Connect with us


Web3 gaming investors more ‘choosy’ in crypto winter — Animoca’s Robby Yung

Animoca Brands CEO Robby Yung says investors have been more discerning when allocating capital to Web3 gaming projects during crypto winter.



Animoca Brands CEO Robby Yung says investors have been more discerning when allocating capital to Web3 gaming projects during crypto winter.

Investing in Web3 gaming has required a greater level of due diligence through a testing cryptocurrency bear market, according to Animoca Brands CEO Robby Yung.

Yung, who is also co-founder of popular Metaverse platform The Sandbox, highlighted more robust check-boxes when considering Web3 gaming investments while speaking at the European Blockchain Convention in Barcelona.

Related: Animoca still bullish on blockchain games, awaits license for metaverse fund

The Animoca Brands CEO said that investment propositions involve finding a mix of passionate teams with specific skill sets who are building product ideas that have a clear market fit:

“Now that we’re in a sort of crypto winter and an economic downturn, from the investor perspective, we can afford to be quite choosy because, obviously, capital is scarce.”

Yung added that the stage of development of prospective projects that Animoca Brands considers investing in is typically more mature when compared to the standards it had a couple of years ago. 

Tim Stingelin, Leo Khan, Robby Yung and Saro McKenna delve into the state of Web3 gaming at the European Blockchain Convention 2023 in Barcelona. Source: Cointelegraph

Investors are more demanding as a result, requiring tangible progress for projects that are seeking to raise capital:

“You have to have an alpha build. Ideally, you have some kind of user testing out there when you first go out and look for external capital. It’s very difficult to raise just on the basis of the business plan in this market.”

While investors may be more discerning, Yung also conceded that companies continue to raise money and that the second half of 2023 has been a testament to that, with a number of deals being done:

“It has improved a lot, but there has been a flight to quality.”

User acquisition also remains a hurdle for the Web3 gaming space, which Yung attributed to challenges around the distribution of games. He pointed to hesitance from mainstream gaming platforms to list games that have Web3 infrastructure:

“We’ve historically been unwelcome in most traditional gaming distribution platforms, whether that’s mobile app stores, Steam or console platforms.”

Yung believes that mainstream players remain uncertain about the implications of including Web3 infrastructure in their offerings, which has initially led to a knee-jerk reaction:

“I think that the idea of putting Web3 infrastructure in would bypass their business models, as in the fees that they take for distribution.”

The Animoca Brands CEO added that the conclusions drawn prevented players like Steam, EA and Epic Games from learning more about the possibilities and engaging with the Web3 community to find solutions that cater to the wider gaming market.

Magazine: Blockchain games aren’t really decentralized… but that’s about to change

Read More

Continue Reading


Blockchain in charity, explained

Blockchain-based philanthropy involves transparent, efficient and secure transactions, ensuring accountable and impactful giving.



Blockchain-based philanthropy involves transparent, efficient and secure transactions, ensuring accountable and impactful giving.

Challenges and considerations while using cryptocurrencies in humanitarian aid

Even if cryptocurrencies have the potential to revolutionize humanitarian aid efforts, it is imperative to address issues concerning volatility, inclusivity, cybersecurity, legal compliance and ethical considerations. 

The application of cryptocurrencies to humanitarian relief offers advantages and disadvantages. The value fluctuation of cryptocurrencies is one major obstacle. The ability of aid organizations to make effective plans and resource allocations might be impacted by price fluctuations. Careful financial techniques, such as instantaneous conversion to local currencies, are required to prevent losses resulting from market swings in order to alleviate this.

The digital divide in areas impacted by humanitarian crises is another issue. There are concerns regarding inclusion because not all beneficiaries may have access to the technology needed to use cryptocurrency. Aid groups need to think about other approaches and make sure that everyone may receive aid, regardless of their technological capacity.

The most important thing to consider while handling crypto transactions is cybersecurity. Cryptocurrencies’ decentralized and pseudonymous structure makes them vulnerable to hacking and scams by unscrupulous people. Strong security measures are essential to preserve money and keep beneficiaries and aid groups safe. Examples of such measures include encrypted wallets and secure transaction protocols.

Global legal systems and regulatory difficulties also vary. While some nations have welcomed cryptocurrencies, others have enacted stringent laws or outright banned them. Careful planning and adherence are necessary while navigating these varied legal environments to prevent legal issues and guarantee the legitimacy of aid activities. 

