Anndy Lian comments on NFT sales falling below US$1 billion | 3AC files for bankruptcy | Stablecoins

Anndy Lian comments on NFT sales falling below US$1 billion | 3AC files for bankruptcy | Stablecoins

This video is featured on The Daily Forkast, July 4th, 2022, presented by Joel Flynn for the latest in blockchain & crypto news. The following were highlighted:

Monthly NFT sales fall below US$1 billion for the first time in a year. (https://forkast.news/monthly-nft-sales-below-1billion-12-months/)

Meanwhile, Three Arrows Capital files for Chapter 15 bankruptcy in the US.
(https://forkast.news/headlines/three-arrows-capital-chapter-15-bankruptcy/)

Sam Bankman-Fried’s FTX doubles down on BlockFi bailout.
(https://forkast.news/headlines/blockfi-deal-sam-bankman-fried-ftx-clients/)

And finally, experts weigh in on the future of stablecoins.

Experts who commented on this video include:
Anndy Lian, Chief Digital Advisor, Mongolian Productivity Organization
Annabelle Huang, Managing Partner, Amber Group
Jason P Gottlieb, Chair of Digital Assets, Morrison Cohen
Trent Barnes, Principal, Zerocap

00:37 – Monthly NFT sales fall below US$1 billion for the first time in a year.
03:12 – Three Arrows Capital files for Chapter 15 bankruptcy in the US.
04:00 – Sam Bankman-Fried’s FTX doubles down on BlockFi bailout.
09:23 – Experts weigh in on the future of stablecoins.

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Original Source: https://forkast.news/video-audio/crypto-winter-hits-nfts-three-arrows-capital-files-for-bankruptcy/

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 “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”.

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Monthly NFT sales fall below US$1 billion for first time in 12 months

Monthly NFT sales fall below US$1 billion for first time in 12 months

Crypto industry sales are slumping, but it’s not just hedge funds and lenders that have been hit hard by the crypto winter. The NFT industry has also begun to feel the chill.

The troubles at crypto hedge funds and lenders were a center of attention in June, but business in the non-fungible token (NFT) market also got hit, with monthly sales dipping below US$1 billion for the first time in 12 months, according to NFT data aggregators CryptoSlam.

For context, June last year was the same month that Axie Infinity exploded in popularity, putting NFTs and play-to-earn gaming on the map in the process.

Plummeting crypto prices share some of the blame for the poor NFT sales, but unique monthly buyers in June also fell almost 50% from a high of more than 1 million in January and now stand at less than 600,000 for the first time since July 2021.

In another telling sign, the floor price for a Bored Ape Yacht Club — one of the biggest NFT collections — fell below US$100,000 for the first time in over a year in mid-June to a low of US$86,277. That’s almost an 80% plunge from a high of more than US$400,000 in late May.

“The NFT market has not been immune to the crypto market (and business) turbulence and when coupled with [traditional finance] downturn — in particular the tech stocks crash — it is a perfect storm for loss of confidence,” Jonathon Miller, Australian managing director of crypto exchange Kraken, told Forkast in shared written commentary.

The 70% drop this year in the price of Ether, the world’s second-largest cryptocurrency, also influenced NFT trading, as it’s the native token of Ethereum, the most popular blockchain for hosting NFTs. Ether prices traded around US$1,055 on Monday in Asia.

However, after a volatile few weeks, crypto prices held relatively steady over the weekend, with all major coins fluctuating no more than 1% in the 24 hours through Monday afternoon in Asia.

Bitcoin held steady around US$19,300 over the weekend after dropping below US$19,000 for the first time since December 2020 on Friday to change hands at US$19,133 at press time. Amid this NFT market downturn, Kraken is set to join the likes of Binance and Coinbase by opening the waitlist for its own NFT marketplace set for full release in the next few months.

“The seeming collapse of closed book lending businesses may be viewed in the long run as a reminder that open transparent infrastructure is ultimately the foundation upon which a new wave of digital financial tools will be built,” Miller said.

“The projects and businesses that stay as true to this as possible are the ones that can weather the storm,” he said.

