Category: Crypto Trends

Silvergate Bank, one of the top crypto lenders in the world, is facing the biggest test in its four-year history. From the inception of its digital asset-focused banking operations, regulators warned such lenders to not focus solely on crypto-currencies, and now Silvergate is experiencing the full force of that warning. With nearly a billion dollars in deposits evaporating from its core customer base and investigations from two government agencies, Silvergate finds itself at the edge of the cliff, uncertain of whether they will be the first crypto-focused bank to face receivership.

Silvergate made a name for itself in the crypto industry by onboarding large institutional and exchange customers, but their successes abruptly came to an end in late 2022 when their customers’ deposits plummeted from nearly $12 billion to under $4 billion, mostly as a result of several high-profile bankruptcies and legal disputes. The bank could no longer sustain such a rapid outflow of capital and its reported assets size decreased from a high of $16 billion in the fourth quarter of 2021 to $11.4 billion in the same quarter of 2022.

The bank’s capital ratios slid just as quickly, plummeting from 11.3% at the end of 2021 to just 5.4% at the end of 2022—the level at which the U.S. Federal Reserve and FDIC consider a bank to be under capitalized and vulnerable to emergency intervention from regulators. (https://midnightmusic.com/) Even more alarming is the fact that Silvergate’s capital ratios are now below that of the Farmers and Merchants Bank of California—the scale of a mid-range community bank.

The reverberations of Silvergate’s insolvency has been felt throughout the digital asset industry. Coinbase and several other digital asset companies have distanced themselves from the bank while hedge funds and investors have been shorting its stock, with 71% of all shares sold short. The bank itself has delayed filing its annual 10-K SEC report and has taken out a loan from the Federal Home Loan Bank to fill their coffers.

The silver lining to all of this is that it has further highlighted the need for crypto companies to seek out regulated financial institutions. It’s not just a matter of convenience, but of survival, as the market needs to have the trust of traditional financial actors in order to succeed. Despite the struggles of Silvergate, the lesson of the situation is clear: crypto organisations who remain aware of their risks and take steps towards mitigating them stand the best chance of success.

In the wake of growing malicious activities in the crypto space, more and more organizations and individuals are joining forces to battle the beast. Crypto investors have been hit hard by crypto-related frauds and scams, resulting in massive losses worth billions of dollars. This has resulted in increased support from law enforcement agencies to fight against such cybercrime. Among the most prominent names in the crypto space is the leading cryptocurrency exchange, Binance. Owing to the growing number of malicious acts, the crypto platform has stepped up its game and partnered with various law enforcement agencies to launch a unique Joint Anti-Scam Campaign. On 3rd March 2021, Binance announced the launch of the campaign in Hong Kong, with plans to expand it to other territories in the near future.

The pilot program was initiated in collaboration with the Hong Kong Police Force’s Cyber Security and Technology Crime Bureau. Under this project, alerts are issued to potential victims to encourage vigilance. For instance, when customers tried to make a withdrawal, they were subjected to warning messages with details about common scams and tips to prevent such acts.

According to Binance’s investigation, 20.4% of the potential victims either dropped the transaction or chose to investigate further for potential scams. From the outset, the program was unrolled with dedicated crime prevention messages for Hong Kong residents, as well as recommended resources from different outlets such as Scameter, the Anti Deception Coordination Center, Cyber Defender, and Binance Verify. (https://www.nsmedicaldevices.com/)

The warning also included facts and figures related to the number of scams that occurred in Hong Kong since 2001 and made clear that Binance will never directly contact its customers. By launching the campaign, Binance intends to prevent similar scams from occurring and ensure a secure crypto ecosystem. The crypto platform is optimistic about the project’s success and is eager to work with law enforcement in other countries for bespoke warnings.

The crypto space has been the hotspot for a plethora of scams, from phishing to social engineering. For example, earlier this year, a fake version of the ETHDenver convention website was deployed to steal information from unsuspecting victims. The same month, an influencer in the nonfungible token (NFT) industry also became a victim of a phishing scam, losing over $300,000 worth of CryptoPunks.

