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

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What is the role of stablecoins in digital assets ecosystem

What is the role of stablecoins in digital assets ecosystem

In my view, stablecoins are a form of private money. The concept is not new. As long as the community recognizes this as a form of money, then it is money.

Having said so, it depends on whether you are talking about dollar-collateralized, company-collateralized, cryptocurrency-collateralized, or non-collateralized stablecoins. Each kind of design comes with pros and cons. For the time being those that are properly collateralized and approved by a country’s financial services authority would be in favor and can be the forerunner.

This process is still in the research stage for many countries. Ideally, in the longer term, I would like to see interoperability between various stablecoins and CBDCs. This will then bring out the true meaning of crypto and a new era of financial systems.

– Anndy Lian

 

What is the role of stablecoins in digital assets ecosystem

The cryptocurrency market, which continues to tackle uncertainties around it, has seen the usage of stablecoins multiply in last couple of years. According to data by European Central Bank, stablecoins’ market capitalisation increased from €23 billion to around €150 billion in the Q1, CY2021. In September, 2021, around 75% of trading on cryptocurrency platforms involved stablecoins. Market behaviour suggests that stablecoins are being used to trade cryptocurrency assets. “Stablecoins act as intermediary when cryptocurrency investors want to exit a market position and re-enter it later. Stablecoins can help with trading between different cryptocurrency exchanges, and can also help investors with their financial stability when cryptocurrency markets are bearish in nature,” Sathvik Vishwanath, co-founder and CEO, Unocoin, a cryptocurrency exchange, told FE Digital Currency.

Reportedly, stablecoins such as Tether, USD Coin and Binance USD account for close to 90% of the total stablecoin market. According to experts, stablecoins can be used as a currency because of its collateral value being associated with the United States Dollar (USD). Information from Federal Reserve, a government body, mentioned that a two-tiered banking system, where banks are supervised under state and federal levels, can support both stablecoin issuance and maintain traditional forms of credit creation. “As stablecoins are backed by financial services authorities, it can be a frontrunner in the cryptocurrency space. In the longer-term, I believe interoperability between stablecoins and central bank digital currencies (CBDCs) will take place,” Anndy Lian, chief digital advisor, Mongolian Productivity, a governmental organisation, said.

It is believed that stablecoins can help to bridge the gap between cryptocurrencies and fiat currencies, due to their relatively low price volatility. “Stablecoins can be used to ensure monetary balance as companies can pay salaries and conduct transactions between different geographies. As stablecoins can be tracked, governments can implement regulations to excercise control over it without their complete ban,” Aliasgar Merchant, lead developer of relations, Akash Network, a decentralised cloud platform, stated.
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3 cryptocurrencies you should invest in this August to cash in on the market rebound

3 cryptocurrencies you should invest in this August to cash in on the market rebound

Bitcoin and the cryptocurrency market bounced back strongly in July after a severe correction during the second quarter. Bitcoin increased in value by 17%, its highest monthly performance since October 2021, according to a CryptoRank Platform tweet on August 1.

The July climb indicates that the market is starting the new month on a positive footing after maintaining its crucial levels to sit above the important $1 trillion market cap in the opening few days.

 

 

In light of that, investors are coming back to the market as the path of recovery continues. Below are three coins to invest in, in August, in order to cash in on the rebound.

 

1. Ethereum 

Ether, the second largest cryptocurrency based on market capitalisation has enjoyed a rally recently, thanks to the announcement of its upcoming ‘Merge’.

And now, the community is starting August on a positive note as plans are now in place for the Goerli Merge to occur on Aug 11, the final testnet merge prior to transitioning to a proof-of-stake (PoS) blockchain.

The Merge is expected to push Ether to new heights

The Merge is a massive step for Ethereum and the community and that is the reason to bet on it in August. It keeps showing great strength of bullish movement as the anticipated merge gets closer.

Ethereum is currently trading at $1,730 but a break of this region would send Ethereum’s price to $2,400 and even higher if the bulls and sentiments of the market stay strong ahead of the Merge.

It should definitely be on the list of your coins to invest in August.

 

2. Kava

Kava is an extremely fast layer one blockchain that combines the Ethereum and Cosmos ecosystem into a single, scalable network. The ecosystem has seen groundbreaking developments which bode a positive movement for its native token.

On August 31, Kava 11 is set to launch and it is expected to greatly increase the total value locked in the platform. The main features of the upgrade will include: KAVA liquid staking, KAVA earns – a yield aggregator, MetaMask support for all KAVA transactions and Protocol owned liquidity.

Kava 11 is set to launch on August 31

The sentiment in the KAVA community has been positive and there seems to be an air of excitement which means it should be on your list of coins to invest in.

BigONE Exchange’s chair Anndy Lian explained to Capital.com that Kava’s function to lend and borrow assets using a number of cryptocurrencies as collateral still serves as a big plus for the platform.

“The slide in the price recently is due to the overall market conditions. Some investors may see steeper plunges due to the performances of their collateralised assets. In my humble opinion, there is nothing to be worried about at this point, their codes are sound and their treasury is still holding up well.”

In the build-up to the upgrade scheduled for late in August, the native token is expected to trade around $5, over 100% of its current market price of $2.18.

Consider having it in your list of coins to invest in.

 

3. Monero

Monero is a secure and confidential blockchain that focuses on providing complete privacy for its users with $XMR as its native token.

The network will undergo a network upgrade on Aug 13 which will introduce various new features, such as an upgrade in Bulletproofs algorithm and a ring-size increase from 11 to 16.

One key reason $XMR is one of the coins with potential in August 2022 is its rapid growth rate. This will eventually boost the adoption of the Monero network, pushing the price of $XMR to new highs.

Monero network will undergo an upgrade on August 13

The token has enjoyed a decent rally in the last 30 days by moving from around $117 to its current price of $166. If it breaks out from that region which is very likely due to the hype surrounding its new features, the price would be expected to increase towards the $200 mark.

Monero($XMR) should be on your list of coins to invest in!

 

 

Are there other cryptocurrencies you believe ought to make the list? Please suggest in the comment box.

 

Original Source: https://technext.ng/2022/08/08/here-are-3-coins-to-invest-in-august/

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