Although they provide protection and privacy, cryptocurrencies also raise issues related to accountability and transparency. It’s critical to strike a balance between donor privacy and the transparency required for relief agencies and donors to monitor fund utilization. One way to resolve this moral conundrum is to implement transparent blockchain platforms that permit public inspection while safeguarding private data.

Benefits of blockchain for charitable giving

Blockchain for charitable giving revolutionizes the sector by providing unprecedented transparency, efficiency and security. 

Every transaction related to charity is made publicly available and recorded thanks to the decentralized and unchangeable ledger powered by blockchain technology. By ensuring that donations are being used as intended, this transparency fosters trust and boosts confidence in nonprofit organizations.

Moreover, by streamlining the donation process, blockchains lower administrative expenses and guarantee that a larger percentage of donations go straight to the intended recipients. By automating transactions when predetermined criteria are satisfied, smart contracts — self-executing instructions on the blockchain — eliminate intermediaries and speed up the movement of funds. 

Additionally, by enabling quick and affordable international transactions, blockchain permits gifts to be made without borders. The reach of charity endeavors is expanded by this accessibility, which enables organizations to connect with a worldwide pool of prospective donors.

Furthermore, interactive awareness campaigns may utilize a series of nonfungible tokens (NFTs) that could educate people while raising funds by telling a story about the cause. Additionally, organizing challenges or competitions where participants create and submit NFTs relevant to the cause can raise donations through the sale of the winning NFTs.

Blockchain technology also improves data integrity and security. Blockchain’s cryptographic structure guarantees that once information is recorded, it cannot be changed without the consent of network members. The integrity of the entire nonprofit ecosystem is ensured by this immutability, which protects gift records and deters fraud. Because blockchain offers more transparency and lowers the risk of fraud, it not only draws in more contributions but also promotes consistent and long-term involvement with philanthropic projects.

Understanding blockchain-based philanthropy

By utilizing blockchain technology, blockchain-based philanthropy, commonly referred to as crypto philanthropy, transforms charitable giving. 

Blockchain-powered charity basically entails leveraging cryptocurrencies and blockchain platforms to carry out charity activities and make donations. Blockchain-based philanthropy, in contrast to conventional methods, ensures unrivaled transparency and security. Every donation and its distribution are made public via the decentralized ledger of blockchain technology, offering transparent and unchangeable records.

Donors are able to track their contributions, which promotes trust and accountability. Donation processes can be automated with smart contracts and self-executing blockchain scripts that guarantee donations reach their intended recipients and cut down on administrative expenses. 

The borderless transfers made possible by cryptocurrencies allow for quick and inexpensive international donations. Crypto fundraising for charities is a paradigm shift that is promoting a new era of accessibility, efficiency and transparency.

Cryptocurrency-based charity platforms include Binance Charity and The Giving Block, amongst others. Binance Charity is the charitable division of the cryptocurrency exchange Binance, which has been actively involved in a number of charitable endeavors. It concentrates on leveraging blockchain technology to provide accountable, effective and transparent philanthropy.

The Giving Block facilitates the acceptance of cryptocurrency payments by charity organizations. Even though it may not be a platform for charitable giving itself, it helps many nonprofits receive cryptocurrency donations, making cryptocurrencies more widely available for philanthropic giving.

Challenges in traditional charity systems and the need for blockchain-based fundraising

The drawbacks of conventional charity systems, including limited visibility, high transaction fees and slow transaction processing, can be addressed by technologies like blockchain, which offer transparency, lower transaction costs and quick fund transfers.

There are various challenges that traditional charity systems must overcome to function effectively. The lack of transparency in the distribution and use of funds is one of the main problems. There is often limited visibility for donors regarding the use of their contributions, raising questions about possible mismanagement or inefficiencies. This could discourage prospective contributors from making a contribution, which would reduce the total amount of money available for charity endeavors.

Also, donations have less impact when financial intermediaries charge high transaction fees. These fees, which are typical of old systems, reduce the total amount that is available for charitable initiatives, thereby reducing their efficacy.

Moreover, delivery of vital help is delayed by slow transaction times, particularly with foreign donations. These delays can hinder emergency response operations and negatively impact the effectiveness of nonprofit organizations.

In response to these challenges, innovative solutions like blockchain-based fundraising platforms have emerged. By using a decentralized ledger to maintain transparency, they enable contributors to monitor their contributions in real time. Furthermore, blockchain transactions are cheaper and faster, making it possible for charitable organizations to move money quickly and affordably, enabling them to deploy funds effectively and on time.