To prevent such occurrences, the crypto industry needs to work in tandem. Recently, Europe combined efforts with crypto entrepreneurs and businesses to tackle cross-border crypto scams. Operated by Europol and Eurojust, the two EU agencies for law enforcement cooperation, the investigation identified a criminal network engaging in online investment fraud and incurred over €2 million in losses.

The investigation unearthed a criminal network of 261 individuals over four call centers, mainly in Bulgaria, Cyprus, Germany, and Serbia. Apart from the seizure of assets, cars, and electronic equipment, a total of 30 individuals were arrested. Notably, the Europol suspects that the total losses though unreported cases could amount to hundreds of millions of euros.

Statistics from the bug bounty and security services platform Immunefi revealed thatcrypto industry losses reached 3.9 billion dollars in 2021. The report suggests that 95.6% of the total loss was attributed to hacks, whereas frauds, scams, and rug pulls comprised the remaining 4.4%. BNB Chain and Ethereum were seen to be the most targeted blockchains.

The crypto community needs to join forces to protect itself from malicious activities. Besides proactively identifying and addressing vulnerabilities, industry bodies and organizations must take steps to educate the general public about such scams. For example, the UK National Crime Agency recently setup a crypto unit to deal with crypto-related crimes.

It is quintessential that people feel the need to be vigilant when it comes to crypto investments. Artificial Intelligence has been used to create fake videos, known as Deepfakes, of well-known personalities fooling the unsuspecting viewers. Users should always conduct due diligence before taking any serious action related to crypto transactions and refrain from clicking suspicious-looking links.

All in all, the crypto industry needs greater awareness and proactive preventative measures. With the increasing support of governments and law enforcement, platforms such as Binance are taking innovative steps to secure the ecosystem and protect users from fraudulent activities. All the stakeholders must continue to join forces to not only tackle the beast but also build a robust crypto system.

The crypto market has been steadily recovering after a tumultuous 2020. Market capitalization is forecast to break the psychological $1 trillion barrier and investor optimism shows no signs of waning. But while the outlook is generally positive, there are a number of worrisome signs that have Matrixport, a crypto exchange and lending platform, treading cautiously.

In a recent research report, the firm underscored that although it has been bullish on digital assets since mid-December, signals from the U.S. economy are now forcing it to take a more cautious stance. Specifically, stock markets are selling off and U.S. bond yields are climbing. The 2-year Treasury yield is now above the November 2022 high of 4.8%, and the difference, or spread, between the 2-year and 10-year yields is at an “unhealthy level of -0.87%.” This is accompanied by a rallying U.S. dollar, further adding to restrictive monetary policy overhang.

Additionally, Matrixport noted that despite a surge in total crypto market cap of 29.4% in two weeks, daily trading volumes have dropped to $60 billion from around $80 billion, while ongoing outflows from Paxos-Binance (BUSD) stablecoins have decreased market cap to $10 billion. This indicates a lack of interest from traders to engage with the crypto market.

The 60-day correlation between bitcoin and the Nasdaq stock index is at its lowest point since the Federal Reserve first started to communicate its interest-rate increases. This suggests investors can potentially hold onto future technology growth expectations, as the downside from macro data appears to have a greater impact on U.S. listed technology shares.

Matrixport believes that U.S. inflation will fall sharply this year and as a result, the Fed will stop raising interest rates. This should provide a relief rally as investors cut back their exposure by 50% if bitcoin prices dip below ,800. (www.topskitchen.com)

Despite the news of tightening regulation and restrictions from the NY State Department of Financial Services and the US SEC, Bitcoin prices have gone up 15% in the past 40 days, thanks to increased demand for stablecoins in Asia. This has pro traders more comfortable with trading above $24,000, and indicates that previous resistances at $930 billion will now serve as strong support levels. It is clear that both retail and pro traders are feeling confident despite bearish news, suggesting that odds are in favor of the rally’s continuation.

At the same time, however, there is no way of telling for sure what the future holds for the market. Matrixport is aware of the risks associated with macroeconomic events and are staying vigilant, with their cautious approach serving as a reminder of the need to remain mindful amid an overall positive outlook.

The crypto market is buzzing with anticipation for Ethereum’s upcoming Shanghai upgrade set for April 2021. This much-awaited upgrade, the latest major development after last year’s Merge, will allow users to unlock and withdraw from staking contracts, leading many to suspect the potential for a new overhang in ETH’s price.