Another way NFT marketplaces or exchanges can stand out from the crowd is by specializing and offering unique services, for instance by focusing on sports-based NFTs, according to Anndy Lian, Chief Digital Advisor, Mongolian Productivity Organization, and a blockchain author.

“I think the NFT market could recover faster than the crypto original market,” said Lian, highlighting partnership deals between Binance and Portuguese soccer player Cristiano Ronaldo as a sign of what’s to come.

“All these moves, which cost perhaps hundreds of millions, are telling us that this will be a big strategy,” he added. “We cannot just depend on what you see in crypto native; you need to bring in new blood.”

Original Source: https://forkast.news/monthly-nft-sales-below-1billion-12-months/

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 “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”.

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Despite billion-dollar investment, why GameFi is failing to woo Asians?

Despite billion-dollar investment, why GameFi is failing to woo Asians?

Market experts argue that GameFi is not gambling. It refers to the financialisation of video gaming and could transform gaming business models and power the digital economy, they say.

New Delhi: Crypto industry is betting big on the GameFi industry with billions of dollars invested, but in the Asian market, the segment is likely to face a stiff and severe challenge, thanks to strict and rigid regulations in multiple countries.

The existing laws and regulations are quite hostile for GameFi. Countries like South Korea and China have had laws about converting in-game tokens into fiat currency for nearly 15 years.

In South Korea, gaming is a serious industry and has its own regulatory code – strictly prohibiting speculative acts, gambling and free gifts. Its laws prohibit converting game tokens into cash.

Market experts argue that GameFi is not gambling. It refers to the financialisation of video gaming and could transform gaming business models and power the digital economy, they say.

Obasi Francis, Co-Founder and Chief Executive Officer, DeSpace said that GameFi can be defined as the combination of video games (gaming) and decentralised finance (DeFi).

The People’s Bank of China has put a blanket ban on crypto trading, whereas Japan is convinced enough to consider it as gambling. In India, the Supreme Court has questioned the government to clear its stance on the legitimacy of cryptos.

Anndy Lian, Chairman, BigONE Exchange said that GameFi is not Defi. Playing hard to earn in the game and then allow it to turn into coupons so that you can buy some food is not gambling.

“There are games that are tokenised but not listed on any exchanges and only able to redeem very specific things and not cash directly,” he added. “They are only doing it in their own ecosystem.”

Crypto gaming has grown in popularity as it allows players to collect and trade virtual assets that can be exchanged and traded anywhere in the world. It has emerged as a way to earn money from the gaming industry in a safe and secure manner.

However, GameFi is more about the yield, than the game. Games like Axie Infinity, whose native token has delivered multibagger returns, do not have many daily active users, and most of its user base comes from developing countries.

Currently, the blockchain games have more talkers than players. These games lack an active gamer base as users want to reap the yield and not play the game. Also, the in-game economy suffers from crippling inflation.

Unlike conventional games, blockchain games enable users to make money by buying, selling and exchanging non-fungible tokens (NFTs) for various in-game items, said Francis.

On the other hand, Lian agrees that GameFi is not more developed in low per capita countries. “Game content and quality comes first and not the earnings,” he added.

Undoubtedly, GameFi is one of the hottest technologies in the crypto eco-space, and early investors can expect gaming-related collectibles to power the virtual economy.

But the games can’t go mainstream in Asia’s major markets because authorities would crack down using laws. Also, such GameFi are not getting too popular to gain the benefits of word of mouth.

“Ease of transactions, the ability to play anywhere, and the elevated levels of safety and security, GameFi enhances the overall gaming experience for game players while providing new sources of revenue for developers,” said Francis.

However, the concept involves giving players financial incentives to play and progress through games. Though, for the growth of industry, blockchain game developers must work harder to drive that.

“If regulators think that GameFi is gambling, then maybe they should ban NFT too,” said Lian of BigOne. “NFT is a lottery when it comes to mystery boxes. Regulators need to dive deep and not look at the surface.”

 

Original Source: https://economictimes.indiatimes.com/markets/cryptocurrency/despite-billion-dollar-investment-why-gamefi-is-failing-to-woo-asians/articleshow/89943538.cms

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 “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”.

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