto News

Dogecoin (DOGE) Jumps 30% After Elon Musk Buys Twitter

Dogecoin (DOGE) soared nearly 30% Tuesday after Elon Musk agreed to acquire Twitter Inc for $44 billion, multiple news outlets reported. The cryptocurrency featuring a Shiba Inu meme, which has long been a favorite of the centibillionaire, was up 22.14 percent to $0.162 as of 01:10 a.m. IST Tuesday, according to CoinMarketCap statistics. Twitter’s stock closed 5.6 percent higher on the day. This development comes minutes after Musk’s Twitter takeover was made public. Suggested Reading | SEC, Ripple Agree To Extend Legal Battle Until 2023; XRP Bears The Brunt Of Case Late Monday, Twitter announced that it has reached a “definitive agreement to be bought by an entity entirely owned by Elon Musk for $54.20 per share in cash, in a transaction valued at about $44 billion.” Once the transaction is finalized, the social media behemoth will revert to a status as a “privately held corporation.” Recently, Musk had suggested several ways in which Twitter could be improved. (Image credit: Deadline) In a statement on Monday, Musk said: “Free speech is the bedrock of a functioning democracy, and Twitter is the digital town square where matters vital to the future of humanity are debated.” The Rise Of Dogecoin Musk has been a vocal proponent of digital currencies; he recently stated that he would not sell his Dogecoin and would also retain his Bitcoin and Ether holdings. The rise of Dogecoin, a so-called memecoin — so-called because it is mostly based on an online joke rather than a substantial blockchain project — has been spurred by the Tesla CEO. Musk has stirred the cryptocurrency markets’ nest in the past. In February 2021, the electric vehicle manufacturer said that it had purchased $1.5 billion in Bitcoin and intended to accept it as payment, triggering a spike in both the company’s stock and the currency. However, Musk reversed his position the following May, precipitating a decline in the value of Bitcoin and other cryptocurrencies. DOGE total market cap at $21.56 billion on the daily chart | Source: In May of the same year, his posts catapulted Dogecoin to an all-time high of 67 cents, according to Coin Metrics. The cryptocurrency’s value frequently varies in response to celebrity endorsements like Musk, Kiss’s Gene Simmons, and rapper Snoop Dogg. Suggested Reading | Metaverse May Be Worth $13 Trillion By 2030, US Banking Giant Citi Says Does It Have Real Value? Dogecoin’s supply is unlimited, which means that as more tokens are issued, its price should theoretically drop. Mark Cuban, a billionaire entrepreneur and investor, has stated that bitcoin has “no intrinsic value.” Jack Dorsey, Twitter’s former CEO and co-founder, left the company in November to focus on his payments startup, which rebranded to Block (from Square) to reflect greater goals in cryptocurrencies and blockchain technology. Musk recently offered many methods to improve the microblogging site. Additionally, he urged that Dogecoin be used as a payment method on the social networking site. Speculators have bought dogecoin because of Musk’s “obsession with the cryptocurrency,” and hence the potential for dogecoin to be given additional utility on one of the top social media networks if Elon is successful, according to Marcus Sotiriou, an analyst at digital asset broker GlobalBlock. Featured image from CryptoHubK, chart from

Bitcoin Crypto News

Bitcoin Slips Below $40k After Hostile Statements From Fed

Bitcoin, the flagship crypto slipped below $40K after the Federal Reserve Bank of the United States made hostile comments. Powell stated on Thursday that at the upcoming Federal Open Market Committee meeting, the Federal Reserve will consider raising the benchmark interest rate by 50 basis points (0.5 percentage point). Bitcoin Slips Below $40K It was just a few days ago that the leading cryptocurrency hit a high of about $43,000, its highest level in over 10 days. This was an especially surprising price given that the asset had fallen to a monthly low of just $39,000 earlier this week. BTC, on the other hand, was roundly rejected at its local peak and quickly reversed course. The asset’s value plummeted to $40,000 in a matter of hours. As the bulls lose the $40,000 support level, a level that has yet to be established as a meaningful line this year, the most valuable coin has no shortage of negative mid-term predictions. Bitcoin’s price failed to retain the important levels of $41,500 and $40,000 despite a strong negative control. Bears are expected to aim for the $38,536 swing low from Monday, which is a clear objective for those still in the trade. If the swing low is breached, the BTC price may be disappointed and fall back to low $36,000. As a result, bitcoin’s market capitalization has dropped to $750 billion, after briefly surpassing $800 billion earlier this week. Related Reading | Why A “Boring” Bitcoin Could Be A Good Thing Buy Or Sell? BTC price has to open above $44,088.73 on Monday, as a Macron victory will cause the Greenback to fall further, allowing for further upside possibilities. Add to that the fact that news from Ukraine is becoming increasingly second-tier and receding into the background, indicating that talks are still ongoing and a solution might be reached at any time, as Russian military efforts are now focused solely on the west, rather than the entirety of Ukraine. The French election is the major event risk this weekend. If Le Pen, a far-right candidate, defeats Macron in the election, expect a huge market shift and shock on Sunday evening and Monday in the ASIA PAC session. Currently, investors are ‘waiting and watching’ to see how the supply-demand situation will react to the support area. Since late January, the BTC price has been trading in a ‘rising wedge pattern,’ as shown on the weekly chart. BTC/USD trades at $39k. Source: TradingView A bounce-back is expected at the price from the current level with the bulls targeting the 51,000 mark. However, in this course of the journey, the bulls must close above the 50-day EMA (Exponential Moving Average) at $43,071. Related Reading | Is Bitcoin Gonna See Another Big Drop Soon? Historical Trend May Say Yes Featured image from Pixabay, chart from

