The Paraguayan Senate has approved a resolution supporting selling the country’s energy surplus to crypto mining companies, given the price and guarantees that these institutions offer. The declaration criticizes the subpar agreements that sell energy to Brazil for 25% of the fees collected for mining activities, calling to direct this energy to 20 new contracts […]
Bitcoin News
Nasdaq-Listed Bitcoin Mining Companies Bounce Back From Recent Downturn
Following a dynamic period of activity in the crypto market on Friday, stocks of publicly traded mining companies have recovered from their recent decline. In the last five days, Marathon Digital Holdings’ stock fell over 15%, yet on Friday, it experienced a 7.71% increase in value against the U.S. dollar. Several other leading mining corporations […]
Bitcoin News
Japanese Cabinet Approves Tax Reform Eliminating Unrealized Crypto Gains Tax for Companies
The Japanese government has approved a tax reform that removes some crypto taxes for corporations and conglomerates. The reform, discussed since early December, removes the unrealized gains taxes on crypto holdings for companies, paving the way for them to hold crypto assets more consistently.
Japanese Government Approves Tax Reform to Eliminate Unrealized Gains Tax
The Japanese cabinet convened to approve the FY2018 tax reform, which includes a series of modifications to rules affecting companies in the cryptocurrency area. The reform included a change that removed the “unrealized gains” crypto tax that mandated companies to pay tribute based on the price change of crypto assets each fiscal year.
A change that eliminated this tax for companies’ self-issued cryptocurrencies had already been approved earlier this year, but with this modification, crypto companies can now hold crypto issued by third parties without paying the unrealized gains taxes.
However, cryptocurrency sales and purchases will continue to be taxed. This opposes the petition of the Japan Crypto Asset Business Association, which asked for eliminating the tax on crypto exchanges. According to local media, the measure will contribute to a general reduction in tax-derived income for June 2024, expected to be the largest since 1989.
The reform, which had been in discussion since early December, is directed to make it easier for corporations to add crypto to their treasury without paying for simply holding it. Japan is one of the few countries that applies this unrealized crypto gains tax, prompting companies to hold these assets in other countries.
Nonetheless, even after this approval, the tax reform will have to be presented to the Diet next year and will have to be passed by both houses.
What do you think about the unrealized gains crypto tax exemption for companies in Japan? Tell us in the comments section below.
Galaxy Digital Seeking to Score Deals From Defunct Cryptocurrency Companies
Galaxy Digital, a digital assets and blockchain financial services company, is seeking to score deals with defunct cryptocurrency companies to acquire their assets. According to reports, the company is eyeing FTX’s venture capital portfolio, which has a sizable stake in artificial intelligence (AI) disruptor Anthropic, among others.
Galaxy Digital Aiming to Complete Bankruptcy Sales for Disgraced Crypto Businesses
Galaxy Digital, a cryptocurrency and blockchain financial services company, is targeting the asset sales of crypto businesses to grow its capital. According to a recent FT report, the firm led by American billionaire Mike Novogratz would be eyeing other crypto-bankrupt companies to facilitate the sale of their assets.
The company, which was selected to sell FTX’s tokens, saw its assets under management (AUM) climb from .7bn to more than bn after this. The now-defunct exchange selected Galaxy due to his “extensive experience in areas relevant to digital asset management and trading.”
Galaxy’s next target would be FTX’s venture capital portfolio, which has a sizable stake in Anthropic, a disrupting artificial intelligence (AI) company that has raised capital from Google and Amazon and has a valuation of over bn.
Steve Kurz, global head of asset management at Galaxy, explained that Galaxy Digital qualifies for these tasks due to its experience and performance. He stated:
We have a crypto venture team that has been investing off our balance sheet for five years. The record that we have on that side of our asset management business means we’d be a good candidate for something like that.
Galaxy Digital, which is also seeking approval to offer a bitcoin spot ETF, is bullish on the future of bitcoin. Kurz declared:
The world doesn’t understand the impact that these vehicles and a bitcoin ETF will have to bitcoin and crypto over time.
Novogratz believes that a spot bitcoin ETF will be approved this year.
