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RPG blockchain game re-draws traditional rules by letting their community take the reigns
The gaming industry is currently in a period of transition, led by companies looking to redraw the traditional rules with web 3.0.
Video games are more than just fun and games; they are often the foundation for vibrant communities, many of which are not recognized for the full extent of their contributions. The rise of blockchain technology is changing this narrative with a new class of games, engaging players through fun, competition, and building while also making them part of the journey as a stakeholder and investor.
The model, known as play-to-earn, incorporates NFTs and Web 3.0 to ensure that active community members are properly rewarded for their contribution to gameplay. This is often done by allowing builders and users to hold tokens that have value both inside and outside the game and help players enjoy the full benefits from their efforts.
Among the award-winning developers leveraging the play-to-earn model is Jam City, a team with deep experience in gaming economy design, led by the former MySpace co-founder and CEO, Chris DeWolfe. With an understanding of building engaging games, Jam City has made their name as the creative powerhouse behind a number of high-grossing games, amounting to over $2.5 billion in lifetime revenue. Their company of over 1200 has now combined their talents, dipping their feet into the nonfungible token (NFT) market with a community-driven blockchain game by the name of Champions: Ascension. Read More
In the Web3 Age, Community-Owned Protocols Will Deliver Value to Users
Web3 needs common standards to succeed—which is why 0x is building trusted exchange infrastructure to allow tokenized value to flow across all blockchains.
Web3 promises to herald the next phase of the Internet, in which value will be controlled by the users rather than intermediaries.
But achieving this hinges on building decentralization into the design from the ground up.
Although the traditional for-profit platform business model offered a great deal of value to users initially, its ultimate net effect was to lock users into platforms in order to extract as much value as possible.
The future of trust is directly related to the end of centralization—and that must be developed on open and permissionless platforms.
One project building with that notion firmly in mind is 0x, whose open-source, decentralized exchange protocol created by 0x Labs, aims to serve as the global backbone for decentralized exchange. Having started on Ethereum, it now allows for the peer-to-peer exchange of tokenized assets across a growing number of blockchains including Polygon, BNB Chain, Avalanche, and Fantom. Read More
Why decentralization isn’t the ultimate goal of Web3
Decentralization of Web3 infrastructure is critical to its success as it gives us back the freedom that we are currently paying for using Web2.
The transition from Web2 to Web3 is inevitable. Yet, as the demand for decentralization gains momentum, several important questions are being raised about the current state of blockchain technology and its promised “decentralization.”
Vitalik Buterin responded with a confession that “a lot of it comes down to limited technical resources and funding. It’s easier to build things the lazy centralized way, and it takes serious effort to ‘do it right.’” Or, Jack Dorsey’s recent tweet where he claimed that it’s actually the venture capitalists who own the networks that exist today.
Their comments make it clear that with the status quo, popular blockchains appear a long way from realizing their decentralized dreams. Posing the question, who will actually own the future of the internet? Read More
Blockchain forensics is the trusted informant in crypto crime scene investigation
As mainstream adoption of crypto increases, blockchain forensics is enabling law enforcement to recover stolen crypto, making the space more secure.
The seizure by the U.S. Department of Justice of $3.6 billion worth of Bitcoin (BTC) lost during the 2016 hack of Bitfinex’s cryptocurrency exchange has all the ingredients of a Hollywood film — eye-popping sums, colorful protagonists, and crypto cloak-and-dagger — so much so that Netflix has already commissioned a docuseries.
But, who are the unsung heroes in this action-packed thriller? Federal investigators from multiple agencies including the new National Cryptocurrency Enforcement Team have painstakingly followed the money trail to assemble the case. The Feds also seized the Colonial Pipeline ransoms paid in crypto, making headlines last year. The Internal Revenue Service (IRS) seized $3.5 billion worth of crypto in 2021 in non-tax investigations, according to the recently released Chainalysis cryptocrime 2022 report. Read More
A Technology Ecosystem For The New Internet
Elrond has combined the scarcity of Bitcoin, the programmability of Ethereum, and the speed of next-generation cryptos, like Solana, to create a cryptocurrency network unlike any other. Elrond is a platform built for internet-scale and capable of processing thousands of transactions per second at $0.001 per transaction, and able to scale to hundreds of thousands with demand.
