NFTs are all the rage today. Among their multiple use cases, NFTs in games are one of the most popular utilities. Various industries, including games, music, sports, and more, are using NFTs for a wide range of purposes. NFTs can potentially change how users interact with each other within or outside the gaming world. Let’s find out how the top projects in the blockchain industry are leveraging NFTs and more about the Nine Chronicles NFT project.
How is the Gaming Industry using NFTs?
Game NFTs have multiple use cases. For one, they help ascertain ownership of in-game assets. This might be a sword a player has crafted, a character they have created, or even an artifact found while playing. The NFTs are stored on the blockchain and immutable, and players can sell or transfer them.
In other words, in a traditional game, when a game shuts down, the players will lose everything they have earned. But that doesn’t happen here. Instead, the game-based NFTs are part of the blockchain, so players will have access to the NFTs they own, no matter the status of the game.
And because these in-game assets are stored on the blockchain, it is also easier to gauge and prove their authenticity and rarity. Rare NFTs of course attract a higher price than common ones.
Lastly, the decentralized games working with NFTs are interoperable. In traditional games, in-game purchases can only be used in that specific game. However, in the case of decentralized games, the assets of one game may be used in other games.
Decentralized Platforms Using NFTs
The blockchain industry has a lot of platforms and games using NFTs for several purposes in addition to in-game assets. While there are many platforms leveraging NFTs and their capabilities, three notable organizations are using NFTs across their platforms: Sandbox, Decentraland, and Silks. Sandbox is a decentralized metaverse space where people can buy land, create and buy buildings, and more. The collectible NFTs in the Sandbox space are called ASSETs used for in-game activities. Users can either acquire these ASSETs from the metaverse or create them with the VoxEdit tool. On the same lines, there is Decentraland, which is also a metaverse space allowing people to interact with in-game elements.
Lastly, there is Silks, a play-to-earn metaverse game that has a rich world of virtual assets, all of which can be turned into NFTs. The player avatars and the horses players use for playing are both NFTs. They are tradeable and transferable on the blockchain.
Nine Chronicles and the NFT Project “D:CC”
Nine Chronicles has recently launched its NFT project, De:Centralized Cat (D:CC).. These PFPs are more than just profile pictures unique to every player and give them an alternative identity in the multiverse ruled by the one true Cosmic Cat God the Grrreat. In addition, each NFT grants its holders exclusive perks and in-game utilities.
These NFTs are designed by Sangmi Seon (Caesty), an Art Director and NFT Creative Director with over a decade of experience in game art and design at top game companies including Nexon and Capcom.
Nine Chronicles has recently announced its NFT minting date as the 21st of September. With this, they will get access to rewards, benefits, and unique in-game items. In total, there are 3000 NFTs to be minted. Of these, 2800 will go to the players accepted into the Pionyan programs. In addition, 200 will be allocated to the team.
All NFT owners will automatically become members of the D:CC. Besides the in-game benefits, the NFT ownership also gives owners governance rights, which they can use to vote on future decisions.
SocialFi & NFTs: What This Means For Creators
DeFi continues to shake up the crypto world. GameFi is revolutionizing traditional gaming. But what about SocialFi?
A combination of social media and decentralized finance (DeFi), SocialFi is the latest Web 3.0 innovation. Short for ‘social finance,’ the approach empowers content creators, influencers, and digital users who want more control over data.
Social media platforms have grown to be one of the largest players in the Web 2.0 world. Research shows about 59% of the globe’s population uses social media. Unsurprisingly, data reveals digital activity rose dramatically amid COVID-19 lockdown periods. User behavior also shifted as people spent more time on social media, messenger services, and mobile apps.
Despite the massive popularity of platforms like Facebook, Twitter, and Instagram, many worries these social media giants have become too centralized.
Concerns are the entities and shareholders reap the rewards of content monetization. In short – worries remain that “if the product is free, you are the product.”
How SocialFi Aims To Break The Power Of Centralized Social Media
The building blocks of SocialFi aim to empower social media users to monetize brand equity, maintain digital data ownership, and foster a decentralized curation process where platforms can not unilaterally pick-and-choose content.
Programmable NFTs are one of SocialFi’s most useful tools. Acting as unique digital identifiers, users can customize their virtual identity and even sell and rent content as NFTs. For example, a SocialFi user could immediately convert an impactful message into an NFT with just the click of a button.
