Crypto Guides, Knowledge & Insights

Emerging GameFi Projects with Huge Potential: Klangaverse, Decentraland, and Sandbox

GameFi is a promising cryptocurrency market area that refers to play-to-earn blockchain games. The gaming industry is huge and offers numerous opportunities for passive income. Andre Cronje, a DeFi creator and developer of Yearn Finance, invented and used the term “GameFi” in a tweet.　　The phrase “GameFi,” which combines the words “game” with “finance,” refers to blockchain games that provide incentives, allowing players to earn cryptocurrency or Non-Fungible Tokens by Play-to-Earn (P2E). It has acquired acceptance as a metaverse game label and is increasingly gaining traction as a concept.　　In general, players progress through many game levels, engage in combat, and complete other tasks. In GameFi projects, players spend utility tokens acquired with fiat money in the game for a variety of uses, including the purchase of in-game assets represented by NFTs. Meet Klangaverse (KLG), an emergent GameFi initiative that deconstructs the Play-to-Earn game genre by allowing gamers and artists to earn big profits while playing music.　　Decentraland (MANA)　　Decentraland (MANA) is a Metaverse-based virtual currency that includes a blockchain gaming bundle. The Decentraland token can be used to make purchases in the Metaverse.　　Decentraland employs two utility tokens: (MANA) and (ETH) (LAND). (MANA) is an ERC-20 token that can be exchanged for non-fungible ERC-721

2022-08-15Deep Dive

A Sci-fi action movie is set to debut as an NFT-inspired film

NFT collectors and movie buffs will definitely like One Cool Group and Gusto Collective partnership in releasing their latest project entitled Warriors of Future. The said movie is set to debut as the first non-fungible token (NFT) blockbuster film.　　Produced by Louis Koo in an attempt to inspire young people to make and invest in quality sci-fi movies, the setting of the film took place in the future when Earth is deprived of life due to environmental destruction. The plot revolves around the main character leading a mech team to defend the Earth from Pandora, a lethal alien plant.　　Relating to that, NFT released a collection featuring 10 000 individually 3D avatars appearing with four unique types of soldiers. Corresponding with Ethereum (ETH), blockchain technology will be used for its operation. Warrior of Future will acquire an interchangeable mechanism in the NFT collection which allows users to swap out traits among NFTs they hold—Making the helmet, background, weapon, armor body, and arms replaceable.　　These fungible components will be reflected immediately in the NFT market. With the plan to release a Warriors of Future mobile game, holders can use this as an avatar in the upcoming app.　　Considering the enormous expansion happening digitally: the film

2022-08-15Deep Dive

CBN set to support 10 startups companies to promote eNaira adoption in Nigeria

By: Damian Okonkwo 　　The Central Bank of Nigeria (CBN) has disclosed its commitment to promoting eNaira adoption in Nigeria by providing support through eNaira to 10 startup companies in the country. This is intended to condition these startup companies to embrace the eNaira from the onset of their creation and further carry out their future transactions using the eNaira.　　This recent development was disclosed to Newsmen over the weekend by the Head of African Fintech Foundry (AFF) - Mr. Daniel Awe. According to Mr. Daniel, the AFF is currently working together with the CBN to promote the adoption of the eNaira across the mainstream industries hence the decision to provide support to 10 startup companies in the mainstream industry through the eNaira. This will help to create more awareness for the eNaira.　　To achieve this, he explained that a hackathon has been established which serves as a platform to unite entrepreneurs, innovators developers, managers, etc, and enable them to produce new ideas that will enhance the digital economy and ensure financial inclusion.　　The registration for the hackathon came to an end on August 4, 2022. The hackathon has been daubed “eNaira - Africas Gateway to a Digital Economy”.　　Out of the 5000 companies that