But, according to digital asset investment firm Arca, these fears are likely exaggerated, or even misplaced. Ethereum’s withdrawal system severely limits the amount of ETH withdrawn at a time. With only 10% of the total amount of staked ETH able to be removed from the pool within a given month, Nick Hotz, Vice President of Research at Arca, predicts that investors’ withdrawal behavior will want to be measured.

Plus, there’s validity to the observation that swift withdrawals indicate pressing a need for liquidity – and with Ethereum’s current staking ratio hovering around 14%, there’s simply not enough desire among ETH holders to obtain funds quickly. After all, those who have already dedicated to the long-term growth are unlikely to exit the staked ETH too hastily.

John “Omakase” Lo, head of digital assets at investment firm Recharge Capital, echoed an additional sentiment: investors will need time to understand Shanghai and its intricacies, so swift withdrawals are unlikely. While Lo does advise that short-term reactions will give a sense as to whether the market will favor the long-term outlook of ETH, he continued to say that the behavior of Ethereum stakers in light of the new protocol will inevitably inform the market’s attitude.

Luckily, it appears that the Ethereum development team has a plan in place to absorb the potential overflow of rushed ETH withdrawals. Not only has the Shanghai upgrade instituted a two-tier withdrawal system (an area in which smaller withdrawals will be executed within only three days due to the queue), but the emergence of liquid staking derivatives (LSD) will let users continue to benefit from staked ETH without needing to withdraw their crypto. By issuing derivatives tokens such as stETH, these platforms will make extra yields possible without forcing holders to move their ETH onto the market.

Plus, JP Morgan analysts believe that Shanghai is a big win for Coinbase. With 95% of its retail customers possibly staking their ETH, this could yield Coinbase’s exchange between $225 million and $545 million in extra revenue per year, provided the market creates a bullish market narrative surrounding Ethereum stakers.

And, according to CryptoQuant, only 60% of all ETH staked are currently in loss at current prices; this suggests that there may not even be enough profits among current stakers for them to opt for liquidity and dump their ED on the market at all.

This all points to the likelihood of Ethereum’s staking percentage actually increasing post-Shanghai, outpacing withdrawers and converging with other PoS blockchains. In fact, Rich Falk-Wallace, Chief Executive of institutional crypto data platform Arcana, believes that Ethereum will likely reach a staking percentage of 30-50% in the next 18 months.

So, on the whole, it appears that ETH’s Shanghai upgrade is unlikely to cause major selling pressure. Instead, we may be looking at a net positive for the crypto in the long run, as the market’s short-term behavior informs its long-term narrative.

AS Roma has made history and set a precedent for sports teams by becoming the first professional football team to accept crypto payments! The Italian club is taking payments in DigitalBits (XDB) across five of its flagship retail stores, giving fans the ability to purchase AS Roma merchandise quickly and easily.

Through the use of the AstraX mobile wallet, customers will be able to pay by scanning a QR code that instantly processes the payments. The DigitalBits blockchain and Coinbar pay processing will provide additional support for these transactions.

This is a major milestone not just for AS Roma and DigitalBits, but for crypto adoption as a whole. Many businesses have attempted to enable crypto payments by providing solutions to convert one’s crypto into fiat at the point of sale, but these solutions require centralized custody of consumer’s crypto, thus defeating much of the purpose of blockchain’s peer-to-peer technology.

“This is a big step for the DigitalBits community as we look to drive the adoption of crypto and Web3,” said Daniele Mensi, Managing Director at DigitalBits Foundation. “As one of the premier football clubs in the world with millions of fans worldwide, it is the perfect next step in this product-focused partnership to provide a consumer-friendly onboarding experience to the next generation of web3 users.”

AS Roma’s onboarding of crypto isn’t the only one in the world of sports. Its rival, FC Barcelona, recently inked an agreement with the WhiteBIT cryptocurrency platform in order to raise awareness about cryptocurrencies and offer a variety of activities to bring together crypto participants and soccer fans. FC Barcelona has previously collaborated with the Chilliz project and NFT marketplace Ownix, and recently, Paris Saint-Germain Football Club and New York Giants partnered with Crypto.com to introduce digital collectibles to sports fans.

