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”.

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NFTs and blockchain key to metaverse future, crypto boosters claim

NFTs and blockchain key to metaverse future, crypto boosters claim

Blockchain technology, used to power cryptocurrencies and other decentralized record-keeping systems, has been struggling to find practical use cases outside ransomware and speculative projects like Bitcoin and NFTs. There have been a number of pilot projects in a variety of industries, but they’ve rarely turned into anything with significant business impact because of issues related to security, scalability, efficiency, and cost.

Now crypto proponents are looking to the metaverse as an area where the blockchain can make an impact.

NFT proponents say it is a better way of personalizing art and content in the metaverse, and say that the blockchain is a technology that can decentralize and secure metaverse content.

However, NfT’s actual use as part of the core infrastructure of the metaverse will likely be limited given those same issues of privacy, security, and inefficiency, plus the lack of legal oversight.

The most successful implementation of blockchain is cryptocurrencies, which are mainly used for speculative purposes. Like cryptocurrency, most people will be using NFTs in the metaverse for speculation, said Anndy Lian, a founding member of Influxo and Asia chairman of BigONE, a top global digital asset exchange.

And the fact that there’s a lack of legal oversight could actually be a benefit for its adoption, he said.

“Indeed, away from the hype about NFTs as high priced art work, one of their chief attractions within the crypto space is that they’re not considered securities for regulatory purposes,” he told Hypergrid Business.

There are privacy concerns regarding the blockchain. Although cryptography is involved in the sense that each transaction that’s added to the blockchain is digitally signed, the actual content of the blockchain is in plain text, unencrypted, available for anyone to read. That means that the public can, for example, trace cryptocurrency payments from wallet to wallet.

However, because of the legal limbo that crypto is currently in, there are no “know your customer” requirements such as those in place for all other types of financial activity.

For this reason, proponents of blockchain say it can prevent the kind of user privacy violations that Facebook — now rebranded as “Meta” — has been criticized for.

And since the blockchain relies on decentralized storage — every participant has their copy of the entire blockchain — there is no central control.

Through tokenization of physical assets for sale in the metaverse platforms, blockchain and NFTs can unlock commerce because this way, they facilitate exchanging of goods digitally, that could not be digitally transacted before, he said. For instance, digital passports such as those promoted by ARCx, can help with credit scoring, collateralized lending, and decentralized commerce in the metaverse, he said.

NFTs are already being used in existing metaverses such as Decentraland, but there are a lot of forgeries and duplication.

Blockchain can assure authenticity

According to proponents, the blockchain’s digital signature mechanism and distributed nature can help creators prove that they are the actual owners of particular content, and help users demonstrate that they are legitimate users.

Using blockchain could reduce NFT forgeries in the metaverse because each node verifies the status and ownership of all assets on the network, hence preventing them from being duplicated or changed, said Cynthia Cao, creator of CC is Dreaming, who is a NFT personality and a leading figure in virtual reality in entertainment.

And it’s not just about digital goods, she added.“In the future, when people upload their consciousness into the metaverse, we cannot ensure that their memories are not tampered with or controlled by anyone without the verification and authentication that blockchain provides,” she told Hypergrid Business. 

Storing metaverse content, data, NFTs, images and other arts on the blockchain can ensure permanent storage of that data as it becomes immutable.

This can prevent illegal tampering of anything of value stored in the metaverse, said Luke Stokes managing director at Foundation for Interwallet Operability.

The FIO protocol is enabling artists to sign their work with an easily readable address that acts as a unique signature for their work, hence preventing NFT forgeries, he told Hypergrid Business.

But there are risks, he added.

“There is also the potential for user error, where people miscopy long complicated addresses or suffer man-in-the-middle attacks that could potentially result in millions of dollars being sent to the wrong address or stolen forever,” he said.

Many existing metaverses and virtual worlds succeed by gamifying social and business experiences.

Metaverse platforms that use blockchain have better digital-based rewarding mechanisms for such gamification, for instance through tokens and in-world digital currencies, said Dinis Guarda, who is author, founder, and non-executive chairman of LynKeyCitiesabc.com, and Openbusinesscouncil.org.

“The metaverse will empower peer-to-peer experiences that will offer jobs, financial empowerment, lending, and trading, he said. “The metaverse and NFTs certification solutions will take on the role of a virtual business-empowered financial system.”

This gamification will lead to further growth of art, fashion, collectives, history, cities, property in the metaverse, he said.

Cryptocurrencies are also being used to trade goods and services, for gaming rewards, betting, and for value speculation in metaverses. In Decentraland, for instance, users can buy NFTs with cryptocurrencies or platform token MANA.

Other examples include Citiesabc.com, a metaverse for cities, and LynKey, a virtual and augmented reality platform using crypto for trading NFTs in property and smart tourism.

Unlike fiat currencies like the US dollar or the Euro, crypto enables very cheap transactions in digital worlds, said Daniel Logvin, CEO at LedgerByte.

