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Over 4M new Sweatcoin wallets created in less than a month

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Over 4M new Sweatcoin wallets created in less than a month

Wallets

Sweatcoin recently announced a partnership with NEAR Foundation is create the SWEAT token and has seen 4 million new wallets since.

2 min read

Updated: May 10, 2022 at 5:33 pm

Cover art/illustration via CryptoSlate

Sweatcoin has announced an increase of 4 million new Sweat wallets in the last 27 days. The new, user-friendly, move-to-earn application recently announced a partnership with Near Foundation to create a SWEAT crypto token. 

The move to earn movement is heating up as more people realize that they can earn crypto while they walk. With this application, you can earn SWEATS for your steps.

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Until recently, many applications have targeted native DeFi users who may already be familiar with the blockchain ecosystems and existing Web3 platforms. With applications like Sweatcoin, Near protocol is sticking by its values to eliminate barriers to mass adoption and provide scalable solutions for creating Dapps. 

On May 1, they also announced that the Sweatcoin App was the number 1 downloaded application in over 33 countries worldwide.

Did you know…

💧The @Sweatcoin App has been No. 1 in the App Store and Google Play Store in 33 countries (and counting)🌍

We think people like Move to Earn…🚶💨🎁 pic.twitter.com/txkg1KOF45

— Sweat Еconomy 💧 (@SweatEconomy) May 1, 2022

The idea behind the Sweatcoin is simple; it allows users to receive rewards for tracking their steps on their mobile phones. The platform is seeing unprecedented growth, with $71 million exchanged within the marketplace in the first quarter.

Sweatcoin partners with NEAR Foundation

In April, the London-based company announced a partnership with NEAR Foundation to launch the SWEAT token. With over 600 brand partners on the platform, the Sweat economy is going from strength to strength. 

Speaking about the vision for Sweatcoin, co-founder Anton Derlyatka said:

“Sweatcoin was founded with a vision to create a new economy of wealth through health. For every 1,000 steps you take, you earn a Sweatcoin that can be redeemed for goods and services in the app from brands including Sonos and Reebok, or to donate to important charities such as Save the Children via Sweatcoin for Good.”

Now that the company has confirmed the tokenomics, there is more interest in the allocation of over 860 million Sweatcoins that are due to be matched at a token event later this year. The combination of an activity-based, user-friendly crypto experience is proving popular across a wide range of markets. 

Posted In: Tokens, Wallets

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Aksakov

Russia’s First Digital Financial Assets Expected This Year, Lawmaker Says

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Russia’s First Digital Financial Assets Expected This Year, Lawmaker Says

The first digital financial assets based on Russian blockchains may be issued as early as this year, a high-ranking parliamentarian announced. Three platforms are already registered as issuers, said Anatoly Aksakov, who chairs the Financial Market Committee at the State Duma, the lower house of Russian parliament.

Russian Digital Financial Assets Likely to Appear by Year’s End

Authorized Russian blockchain platforms may issue their first digital financial assets (DFAs) by the end of 2022, according to the head of the parliamentary committee overseeing Russia’s financial sector, Anatoly Aksakov.

Speaking during the Moscow Academic Economic Forum, Aksakov noted that Russia is now actively working in this field after adopting the law “On Digital Financial Assets,” which went into force in January 2021. DFA is the legal term that encompasses cryptocurrencies in the current Russian legislation.

The Russian deputy revealed that three platforms — developed by a subsidiary of Norilsk Nickel, Transmashholding, and Russia’s largest bank, Sberbank — are already registered as DFA issuers. Another two will be approved in the near future. Aksakov was quoted by Russian media as stating:

We expect that, maybe even this year, the first digital financial assets will be issued, and they will gradually become the basis for financial settlements on the blockchain.

The lawmaker believes that these DFAs will be used for financial settlements and as units of account in economic relations with partners and subsidiaries. “This is, to a certain extent, an alternative to those financial settlements that today exist on the basis of the dollar or the euro or other currencies,” he elaborated.

Anatoly Aksakov emphasized that the Russian government supports the legalization of the digital assets market through strict regulation and has prepared a new bill to achieve that. He was referring to the law “On Digital Currency” drafted by the Ministry of Finance, which is yet to be submitted to the State Duma.