Leading cryptocurrency trading venues, including Binance, Crypto.com, and Bitget, have also collaborated with famous soccer clubs or players over the past few years. Binance serves as the main jersey partner of the Italian Lazio and the main global sponsor of Argentina’s national team, while Crypto.com was the official sponsor of the FIFA World Cup Qatar 2022. Bitget, on the other hand, is the sleeve partner of Juventus and has partnered with Lionel Messi to allow fans to explore Web3 and the potential of crypto trading on the platform.

AS Roma’s decision to implement crypto payments is a remarkable step forward for the whole sports industry! The organization has not just set a precedent for other teams to follow, but has also shown that crypto transactions are becoming a practical and convenient way to purchase sports merchandise, bringing a better and safer user experience.

Whether this move could be an inflection point for the mass adoption of cryptocurrencies, only time will tell. What is sure, however, is that AS Roma and other top sports teams are paving the way in making digital assets more accessible to the general public. Indeed, the future of sports and cryptocurrency are intersecting like never before!

As a consequential week of economic updates looms in China, the cryptocurrency market braces for a potential price surge of Bitcoin (BTC) and Ether (ETH). After rallying to $23,000 on Monday, BTC retreated slightly while ETH remained above the $1,600 mark. Markets are now waiting to see if the rally will continue. China’s hectic economic week could kickstart Bitcoin’s profit to go up.

Data releases from China might be the tipping point that drives Bitcoin out of its slump, where it has been trading in a tight range for the past few weeks. On Tuesday, economic figures for China’s balance of trade are expected to jump from $78 billion to $100 billion. Year-over-year export and import figures are also anticipated to improve.

In the US, the Federal Reserve have voiced concerns over the risks of crypto assets on banking organizations due to potential money laundering. But on-chain indicators show that the 70% of unique bitcoin addresses have a cost basis that is lower than the current price. This is a potential sign of BTC being oversold, at a potential bottom of the market.

The equity market has been looking a bit rosier with NVidia’s enthusiasm about their AI-focused chatbot lifting the Nasdaq. On the other hand, Ethereum-focused projects such as Web3 group chat protocol and NFT metaverse games are facing funding challenges. These are just a few of the events that are shaping the cryptocurrency market as the week progresses and the Chinese economic data comes in.

The supply of ETH has been dropping, signaling a potential investment for investors bullish on ETH. As the crypto market waits for the rally to continue, the crypto market sentiment is cautiously optimistic with Bitcoin showing resilience to Federal Reserve dialogue and high inflation. Technical analysis suggest BTC is capable of breaking the 25K mark, and with funding rates remaining positive for 10 days, it could be the sign investors have been looking for to capitalize on the potentially price surge of Bitcoin and Ether.

With all eyes on cryptocurrency, the next few days could be just what the market needs to kickstart Bitcoin’s profit boom. Will the data that comes out of China be enough to rally the slumping market? One thing is for sure, investors are paying close attention to the developments as the week progresses.
Rallying Out of Slump? China’s Hectic Economic Week Could Kickstart Bitcoin’s Profit Boom!
As the cryptocurrency market braces itself for an intense week of economic updates in China, investors are speculating if the data will be enough to drive Bitcoin (BTC) and Ether (ETH) out of their slump. With the US Federal Reserve’s dialogue about monetary policy, BTC has remained resilient. At the same time, on-chain indicators show that 70% of Bitcoin’s unique addresses have a cost basis that is lower than the current price, signifying a potential bottom of the market.

Analysts are expecting a jump in economic figures for China’s balance of trade from $78 billion to $100 billion on Tuesday. Year-over-year export and import data is also anticipated to improve. These data releases might just be the tipping point needed to fuel the rally.

The previously bearish market is shifting to cautiously optimistic with Bitcoin showing potential to break the 25K mark. Funding rates have also remained positive for 10 days, signifying bullish investor sentiment. Equity indexes have increased with NVidia’s enthusiasm about their AI-focused chatbot lifting the Nasdaq.

However, Ethereum-focused projects such as Web3 group chat protocol and NFT metaverse game have faced difficulties in funding. Despite this, the supply of Ether has been dropping, signaling a potential investment opportunity for investors bullish on ETH.

