Posts from the 'Quoted' Category

Crypto On Feb 3: Market Turns Red Once Again; Experts Say It’s Time For Careful Investments

Crypto On Feb 3: Market Turns Red Once Again; Experts Say It’s Time For Careful Investments

KEY POINTS

  • Bitcoin, Ether plunged
  • Meme cryptos slid
  • Market cap goes down

The cryptocurrency market turned red Thursday after two consecutive days of gains. The global crypto market cap was down 5.18% at $1.68 trillion as of 4.15 a.m. ET.

Bitcoin was down 3.64% at $37,045, CoinMarketCap data showed. Ethereum too plunged 3.44%.

Barring a slight uptick in the USD Coin, all of the top 10 tokens on the crypto chart were trading lower. Solana, Terra LUNA, Polkadot shed up to 10%.

Meme cryptos Shiba Inu and Dogecoin plunged too.

“The reason for the red and dips become more serious after the Fed meeting. The uncertainty outcome from that meeting is lingering in many heads. Adding on to the uncertainties is the recent 30 percent tax in India. This again added more stress to the market,” Anndy Lian, Chairman, BigONE Exchange told International Business Times.

“This kind of dips would remain there for some time. Crypto retail investors will be more careful in their investments in the next few months. Watch out for moves from institutions, that can be an indication for changes,” Lian added.

Adding to the uncertainties, the financial results of Meta came out Wednesday which has shown a significant slump in its virtual business vertical. Facebook’s parent company valuation dipped by almost $200 billion on Wednesday, which, according to experts, may have spooked the crypto market as well.

“We will have to wait and watch if Meta’s NFT and digital asset strategy takes off as expected,” Charles Tan, Head of Marketing at Coinstore told International Business Times.

In other news, hackers have stolen more than $320 million from one of the most popular bridges linking the Ethereum and Solana blockchains Wormhole.

The crypto market is extremely volatile and experts recommend investors not make decisions based on the sudden shift in prices.

 

 

Original Source: https://www.ibtimes.com/crypto-feb-3-market-turns-red-once-again-experts-say-its-time-careful-investments-3389484

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

www.anndy.com
j j j

Play-To-Earn Games: The Current State of the GameFi Industry

Play-To-Earn Games: The Current State of the GameFi Industry

As cryptocurrency and DeFi continue to impact the world, several industries are working hard on ways to innovate with decentralized technology. The gaming industry is one of the latest to integrate blockchain, crypto, and NFTs, especially with the growth of the metaverse. The technology has transformed the way gamers trade in-game assets, characters, rewards, and so much more by integrating DeFi, NFT technology, and fundamental blockchain concepts.

 

The new play-to-earn (also known as ‘GameFi’) concept allows users to convert their in-game assets and rewards to real money that can be spent in the real world. The GameFi world has grown significantly, and it is predicted to have a huge impact on the worldwide gaming market, which is expected to reach $314.40 billion by 2026. Reputable investment firms are interested in investing in GameFi initiatives because they perceive it as a viable entry point for new consumers into the worlds of blockchain and Web 3.0. During Electronic Arts’ recent earnings call, CEO Andrew Wilson suggested that while the market for NFTs and play-to-earn was still early, it did point to the future development of gaming. “The play-to-earn or the NFT conversation is still really, really early…there’s at some level, a lot of hype about it. I do think it will be an important part of the future of our industry on a go-forward basis,” Wilson added.

 

Solana Ventures, FTX, and Lightspeed recently announced the formation of a $100 million joint GameFi fund. This fund will be intended to invest in GameFi initiatives that utilize the Solana blockchain. BigONE would like to discuss the current condition of the GameFi industry with our users in this article and how the play-to-earn model can help onboard the next 1 billion people to blockchain and the metaverse.

 

The Rise of ‘Play-to-Earn’ Games

Play-to-earn games have disrupted the traditional gaming market by allowing users to earn money for completing pre-determined objectives while playing games. According to a study, more than 75% of online gamers wished to exchange their virtual assets for a currency that could be utilized across multiple platforms. The ‘play-to-earn’ model has altered the structure of the gaming industry. Players can trade and exchange their virtual assets on various exchange platforms.