“We can actually use blockchain to manage in-metaverse currency,” he told Hypergrid Business. “This provides us with security and transaction verification for our purchases and trades, thus ensuring a solid and transparent economy.”

There have even been grids that used Bitcoin in OpenSim, such as YrGrid back in 2015, though none of these projects ever took off due to the high management and overhead costs of using the volatile Bitcoin currency for in-world payments.

Although gaming and art will continue to lead in adoption of metaverse and NFTs, remote working and virtual living — which increased due to COVID, will play a role in popularizing metaverse, NFTs because even the non-tech world is getting interested.

“I think we are entering a really exciting time for the mainstream adoption of NFTs,” said Influxo’s Lian. “Certainly the rise of NFTs for football fans around the world to capture unique moments and to follow their favorite players is a testament to the maturing of the NFT marketplace.

The dark side of the blockchain

Turning an image or another digital asset into an NFT does not actually create any value, said Maria Korolov, editor and publisher at Hypergrid Business. Since it’s stored on the open blockchain, there is no security for assets. In fact, there’s already an epidemic of people simply “right-clicking” on NFTs to save their own copies, with no repercussions, since the block chain no legal weight behind it. Plus, anyone can add anything to a blockchain, whether or not they are the legal owners of that content.

NFTs are thus nothing more than virtual Beanie Babies, she said.

“NFTs by themselves don’t protect intellectual property,” she said. “Anyone can claim to own IP and put it on the blockchain. And the blockchain itself is notoriously susceptible to being hacked.”

Crypto companies are high-profile targets for attackers. Hackers go after exchanges, virtual wallets, and even the blockchain itself. For example, one approach is the “50 percent hack.” The blockchain is decentralized, and if there’s a conflict between transactions the blockchain automatically opts for the transaction that’s supported by the majority of the participants. Hackers have hijacked blockchains repeatedly by using botnets to create participating nodes and then stealing millions of dollars worth of currency. This vulnerability is built into the fundamental design of the blockchain, and there is currently no known fix.

Hackers steal money from blockchains right, left and center, she said.

Finally, blockchains are inefficient compared to centralized data storage because the data is duplicated in multiple locations, and new transactions require progressively larger amount of computing power, resulting in adverse environmental impact.

“That’s why no major organization has replaced its databases with blockchains,” she said. “Blockchains are inefficient, insecure, and basically unmanageable,” she said. “A bunch of companies have done pilot projects. They issued press releases about the pilot projects. But then when they looked at how those pilot projects actually worked out, they quietly abandoned the whole thing and never mentioned it again and wrote off the money they wasted as a learning experience.”

 

Original Source: https://www.hypergridbusiness.com/2022/01/why-nfts-and-blockchain-are-critical-to-success-of-metaverse/

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”.

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Crypto Fundraising in 2022: More VC, Metaverse, Gaming, and Regulatory Questions

Crypto Fundraising in 2022: More VC, Metaverse, Gaming, and Regulatory Questions
  • Established VC firms are now realizing that crypto is the next great wave of tech.
  • Investors will be focused largely on projects operating within the metaverse, Web 3, DeFi, NFT, and gaming sub-sectors.
  • Current metaverse-related projects need to improve the social aspect of their platforms before attracting the really big bucks.
  • One important question remains: does the increasing involvement of VC funds in crypto make it likelier that the SEC will tend to view cryptoassets as securities?

 

The nascent crypto industry is very dependent on funding. Not just the funding we’ve seen in the form of various coin offerings and private fundraising, but also the indirect funding that occurs whenever retail traders buy a cryptoasset and boost its price, thereby increasing the value of funds held by blockchain platforms and their developers.

The past few years have witnessed an evolution in crypto funding, however, with the initial coin offering (ICO) wave of 2017 and 2019 gradually giving way to more traditional venture capital (VC). And as the US Securities and Exchange Commission (SEC) continues its legal battle with Ripple, it’s highly likely that this trend will only deepen in 2022.

According to industry figures speaking with Cryptonews.com, more traditional VC firms and investment funds will turn towards crypto and blockchain this year, further pushing public token offerings into the margins. And they’ll be focused largely on projects operating within the metaverseWeb 3, and gaming sub-sectors.

More VCs venture into crypto

2021 may have been a great year for crypto in terms of rising prices and market activity, but it was also a record-breaking year as far as more traditional venture capital funding was concerned.

Data compiled by PitchBook shows that, over the course of 2021, venture capital funds invested around USD 30bn in crypto- and blockchain-related firms. This is more than four times the previous record total set in 2018, and it’s also more than all other years combined.

This breakthrough amount has set a new precedent and created a new model for the industry, with the USD 30bn total also surpassing the record amount of money raised by ICOs in 2018 (which was between USD 11bn and USD 22bn, depending on who you ask). And given that the SEC is suing Ripple for allegedly conducting an unregistered securities offering, 2022 is likely to see more projects looking to VC funds for investment.

“Established VC firms are now realizing that crypto is the next great wave of tech, like the Internet itself and mobile beforehand. They must invest — they have no choice,” said Mark Jeffrey, General Partner at the Boolean Fund and Co-founder of Guardian Circle.