What do you think about Galaxy Digital’s appetite for crypto from defunct businesses? Tell us in the comments section below.
New EU Sanctions Package Preclude Russians From Owning Crypto Companies
The European Union said Russian nationals from owning or controlling crypto service providers under the bloc’s twelfth package of restrictive measures against the country. According to the EU, diamonds entering its will now have to be traced from “the mine to the finger” and this is set to be done using the blockchain.
New Package Seeks to Combat Sanctions Circumvention
The European Union (EU) announced on Dec. 18 that it had adopted a new package of economic and individual sanctions. The package now bars Russian nationals from owning or controlling crypto service providers. This ban is part of the EU’s attempt to “limit circumvention of the prohibition” on the provision of crypto-related services already imposed.
According to the European Commission (EC), the new sanctions package seeks to fulfil the EU’s key objective of finding “a just and lasting peace, not another frozen conflict.” In the document that answers key questions about the Russian sanctions, the EC insisted that the EU sanctions policy has already had the desired effect on the Russian economy.
Some of the sanctions’ successes claimed by the EC include the massive depreciation of the ruble, the increase in interest rates from 8% to 15% as well as tighter capital controls. However, some EU leaders and critics of the current sanctions regime believe the “growing trade figures for some specific products/countries” may be an indication that Russia is actively attempting or succeeding in circumventing the sanctions.
Greek shipping oligarchs now take mostly Kazakh oil out of Black Sea ports (lhs). They've exited the Baltic (rhs) – selling ships to Putin's "shadow fleet" – as they don't like the G7 cap. Their behavior goes directly against strategic interest of the EU. The EU does nothing… pic.twitter.com/Suiev9pG17
— Robin Brooks (@RobinBrooksIIF) December 20, 2023
Using the Blockchain to Trace Diamonds
Economist Robin Brooks for instance has repeatedly accused the so-called Greek shipping oligarchs of actively working to undermine the G7’s oil price cap policy. In response to the criticism, the EU has introduced a new requirement that compels those in the Russian oil supply chain to share price information for ancillary costs, such as insurance and freight upon request.
Meanwhile, the EU has through the twelfth package of restrictive measures against Russia taken steps to prevent the country’s diamonds from entering the G7 market once the ban takes effect on Jan. 1, 2024. Taking this step means diamonds will now have to be traced from “the mine to the finger” and this is set to be done using the blockchain.
“Hence the traceability system includes a mandatory registration, using so-called ‘digital twins’ of the real diamond in its rough state and issuing a certificate of its origin. The identifying information and certificate will be entered into a blockchain-based ledger,” the document explained.
What are your thoughts on this story? Let us know what you think in the comments section below.
Japan Mulls Exempting Companies From Paying Taxes on Unrealized Cryptocurrency Gains
Japan is considering exempting corporations from paying unrealized gains income taxes related to cryptocurrency holdings. The measure, proposed as part of a reform in Japan’s tax code, would allow companies to avoid paying taxes for cryptocurrencies even if their market value changes during each fiscal year.
Japan to Stop Taxing Corporations for Unrealized Cryptocurrency Gains
The Japanese government is about to overhaul its tax code, improving the regime for companies holding crypto long-term. A new consideration in the tax code discussed by policymakers and slated to be part of the 2024 tax reform establishes that cryptocurrency holdings of corporations would not be taxed for unrealized gains.
Currently, Japan taxes the cryptocurrency holdings of corporations by taking market prices at the start and the end of each fiscal year as a reference, something that has been widely criticized as detrimental for companies holding these assets. The approval of this proposal would mean that companies holding these assets in foreign countries — like Singapore, Dubai, and Switzerland — could bring their crypto holdings to Japan. However, this would mean that the Japanese government would also lose part of the tax collected from companies, taking an undetermined hit.
Nikkei Japan clarifies this would only apply to cryptocurrencies being held as part of companies’ property and not used for short-term trading purposes.
The Japan Blockchain Association called for these changes in June, stating that the tax regime was hindering the growth of Web3 in the country and causing market instability due to the need for companies to sell part of their currencies to pay the corresponding taxes.
