Fun at the foodverse: Are we there yet?

Fun at the foodverse: Are we there yet?

Can food and beverages be paired with blockchain technology?

There are some instances. In recent times, Starbucks, McDonald’s, Taco Bell, and Coca-Cola, among others, have collaborated with the blockchain industry. Michelin Star chef Vikas Khanna, who is no less than a brand himself, launched his 38th book Sacred Foods of India as an NFT (non-fungible token).

There are various ways in which the food and beverage sector can collaborate with blockchain, experts said. One way is for restaurants to include cryptos or NFTs in their reward and loyalty programmes, while another way could be to introduce customers to a food metaverse.
Experts call this a “natural progression” for food and blockchain tech. While youngsters are ready to give it a shot, some are doubtful about its prospects, given the concerns of the government and the regulatory authority over cryptocurrencies.

“Food chains getting into the crypto scene is a natural progression. In fact, the NFT and crypto strategy is no different from their current reward programmes. They can start from there to build more stickiness with their customers at a very young age, from NFT to games to “eat-to-earn” in their own metaverse,” Anndy Lian, former chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange, told Moneycontrol.

Imagine getting an NFT or crypto reward points at McDonald’s instead of a free  Happy Meal gift. That’s a template for food chains that want to collaborate with the crypto industry. Digital collectables such as NFTs could be valuable as a form of investment and a way for youngsters to learn about finances.

Hybrid stage

Ankitt Gaur, founder of EasyFi, a decentralised finance lending protocol, said a hybrid shift in the reward systems could be possible in the immediate future.

“A guest visiting a restaurant for a meal gets a physical reward there coupled with a digital asset like an NFT that can be redeemed in the future, traded in the open market or collected for a better value in the future, based on the rarity of the NFT,” Gaur said.

A Happy Meal with a free gift at McDonald’s not only excites kids but also makes people of all age groups happy.

Pranay Jain, founder of BodyFirst, a nutrition brand, said, “We know even older folks look forward to the comfort of a happy meal and the anticipation of an accompanying tiny toy. So why not introduce the demographic to the metaverse? More importantly, a collection of NFTs with happy meals or the likes across various fast food chains would probably bring a lot more than just the excitement of holding toys. It could just be the start of making investments in NFTs and cryptocurrencies.”

Anshita Mathur, 26, a manager at Axis Bank, doesn’t mind redeeming reward points into crypto or getting NFTs instead of physical free gifts.

“I think we’re over the age of physical collectables, and digital art is easier to hold and make a strong collection out of. I don’t think you can hold as much physical art as you can a digital collection,” she said.

Mukul Jain, 25, a product manager at ICICI Lombard, loves the idea of NFTs instead of physical collectables, but he doubts whether food chains will use blockchain for currency given the government’s compliance and tax norms.

A metaverse date

The other idea for collaboration is to create a foodverse – a virtual dining space. OneRare recently built a metaverse for food, gaming and NFTs on the blockchain ecosystem.

Now, imagine having a date in the foodverse where you and your partner meet as avatars in a restaurant-like setting.

“The younger generation is always at the forefront of any tech revolution and it will forefront the metaverse adoption as well,” said Supreet Raju, cofounder of OneRare. “A date in the foodverse could mean hanging out with your buddy when you can’t be in the same city or enjoying a virtual experience that earns you coffee NFT rewards that can be swapped for real-life coffees. A lot is possible with the power of blockchain technology.”

Raj Kapoor, founder of India Blockchain Alliance, said metaverse dating could be exciting.

“The entire concept could be intriguing, exciting, and even scary. We also may be looking to a future where we are always hooked into a virtual world. I fear it will be a dystopian nightmare,” he said.

Mathur finds the idea of metaverse dating interesting.

“The physical intimacy and emotional aspect might not be the same for me, but I am open to trying it out,” she said.

Rhea Mehta, 26, said that with metaverse dates, people would be able to discover more of each other’s personalities in a safer virtual space before actually meeting up.

“It would be interesting to see how food companies create online experiences for dating,” she said.

