Showing posts with label game. Show all posts
Showing posts with label game. Show all posts

Steam Official: 'Current Structure Is No Longer Fit for the Purpose' as Global Regulators 'Go Full Steam' on Crypto.

 Steam Official: 'Current Structure Is No Longer Fit for the Purpose' as Global Regulators 'Go Full Steam' on Crypto.

Cryptocurrency legislation is moving at a "breakneck speed" over the world. "With the expansion of cross-border digital market activity, the current framework is no longer suitable for purpose," stated the chairman of France's markets watchdog AMF.

Regulators throughout the world are going all out to regulate cryptocurrency.

At a virtual conference hosted by Afore Consulting on Wednesday, Robert Ophèle, chairman of France's markets watchdog, the Autorité des marchés financiers (AMF), and a member of the Financial Stability Board (FSB), reportedly discussed worldwide cryptocurrency regulation.

The Financial Stability Board (FSB) is an international organization that examines and offers recommendations on the global financial system. Ophèle is also the second deputy governor of France's central bank, the Bank of France.

According to Ophèle, regulators all around the world follow the same "global core premise," adding:

I believe we will see international regulatory convergence for some of them... Stablecoins and digital asset service companies are the most common.

Regulators have not been aggressively supervising the crypto sector, according to the AMF chairman, because crypto assets are not currently considered as a threat to financial stability. Ophele, on the other hand, highlighted that crypto is now at the top of the FSB's priority list. The central banker expressed his opinion as follows:

I believe we can achieve and deliver on these challenges in the next quarters... The FSB is pursuing this matter with vigour.

Despite the fact that the FSB only gives suggestions and does not have the authority to enact binding rules, its members are committed to developing regulatory frameworks in their respective jurisdictions.

Ophele argues that, like the European Central Bank (ECB), the European Union needs a powerful market watchdog. He went on to say:

With the growth of cross-border digital market activities, the current framework is no longer suited for purpose.


With'scholarships,' the Axie Infinity guild CGU assists gamers in entering the fantasy play-to-earn NFT game.

"By playing-to-earn and learn," adds CGU co-founder Sergei Sergienko, "our scholars are obtaining important new abilities that will soon be in high demand by employers setting up business in the metaverse."

Axie Infinity, a monster-fighting NFT game, has gained a lot of popularity recently, with over $600 million worth of Axies purchased and traded in the last month. On the Ethereum (ETH) network, each Axie is a nonfungible token, or NFT. Axies, like Nintendo's Pokemon series, come in a variety of rarity kinds, each with its own set of powers and qualities, with the strongest commanding exorbitant rates on the game's marketplace. Smooth Love Potions (SLPs) are earned by completing daily missions, Using their Axies to slay monsters and battle other gamers in arenas. SLPs can then be traded for a variety of cryptocurrencies.

Due to the hefty initial cost of purchasing, borrowing, and breeding Axies, in-game guilds have recently developed to subsidize players' upfront fees or provide scholarships in return for their SLP profits as they play. The Singapore-based Crypto Gaming United, or CGU, is one such in-game guild, with around 100,000 Discord users and a constant search for new scholars in the official Axie Infinity Discord.

Sergei Sergienko, co-founder of CGU, emphasized to Cointelegraph that users are not obliged to spend anything to begin playing. Instead, CGU covers all fees associated with characters and NFTs with a scholarship of up to $4,000 per participant. CGU also offers instruction and mentorship to its associated gamers in order to improve their bitcoin understanding and gaming abilities. In exchange, CGU takes a 50% commission on players' earnings, part of which are sent to CGU token investors; after that, 5% of earnings are distributed to local management in the countries where CGU operates, leaving players with the remaining 45 percent. In addition, as a social security effort, the corporation is now testing a "pension plan" of 3% to 5% for its participants.

Sergienko claims that elite players may make up to 680 SLPs each day net (after CGU's cut). The average daily gaming time for elite players is roughly six hours. Meanwhile, for 60 hours of play each month, users on the lowest end of the earnings scale might earn around $120. Even on a pro-rated basis, this amount exceeds the minimum salary for full-time labor in countries where Axie Infinity is particularly popular, such as the Philippines and Russia. Many Axie players are said to be drawn to CGU from Cuba, Venezuela, Turkmenistan, Myanmar, and African countries.

CGU also runs the crypto-freelancing platform LaborX, in addition to focusing on play-to-earn games. CGU's website has a collection of anecdotes and testimonies from players who have partnered with the organization. Sergei had the following to say about the CGU guild's and its players' long-term development:

"We also recognize that play-to-earn may be a transitory fad, so we're searching for other options for all of our employees. We're employing academics to see what happens once the buzz dies down. We can help with this because we have a freelancing platform and a lot of schooling experience."



El Salvador's "pawn to e4" move, according to the whistleblower, will put pressure on other countries to adopt bitcoin. The game-theoretic aspect of Bitcoin acceptance may soon begin to manifest itself in global geopolitics. Edward Snowden, a well-known whistleblower, tweeted about it yesterday, emphasizing that Bitcoin rewards those who adopt it first, putting pressure on countries who are lagging behind.