Russia has been stepping up efforts to adopt rules for its digital assets space and this bill should expand the legal framework for the sector, which was only partially regulated with the law “On Digital Financial Assets.” While the finance ministry favors regulating cryptocurrencies along with other digital assets, the Central Bank of Russia remains opposed to their legalization in the country.

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Aksakov, Anatoly Aksakov, Blockchain, Coins, companies, Crypto, Cryptocurrencies, Cryptocurrency, deputy, DFA, DFAs, Digital Assets, digital financial assets, Forum, issuance, issuers, lawmaker, Platforms, Russia, russian, Settlements, Tokens

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Do you expect Russian companies to employ DFAs for settlements with foreign partners? Tell us in the comments section below.

Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Analysis

Is the GameFi Bubble About to Burst? | 2022 Q1 GameFi Industry Report

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Is the GameFi Bubble About to Burst? | 2022 Q1 GameFi Industry Report

Analysis

Footprint Analytics and DeGame, have released the 2022 Q1 GameFi Industry Report, providing a comprehensive look into industry performance during the last quarter.

4 min read

Updated: May 18, 2022 at 7:46 am

Cover art/illustration via CryptoSlate

The crypto market saw a significant decline in 2022, but not all sectors faced the same trajectory. In 2022, the funding market has shown to be very active, with capital flowing into the GameFi industry at an unprecedented rate. The overall Q1 funding amount of the GameFi rose 194.19% year on year, with start-up game projects being hotly pursued by capital and the industry developing positively.

In its report, Footprint Analytics, the visual data analytics platform, and DeGame, a Web 3.0 NFT game infrastructure platform, have provided a comprehensive look at the GameFi industry’s performance in the first quarter of 2022.

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In it, they cover:

  • Overall market data and trends
  • GameFi-related performance on various blockchains
  • Investment and financing developments,
  • A detailed look at STEPN, the quarter’s biggest project 

Here are the key points that you must know from the happenings of the GameFi industry in the last quarter.

I. The GameFi market was stable

The total market capitalization of all GameFi tokens fell by 15% in Q1 due to market trends, which correlated with fluctuations in the BTC market cap. However, the total number of GameFi users remained roughly the same as in 2021 Q4 at around 1.2 million.

Footprint Analytics & DeGame – Q1 GameFi Users

The total transaction volume of GameFi projects across all chains in Q1 was $6.322 billion. The top three chains by transaction volume from GameFi were WAX, Hive, and BSC. WAX is in the lead, accounting for 77.7% of the total game volume of each chain combined.

The daily trading volume peaked at $205.8 million on Jan. 9 and declined after.

II. Many chains remain undiversified

In Q1, most chains continued to be dominated in terms of users by a single large, successful project. BSC and Ethereum are exceptions to this trend and have relatively even distribution. 

Footprint Analytics & DeGame – Market Share of Gamers (Q1)

Here are some of those unbalanced ecosystems and their respective head games:

Wax: Alien Worlds (100% of total users)

Hive: Splinterlands (99.9% of total users)

Ronin: Axie (100% of users)

EOS: Upland (94.1% of users)

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III. 2022 Q1 Game Token Liquidity

In Q1 2022, 20% to 30% of tokens listed on centralized exchanges were GameFi project tokens, and the trading volume of the head game tokens is extremely high, occupying the majority of the market share.

Footprint Analytics & DeGame – 2022Q1 Avg Token Vol

The project with the highest daily token trading volume was STEPN, whose governance token, GMT, had an average daily trading volume of nearly $100 million and was the best performing chain in terms of token liquidity realization. It was followed by Gala Games, The Sandbox, and Decentraland.

IV. 2022 Q1 GameFi Investment Jump by 194.19% YoY

The GameFi market saw a 194.19% increase in Q1 funding compared with the data last year and a 40.78% decrease on a season-over-season basis. Out of all project categories, indie games—those video games typically created by individuals or smaller development teams—were at the forefront in terms of both the number and amount of funding than any other category of GameFi project.

Footprint Analytics & DeGame – Funding Trends

There were more seed rounds than any other kind in Q1 for GameFi, whereas strategic rounds raised the most funds. Projects on Polygon received the most funding in amount and quantity, and Animoca Brands was the most active investment institution.