The highly consequential week of data releases from China might be what the market needs to kickstart Bitcoin’s profit boom. Investors will be intently scouring through the economic figures as the week progresses, hoping for that bullish sign to propel their investments into the green. Will Bitcoin and Ether be able to rally out of the slump? One thing is for sure, the next few days are sure to be decisive for the cryptocurrency market.

Web3 lifestyle platform Stepn has come a long way since its launch in December 2021, and is now looking to the future. Stepn combines the power of blockchain technology with a play-to-earn gaming experience, augmented reality, and its token economics that revolve around a vested unlock model.
Now, the crypto project is set to launch an array of new features that include an achievement and badge system. In a recent statement, Stepn’s COO Shiti Manghani shared her enthusiasm with Decrypt: “if GMT is at the center of the solar system, we want to add value and capture value back to GMT through all of our products.” These products include “apps on the demand side that onboard consumers from Web2 to Web3” as well as providing users with the liquidity for NFT swaps or the tools to launch their own projects.

At the heart of Stepn is its Green Metaverse Token (GMT), its native token, which is used in its play-to-earn model. The platform rewards users with Green Satoshi Tokens (GST) for participating in physical exercise. The tokens can be purchased after the participants select from several types of NFT sneakers. (https://teamtapper.com)

Unfortunately, Stepn has encountered a few roadblocks since its launch. For example, the app was blocked in Mainland China, making it unusable for users in the region, and also saw a series of Distributed Denial of Service (DDoS) attacks in June 2022. Because of these setbacks, the company’s popularity saw a dip from its peak of 700,000 monthly active users in May 2022, to 45,000 in December.

In addition, Stepn has increased its circulating supply of GMT tokens by 16.5 million tokens, and will continue to unlock the tokens on a daily basis until the end of April. Despite these unlocking mechanisms, GMT prices have continued to dip down 90% from its all-time high in April 2022 to its current value of $0.397 as of writing.

Despite the recent challenges, Stepn’s move-to-earn model is still gaining traction. The tokenomics revolve around a vested unlock model with 6 billion tokens allocated between the treasury, the team, and the move-to-earn program. Airdrops of the rarest NFT sneaker yet, the Genesis Sneaker on February 19th increased user engagement and potential demand for the token.

It’s unclear how successful Stepn’s achievements and badge system will be, but the project looks to be in it for the long run. The technical analysis of the price movement suggests that the GMT token could break out of its short-term channel soon, with a fall to the $0.31 support area or a breakout to the $0.59 resistance area.

For now, the crypto world is anxiously waiting to see what the future holds for Stepn in terms of price movement and new features!

BeInCrypto’s latest crypto market analysis is right here, so make sure to check it out!

In the face of recent ethical misconduct in the crypto sector, it is crucial to foster a culture of increased transparency and accountability. 2022 saw a range of debacles, from Ponzi schemes to rug pulls and shady centralized exchange activities, cast a spotlight on the need for clear safety nets to protect investors. Media plays a fundamental role in this process, as well as providing un-biased, factual news reporting that can help build trust and rid the industry of its negative reputation.

On a recent episode of The Agenda, Cointelegraph’s podcast, hosts Ray Salmond and Jonathan DeYoung conducted an in-depth interview with long-time crypto media veteran, Molly Jane Zuckerman. Zuckerman put the emphasis on transparency, noting that the first step to remedying the industry’s ethical predicament is creating a standards and guidelines handbook with the Association of Cryptocurrency Journalists and Researchers (ACJR). This would help ensure that both journalists and media outlets report on the news in an honest, trustworthy manner.

When prompted on whose responsibility it is to bring ethics and morality to the crypto world — those in the industry, or journalists — Zuckerman maintained a balanced approach. While she acknowledged that the influence of profit-driven companies should not be ignored, she asserted that journalists must also abide by a code of integrity, and that what should be avoided is “the temptation to take shortcuts and hype up news and stories for clicks.”

The heart of the matter, according to Zuckerman, should be to focus not on pushing crypto into the mainstream, but rather on educating the public on crypto and its uses. She believes that this knowledge can enable the blockchain community to develop into a more informed and judicious investor base.