Many artists, creatives, and animators are heralding the arrival of SocialFi. Traditionally, these groups have found it very difficult to keep track of how their work is shared and used online. Digital piracy and manipulation also remain a large issue.
Influencers and creatives also struggle to cultivate their own brand identity on social media platforms and then monetize their brand equity to generate income. Traditional social media platforms have made it hard to translate social credibility into dollars.
With SocialFi, creatives can build brand equity with their own tokens, and even build a mini-economy surrounding it. Users can build subscription models in these tokens to unlock access to premium content.
Designers, painters, and artists who sell their work can easily track where it goes to ensure unscrupulous users are not trying to copy, steal, or manipulate creations.
Storytelling And The Power Of Creativity Within SocialFi
All of these factors help open up new realms of financial autonomy for digital users and cultivate stronger communities. SocialFi platform users can freely collaborate, post, and share information without pressure from higher digital ‘authorities.’
Many argue storytelling will propel SocialFi forward. This type of engaging and dynamic content inspires users to build and share ideas, concepts, and dreams.
Mittaria users collectively co-own the platform, which empowers creatives to share their world, with the option of working with professional animation creators to bring ideas to life.
Along the way, animation enthusiasts can meet, share, converse with each other, and spend time together within the community-first platform.
The Mittaria team remains committed to being one of the SocialFi forerunners by empowering creativity, promoting decentralization of assets and metaverse interoperability, and encouraging artists to produce and directly share content to earn money. Mittaria also plans to launch NFT collections that help users unlock various metaverse ecosystem benefits.
Those interested in Mittaria’s Genesis NFT can follow the project’s website for updates and details about how to mint and price. Keep up with Mittaria news and growth by following the Web 3.0 platform on Twitter and Medium.
Bitcoin in El Salvador – One Year Later
It has been one year since Bitcoin became legal tender in El Salvador. Crypto adoption has not been without issues in El Salvador, but it’s difficult to weed through the different stories about Bitcoin because there are so many competing interests promoting or FUDing Bitcoin. This article will filter through the nonsense and describe how Bitcoin in El Salvador has panned out one year after it became legal tender.
Why El Salvador Made Bitcoin Legal Tender
El Salvador made Bitcoin legal tender ostensibly for a few reasons. The government cited the following reasons:
- A significant portion of El Salvadorans receive remittances from the United States. Remittances from the US actually make up 20% of El Salvador’s GDP. Fees for wiring money to El Salvador are not cheap. Bitcoin transactions are cheap, so the El Salvador government made Bitcoin legal tender to reduce the fees citizens must pay for remittances.
- Approximately 70% of El Salvadorans do not have bank accounts. Transacting in Bitcoin can act as a sort of bank account.
- El Salvador uses the United States Dollar, which is suffering from fairly bad inflation at the moment. El Salvador moved to Bitcoin to hedge itself against inflation of the US Dollar.
The three reasons listed above are all the official reasons that El Salvador gave for making Bitcoin legal tender. There are likely other reasons for El Salvador to make Bitcoin legal tender that they will not say publicly, though.
It’s also important to note that USD is still legal tender in El Salvador. The country still mostly uses USD despite Bitcoin legal tender. Anyway, the next section will discuss the reality of Bitcoin use in El Salvador since the country made it legal tender.
Bitcoin in El Salvador – The Reality
This section will cover point by point the official reasons that El Salvador made Bitcoin legal tender and then describe the reality of the situation. First of all, remittances in El Salvador. Are Salvadorans using Bitcoin for remittances?
No, Salvadorans are not really using Bitcoin for remittances. According to information from worldcoinstats.com only 3.2% of all remittances are done in Bitcoin, which is pretty bad. Of course, no one expected this number to jump to 100% overnight, but it’s an underwhelming use compared to what many in crypto expected.
Next, are Salvadorans using Bitcoin for their daily transactions?
Again, not really. There’s no hard data on this figure, but it’s estimated that approximately 80% of shops in the country do not accept Bitcoin despite it being legal tender in the country. With that in mind, it’s unlikely that Salvadorans are using Bitcoin for most of their transactions.