 

Prior to the advent of the Play-to-Earn model, in-game tokens and assets had no real-world value. Because the reality is that the commercial first movers in gaming had their own proprietary currencies. What makes GameFi so attractive to the new wave of gaming developers is that it can be automated without any centralized intervention. This means that the play-to-earn model has long-term attractions, allowing game developers and players to invest time and money, knowing the underlying blockchain platform won’t change without community consensus. “Today, only a tiny fraction of online users and gamers even have a crypto wallet, and almost no brands and games issue NFTs. But irrespective of multi-month dips in the blockchain/crypto/NFT economy, we see more of these groups embrace blockchain-based experiences each month. This produces a virtual cycle that drives more users to register a wallet, mint an NFT, or integrate crypto assets”, concluded metaverse expert Michael Ball. In other words, the incorporation of cryptocurrency allows users to add value to their in-game assets. Traditional games were only for entertainment and thrills; the play-to-earn model introduced the benefit of earning money while still having fun.

 

Axie Infinity’s Leading Role

The ‘play-to-earn’ games have become a popular entry point for users new to the cryptocurrency space, thereby promoting the adoption of blockchain technology. The third quarter of 2021 saw a rapid increase in GameFi revenue thanks to Axie Infinity’s gross income of $781.6 million. The Axie Infinity token also reached an all-time high of $155 after starting the year with a value of $0.54.

 

The metaverse-powered gaming project enables players to breed, raise, and trade cute digital pets called Axies. The idea of the game is to get small love potions (SLP) to create new Axies. In turn, SLP is itself a crypto token that can be sold on an exchange, with top players earning up to 1,500 SLPs a day. As a further revenue stream, the game also allows you Axie can also be sold as an NFT, plus other in-game items. The monthly trading volume of all Axie Infinity NFTs is around $170 million. Finally, there is another cryptocurrency from the game called the Axie Infinity shard (AXS). Holders of AXS can vote on governance, allowing Axie Infinity players to vote on proposed upgrades, and players can also use it to stake in the community treasury.

 

What’s more, the business’s core revenue and the performance of AXS are closely correlated. “The interplay between own Axie’s revenues and AXS price is noticeable,” wrote Jeremy Ong and Jayden Andrew, analysts at crypto-focused research firm Delphi Digital. “This makes sense given the majority of revenues come from Axie breeding fees paid in AXS to the treasury, which significantly decreases the circulating supply of AXS – causing a supply-side squeeze.” Data intelligence firm IntoTheBlock noted that the number of Axie Infinity token holders has grown by 400% since November 2020 – up from zero to over 16,000 addresses.

 

The rapid growth of the GameFi sector has piqued the interest of various investors, who want to profit by contributing funding to develop ‘play-to-earn’ games, most notably the Solana-based GameFi fund. While Facebook’s name change to Meta and its vision for a metaverse future is also driving the gaming market. It appears that AngelONE, the crypto venture investment arm of BigONE Exchange, has gone a little ‘meta’ itself by listing Enjinstarter (EJS), a GameFi launchpad dedicated to growing “a thriving ecosystem for blockchain gaming.” The aim of Enjinstarter, built on Enjin’s jumpnet blockchain, is firmly grounded in the play-to-earn global community, designed to introduce new ways for players to earn crypto in a fun, engaging way. The Enjinstarter listing successfully raised 100% of its target on November 8. AngelONE partner Susu Gu, said that supporting GameFi projects such as Enjinstarter was nothing new, as it fell into their mission to find quality investments for crypto investors. However, the success of games such as Axie Infinity, coupled with the long-term vision of a gaming-led interoperable metaverse, had prompted investor interest. “While this will, in turn, bring in more funds into this field, as the $100 million joint GameFi fund shows, it’s not a return to the days of ICOs in 2017 and 2018 where a white paper and a website was enough to attract funding.”