On the other hand, Arijit Mukherjee, founder of Yunometa, an NFT and metaverse marketplace, said it would be a “real challenge” to convince diners to be a part of this ecosystem. While youngsters might get excited about the idea, it will take time to convince people of all age groups.

“Youngsters would likely go on a virtual date with their avatars or celebrate close occasions in the metaverse if they’re far apart. Many other use cases will draw in youngsters to experiment and use this new technology. Just as there are social media kids today for whom tweeting and Instagramming is second nature, similarly a new generation will take to Web3 like fish to water and further popularise the technology,” he said.

On the whole, experts see a future for food and beverages with the metaverse and look forward to progressive collaboration between them.

Mukherjee said, “Don’t be surprised if your next social date is in the metaverse with your avatar in the very near future!”

 

Original Source: https://www.moneycontrol.com/news/business/companies/fun-at-the-foodverse-are-we-there-yet-9034761.html

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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Massive Volume Pushes Bitcoin Briefly Above $22,500: Here’s Why There’s A Spike In Activity

Massive Volume Pushes Bitcoin Briefly Above $22,500: Here’s Why There’s A Spike In Activity

After being in the red for over a month, the largest digital currency by market capitalization, Bitcoin BTC/USD, has pared some of its losses and is trading up about 12% higher over the past week, making a brief high of $22,527 along with a spurt in volumes on July 8, before settling back to around $21,700 levels.

Experts caution the unexpected price uptick as a “one-off event” that is most likely a reaction to crypto exchange Binance’s decision to eliminate fees on BTC spot trading, and that it in no way signals a price reversal.

No substantial reason for price surge

Anndy Lian, Chief Digital Advisor to the Mongolian Productivity Organization, tells Benzinga the sudden price surge in BTC is unsustainable as there is no catalyst for the move.

“The only piece of good news that is closely linked to the surge would be Binance’s zero fees Bitcoin promotion. There were many people who were trying to gain VIP tiers, which resulted in a massive transaction volume. That volume can be subjected to wash trading and manipulations,” he says, adding that the incident is one-off.

Liquidation of leveraged short positions

Even as the price of BTC surged despite the lack of any significant announcement, Glassnode’s futures shorts liquidations metric reveals a substantial number of liquidations of leveraged short positions – from $10.23 million to $29.42 million between July 6 and 7, which could have exerted bullish pressure to propel BTC above the $22,500 level.

BTC price likely to fall back down

Raj Kapoor, founder and CEO of India Blockchain Alliance says given the crypto’s history of volatility, this uptick is in no way a long-term reversal and that BTC’s price is likely to fall back down.

“The uptick was accelerated when Binance put an offer [of] zero-fee trading for Bitcoin, with plans to eliminate the charges for more tokens in the future.  This was followed up with a stock market rally following the release of the Federal Reserve’s minutes,” Kapoor said.

Experts point out that the crypto market may not have hit the bottom as yet due to fears of a recession, several crypto deals falling apart, surging inflation, geopolitical crises, and rising interest rates. These concerns continue to drive extra short-term volatility in the crypto and stock markets.

Higher currency outflows

Exchange outflows have risen from 20,495 BTC against 18,648 exchange inflows on July 3, according to Glassnode. While on July 7, there were 50,966 BTC in exchange outflows against 43,601 BTC in exchange inflows.

Higher exchange outflows have led to higher buying pressure for BTC, with most of the volumes coming in from the retail segment. Metrics from Santiment, point to a significant downside in the supply held by whales since July 4, indicating that whales have been gradually reducing their positions as the price of BTC climbs higher.

Economic downturn priced in

Sharat Chandra Vice President of Research and Strategy at EarthID, says BTC has begun exhibiting decisive price action as investors have priced in the incoming data about an economic downturn.

“Lack of liquidity coupled with lower trading volume accounts for Bitcoin’s intraday activity. Bitcoin prices will continue to be volatile depending on the incoming data about the impending recession,” Chandra says.

BTC surge with high volumes increases optimism

Jenny Zheng, NFT Business Development Lead at Bybit, tells Benzinga that BTC’s hourly chart gives an optimistic outlook and a 4-hour chart suggests a double bottom formation, signaling a bullish price movement ahead.

