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A Dive Into Fan Tokens
Sports teams are using cryptocurrency as a way to engage their fans, creating a new genre of coins called fan tokens.
Fan tokens are a game changer in terms of how sports organizations approach their fan base.
Fan tokens make it easy to get new people into the cryptocurrency space.
Phemex, a global cryptocurrency and derivatives exchange, has recognized the potential of this market and includes new fan tokens on its platform.
Fan tokens are utility tokens that sports clubs issue and sell to further integrate fans into the club. These tokens, which run on the blockchain, are similar to other loyalty programs but now include a cryptocurrency component.
By collecting tokens, fans can enjoy a wide range of membership perks such as accessing discounted and exclusive merchandise and tickets, entering competitions, and engaging in VIP experiences.
To give fans a voice and make them feel like they own part of their favorite sports club. Thanks to fan tokens, supporters can vote on club affairs.
In other words, sports clubs have found an opportunity to increase the level of outreach and engagement with followers, and have managed to create unique fan experiences through cryptocurrencies. Read More
Cardano (ADA) vs. Algorand (ALGO)? Coin Bureau Weighs In on Potential Rivalry Between Top Ethereum Challengers
A popular crypto analyst known for doing in-depth research is reacting to the news that a key developer has decided to jump ship to work for a competing project.
In a new YouTube update, the pseudonymous host of Coin Bureau known as Guy discusses the implications of top Cardano (ADA) architect John Woods leaving Input Output Global (IOG) and moving over to smart contract platform Algorand (ALGO).
“Last week IOG’s director of Cardano architecture John Woods announced that he would be leaving IOG to join the Algorand Foundation as chief technology officer. For context, Input Output Global, IOG, is one of the two companies that’s building Cardano.
John’s departure seems to have taken the Cardano community by surprise, though die-hard Cardanians will know that John had only joined IOG in October last year to fill in for Duncan Coutts, who’d been away on paternity leave and returned to his post earlier this month.”
The host notes that future cooperation between the two Ethereum (ETH) competitors remains a possibility.
“Cardano founder Charles Hoskinson took to Twitter to congratulate John on his new role, noting that it could open the door for collaboration and partnerships between projects in Cardano’s and Algorand’s expanding ecosystems.
John likewise thanked the Cardano community for their support, noting that he ‘had a wonderful time contributing to building Cardano.’ Some of you may know that John was a regular guest during Cardano’s mid-month development updates and end-of-month 360 ecosystem recaps.” Read More
Revolut Launches Crypto Learn and Earn Feature
Revolut Partners Polkadot to Launch “Learn and Earn”
In a press release shared with CryptoPotato, Revolut, valued at $33 billion, said the feature is available to all its customers, and they can earn up to $15 for completing the courses and passing a final quiz.
The British neobank also noted that it launched the new feature in collaboration with the Web3 Foundation, the founder of multichain network Polkadot. The rewards distributed to learners will be in DOT, Polkadot’s native cryptocurrency.
Revolut said it currently has two short courses. The first covers basic concepts about cryptocurrencies and their underlying blockchain technology. It also educates users on the differences between cryptocurrency and fiat currency and the risks associated with the crypto market.
The second focuses on Polkdadot and how it helps “unites blockchains into Web3.” It also covers DOT, Polkadot’s uses cases, and key features on the network, such as governance and Relay Chain.
The UK-based banking platform said it would continue to expand its Learn and Earn program, adding more courses to help advance crypto education and financial literacy.
“There’s a huge appetite from our customers to learn more about cryptocurrencies. ‘Learn & Earn‘ will help them better understand the trends, risks and potential opportunities associated with crypto. Our collaboration with Web3 Foundation on Polkadot, one of the most popular blockchain networks, will help customers become more familiar with crypto concepts,” said Emil Urmashin, Crypto General Manager at Revolut. Read More
How to build a passive income stream from cloud mining?
Cloud mining is an alternative way to invest in cryptocurrencies and get consistent passive income without directly using mining equipment or hardware.
Cloud mining is the process of mining cryptocurrency without the direct use of mining equipment or hardware. The process allows users to mine Bitcoin or altcoins without having to manage their own resources.
In traditional crypto mining, cryptocurrency is produced through a computational process. Miners need to solve complex mathematical problems using mining hardware to be rewarded with coins. The process of cloud mining is similar, but instead of using their own resources, miners rent or buy resources from a service provider.
As more players entered the cryptocurrency scene, mining became more complex, requiring more computing power. For this reason, many people who used to mine crypto using their own hardware now find it unsustainable due to high electricity costs and the wear and tear on their hardware. Cloud mining has therefore become an attractive option. Read More
Markethive Leading The Way In Web 3 Social & Market Media
Web 3.0 is the next generation of the internet which people envision will be more decentralized and permissionless. One that's built on decentralized protocols, where users help with content creation and the governance of the web itself. They also have the ability to own a part of the network, so you can think of it as a Read-Write-Own Internet.