 

Chairman of BigONE Exchange, Anndy Lian, said that with so much money invested in GameFi projects, it would soon evolve from a sector to an industry in its own right. “Not surprisingly, there are companies attempting to jump on the GameFi bandwagon to cash on it. At BigONE we believe that GameFi is not a passing fad but integral to the way the gaming-led metaverse will evolve by providing a better gaming experience for players due to its increased level of security and the opportunity to make money.” Lian added that despite the recent Naavik study detailing the slowdown in the average earnings of players, the game was likely to lock in long-term user retention so long as it could continue to deliver GameFi earnings to players.

 

The GameFi space is ever changing. New challenges and new projects pop up daily for example DeFi Kingdoms, a game built on the blockchain, designed with useable NFTs has been a strong contender to Axie’s supremacy. Or game platform enabler like PlanckX who is able to help traditional games get into the play-to-earn space.

 

I am hopeful to see more growth in 2022. Let’s review this in December to see if it comes true.

 

 

Original Source: https://hackernoon.com/play-to-earn-games-the-current-state-of-the-gamefi-industry

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

www.anndy.com
j j j

Defi Degen Land price prediction: Squid Game inspired metaverse

Defi Degen Land price prediction: Squid Game inspired metaverse

Defi Degen Land (DDL) is an online metaverse operating on the Binance Smart Chain (BSC) and Cronos network that aims to merge gamification and decentralised finance (DeFi) through play-to-earn games.

According to Defi Degen Land’s whitepaper, the project was created in order to rectify the lack of gamification in the DeFi industry. The project offers a metaverse where people all over the world can participate. The project was launched in November 2021 by three anonymous individuals.

Users can earn rewards in-game through a pending pool, be rewarded in Binance-pegged BTCB for simply holding DDL and buy non-fungible tokens (NFT) within the metaverse. Unlike most other proof-of-stake (PoS) cryptocurrencies, Defi Degen Land users do not have to stake their coins.

According to the project, Defi Degen Land was created following Facebook’s announcement in October 2021 that it would be rebranding to Meta. The change was first made known to the public through a Facebook Founder’s Letter, which described the metaverse as a place that can enable better social experiences.

What is Defi Degen Land?

DDL is a deflationary token that lives on the Binance Smart Chain (BSC). Users are rewarded 10% return in BTCB for each transaction simply by holding DDL. These rewards are then distributed between holders in accordance with their share of the circulating supply. Rewards are automatically transferred to a user’s wallet depending on how many Defi Degen Land tokens they hold. Notably, users must hold a minimum of 900 DDL tokens in order to receive rewards. Every time a user purchases DDL, 15% of the total is taken as tax – the tax deducted for selling the BEP-20-compatible token is 16%.

This is because the project aims to keep a certain percentage for each DDL that’s purchased or sold. In all, 2% of every transaction is converted into liquidity for PancakeSwap through an auto liquidity pool mechanism, 10% of each transaction is rewarded to users in BTCB, and the remaining 3% is allocated to marketing. An extra 1% fee is also applied to all Defi Degen Land sales.

Each mini game in the metaverse has its own leaderboard made up of ten players who can earn weekly rewards that vary from $50 to $500. Taking inspiration from the South Korean Squid Game television show, the objective is for players in the mini game to cross a bridge and communicate with each other through a voice chat in-game function.

A red and green light determines the movements of players within the metaverse. Making it to the end of a bridge means that a user is rewarded with four points. The leaderboard resets weekly with a $100 split between the ten players:

  • the winner receives a $30 reward
  • second-place receives a $20 reward
  • third-place receives a $15 reward
  • those within fourth and tenth place all receive $7 rewards

There are currently 150bn DDL coins in circulation from a maximum supply of 300bn, according to CoinMarketCap.

DDL price analysis: Technical view

Following its launch in November 2021, the Defi Degen Land token climbed from $0.00000403 on 25 November 2021 to $0.00002423 on 1 December 2021, an increase of over 500% in just eight days.

The coin achieved an all-time high of $0.00005847 on 3 December 2021. However, the price retreated to $0.00003439 on 4 December 2021, dropping to as low as $0.00001844 on 6 December.