Japan has been progressing in the cryptocurrency taxation field, having lifted another tax on cryptocurrencies self-issued by companies in June. Before, companies had to pay taxes on unrealized gains for cryptocurrencies they themselves issued. However, this measure was lifted, opening Japan for companies that want to issue, or have issued, such currencies.
What do you think about the possible change in Japan’s cryptocurrency tax regime? Tell us in the comments section below.
US Senator Calls for Light Crypto Regulation That Doesn’t Kill Innovation and Drive Companies Offshore
A U.S. senator says Congress needs to regulate the crypto industry “with a light touch that doesn’t kill innovation in the U.S.” Noting that crypto “has the potential to disrupt much of the traditional banking model,” he stressed that crypto regulation needs to be appropriate to avoid driving companies offshore.
‘We Need to Regulate With a Light Touch’
Senator Bill Hagerty (R-TN), a member of the U.S. Senate Banking and Foreign Relations Committees and former U.S. Ambassador to Japan, addressed JPMorgan CEO Jamie Dimon’s controversial remarks about bitcoin and cryptocurrency during an interview with Bloomberg and in a post on social media platform X on Thursday.
Commenting on Dimon’s statement made during a Senate hearing that he would close down crypto and bitcoin if he were the government, Hagerty wrote:
I can understand why large banks are opposed to cryptocurrencies — the technology has the potential to disrupt much of the traditional banking model. This is not a fight for DC to pick sides on. We need to regulate with a light touch that doesn’t kill innovation in the U.S.
The senator was asked during the Bloomberg interview whether the government should do more to regulate crypto.
While acknowledging the potential threat crypto poses to traditional banking, he emphasized the need for fostering innovation instead of stifling it. “We need to come back and look at this industry,” he stressed, urging Congress to “maintain the innovative aspects of the cryptocurrency industry rather than push it offshore.”
The lawmaker added:
We need to figure out a good way, a proper way, an appropriate way to regulate cryptocurrency here with a light enough touch that will allow us to continue to lead the way with innovation.
Hagerty is among the lawmakers who have criticized the U.S. Securities and Exchange Commission (SEC) and Chair Gary Gensler for taking an enforcement-centric approach to regulating the crypto industry.
Do you agree with Senator Bill Hagerty that the U.S. should regulate crypto with a light touch to allow innovation to flourish? Let us know in the comments section below.
What Is Web3 Gaming? Top Web3 Games And Crypto Companies
Web3 gaming represents a revolutionary intersection of blockchain technology and interactive entertainment, heralding a new era in the gaming industry. This article serves as your comprehensive guide to understanding the intricacies of Web3 gaming, providing insights into the top web3 games and web3 gaming companies that are leading this digital transformation.
Whether you’re a seasoned gamer curious about the transition from traditional to Web3 gaming, or a crypto enthusiast eager to understand the synergy between gaming and blockchain, this guide has you covered. We’ll introduce you to the best web3 games that are redefining player experience and discuss the innovative mechanics that set these games apart. Additionally, our curated list of top Web3 games will serve as a valuable resource for enthusiasts and gamers alike.
What Is Web3 Gaming?
Web3 gaming, at its core, is an innovative fusion of traditional gaming elements with the decentralized, secure, and transparent features of blockchain technology. Unlike traditional gaming, where the game’s data and assets are centrally controlled, Web3 gaming introduces a decentralized approach. This paradigm shift allows players to have true ownership of in-game assets, such as skins, characters, and virtual real estate, in the form of Non-Fungible Tokens (NFTs). This ownership is verifiable and transferable across different platforms, thanks to the underlying blockchain technology.
The integration of cryptocurrencies in Web3 gaming also introduces novel monetization models, including Play to Earn (P2E). In these models, players can potentially earn cryptocurrency rewards for their in-game achievements and participation, adding a layer of financial incentive that goes beyond traditional gaming experiences.
Another hallmark of Web3 gaming is the emphasis on decentralized autonomous organizations (DAOs). These player-driven governance structures enable a more democratic and transparent way of making decisions about the game’s future, including updates and rule changes. This level of player involvement is unprecedented in traditional gaming paradigms.