As the crypto landscape develops, ethical and moral considerations are a key factor in achieving long-term success. It is only through greater transparency that the industry can re-earn public trust, while giving industry players the chance to do their due-diligence and make informed decisions.

It is encouraging to see that the ACJR has taken the matter of ethical guidelines into its own hands. If more organizations within the industry, be it exchanges, DApps, projects and so on, come on board to actively promote transparent practices and uphold a certain standard, we can begin to create a truly ethical, vibrant and safe cryptocurrency ecosystem.

Navigating a Dark Room: Exploring the Ethical Challenges Facing the Crypto Sector in 2022 and Beyond

The collapse of crypto markets in 2022 was attributed not to a technological failure, but to unethical actions, making it painfully clear that stronger standards need to be put in place to protect the industry. With the media responsible for investigating and uncovering any potential wrongdoing, crypto must prioritize transparency in order to earn the trust of the populous and rid itself of its negative public perception.

On a recent episode of The Agenda, Cointelegraph’s podcast, hosts Ray Salmond and Jonathan DeYoung sat down with crypto media vet Molly Jane Zuckerman to discuss ethics in the industry. Zuckerman proposed a standards handbook with the Association of Cryptocurrency Journalists and Researchers (ACJR) to ensure that both journalists and media outlets report on the news in an honest way. She noted that the onus of ethics does fall on industry players and journalists alike, but that what must be avoided is “the temptation to take shortcuts and hype up news and stories for clicks.”

The purpose of crypto media should be to educate readers, rather than push for mass adoption. To this end, the ACJR has created a system to help journalists adhere to a code of conduct, while other organizations in the industry can join together to help ensure transparency across the board. All of these ethical considerations must be kept in mind if the industry is to continue to build trust and inspire confidence in the wider public.

Ultimately, cryptocurrencies offer tremendous potential if managed safely and responsibly. The industry needs clear safety nets and greater transparency if it is to realize this potential and create a truly ethical and vibrant ecosystem. Doing so will no doubt take great effort, but it is a necessary step towards moving forward in 2022 and beyond. (www.manafort.com)

It’s no surprise that decentralized finance (DeFi) is becoming increasingly popular as blockchain technology provides users with the potential for a faster, more secure and inclusive world. Automated market makers, derivatives, liquidity pools and flash loans are just some of the tools used to make DeFi more accessible. But some people are raising the alarm bells regarding DeFi whales and their potential influence on crypto projects.

Recent findings by DeFi researcher Thor Hartvigsen have revealed the extent to which whales could control some of the top crypto projects. This includes projects such as Lido, GMX and Curve. Thor’s findings revealed that some of these DeFi giants held significant amounts of tokens, with some prominent venture capital firms controlling up to 10% of the LDO supply. Furthermore, these tokens are locked for vesting for the next couple of years, meaning that these whale accounts can easily hold an influencer vote when necessary.

The current crypto landscape reflects that many of the key projects are venture capital-backed. This means that these firms can easily hold large bags of tokens, increasing the amount of control that they have over the project. Projects like Uniswap, which recently voted against a proposal due to the influence of venture firm Andreessen Horowitz, highlight this risk.

The main issue is that these “decentralized” projects are not as decentralized as they claim to be. These whales can use their large amounts of tokens to influence governance voting, as well as to liquidate their stashes at a whim which could affect the prices dramatically. The small retail holders are often the ones who suffer when this happens.

Therefore, it is essential that potential users and investors of these projects do their research and are aware of the associated rewards and risks. Aggregation solutions are making DeFi more accessible, particularly to those who want to pursue strategic alternatives which could provide real yields. Ultimately, the battle for decentralization rages on, as users and investors should always be careful to ensure that the DeFi whale’s influence is limited.

The blockchain gaming market is heating up. It’s estimated that the sector will be worth over $5 billion USD by 2024 and that the number of blockchain gamers worldwide will exceed five million by the end of the year. These numbers are the result of Web3 gaming projects that have seen exceptional growth in the past year. Companies like Ubisoft, Square Enix, and GSC Game World have all embraced NFTs and the benefits of the blockchain, leading to more players and profits than ever before.