Elrond’s distinction is being a project with a soul. One that has united forces of an incredibly vibrant community of 190,000 people, spanning 18 languages and in almost 30 countries. Elrond aims to create the backbone for high bandwidth, transparent financial system, and extending universal access to anyone, anywhere.
Elrond’s egold (EGLD) native token has exploded in value over the last year and seems to be poised for more gains. The Blockchain project has been considered under the radar and received very little crypto media exposure until now. Read More
The DAO is a major concept for 2022 and will disrupt many industries
We are still scratching the surface of the enormous possibilities DAOs hold, and many more industries will be disrupted starting this year.
The blockchain and cryptocurrency rave is not ending anytime soon. And as more people are being introduced to revolutionary technologies in the digital space, new improvements upon these technologies are also being introduced. In the last couple of years, the DeFi and NFT industries have experienced immense levels of growth and, currently, metaverses and Web3 are the technologies making the digital space light up.
It is not yet clear where these disruptive technologies will lead us, but we are sure that there will be much value up for grabs. At the convergence of Web3 and NFTs lie many platforms looking to leverage technology and infrastructure to make the NFT ecosystem more decentralized, structured, and community-driven.
Using both social building and governance, the decentralized autonomous organization disruption is a notch higher. The DAO is one major invention that is challenging current systems of governance. Utilizing NFTs, DAOs are changing our perspective of how organizations and systems should be run, and they put further credence to the idea that the optimal form of governance does not have to do with hierarchical structures. Read More
Are NFTs coming soon to your favorite video games?
Gamers love digital collectibles, but they aren’t fawning over NFTs. What gives? And what does this mean for the future of gaming?
According to a report from DappRadar, gaming-related NFTs generated revenue worth nearly $5 billion last year and represented around one-fifth of all NFT sales in 2021. Ubisoft unveiled an NFT project on Dec. 7 — a move that was met with a 96% dislike ratio on its announcement video on YouTube — and two weeks later, it had reportedly only sold 15 NFTs, collectively worth less than $1,800.
“The traditional gaming industry is not going to adopt NFTs in their current state,” Wade Rosen, the CEO of legendary video game corporation Atari, told Cointelegraph. According to Rosen, though blockchain gaming will continue to evolve, there currently isn’t enough tangible utility for players to consider adoption yet.
“NFTs — how they are produced, what value they provide to individual players, and communities of players that form around individual titles — will need to evolve pretty significantly before you can expect to see any widespread adoption within the [traditional gaming] industry. We do see a lot of potential for NFTs and blockchain technology within video games, but not until the definition of an NFT evolves significantly beyond where it stands now.” Read More
Inside the blockchain developers’ mind: Building a free-to-use social DApp
What are the limitations that are preventing DApps’ mainstream adoption and is it possible to make totally free-to-use decentralized applications?
Cointelegraph is following the development of an entirely new blockchain from inception to mainnet and beyond through its series, Inside the Blockchain Developer’s Mind, written by Andrew Levine of Koinos Group.
In my first article in this series, I explained why Ethereum and Steem haven’t been able to deliver a mainstream social decentralized application (DApp). In my second article, I explained how EOS attempted to combine features of both chains but it did so in a way that still required users to buy high-priced random-access memory (RAM) for accounts and smart contracts.
In this article, I want to take a different approach to this problem, not based on comparisons to existing platforms but based on first principles. Instead of constraining our imaginations based on the limitations of the earliest attempts at general-purpose blockchains, let’s, instead, look at the problem from the developer’s perspective. What do they need in order to deliver the user experience that mainstream users require? In my previous article, I described this as “fee-less without exceptions.” In other words, they want totally free-to-use applications. Read More
Blockchain-Based Storage App ArDrive Raises $17.2 Million
The app gained attention last year when activists in Hong Kong used it to circumvent heavy censorship by the Chinese government.
ArDrive, a blockchain-based permanent storage application, has raised a tidy $17.2 million in a seed round of 13 investors led by Arweave Team, Blockchain Capital, and Sino Global Capital.
ArDrive currently houses over 6 million files from across the globe, including text, articles, photos, and videos.
While many users trust services like Dropbox or Google Drive to steward their data—services potentially susceptible to data leaks—ArDrive allows users to maintain ownership and control of their data on the Arweave blockchain. 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.