DDL rallied again a day later, moving back closer to a $0.00005 level on 7 December at $0.00004472. However, after a dip to $0.00001695 on 10 December 2021, DDL fell to $0.00001004 on 15 December, wiping out 77% of its value in nine days.

The DDL price then consolidated, trading within the $0.00001 to $0.00003 range until 1 January 2022, when the price jumped to $0.00004215. After another round of volatility, the price surged again to $0.00004454 on 20 January 2022. On the following day the project announced that it was trending number one on the CoinMarketCap search engine and number three on its play-to-earn list.

Defi Degen Land has a 30-day sales volume of $367,740, according to data from DappRadar.

It’s currently (26 January) trading at around $0.000022, and ranks 1347th in the list of cryptocurrencies by market capitalisation at $3.3m.

Technical analysis provided by CoinCodex showed that short-term sentiment on DDL was bearish, as of 26 January, with nine indicators displaying a bullish signal compared to 11 bearish signals. A relative strength index (RSI) reading of 48.27 is in a neutral position. A reading of 30 or below would indicate the asset is underbought or undervalued, while a reading of 70 or above would signal an overvalued condition.

Rewards for DDL holders

A major plus for the project is that for every buy and sell transfer, 8% is redistributed to holders in BTC, who can earn tokens simply by holding DDL. Rewards are then automatically sent to users’ wallets. Defi Degen Land even offers a passive income calculator on its website for users to calculate how much they can earn through rewards.

The metaverse is at the forefront of the Web 3.0 internet evolution. Defi Degen Land may expand its digital capacities within the Web 3.0 ecosystem. It’s estimated that revenue from virtual gaming worlds could reach $400bn by 2025.

In the third quarter of 2021, total fundraising for cryptocurrency was $8.bn,  $1.8bn of which went to Web 3 and non-fungible tokens (NFT). Meta-related coins were up 37,000% last year, according to data from Macro Hive.

A risk for the project lies in the fact that Defi Degen Land’s whitepaper claims that for each transaction, users will be rewarded with a 10% return in Binance-pegged BTCB for simply holding DDL tokens. However on the Defi Degen Land website, there is mention that 8% of every buy and sell transfer is redistributed to DDL holders in Bitcoin (BTC) and no reference to the 10% BTCB return is made.

It’s unclear if BTC and BTCB are used interchangeably. Cryptodaily reports that users will be rewarded with a 10% return in BTCB for each transaction for simply holding DDL.

Defi Degen Land requested a security assessment with Certik on 1 December 2021. But there is no news as to whether the project has received its audit certificate.

“Defi Degen Land taps into the Cronos network which gives it potential for growth. Cronos is an Ethereum Virtual Machine (EVM) sidechain running in parallel with the Crypto.org Chain,” Anndy Lian, chairman of BigONE Exchange and chief digital advisor for Mongolia’s national productivity agenda, told Capital.com.

“A drawback of DDL is that it is not listed on any major cryptocurrency exchanges yet.

“Defi Degen Land has expanded since its launch in November 2021, especially with their red and green light themed game – a similar concept to Netflix’s popular Squid Game television show. However, a drawback of DDL is that it is not listed on any major cryptocurrency exchanges yet.”

Defi Degen Land price prediction: Buy, sell or hold?

In terms of a DDL price prediction, algorithm-based forecasting service Wallet Investor gave a positive outlook. Based on historical data, Wallet Investor estimated the price rising to $0.0000249 by February 2022, reaching $0.0000654 in January 2023 and hitting $0.000155 by January 2025.

Digital Coin Price gave a more moderate Defi Degen Land (DDL/USD) forecast, expecting the token to rise to $0.00003095723 in February 2022, $0.00003620045 in 2023, $0.00004158498 in January 2025 and $0.00008772497 in January 2028.

While the Defi Degen Land prediction for 2030 is not yet available, DigitalCoinPrice suggested it could be $0.00009109512 in December 2029.

Note that predictions can be wrong. Forecasts shouldn’t be used as a substitute for your own research. Always conduct your own due diligence before investing. And never invest or trade money you cannot afford to lose.

 

Original Source: https://capital.com/defi-degen-land-ddl-price-prediciton

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

www.anndy.com
j j j