There are already several technologies that could serve as the backbone for a Web 3 world. Most point to blockchains like Elrond, Cardano, or Ethereum, for example, but other distributed technologies like IPFS can also be used to decentralize networks.
Thousands of dApps (decentralized applications) are already being built in the Web 3 environment. These often include native tokens to add value to the application to those who hold the tokens. These native crypto assets allow those who participate in the network to share in the value generated from it.
Web 3 promises a decentralized alternative where we are all users, owners, and developers. This quote from Fabric Ventures sums it up beautifully,
“Web 3.0 enables a future where distributed users and machines are able to interact with data, value, and other counterparties via a substrate of peer-to-peer networks without the need for third parties—the result: a composable human-centric & privacy-preserving computing fabric for the next wave of the web.” Read More
How NFTs Are Shaking Up The DeFi Industry
In recent years, Web3 has taken the world by storm with non-fungible tokens (NFTs) taking center stage since the emergence of the metaverse. It is unsurprising that not only were the words Crypto and Metaverse named words of the year by Collins Dictionary but the abbreviation, NFT was also named the Word of the Year in 2021 by the company.
The dictionary defines “NFT” as a digital certificate of ownership of a unique asset, such as an artwork or a collectible. In essence, this means that a work of art or collectible is one of a kind and can neither be replaced nor replicated. It also can’t be broken down into smaller parts the way cryptocurrencies like Bitcoin can be. Whilst there is no denying that plenty of Web3 advocates and NFT enthusiasts come into the space for the art, culture, and hype, not many understand nor recognize the power that comes with NFTs. More than just a declaration of support for a project via a profile picture, NFTs are providing real-world utility to people in life-changing ways. Read More
Covalent And Cronos Partners To Ease Data Access
Covalent announced that it has integrated with Cronos Blockchain, a relief for developers looking to keep pace with the innovations in Web3. The integration will enable developers and data analysts, among many others, to access the on-chain data.
Covalent and Cronos Blockchain will jointly attempt to bring transparency of on-chain data to crypto investors, wallets, and others. The goal is to simplify the workflow for all the participants. They will together work to make the Web3 experience much better while allowing projects and developers to access the information that they need to power the applications that are decentralized in nature.
Ganesh Swami, the Chief Executive Officer & Co-Founder of Covalent, explained the basic working of the integration. Ganesh Swami stated that the unified API of Covalent would query all the relevant information to provide an additional layer of simplicity.
The Unified API product of Covalent is a code-free solution for developers, added Ganesh Swami.
Experience would be a huge plus; however, it would not be a hurdle for those looking to build their projects with little to no experience in coding. Read More
Nearly 50 Terra-Based Projects Migrating to MATIC Ecosystem, According to Polygon Studios CEO
Polygon Studios CEO Ryan Wyatt says dozens of projects built on the collapsed Terra (LUNA) blockchain are moving to Polygon (MATIC).
The CEO says projects migrating from Terra to the Ethereum (ETH) layer-2 scaling solution include non-fungible token (NFT) marketplace OnePlanet and blockchain-based game Derby Stars.
“Terra projects have begun migration. Over 48 projects and counting… including OnePlanet, an exclusive Polygon marketplace, and Derby Stars!
It was so awesome to help and welcome all these wonderful developers to our thriving ecosystem!
Welcome!”
Confirming the migration, OnePlanet revealed that a total of 48 NFT projects moved under the Ark*One rescue initiative. OnePlanet recently said it is targeting mid-August as the tentative date for launching on Polygon.
Wyatt announced intentions to assist Terra-based projects with capital and resources to enable them to migrate to the Polygon platform in mid-May, days after the collapse of the stablecoin creation-focused blockchain. Read More
Why The Gaming Economy Should Be Decentralized Through NFT Technology
Last year, the NFT market recorded over $23 billion in sales, featuring as one of the most burgeoning niches in crypto. More interestingly, NFT-oriented games accounted for close to half of the total DApp activity. Looking at these developments, it is becoming more evident why traditional gaming publishers are also caving into the pressure. Both Ubisoft and Microsoft have previously signaled an intention to invest in the NFT and metaverse gaming space.
So, how exactly do NFTs change the dynamics of the gaming ecosystem? As mentioned earlier, the decentralized nature of these on-chain assets is a primary factor in building ownership structures for in-game items. With NFTs, gamers have the ability to own and trade in-game items for external value. This model effectively eliminates the dominance of centralized gaming publishers, giving power back to the users/community.
For example, it is now possible for a gamer to purchase an IP-patented digital firearm from the Digital Arms NFT marketplace. Unlike the centralized markets featured on traditional games, this NFT store allows users to monetize their digital collectibles by swapping them for other assets, including the native HNTR token. Digital Arms also recently partnered with Farcana, enabling its users to access the play-to-earn BTC shooter game.
“The gun niche is definitely underexplored in NFTs and we are banking on both collectors and shooter players to make use of the NFTs.” noted Digital Arms CEO Chris Watkins. Read More
Disclaimer: These articles are provided for informational purposes only. They are not offered or intended to be used as legal, tax, investment, financial, or any other advice.