This came as surprise because the Chivo wallet app (the official Bitcoin lightning network app of El Salvador) had over 4 million downloads when it was released. However, this is because new Chivo wallets received a free $30 deposit. The average salary in El Salvador is $12 per day, so $30 is a few days of work for many Salvadorans. Of course many would download an app for a free $30 when they make so little per day.
Finally, has Bitcoin served as a good hedge against inflation of the United States dollar?
Well, El Salvador bought approximately $100 million worth of Bitcoin over the past year at an average price of $45,000. The current price of Bitcoin is about $19,000. USD inflation currently stands around 8.2%, so El Salvador has lost more money by holding Bitcoin than it would have if it held USD over the past year.
Of course, Bitcoin is more of a long term thing for El Salvador, so it’s a little silly to declare this a failure after only one year.
What Went Wrong With Bitcoin in El Salvador?
As you can see from the above points, Bitcoin in El Salvador has not been the great success that many people expected. There’s not much reason to fear, though. It has only been one year since El Salvador made Bitcoin legal tender in the country.
The biggest problem with Bitcoin in El Salvador is that El Salvador picked probably the absolute worst time to make Bitcoin legal tender. They basically did it right at the top of the bubble and then proceeded to buy “the dip” anytime the price dropped – the problem was the price kept dropping.
Anyone that went all in on Bitcoin around that time would be down about 50% right now. It happened to plenty of people, but in the case of El Salvador it happened to the entire country. If El Salvador would have invested in Bitcoin a year or two earlier, then the country would be up 500% on its investment and many would declare it incredibly succesful.
This will likely occur if the price of Bitcoin rises again, which its expected to do after the Bitcoin halving. The problem with that the next halving is a few years away in 2024. Can El Salvador stay with Bitcoin for that long? Or will the country abandon the cryptocurrency before the price recovers?
The other problem with Bitcoin in El Salvador is that the government forced people to use it, which goes against a lot of the principles of cryptocurrency. In fact, is it even cryptocurrency at that point?
We would argue that it’s not really cryptocurrency if the government forces you to use it. The government specifically forced people to use the Chivo wallet app, which has a reputation for having a lot of bugs. And that has left a lot of Salvadorans with a bad first impression with Bitcoin because they associate all the bugs with the Chivo app as problems with Bitcoin.
This is still a relatively minor problem, though. The bigger problem was that El Salvador picked the worst time to invest in cryptocurrency, but it’s still worth mentioning the other problem with the current system in El Salvador.
To summarize, Bitcoin in El Salvador has not been very successful one year into the country making it legal tender. There is still no need to fear, though. Bitcoin is a long term project for the country, so if El Salvador can stick to their Bitcoin experiment, then they will likely see it become successful.
XDC Accelerates Network Expansion With LDA’s $50 M Investment
XinFin (XDC) Network, known for secure, scalable, and highly efficient blockchain use cases have received an investment worth $50 million from the global alternative investment group, LDA Capital Limited. The investment originated by leveraging a portion of the token from the XDC founder’s allocation.
Ritesh Kakkad and Atul Khekade, the co-founders of XDC Network, are certain that the collaboration will accelerate network adaption and real-world use cases. The LDA is seen as a strategic partner rather than just a financier. The XDC founders have competence in the LDA due to their proactive and strategic involvement in the network to improve the ecosystem.
“We’ve always looked for genuine strategic partners, not just funders, who can actively and strategically advance the ecosystem, while bringing utility to the network, and making XDC the preferred Layer 1 for institutions the world over–in LDA, we’ve found such a partner.”
The onboarding of LDA Capital benefits the XDC’s new ventures and entities focused on bringing in new retail and institutional members. The XDC’s smart contract-based initiatives have expanded dramatically since its introduction in 2019. It is anticipated that this new relationship would encourage the growth and development of Layer 2 projects inside the XDC Ecosystem.
Anthony Romano, LDA Capital Ltd. stated:
“LDA Capital is pleased with the developments made in the XDC Network by the XDC ecosystem. In addition to its funding, LDA will offer strategic counsel and support to help XDC Blockchain Network assume its position as a market leader.”
Apart from the macro-economic benefits, projects like DEXs, Metaverses, NFT marketplaces, oracles, decentralized email providers & cloud storage, payment dApps, and legal document repositories are all roots of XDC utilities. The add-on of LDA support will further intensify the expansion rate in the XDC ecosystem as a whole.
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