Wednesday 1 February 2023
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Play-to-own, NFTs and Web3: Crypto Raiders drops knowledge with NFT Steez

Blockchain gaming and the play-to-earn model were all the rage in 2021, but over time, the model declined as a few kinks were revealed and the wider nonfungible token (NFT) and crypto market hit a few speed bumps. It’s safe to say, the sector is “down, but not out,” and it’s entirely possible that blockchain gaming could see another 2021-style surge once the wider market regains its momentum. In the most recent episode of NFT Steez, a weekly Cointelegraph podcast hosted by Alyssa Exposito and Ray Salmond, the founders of Crypto Raiders joined to discuss the state of blockchain gaming and the future of play-to-earn-based projects. According to the founders, Crypto Raiders is an NFT-based dungeon crawler, and in the episode, each agreed that the current blockchain gaming landscape should focus on sustainability and “fun” first. Can the play-and-earn model work in Web3 gaming? Co-founder Nick Kreupner spoke about the adoption of “hybrid models” for play-and-earn gaming, stating that th..

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Will the Fed prevent BTC price from reaching $28K? — 5 things to know in Bitcoin this week

Bitcoin (BTC) enters a new week with a question mark over the fate of the market ahead of another key United States monetary policy decision. After sealing a successful weekly close — its highest since mid-June — BTC/USD is much more cautious as the Federal Reserve prepares to hike benchmark interest rates to fight inflation. While many hoped that the pair could exit its recent trading range and continue higher, the weight of the Fed is clearly visible as the week gets underway, adding pressure to an already fragile risk asset scene. That fragility is also showing in Bitcoin’s network fundamentals as miner strain becomes real and the true cost of mining through the bear market shows. At the same time, there are encouraging signs from some on-chain metrics, with long-term investors still refusing to give in. Cointelegraph takes a look at the week’s possible market movers in a tense week for crypto, equities and more. Fed to decide on next rate hike in “another fun” weekThe story of the ..

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The University of Tokyo to offer courses in the Metaverse

The University of Tokyo, also known as Todai is set to offer a range of study programs later this year that will take place in the Metaverse. According to a Saturday report from the local news outlet The Asahi Shimbun, the courses will be offered to students ranging from high school to adult learners in the workforce. The publication stated that the Metaverse study programs will not be delivered via its own dedicated faculty that offers degrees but will instead operate under Todai’s faculty of engineering and engineering-related graduate schools. Students who complete the courses will receive certificates. Todai’s project has been launched to address the lack of skilled personnel working on “digital transformation” and “advanced technologies.” University officials also emphasized that studying in the Metaverse will also create a situation in which “anyone, regardless of age, gender, social standing and area of residence, can learn about engineering and information science.” Crypto an..

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Experts clash on where virtual reality sits in the Metaverse

Virtual reality (VR) will eventually have a place within the Metaverse, but not for the foreseeable future given its slow adoption rates, according to experts. There isn’t much that can rival the experience of having one’s senses almost immersed in a virtual world — which is why many believe that the technology will have a natural fit for the Metaverse. It's a technology that Mark Zuckerberg’s Meta is betting big on by introducing Meta accounts that it says will allow users to access its Meta Horizons platform more easily through Oculus VR headsets. Founder and CEO of metaverse platform CEEK Mary Spio is also one waving the VR metaverse flag. In an interview with Cointelgraph, Spio argues that the true power of a Metaverse cannot be realized unless users are totally immersed through the use of VR devices. Spio’s metaverse platform CEEK helps digital content creators, including musicians and athletes, connect directly with their fanbase in a virtual world setting. Spio said that ..

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Yuga Labs ‘inappropriately induced’ BAYC investors: Class action

A proposed class-action lawsuit alleges that Yuga Labs “inappropriately induced” the community to buy Bored Ape Yacht Club nonfungible tokens (NFTs) and the project’s affiliated ApeCoin (APE) token. The proposed class-action driven by law firm Scott+Scott was published on Thursday, claiming that Yuga Labs used celebrity promoters and endorsements to “inflate the price” of the BAYC NFTs and the APE token. It also alleges that Yuga Labs promoted the growth prospects and chance for huge returns on investment to “unsuspecting investors:” “After selling off millions of dollars of fraudulently promoted NFTs, YUGA LABS launched the Ape Coin to further fleece investors.”“Once it was revealed that the touted growth was entirely dependent on continued promotion (as opposed to actual utility or underlying technology) retail investors were left with tokens that had lost over 87% from the inflated price high on April 28, 2022,” it added. The law firm is currently seeking impacted investors who suf..