Crypto News

Benefits of Centralized vs Decentralized Exchanges

Buying or selling cryptocurrencies usually starts with exchanges or, in other words, digital marketplaces where most crypto trading happens. For example, Binance, a leading centralized exchange (CEX), handles over $24.27 billion in daily volumes. Similarly, UniSwap is the world’s largest decentralized exchange (DEX) with over $7.25 billion in Total Value Locked (TVL). While centralized exchanges now hold market dominance, decentralized exchanges are providing strong competition with rising volumes. And, although both CEXs and DEXs facilitate crypto-transactions, they differ greatly in terms of security, cost, and transparency. In fact, both CEXs and DEXs have their own set of advantages that make them unique, as discussed in this article. Centralized Exchanges CEXs often go against the spirit of blockchain technology, but th+ey also offer a few major advantages, including the following: Liquidity Centralized exchanges keep enough assets on hand to allow quick deposits and withdrawals. Thus, anyone wanting to exchange, say, their BTC for USD, is able to do so instantly on a CEX. Liquidity is in fact a CEX’s trump card, which is why they invest a lot into supplying consumers with high-speed transactions with minimal slippage. Blockfinex, for example, offers a highly secure and robust exchange with deep liquidity for more than 500 crypto assets. Regulation Most CEXs seek operating permissions in several countries, demonstrating their stability and competence to financial regulators. They also follow investor protection measures and issue risk alerts to clients regarding the non-reversible nature of transactions. This builds trust among consumers, allowing them to use the platform with confidence. Easy-to-Use CEXs usually offer user-friendly interfaces, which makes trading crypto very simple at any time. They also allow users to set trades in seconds since custody and orders are all centralized, making them a go-to place for big trades. Blockfinex is one such exchange that offers an easy-to-use interface for trading crypto. The platform allows traders to buy/sell with huge volumes without slippage and in just a few clicks. Decentralized Exchanges Operating DEXs is like turning on the advanced settings in an app. They work in an open-source, trustless, and permissionless manner, providing users full transparency over their funds. And, they also bring some of the best benefits to the table including: Privacy DEXs do not usually seek sensitive information while onboarding. In other words, DEXs do not implement procedures like KYC (Know-Your-Customer). Everything from wallets to transactions is anonymous, which ensures utmost privacy. Self-Custody of Assets The rule of thumb in DeFi is this—not your keys, not your crypto. DEXs adhere to this principle and are non-custodial, enabling users to exercise self-custody. In simple terms, DEX users retain control over their private keys, and thereby enjoy genuine ownership of their assets. Lower Transaction Fees Decentralized Exchanges eliminate the need for involving middlemen, resulting in cheaper transactions overall. Most DEXs currently run on Ethereum which leads to high gas fees at times. However, blockchains are rapidly innovating solutions to ensure negligible fees for end-users. For example, a transaction worth $100,000 costs only a few dollars on Polygon Network. What to Choose? It is entirely up to the user to choose which exchange to use according to their needs and demands. CEXs are ideal for those who are primarily seeking convenience and are not comfortable with self-custody. And, platforms like Blockfinex are the best bet that provide maximum convenience when trading crypto. However, DEXs may be the way to go if you are all for privacy and ownership of your funds. On that note, both CEXs and DEXs have their share of benefits and it would be naive to call one better than the other. They fulfill different purposes and are thus relevant to users under different circumstances. And together, they facilitate the broader blockchain-cryptocurrency domain, boosting adoption in the process.