2022-08-15Deep Dive

Bitcoin is going to ‘demonetize’ gold gradually, says MicroStrategy’s Saylor

In particular, in an interview with Stansberry Research on August 13, outgoing MicroStrategy (NASDAQ: MSTR) CEO Michael Saylor indicated that the rise of Bitcoin would certainly lead to the demonization of gold.　　However, Saylor admitted that Bitcoins journey to replacing gold would be marked by highs and lows. Interestingly, Saylor stated that, unlike gold, Bitcoin has a stronger probability of being adopted as a currency by more governments.　　“Conventional skeptics and mainstream experts dont grasp the crypto economy, Bitcoin, or volatility... ”Bitcoin will progressively demonetize gold over time; gold will return to its utilitarian value, but it will not be adopted as money in the twenty-first century, Saylor said.　　Managing Bitcoins volatility　　Concerning Bitcoins volatility, Saylor stated that long-term investors need not be concerned, noting that price swings are part of the assets maturation journey. He claimed that Bitcoin has faced criticism for its volatility as a result of investors looking to earn money in the short term.　　Saylor claimed in this sentence that MicroStrageys Bitcoin investing strategy was guided by a long-term strategy. Notably, since entering the Bitcoin market in August 2020, the company has amassed over 200 BTC.　　Saylor, who was central to the strategy, has come under fire after the company went bankrupt.

2022-08-15Deep Dive

What 2022 Has in it for Blockchain and Should Investors Be Enthralled?

When Satoshi Nakamoto released Bitcoins white paper, no one expected that the concept of paperless money would become a reality by 2021.　　Blockchain technology has sparked a new wave of growth and creativity. This concept was motivated by complete data security, decentralization, and online freedom.　　Were seeing NFTs achieve new heights, Metaverse and Web3 luring large corporations, Defi attaining market maturity, and top-tier cryptocurrencies reaching all-time highs — is it just us, or can you see the future？　　All of this soaring and maturing resulted from the extraordinarily active participation of investors globally. So, without further ado, lets look at what 2022 has in store for blockchain and whether investors should be excited.　　Top Blockchain Trends Pushing its Way into the System　　In 2009, experts considered cryptocurrency had a limited area of operation and hence faced some opposition. Nonetheless, as specialists began researching into the concept, they discovered that blockchain had an immensely terrifying potential — an unprecedented potential that is going to transform the entire ecosystem in which we live and work today!　　Lets cut the nonsense and go right to the top three blockchain trends for 2022:　　The Rise of Non-Fungible Tokens　　Non-Fungible Tokens, or NFTs, have unquestionably been the most significant investment trend of 2021

2022-08-14Deep Dive

Robinhood (HOOD) Adds New Cryptocurrencies to Platform

Why Robinhood Added These Cryptocurrencies　　　　　　Robinhood is a commission-free trading platform that provides investing and trading products in stocks, exchange-traded funds (ETFs), options, and cryptocurrency. Robinhood previously supported prominent cryptocurrencies such as Bitcoin, Ethereum, Litecoin, and Dogecoin. With the addition of the four additional digital currencies, Robinhood now provides 11 distinct cryptocurrencies on its platform.　　According to a Robinhood blog post, cryptocurrency clients have repeatedly demanded a broader selection of coins and tokens, as well as the option to send and receive cryptocurrencies outside of Robinhood. The company announced the four additional currencies, as well as access to a new cryptocurrency wallet tool, to more than 2 million consumers on a queue.　　What Happened When Robinhood Added SHIB and Other Currencies　　Shiba Inu owners and aficionados celebrated the addition of Shiba Inu on Twitter and other social media sites. The statement by Robinhood also resulted in a steep initial price boost for the low-priced currency, which was up approximately 20% and trading at $0.00002646 at the time of writing. Shiba Inu is the 15th most valuable currency by market capitalization, with a total worth of around $15 billion. Compound, Polygon, and Solana all showed rises, but they were minor in comparison to Shiba Inus.　　Cryptocurrencies

2022-08-13Deep Dive

Crypto Crash: What Investors Need to Know

Bitcoin May Not Be the Best Hedge Against Inflation　　For the past few months, the cryptocurrency market has been advancing in lockstep with the stock market. In March 2022, the correlation between Bitcoin and the S at least, that is what the market witnessed this week. High inflation and tighter monetary policy also impacted crypto investors, resulting in the markets collapse. These developments demonstrate that cryptocurrency has a larger market and is becoming more mainstream.　　Stablecoins Arent Always Stable　　Stablecoins are supposed to hold their value over time. They are backed by fiat currencies such as the United States dollar, gold, and even other cryptocurrencies. The demise of Bitcoin had a negative impact on Terra and TerraUSD. Terras operation is to blame for this.　　Terra (LUNA) and TerraUSD (UST) are the Terra networks native tokens. TerraUSD intends to use algorithms to keep its peg to the US dollar. To mint UST, one must first burn the dollar-equivalent number of LUNA. It also works the other way around. That is how the protocol keeps the UST price stable.　　According to TechCrunch.com, Terras inventor, the Luna Foundation Guard (LFG), plans to add Bitcoin to its reserve in March 2022 to offer extra cushion to its stablecoin. If

