Category: Cryptocurrency News

Gaming is a popular pastime activity among over two billion people. It’s so popular that the gaming industry is now valued at $173.70 billion with estimates suggesting that it will sit atop the quarter trillion dollars mark in the next five years. Sadly, despite this massive growth trajectory, the industry has always been one-sided. It’s almost always that only the gaming studios can turn in a profit while users only pay for in-game assets they do not even have ownership of. Making a livelihood from playing games has long been a pipe dream for many. However, new solutions are emerging with the introduction of the play-to-earn (P2E) model. All thanks to blockchain and crypto! The Change of Blockchain and Crypto-Powered P2E Games Innovation with blockchain and cryptocurrencies has helped turn gaming into a source of revenue rather than just entertainment for thousands of people. Blockchain-based, play-to-earn online games are allowing users to earn crypto as incentives, and many have attested it as a secondary source of income. For instance, in the Philippines, a crypto player named John Aaron Ramos claims to have purchased two houses entirely with revenue from playing Axie Infinity, a P2E fantasy game. The concept of in-game rewards has proven to be successful, allowing users to earn crypto for actions they take while playing the game. For example, Clash Crush Block is a fantasy game that allows players to earn crypto by completing in-game challenges. The game is similar to Candy Crush but with the added benefit of earning free cryptocurrencies. Similarly, NFTs are powering the P2E space, allowing users to buy, sell and trade in-game items (as NFTs) even off the gaming platform, on secondary marketplaces. For example, Axie Infinity and Decentraland are leveraging the Ethereum blockchain to allow the exchange of in-game items as NFTs on OpenSea and other similar NFT marketplaces. Challenges and Solutions within the Gaming Industry Implementing a play-to-earn model is not that easy, and most industry professionals are humble enough to admit that the P2E crypto-based games will face several challenges before gaining widespread acceptance. One major challenge for P2E platforms would be eliminating the potential anti-money-laundering risk since users will trade the in-game NFT products against crypto. While developers agree that there would be regulatory constraints, the majority feel that the most serious difficulties will be internal and are beyond the reach of authorities. Another significant challenge would be that the opportunity to earn money via gaming would encourage certain abuses and hatred among gamers, destroying the ecosystem. Furthermore, most gaming platforms burn money by investing it in pointless upgrades and features that benefit no one but the platform. However, solutions are emerging to resolve the existing challenges within the industry. One such solution is Citrus, a gaming token that aims to accelerate the transformation of gaming. It offers a wide range of solutions to the blockchain world through the DeFi ecosystem, NFTs, advanced DApps, etc. With strict KYC/AML policies within the gaming ecosystem, Citrus aims to reduce the money laundering risks. Moreover, with the implementation of a strict reporting mechanism, it aims to eliminate in-game abuses or hate. Further, Citrus will utilize the funds collected through the platform to create better utility apps, dApps (decentralized applications), and tokens that will benefit the Citrus community in return. The ultimate goal of Citrus is to improve the P2E paradigm by making it more secure and scalable by employing features like a 100% audited code, low cost, and reliable investment model, as well as high-speed transactions. The Future of P2E While play-to-earn is still a new concept, it has the potential to change more than just the typical gaming scene. Furthermore, with the emergence of P2E platforms such as Citrus, the future of gaming is likely to become safer, more beneficial to players, and highly trustworthy. Citrus’ self-sovereign banking system, open creative economy, universal digital representation, and ownership could be a key booster to P2E’s rapid growth.  

I want to let you know I tried doing my own research but I’m stuck on this part with my understanding. I’ll see projects for ERC tokens like Quant and how they are these revolutionary projects only later to find out they are ERC tokens and not their own blockchain. If that is the case,…
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The NFT sector continues to expand its use cases and seems poised to onboard millions of users in the coming years. These digital assets have seen great adoption in 2021 and could propel the crypto industry into a new era of adoption as more platforms introduce features that make them more accessible. In that sense, DigiCol, a comprehensive NFT marketplace since 2020, is set to break the barriers in the sector and increase its adoption. Recently, DigiCol became the first comprehensive NFT marketplace to introduce a Collateral feature. Advancing NFT finances to another level, this new element in the DigiCol ecosystem will enable users to use their NFT as collateral to borrow Ethereum (ETH), DGCL, Tether (USDT), and other cryptocurrencies from users in the platform or to lend it to others. To celebrate the launch, the platform is offering a “negative fee” for buying, selling, lending, or borrowing the selected popular NFT series such as Cryptopunks, Sandbox, Decentraland, etc. Not only you will get 100% rebate on the platform fee, but also earning free native tokens from their liquidity farming program. Via this Collateral mechanism, only found on this platform, a borrower will have a loan period to repay the debt in addition to an agreed interest with the counterpart. If the user fails to pay, the lender will receive ownership over the collateral. Unlike traditional finances where the process is controlled by a central authority, DigiCol’s Collateral feature will be fully enforced by a smart contract. Thus, lenders and borrowers will not only benefit from a new NFT use case, but from a frictionless, trustless, and decentralized system. As seen below, DigiCol’s NFT Collateral platform is easy to access and use. Participants need to follow a few steps to borrow or lend their NFT. These digital assets can now be used to increase an owner’s liquidity without the need to detach themselves from a unique NFT. DigiCol To Enter Phase 2 Into The Future Of NFT Finance As of now, DigiCol supports the following contracts: Cryptopunks, ENS, Cryptovoxels, Decentraland, and Sandbox, but the platform is working on further integration with other popular NFT collections such as Bored Ape Yacht Club, Desperate ApeWives, Mutant Ape Yacht Club. Expected to come out in Q4, 2021, it will follow a list of major accomplishments achieved by DigiCol and its team in the past months. In addition, to an overall improvement of the platform, major partnerships, and integration with big projects in the crypto ecosystem, the platform is headed to a new stage in 2022 supported by their Colletaral feature and the expansion of NFTs use cases. On this topic, DigiCol already has in place projects that will tackle NFT supported games. This trend has seen a massive explosion in terms of adoption as it provides users rewards and a unique experience for investing time in their favorite games. 2021 could have been the year for NFTs, but these digital assets are nascent and with a lot of potential to capture billions of dollars from the traditional finance system. DigiCol and its users, in particular, seemed poised to spearhead the NFT Finance ecosystem with a unique model that could take the entire industry into the mainstream.  