Read More

Continue Reading


Kenya to introduce digital IDs for citizens by year-end

The Kenyan government plans to roll out its digital identification system in December 2023 after the testing period, which will take the next few months.



The Kenyan government plans to roll out its digital identification system in December 2023 after the testing period, which will take the next few months.

The Kenyan government plans to roll out its digital identification system in December 2023 after the testing period, which will take the next few months. According to the president of Kenya, William Ruto, whose speech at the East Africa Device Assembly Kenya plant in Athi River was cited by local media on Oct.30:

“The digital ID, which has been a major problem to us for a very long time, is now on testing mode for the next two months. I have been assured by all the stakeholders and the ministries concerned that by December we will be able to launch digital IDs.”

Digital IDs will be introduced in the country along with Maisha Namba, a system of lifelong personal identification numbers assigned to Kenyan citizens upon registration. The joint ID system will help the country to digitalize its registries and provide citizens with swifter access to state, educational and medical resources. 

Related: Kenya forms parliamentary committee to investigate Worldcoin

As the Principal Secretary of Immigration and Citizen Services, Julius Bitok explained in August:

“The digital identity system will provide Kenyans with a secure and reliable way to verify their identity for a variety of purposes, including accessing gov’t services, opening bank accounts, and traveling [...] It will also help to reduce fraud and corruption, and improve efficiency.”

In September, Bitok urged private businesses to embrace the digital ID systems, as they “enable innovative solutions like mobile banking and agent networks, transforming e-commerce processes.” He promised that the government will ensure the design of the digital ID will “facilitate commerce and ease business transactions.”

In June 2023, the Central Bank of Kenya expressed its doubts about the necessity to implement the central bank digital currency (CBDC) in the short to medium term, referring to “other innovative solutions around the existing ecosystem” that could address Kenya’s “pain points” in payment.

Magazine: The Truth Behind Cuba’s Bitcoin Revolution: An on-the-ground report

Read More

Continue Reading


There are now nearly 40M Bitcoin addresses in profit — a new record

80% of Bitcoin addresses are "in the black" at $34,000, while BTC price still trades 50% below its own all-time highs.
Bitcoin (BTC)…



80% of Bitcoin addresses are "in the black" at $34,000, while BTC price still trades 50% below its own all-time highs.

Bitcoin (BTC) has more wallet addresses in profit than ever before despite BTC price being 50% below all-time highs.

The latest data from on-chain analytics firm Glassnode shows a record number of addresses “in the black.”

$34,000 BTC price returns over 80% of Bitcoin addresses to profit

Bitcoin may be nearing 18-month highs, but its recent gains were already enough to spark significant changes in investor profitability.

Per Glassnode data, the number of addresses in profit as of Oct. 30 was 39.1 million.

This the highest number ever recorded for Bitcoin, and beats the previous peak of 38.1 million seen in November 2021.

At that time, BTC/USD itself traded at all-time highs, and thus 100% of addresses in existence with a non-zero balance were in profit.

While current spot price remains 50% lower than those levels, total non-zero addresses now number 48.3 million.

Bitcoin addresses in profit chart. Source: Glassnode

In percentage terms, in-profit addresses have yet to match their performance in absolute numbers, but are nevertheless at 18-month highs of 81.1%.

The tally has gone from 60% to 80% over the past two months, Glassnode additionally shows.

Bitcoin % addresses in profit chart. Source: Glassnode

By contrast, addresses at a loss currently stand at just over 9 million. At their peak in December 2022, following the FTX meltdown, the total was over 20 million.

Bitcoin addresses in loss chart. Source: Glassnode

Long-term holders see "minimal" profit-taking

As Cointelegraph reported, the past week has seen BTC price action pass multiple resistance levels while returning both long-term (LTH) and short-term (STH) holders to profit.

Related: Bitcoin restarting 2023 uptrend after 26% Uptober BTC price gains — Research

This in turn sparked profit-taking at the more speculative end of the hodler spectrum — especially as the market passed $34,000.

For James Van Straten, research and data analyst at crypto insights firm CryptoSlate, this underscores the difference in mentality between cohorts.

“Bitcoin has shown remarkable strength above $34k for the past five days while witnessing one of the strongest profit-takings in the past two years, from STHs,” he argued on Oct. 29.

“LTHs have barely budged, the sixth largest profit-taking this year, but minimal in the grand scheme of things.”

Accompanying charts from Glassnode tracked inflows to exchanges from LTHs and in-profit STH entities.

Bitcoin exchange inflows composite chart. Source: James Van Straten/X

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Read More

Continue Reading