Category: Cryptocurrency News

From a Google trends spike to depleting supply, multiple catalysts have been hinting at more upside for Ethereum.

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In a recently released white paper, a Japanese non-fungible token (NFT) taskforce has asked the government to consider appointing a government minister whose job it would be to oversee all matters relating to Web3. Building the Support Structure for Japan’s NFT Sector A Japanese NFT policy task force has reportedly told the country’s leaders to […]

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GameFi has an image problem – literally. If you look at the top games in the blockchain gaming space they provide a lot of variation in gameplay and tokenomics, but many share one central flaw: they just don’t look good. From the cutesy 2D monstrosities in Axie to the drab, dead-eyed, polygonal avatars of Decantraland, one clear image emerges: Graphics has taken a backseat in the priorities of crypto-based game developers. This shortcoming has dire consequences for an industry that is built around demand for its intangible assets and hampers these games’ opportunities for long-term growth. Thankfully, though, it also has opened a niche for more visionary and aesthetically driven projects to stake their claim in the blockchain gaming world. While most games brag about the utility of their NFTs, many seem content with the clipart style prevalent in Gamefi. Axie Infinity, undoubtedly the king of the blockchain gaming space has garnered over a million daily users and topped $4 billion in all time NFT sales according to TradingView. But even they are feeling the pressure. Recently, concerns with sustainability have driven the crypto gaming giant to shift focus towards improving gameplay and graphics. Other games are ahead of the curve when it comes to graphics. Project Hive for example, has truly raised the bar of graphic design and artistry in GameFi by putting it center stage. Focusing on creating high quality 3D digital assets, they have made sure that assets in the game include 3D models, immersive environments, extensive VFX effects and high quality animations created by renowned artists. This exciting Play-to-Earn PvP oriented turn-based game has tapped Marcin Rubinkowski as art director. Rubinkowski has had extensive experience honing his cyberpunk aesthetic on games like Destiny2 and Ghostrunner, as well as the Netflix series Love Death+Robots. He brought his A game to Project Hive by creating intense, gritty and lovingly crafted designs for NFTs. Project Hive’s first NFT collection is now available on the market. The current collection comes with many perks; including guaranteeing holders a White List spot in the mint of CyberConstructs (extremely limited playable characters necessary for starting the game), the ability to stake NFTs and make passive income, allocation in the private round for the purchase of the most important token of the game, and a boost in stats! Every avatar NFT will boost your character stats by a bit. But that’s not all – think of the NFTs as a canvas on which to paint and create your own art. Players can craft their own items, endlessly combine NFTs, and create their own designs for skins. Despite its limited availability and extensive utility in the game, the collection is available for purchase at a very favorable price. It is clear that only one path lies ahead for success in Gamefi, developers need to prioritize high quality 3D assets and give players ways to use them. Otherwise without good design and clear and versatile use case, the hype will eventually die down. Many big games are trying to rectify this oversight, but we believe it is better to stick with those who understood its importance from the development stage.

Over the last few years, the astronomical growth in cryptocurrency prices facilitated the surge of crypto and blockchain technology adoption in a few key markets. South Korea is one of them. The nation has always been a leading force and major participant in the emerging digital asset economy. Even though South Korea operates in an isolated manner because of its strict capital control laws, its crypto market still grew to new heights, reaching a valuation of $46 billion at the end of 2021. According to a report, South Korea is home to roughly 5.58 million crypto users, accounting for more than 10% of the country’s population. It is impressive how South Korea’s crypto market continued to grow and advance in crypto development despite the fact that the government had imposed crypto license regulation that forced over 60 Korean exchanges to shut down and caused a dent of almost $2.8 billion to traders. South Koreans Have Always Been Early To Emerging Technologies In most countries, the younger demographic tends to explore digital assets like crypto while the older age groups shy away from high-risk asset classes. However, in South Korea, a wide range of age groups actively participate in the market. According to a survey in 2021, it is reported that nearly half the users on top Korean exchanges were in their 40s and 50s.  In 2018, when bitcoin saw a major price surge, South Korea was responsible for more than 30% of all crypto trading activities in the world. The high demand for cryptocurrencies exhausted the available supply in the country, making it impossible for investors to buy crypto assets without paying a high premium. In South Korea, this is called Kimchi Premium.  So if one bitcoin was trading at $10,000, South Koreans were paying $15,000. This opportunity was exploited by many investors worldwide, with the most well-known being the founder and CEO of FTX, Sam Bankman Fried. South Korea has also given the world some of the best DeFi protocols since the early days of crypto. Konstellation Network is one of them. Built out of the capital city, Seoul, Konstellation is developing a one-of-a-kind infrastructure using Cosmos SDK to help users explore cross-chain capital markets seamlessly. It also has a native token, $DARC, that powers the entire ecosystem. Users can stake $DARC tokens with the help of Hubble wallet and earn passive income and also use the wallet for managing portfolios across different capital markets. Such projects have put South Korea on the DeFi map and encouraged more innovation from one of the key crypto markets. Further propelling South Korea’s DeFi innovation is the nation’s pro-crypto government. The president-elect of South Korea, Yoon Suk-yeol, promised to bring crypto-friendly regulations and support companies to be unicorns in valuations. For tax policies, he vowed to not impose any capital gains tax of up to $40,000. He also plans to lift the ban on Initial Coin Offerings (ICOs), which has been in place since 2017. With proper regulation and reasonable tax rates, the South Korean market is primed to see explosive growth in terms of institutional adoption and global trading volume. South Korea is All-In South Korea has set an example for the world by efficiently adopting cryptocurrencies and adapting to this new financial paradigm. The nation’s supportive stance on cryptos is now attracting more crypto-focused companies to set up shop in this Asian subcontinent. As a means to welcome this change and further boost its digital asset economy, the South Korean government has announced its plan to support 40,000 professionals and 200 companies working on metaverse and NFT projects. Nonetheless, it remains to be seen how the government plans to prepare the regulatory framework for this new technological landscape.  

A majority of the developers believe that crypto and blockchain innovation will be “critical to shaping the future of the metaverse.”