With the exponential growth of blockchain, the world is finally witnessing the use cases of cryptocurrency and blockchain technology for social causes and non-profit organizations. There has been a positive movement within the space as several projects have begun donating portions of their revenue to charity. However, there are very few direct connections between blockchain projects and nonprofit organizations that can actually benefit from the transparent technology. As a solution, Baby Santa, a DeFi protocol, is making it possible for investors and organizations alike to donate to charities via crypto. With features like convenience, transparency, and transaction speed, the platform aims to offer a gateway for investors to give back by donating to charity while earning through staking on their platform, thus becoming a new form of income for charities. How is Crypto Helping Fundraise for Charities? According to the Association of Fundraising Professionals (AFP), charity donations fell by 6% in 2020, resulting in a massive loss of revenue. Despite that, there has been a 17.2% rise in online fundraising compared to the prior year. Integrating blockchain and crypto with charitable fundraising has further expanded the means by which organizations can collect funds. It has also offered a transparent medium for donations that instill trust in both the giver and the receiver. Several organizations have started accepting donations in Bitcoin, Ether, stablecoins, as well as other digital currencies. Further, decentralized applications are now creating direct channels to contribute to social causes. With over $150 billion invested in this space, more initiatives seek methods to further the charity-in-crypto movement. NFTs have recently become a frontier for fundraising, offering more than a direct monetary donations. There have been several recent instances where NFTs have been utilized to raise funds for charitable organizations. In March 2021, the Open Earth Foundation received $6 million from the sale of Beeple’s NFT for charitable artwork. This altruistic movement has made tremendous progress, providing the charity sector with transparency, inclusion, and a worldwide presence. There are, however, a few issues that continue to plague the charity sector. Existing Challenges in the Industry One of the primary issues with crypto charity is the lack of belief that money will reach the cause. There have been countless cases where donations gathered through the crypto funding platforms have not reached the intended recipient but instead have ended up in the wrong hands. For example, members of the FaZe Clan were suspended following charges that their ‘Save the Kids’ cryptocurrency was a hoax. And despite being endorsed by popular influencers, the token was subject to a rug pull. Another challenge that confronts the charity tokens is the source of fund verification. Since cryptocurrency transactions are designed to be secret, it is difficult for highly reputable charities to verify the source funds received. This would create problems for organizations if the funds are received from unknown or malicious sources. Baby Santa Simplifies the Crypto Charity Process Baby Santa is a DeFi protocol focused on helping the less fortunate. The native cryptocurrency of the platform is the Baby Santa Token which is aimed to encourage the healthy development of charitable utility. The idea behind Baby Santa is to provide value to the needy while also motivating investors and users of the platform to donate more. Baby Santa will act as a revenue-generating system where profits can be distributed to the needy. The project goes beyond that and also seeks to benefit its investors by enabling investors to earn a secondary form of income in the form of BUSD rewards. Holders will also have the option to compound earnings through Baby Santa’s Workshop Pools. It will also collect staking funds from staking tax and buybacks that will be distributed to the users who have staked their tokens. Baby Santa will hold a 12 day of Christmas NFT lottery where users will be chosen by minting a seasonal NFT at the Nutcracker NFT Mint Event. The proceeds from this NFT mint will be donated to organizations and social causes that most need it. Furthermore, Baby Santa will have NFTs minted under the names of different regions, and the funds raised from these NFTs will be donated to causes specific to those regions. Going beyond that, the platform will have a merchandise store whose proceeds will go to those in need. Even clothing collections will be made with seasonal themes, promoting the project and empowering the charity programs, which will be active throughout the year. Moving Toward a More Charitable Future Charitable intent was never something simple, as there have regularly been challenges caused by a lack of trust and transparency. However, the introduction of blockchain and crypto philanthropy has shown some promising outcomes. Baby Santa promises to be the gift of giving, spreading the Christmas spirit all year long.

The Reserve Bank of Zimbabwe remains opposed to cryptocurrencies but is interested in developing its own digital currency, its governor has said. Central Bank Does Not Believe in Cryptos The governor of the Reserve Bank of Zimbabwe (RBZ), John Mangudya, has said his institution is interested in creating a central bank digital currency (CBDC). The […]

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