V.  STEPN dominated the quarter with innovative gameplay

STEPN, a move-to-earn GameFi app built on Solana, officially launched in January and reached 21K daily and 66K monthly user activities in February, which is super fast.

Since its launch in January, the number of new daily top-up users has been growing, and the growth rate has accelerated, with the current daily top-up users at around 5-8K. Official wallet GST daily incoming and outgoing amounts reach 10 million USD, with daily withdrawals and deposits showing a stepped and significant rise at the end of March. However, the net inflow and outflow have been in a dynamic balance.

Footprint Analytics & DeGame – STEPN GMT Price & Trading Vol

Conclusion:

While it may seem like GameFi is in a bubble, data from Q1 indicates that the sector has been relatively strong compared to the greater crypto industry. The market cap of gaming projects was stable, token liquidity increased, and VCs continued showing significant interest in new projects. Additionally, new use cases in the form of move-to-earn have opened the possibility for more widespread adoption of GameFi. 

However, many chains still face difficulty diversifying their ecosystem, which may pose a systemic risk to both the chain and the head GameFi projects that depend on them. 

To better understand each of these trends, read the full 2022 Q1 GameFi Industry Report by Footprint Analytics and DeGame. 

About Footprint Analytics:

Footprint Analytics is an all-in-one analysis platform to visualize blockchain data and discover insights. It cleans and integrates on-chain data so users of any experience level can quickly start researching tokens, projects, and protocols. With over a thousand dashboard templates plus a drag-and-drop interface, anyone can build their own customized charts in minutes. Uncover blockchain data and invest smarter with Footprint.  

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  • Footprint Website
  • Discord
  • Twitter
  • Telegram
  • YouTube

About DeGame: 

DeGame.com is a Web 3.0 NFT game infrastructure platform under Singapore-based blockchain company L2Y Research. DeGame aims to become the most comprehensive aggregator of Steam and GameFi MarketCap in the Web 3.0 world. With DeGame, players and investors can better identify and discover high-quality games and Play-to-Earn earning opportunities through its one-stop solutions: game searching, data tracking & analysis, strategy, download, and more functions. 

  • DeGame Website
  • Discord 
  • Twitter 

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announcement

Australian Taxation Office To Focus On Capital Gains From Crypto Assets

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Australian Taxation Office To Focus On Capital Gains From Crypto Assets

The Australian tax agency has listed crypto-related profits among several priority areas where more efforts are needed to ensure correct reporting. The authority has reminded taxpayers they need to calculate any capital gain or loss from the sale of digital coins and tokens and record it in their tax returns.

Australian Taxpayers Warned They Should Report Crypto Gains

The Australian Taxation Office (ATO) has announced four key areas where it will focus its attention this year. These include record-keeping, work-related expenses, and rental property income and deductions. Ensuring better scrutiny on the reporting of capital gains from property, shares, and crypto assets completes the list of stated priorities.

“The ATO is targeting problem areas where we see people making mistakes,” Assistant Commissioner Tim Loh has been quoted as noting. The high-ranking official emphasized taxpayers should rethink their claims and abide by applicable rules.

The tax authority is warning Australians that if they dispose of crypto assets this financial year, including non-fungible tokens (NFTs), they will need to establish any capital gain or capital loss and record it in their tax returns. Loh commented:

Crypto is a popular type of asset and we expect to see more capital gains or capital losses reported in tax returns this year.

The assistant commissioner remarked that the ATO knows that many Australian residents are buying, selling, or exchanging digital assets, so it’s important that people understand what this means for their tax obligations. He also reminded taxpayers they cannot offset crypto losses against their salaries and wages.

The agency’s decision to focus on the reporting and taxation of gains from crypto investments comes after a recent study revealed that more than a million Australians, or 5% of those aged 18 and over, own one or more cryptocurrencies. According to its authors from market research firm Roy Morgan, young male Australians are the most likely cryptocurrency holders.

Tags in this story

announcement, ATO, Australia, australian, Coins, Crypto, crypto assets, Cryptocurrencies, Cryptocurrency, priorities, reporting, Tax, Tax agency, tax authority, tax office, tax returns, Taxation, Taxes, Tokens

Do you expect Australia to collect more money in tax revenue from crypto-related capital gains next year? Tell us in the comments section below.

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Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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