Jeffrey suggests that a VC firm missing out on the next Google or Amazon or Facebook would be catastrophic, not least when they already missed out on Ethereum (ETH)’s ICO, which will potentially prove to be one of the greatest investment opportunities in history.

“So 2022 will certainly see increased interest and investment at an accelerated pace,” he told Cryptonews.com.

Other figures and analysts working within the crypto sector agree that this year will bring an increase in traditional investment firms diving into crypto for the first time.

“Yes, we will see more traditional funds entering into the cryptoverse. Particularly I see that there will be more uptakes from family offices and sovereign wealth-related funds,” said Anndy Lian, the Chairman of the crypto exchange BigONE and the Chief Digital Advisor to the Mongolian Productivity Organization.

As a taster of the kind of entity we can expect to enter crypto fundraising this year, it’s worth remembering that none other than Japanese financial giant SoftBank invested in the Sandbox in early November. In fact, SoftBank also invested in Digital Currency Group around the same time, along with Alphabet (Google’s parent company) and the state-owned Singaporean fund GIC.

This is quite a wide range of different funding organizations, and it’s because a diverse pick of funds are getting involved in crypto that some analysts think, sooner or later, pretty much all major funds will have to be.

“In the mid-90’s, there were internet VCs. By 2000, virtually every VC was an internet VC. Crypto investing is on that same trajectory,” said Lou Kerner, the CEO of Blockchain Coinvestors Acq. Corp.

Targets: Metaverse, gaming, NFTs, Web 3, and DeFi

So assuming that more traditional investment funds and firms will get involved in raising money for crypto, what kinds of projects will they mostly be targeting?

“Metaverse is the hottest space at the moment, and that will likely extend through 2022 and beyond. But we’re still so early in crypto, that every area should see dramatic growth in investments, including gaming, layer 1 and layer 2 protocols, DeFi, and NFTs,” Kerner told Cryptonews.com.

The metaverse (whatever that will actually prove to be) is a theme mentioned by every commenter Cryptonews.com spoke with for the purposes of this article. This includes Mark Jeffrey, who despite suggesting that the metaverse will be the biggest target for funds in 2022, also argues that current metaverse-related projects need to improve the social aspect of their platforms before attracting the really big bucks.

“If you go into Decentraland, you see 500-1000 people — but none of them are talking to each other. They’re all wandering around, together, but alone, looking at scenery — and sure, buying land and avatar pieces — but that’s it,” he said.

Jeffrey predicts that such a model won’t sustain itself, unless it becomes more comprehensively social, with people able to spend hours interacting with each other online, as do on platforms such as Twitter and Facebook.

“But I do have hope that someone WILL crack the metaverse social medium, and one of these offerings will erupt. Once it does, NFT’s and crypto will create a massive opportunity for tens or hundreds of billions to be made,” he added.

Associated with the metaverse, gaming is likely to be another area that gets VC funds hot under the collar in 2022.

“The play-to-earn gaming sector also seems huge, as Axie Infinity has proven. Even though the gameplay is not great, it’s taken off in a big way,” said Jeffrey.

Another area that crops up, along with the metaverse, Web 3, gaming, and NFTs, is DeFi.

“The more specialized [funds] will go for specific verticals; if they are more into the finance sector, they will go for DeFi or investing in the next main chain if they are more tech-savvy,” predicted Anndy Lian.

The regulatory question

One important question remains: does the increasing involvement of VC funds in crypto make it likelier that the SEC will tend to view cryptoassets as securities? Because with funds buying the native tokens of platforms in the expectation that these platforms will grow (via the efforts of an enterprise) and, in turn, make said tokens more valuable, it really does seem as if the Howey test is being satisfied.

For Anndy Lian, this is a difficult question to answer, given that it depends on several variables.

“Personally, the increased number of investments into crypto does not necessarily mean that regulators will see the investments as securities. It depends on the nature of the project, where and how the VCs get them money from, and lastly where do they exercise their agreements,” he said.

For Mark Jeffrey, increased VC funding may incite the wrath of the SEC, although the latter is likely to come down hard on crypto anyway in 2022 and beyond.

“I do think the SEC will attack crypto in general and DeFi in particular in 2022. And [they] will have some success at curtailing activity in the US — but not worldwide,” he said, adding that crypto is growing too fast elsewhere in the world for American regulators to curb its growth too much.

Despite the fact that crypto can operate elsewhere than the US, the likely belligerence of the SEC and other American regulators may seem discouraging. However, Anndy Lian suggests the growing role of traditional VC funds may in fact soften the stance of the SEC and other regulators.

He said, “In fact, I would challenge that such an increase in investments would be good case studies and will act as a benchmarking tool for regulators to know how to further navigate in the crypto space, so as to find better solutions to protect the retail investors.”

 

 

Original Source: https://cryptonews.com/exclusives/crypto-fundraising-2022-more-vc-metaverse-gaming-regulatory-questions.htm

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”.

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