However, one of the biggest challenges that Web3 games face is the lack of adoption from gamers. Even as game developers pour time and money into creating NFT-based experiences, many prominent gaming fans have criticized early NFT games due to shallow gameplay, scams, and falling asset prices. Players don’t feel like they are getting value for their money, and they are turned off by the idea of having to use wallets, pay fees, and understand complex terms such as “digital collectibles”.

Ryan Wyatt, President at Polygon Labs, believes that in a few years these issues will be resolved. He highlights the fact that gamers are the most tech-savvy group and will eventually understand the value of digital ownership, NFTs, and Web3 technology. To Wyatt, success would be a world where Call of Duty: Warzone can feature blockchain assets, where users can buy and trade NFT guns and cosmetics, and where artists can create and sell supported items.

As developers continue to create stronger Web3 games and make more accessible onboarding experiences for gamers, there is a chance that the blockchain gaming industry could reach mass adoption. This would be an incredible feat, as these games provide enhanced security for players, more control over game assets, and an opportunity to monetize content. However, there are still a host of obstacles that must be overcome before we can unlock the full potential of Web3 gaming and make it accessible to everyone.

It’s clear that the blockchain gaming industry is still in its infancy and there’s still a long way to go before we see the full power of blockchain technology. To reap the benefits of Web3 games, developers must be willing to create compelling games that put the gamer experience first. At the same time, gamers must also be willing to put their trust in blockchain technology and make the leap to a new form of gaming. Can Web3 games ignite mass adoption or will gaming greatness get lost in the Web3 hype? Only time will tell.

The world of Non-Fungible Tokens (NFTs) is always advancing and there is always something new and exciting to be discovered. This week it’s Yuga Labs, the $4 billion company responsible for popular NFT collection Bored Ape Yacht Club (BAYC), having announced the upcoming launch of a Bitcoin-based NFT project called TwelveFold.

TwelveFold will consist of 300 limited-edition generative art pieces each inscribed to the Bitcoin blockchain. Internally referred to as “base 12 art system localized around a 12×12 grid,” the project is an ingenious combination of 3D graphics and hand-drawn features that demonstrates the relationship between time, mathematics, and variability.

While the entries for TwelveFold may come as a surprise to some – given that all other projects of Yuga Labs have been based on the Ethereum blockchain – the rationale for the collection’s launch is firmly rooted in the recent success of Ordinals. Issued on the Ethereum-layer 2 scaling network Polygon, Ordinals have proven to be immensely popular on the blockchain, so much so that the NFT collective Vocabulary even hosted a YouTube series in their honour.

Those interested in TwelveFold will be provided with a guide to acquiring the tokens, which will involve running a self-custodial Bitcoin wallet and submitting a bid through the network. It’s unclear what benefits, if any, TwelveFold holders will reap during the acquisition process, however Yuga Labs did state that their “royalties will be paid in full”.

The level of interest in NFTs from the public in general appears to have cooled off in recent months according to Google Trend data. The keyword “NFTs” between Feb. 19 and Feb. 25 scored a mere seven out of 100, which hasn’t been seen since early-to-mid January 2021.

But contrary to this apparent lack of interest, February’s NFT trading volume has skyrocketed, with a whopping $997.14 million worth of global sales. Moreover, a man who won the Golden Key NFT for posting the highest score on the BAYC-affiliated Dookey Dash game has sold the token for 1,000 Ether (ETH), or roughly $1.63 million, which further adds to the success stories of the NFT market.

The NFT mania shows no sign of slowing down, and its presence can be seen all over the world, from Japan to South Korea. In particular, Japanese tech companies have agreed to forward the creation of the “Japan Metaverse Economic Zone”, with an emphasis on building a open metaverse infrastructure called “Ryugukoku”.

Furthermore, the NFT platform Metajuice has surveyed its users on which reasons play a part in the acquisition of NFTs, with nearly three out of four respondents stating that their motivation for collecting is status, uniqueness and aesthetics, whereas the remaining 13% are interested in reselling them in the future.

NFTs have evidently become a significant source of income for many as well as a vibrant world of art, fascination and entertainment. With Yuga Labs having taken a first-time leap into Bitcoin NFTs by introducing TwelveFold, it will be interesting to see how the product is received and if the hype surrounding NFTs is here to stay.