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Stablecoin projects need collaboration, not competition: Frax founder

Stablecoin projects need to take a more collaborative approach to grow each other’s liquidity and the ecosystem as a whole, says Sam Kazemian, the founder of Frax Finance. Speaking to Cointelegraph, Kazemian explained that as long as stablecoin “liquidity is growing proportionally with each other” through shared liquidity pools and collateral schemes, there won’t ever be true competition between stablecoins. Kazemian’s FRAX stablecoin is a fractional-algorithmic stablecoin with parts of its supply backed by collateral and other parts backed algorithmically. Kazemian explained that growth in the stablecoin ecosystem is not a "zero-sum game" as each token is increasingly intertwined and reliant on each other's performance. FRAX uses Circle’s USD Coin (USDC) as a portion of its collateral. DAI, a decentralized stablecoin maintained by the Maker Protocol, also uses USDC as collateral for more than half of the tokens in circulation. As FRAX and DAI continue to expand their market ca..

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Bitcoin network difficulty drops to 27.693T as hash rate eyes recovery

The difficulty in mining a block of Bitcoin (BTC) was reduced further by 5% to 27.693 trillion as network difficulty maintains its three-month-long downward streak ever since reaching an all-time high of 31.251 trillion back in May 2022. Network difficulty is a means devised by Bitcoin creator Satoshi Nakamoto to ensure the legitimacy of all transactions using raw computing power. The reduced difficulty allows Bitcoin miners to confirm transactions using lower resources, enabling smaller miners a fighting chance to earn the mining rewards. Despite the minor setback, zooming out on blockchain.com’s data reveals that Bitcoin continues to operate as the most resilient and immutable blockchain network. While the difficulty adjustment is directly proportional to the hashing power of miners, the total hash rate (TH/s) recovered 3.2% along similar timelines, as shown below. At its peak, the Bitcoin hash rate reached an all-time high of 231.428 exahashes per second (EH/s) when BTC prices fel..

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Board urges Bank of Central African States to introduce common digital currency: Report

The Bank of Central African States, or Banque des États de l'Afrique, which serves Cameroon, the Central African Republic, Chad, Equatorial Guinea, Gabon and the Republic of the Congo, could be closer to releasing a central bank digital currency (CBDC) reportedly at the urging of its board. According to a Friday report from Bloomberg, the board sent an email calling for the regional bank to introduce a digital currency in an effort to modernize payment structures and promote regional financial inclusion. The Central African Republic, or CAR, passed legislation adopting Bitcoin (BTC) as legal tender in the country in April but has not recognized a central bank digital currency. Nigeria’s central bank was one of the first in the region to launch a CBDC called the eNaira in October 2021, while South Africa’s Reserve Bank continues to explore the possible use of a CBDC through its Project Khokha initiative. The Bank of Central African States also criticized the CAR for accepting BTC a..

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FTX proposes a way to give Voyager Digital clients some of their digital assets back early

FTX and Alameda Ventures want to offer Voyager Digital customers a chance to start a new FTX account with an opening cash balance funded by an early distribution on a portion of their bankruptcy claims, FTX announced in a statement Friday. To accomplish this, Alameda Ventures said it would like to buy all Voyager digital assets and digital asset loans, with the exception of loans to Three Arrows Capital (3AC). A letter from an FTX and Alameda Ventures legal representative explained that Voyager Digital customers who did not choose to create an FTX account would retain their rights in the bankruptcy proceedings, but would not receive early reimbursement. Accepting the offer would protect Voyager Digital clients from the depreciation of the crypto assets they currently do not have access to, as reimbursement for their digital assets will be based on their value on July 5. After setting up an FX account, Voyager Digital clients would be able to continue trading their crypto or cash out t..

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Bitcoin dips to $22.6K, risking further losses if it fails to hold above 200-week MA

The mood across the cryptocurrency ecosystem is noticeably brighter on July 22 after a week of gains helped traders put the events of the past two months behind them and look toward a positive future. Data from Cointelegraph Markets Pro and TradingView shows that the price of Bitcoin (BTC) has been oscillating around support at $23,000 over the past couple of days and continues to hold slightly above its 200-week moving average (MA), which has been a reliable indicator of bear market bottoms in the past. BTC/USDT 1-day chart. Source: TradingViewAs the debate about the market's direction continues to rage, here are the important levels to watch heading into the weekend, according to analysts. Bitcoin needs weekly close above $22,800The significance of Bitcoin trading above its 200-week MA was noted by independent market analyst Michaël van de Poppe, who posted the following chart highlighting the major support and resistance zones: BTC/USDT 1-hour chart. Source: TwitterAccording ..

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