On September 7, Snowden tweeted, "Today Bitcoin was formally accepted as legal tender in its first country." "Beyond the headlines, there is now pressure on competing countries to buy Bitcoin—even if only as a reserve asset—due to its design's tremendous early adoption incentives."

Snowden's tweet referenced another from Aaron van Wirdum of Bitcoin Magazine, who is now in El Salvador, and revealed that the journalist could use the Lightning Network to pay for his McDonald's breakfast using bitcoin. When Bitcoin became legal tender in the Central American country, Van Wirdum said he wanted to see if he could buy ordinary items with bitcoin at a mainstream, global chain.

"But lo and behold, [McDonald's] printed a ticket with QR [code], which directed me to a webpage with Lightning invoice, and now I'm enjoying my typical desayuno," van Wirdum tweeted.

When compared to well-established monetary products, a young form of money's purchasing power grows steadily as its adoption grows in society. The ability of a new currency to assume different and more practical use cases is strongly tied to its adoption. A monetary good with limited acceptance has limited power and hence lacks the attributes of full-fledged money.

New money has always started out as a collectable object. Even yet, when more people accept and use it, the new monetary product becomes a store of value, then a medium of exchange, and finally a unit of account. In principle, the last stage requires that the money be widely accepted over the world — with such a high degree of adoption and monetary preference that its volatility is reduced and it is suited for that use case.

Bitcoin was first viewed by the general public as mostly a gimmicky collectible, but the narrative has since shifted to include use cases such as a store of value and digital gold. El Salvador, on the other hand, has already aided Bitcoin's transition from a store of value to a medium of exchange by recognizing it as legal tender. Although widespread use of Bitcoin as a medium of trade will require a significantly greater global acceptance rate, the groundwork is being laid.

As the Salvadoran population and economy benefit from Bitcoin's increasing purchasing power as a store of wealth and begin to demonstrate genuine use as a medium of exchange, game theory predicts that other countries will follow suit in the long term. Fear of being left behind, as well as the obvious opportunity cost, will push competing countries to store Bitcoin as a reserve asset or embrace it as a legal tender.

It's unclear where Bitcoin stands in the adoption cycle right now, but it's evident that the vast majority of the globe still doesn't know what it is or how to use it. The action by El Salvador legitimizes Bitcoin's usage as a medium of trade, as well as providing the currency with the geopolitical push it needs to become a global player. El Salvador's successful implementation paves the way for Bitcoin acceptance to rise as other countries follow suit, scared of being left behind. "Latecomers may regret hesitating," Snowden said in his post.


How the NFT-based game Axie Infinity is bringing income to the unemployed all across the world

Axie Infinity, one of the most popular blockchain-based games on the market, is providing a method for people who have lost their jobs due to the pandemic to earn money.

Axie Infinity's white paper contains the following information:

“Axie Infinity is a Pokémon-inspired environment in which anyone can earn tokens through competent gameplay and ecosystem contributions. Players can use their pets to fight, collect, grow, and develop a land-based empire.

“All Axie genetic data and visual assets are easily accessible by other parties, allowing community developers to create their own tools and experiences in the Axie Infinity realm...

“The fundamental difference between Axie and a typical game is that our players are rewarded for their contributions to the ecosystem via Blockchain economic design. This new gaming concept has been nicknamed "play to earn." Thousands of players from developing countries have joined Axie in search of a new source of income during the Covid pandemic.“

According to a Bloomberg investigation, unemployed people all around the world are turning to blockchain gaming as a viable side hustle. Vincent Gallarte, a newly laid-off IT analyst, began playing Axie Infinity as a way to supplement his income, according to the report.

Axie, founded by Sky Mavis, a Vietnamese game developer, provides a mechanism for users to gain access to crypto-assets by allowing them to acquire tradeable coins. In May, the initiative was able to gather $7.5 million in a funding round that included Mark Cuban, the billionaire, and Alexis Ohanian, the co-founder of Reddit.

According to the research, Axie's user base has grown dramatically throughout the summer, from 30,000 daily users in April to 1 million in August. Over the last month, Axie's network has generated around $30 million in Ether transactions per day, with the bulk of customers being in underdeveloped nations like Brazil, Venezuela, and the Philippines.

Despite the platform's potential as a side business, others are concerned that it would lead to player exploitation and abuse. To get started, new users must acquire three “Axies,” which cost roughly $200 each.

The Axie model is "unhealthy and unsustainable," according to Vanessa Cao, founder of venture financing firm BTX Capital.

She stated, "

“Just to play, players must invest hundreds of dollars up front. It's an erroneous notion. You can't expect them to pay before they've ever heard of the game.”

Elliot Wainman, a well-known crypto analyst and influencer, predicted that gaming-based blockchain initiatives would be the next key driver for cryptoasset adoption in late July.

According to The Daily Hodl, he stated:

“The only thing I see as fully detached from the crypto ecosystem are games. Because a game with inherent value has intrinsic value when you play it and enjoy it.“

As an example of the industry's potential, Wainman cited the "staggering growth" of the blockchain-based game Axie Infinity:

“I've been arguing for a long time that users are the most important factor, because if you have users, you'll have network growth, and if you have network growth with a hard-cap supply of assets, you'll almost certainly have asset appreciation. It's a crystal-clear strategy to boost the value of crypto ecosystems.“


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