“The volumes were only on Binance. This could be because of the removal of Bitcoin spot trading fees on its anniversary. But such action has certainly triggered more buys for Bitcoin on other exchanges too. This is reflected in various communities that I am in,” Zheng says.

 

Original Source: https://uk.investing.com/news/cryptocurrency-news/massive-volume-pushes-bitcoin-briefly-above-22500-heres-why-theres-a-spike-in-activity-2683826

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”.

j j j

Massive Volume Pushes Bitcoin Briefly Above $22,500: Here’s Why There’s A Spike In Activity

Massive Volume Pushes Bitcoin Briefly Above $22,500: Here’s Why There’s A Spike In Activity

After being in the red for over a month, the largest digital currency by market capitalization, Bitcoin BTC/USD, has pared some of its losses and is trading up about 12% higher over the past week, making a brief high of $22,527 along with a spurt in volumes on July 8, before settling back to around $21,700 levels.

Experts caution the unexpected price uptick as a “one-off event” that is most likely a reaction to crypto exchange Binance’s decision to eliminate fees on BTC spot trading, and that it in no way signals a price reversal.

No substantial reason for price surge

Anndy Lian, Chief Digital Advisor to the Mongolian Productivity Organization, tells Benzinga the sudden price surge in BTC is unsustainable as there is no catalyst for the move.

“The only piece of good news that is closely linked to the surge would be Binance’s zero fees Bitcoin promotion. There were many people who were trying to gain VIP tiers, which resulted in a massive transaction volume. That volume can be subjected to wash trading and manipulations,” he says, adding that the incident is one-off.

Liquidation of leveraged short positions

Even as the price of BTC surged despite the lack of any significant announcement, Glassnode’s futures shorts liquidations metric reveals a substantial number of liquidations of leveraged short positions – from $10.23 million to $29.42 million between July 6 and 7, which could have exerted bullish pressure to propel BTC above the $22,500 level.

BTC price likely to fall back down

Raj Kapoor, founder and CEO of India Blockchain Alliance says given the crypto’s history of volatility, this uptick is in no way a long-term reversal and that BTC’s price is likely to fall back down.

“The uptick was accelerated when Binance put an offer [of] zero-fee trading for Bitcoin, with plans to eliminate the charges for more tokens in the future.  This was followed up with a stock market rally following the release of the Federal Reserve’s minutes,” Kapoor said.

Experts point out that the crypto market may not have hit the bottom as yet due to fears of a recession, several crypto deals falling apart, surging inflation, geopolitical crises, and rising interest rates. These concerns continue to drive extra short-term volatility in the crypto and stock markets.

Higher currency outflows

Exchange outflows have risen from 20,495 BTC against 18,648 exchange inflows on July 3, according to Glassnode. While on July 7, there were 50,966 BTC in exchange outflows against 43,601 BTC in exchange inflows.

Higher exchange outflows have led to higher buying pressure for BTC, with most of the volumes coming in from the retail segment. Metrics from Santiment, point to a significant downside in the supply held by whales since July 4, indicating that whales have been gradually reducing their positions as the price of BTC climbs higher.

Economic downturn priced in

Sharat Chandra Vice President of Research and Strategy at EarthID, says BTC has begun exhibiting decisive price action as investors have priced in the incoming data about an economic downturn.

“Lack of liquidity coupled with lower trading volume accounts for Bitcoin’s intraday activity. Bitcoin prices will continue to be volatile depending on the incoming data about the impending recession,” Chandra says.

BTC surge with high volumes increases optimism

Jenny Zheng, NFT Business Development Lead at Bybit, tells Benzinga that BTC’s hourly chart gives an optimistic outlook and a 4-hour chart suggests a double bottom formation, signaling a bullish price movement ahead.

“The volumes were only on Binance. This could be because of the removal of Bitcoin spot trading fees on its anniversary. But such action has certainly triggered more buys for Bitcoin on other exchanges too. This is reflected in various communities that I am in,” Zheng says.

 

Original Source: https://www.benzinga.com/markets/cryptocurrency/22/07/28009285/bitcoin-briefly-above-22-500-experts-remain-wary

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”.

j j j