2022-08-13Deep Dive

How to Create an NFT

Non-fungible tokens (NFTs) have grown in popularity in recent years, with billions of dollars in trading volume and a slew of celebrity endorsements propelling the digital artwork to the forefront of mainstream media outlets.　　NFTs can be generated directly on NFT platforms, allowing you to mint (create or produce something) and upload your artwork to the blockchain. This guide will walk you through the exact steps required to create your first NFT, including how to upload your artwork, select the best blockchain, and list it for sale.　　What is an NFT And How do You Create One？　　Non-fungible tokens (NFTs) are blockchain-based cryptographic assets with unique identification codes and metadata that distinguish them from one another.　　NFTs, unlike cryptocurrencies, cannot be exchanged for one another because each one is unique. In contrast, cryptocurrency is fungible and can be traded with equivalency. It means that each Bitcoin has the same value and can be traded for one another.　　Digital artwork, such as pictures, animated videos, or music, is commonly used to represent NFTs. They can be bought and sold on NFT marketplaces, which usually accept cryptocurrency as payment.　　An NFT can be created using an NFT marketplace or a crypto exchange that supports NFT minting. To make

2022-08-12Deep Dive

How Does a Crypto Company Bankruptcy Affect Investors?

Bankruptcies Leave Crypto Investors Unable to Withdraw　　　　The failures of Voyager and Celsius (https://www.wikibit.com/en/dr/1234440617402.html) highlight the unique risks that cryptocurrency holders and investors face when entrusting their funds to crypto firms. These two incidents could result in well over a billion dollars in investor losses.　　On July 1, 2022, Voyager filed for Chapter 11 bankruptcy protection. Customers should have all US dollar deposits returned, according to the company, but it is unclear how much of their crypto holdings will be returned. It claimed that as of the bankruptcy filing, it had $1.3 billion in customer crypto assets on its platform.　　Celsius Network, a large cryptocurrency lending platform, declared bankruptcy on July 13, less than a month after suspending all withdrawals, swaps, and transfers between customer accounts. Celsius disclosed in a filing with the United States Bankruptcy Court in New York that it owes roughly $1.2 billion more than it has on hand.　　With customers of Voyager and Celsius unable to withdraw their cryptocurrency assets, its critical for cryptocurrency users worldwide to consider any risks associated with the exchange or lending platform theyre using, if applicable.　　Cryptocurrency is Not FDIC Insured　　Despite misleading marketing messages to the contrary, cryptocurrency holdings are never FDIC (Federal Deposit Insurance Corporation)

2022-08-11Deep Dive

Cashmere, developer of the Solana wallet, raises $3M.

The enterprise wallet company Cashmere, developed by Solana, announced on August 9 that it had raised $3 million in seed funding at a $30 million valuation.　　Cashmere claims that Y Combinator, Coinbase Venture, VoltCapital Project Serum, and Global Founders Capital all took part in the funding round.　　For web3 startups, Cashmere is the go-to provider of Crypto wallets on the Solana blockchain. Designed to aid businesses in safely storing their crypto assets, with the added benefit of preserving those assets even in the event of a breach affecting “hot” wallets such as Solana-based Phantom or Slope.　　A “hot wallet” is a digital currency wallet that can be accessed from any Internet-connected device, such as a computer, smartphone, or tablet.　　The money will be used to hasten the creation of the companys CashmereWallet. It will also be used to hire more highly skilled people in preparation for the release of a high-end product later this year.　　The wallet also appears to be built so that multiple signatories from different companies can manage the wallet together.　　Cashmere claims that its wallet can accommodate multiple signers. According to the company, this feature makes self-custody more secure by requiring transactions to be approved by more than one wallet. This, in

2022-08-10Deep Dive

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