The Rise of Web3 Games
The rise of Web3 games can be traced back to the increasing interest in blockchain technology and the success of early blockchain-based games like “CryptoKitties,” which demonstrated the potential for integrating blockchain with gaming. This success sparked a wave of innovation, leading to more sophisticated and engaging Web3 games.
Web3 games have gradually evolved to offer complex gameplay and rich narratives, rivaling their traditional counterparts. This evolution is driven by advancements in blockchain technology, enabling faster transaction speeds, improved scalability, and enhanced user experience. As a result, these games have started to attract not just blockchain enthusiasts but also mainstream gamers.
The rise is also fueled by the increasing awareness and acceptance of cryptocurrencies and NFTs among the general public. As people become more comfortable with these concepts, the barrier to entering Web3 gaming diminishes, leading to a broader and more diverse player base.
Another factor contributing to the rise of Web3 games is the growing interest from traditional gaming studios and developers in exploring blockchain technology. This interest is leading to partnerships, investments, and development efforts aimed at creating hybrid models that blend the best of both worlds – the immersive experiences of traditional gaming with the innovative features of Web3.
The rise of Web3 games marks a significant shift in how we perceive and interact with digital content. It represents not just a new form of entertainment but also a new economy where players have a real stake and say in the gaming worlds they inhabit.
Top Web3 Games List
The landscape of Web3 games is rich and varied, offering a multitude of experiences that cater to different tastes and interests. These games are not just technologically advanced but also creatively diverse, ranging from simple collectibles and strategy games to complex virtual worlds with rich narratives. In this segment, we explore some of the best Web3 games that have captivated players worldwide.
Overview Of The Best Web3 Games
To understand what makes a Web3 game stand out, it’s essential to look at the best examples in the market:
- Axie Infinity: Often likened to Pokémon, this game allows players to collect, breed, and battle creatures called Axies. What sets it apart is its robust economy, where players can earn cryptocurrency through skilled gameplay and contributions to the ecosystem.
- Decentraland: More than just a game, Decentraland is a virtual world where players can buy, develop, and trade land and assets, all verified on the Ethereum blockchain. It’s a prime example of a virtual economy where players have true ownership and control over their digital assets.
- The Sandbox: This is a community-driven platform where players can create, own, and monetize their gaming experiences. The use of NFTs and the game’s native cryptocurrency, SAND, allows for a unique player-driven economy.
- CryptoKitties: As one of the earliest introductions of NFTs to the mainstream, CryptoKitties allows players to buy, collect, breed, and sell virtual cats. Its simplicity and novelty factor have made it a staple in the discussion of NFT-based games.
- Sorare: Merging the world of fantasy sports with blockchain, Sorare lets players collect, trade, and play with officially licensed digital cards of soccer players. It’s an excellent example of how real-world sports can intersect with Web3 gaming.
- Illuvium: An open-world RPG game built on the Ethereum blockchain, Illuvium offers a visually stunning experience with a decentralized governance model, allowing players to participate in the game’s decision-making process.
- Gods Unchained: A strategic trading card game that empowers players by offering real ownership of their cards. It combines traditional card game strategies with the unique benefits of blockchain technology.
- Aavegotchi: This game blends elements of DeFi (decentralized finance) with NFT collectibles. Players can stake tokens on their Aavegotchis, enhancing their attributes and increasing their value.
Popular Web3 Game Mechs (Mechanics)
The mechanics of Web3 games are what distinguish them from traditional gaming, introducing new layers of engagement and interaction. Here are some of the most popular mechanics found in Web3 games:
True Digital Ownership: Players have real ownership of their in-game assets, thanks to blockchain technology. These assets, often NFTs, can be bought, sold, or traded on various marketplaces, providing players with tangible value for their in-game achievements.
- Play to Earn (P2E): This model allows players to earn real-world value, often in the form of cryptocurrencies, for their in-game activities. P2E mechanics have revolutionized the gaming industry by providing financial incentives for gameplay.
- Decentralized Autonomous Organizations (DAOs): Many Web3 games use DAOs for governance, allowing players to vote on key decisions regarding game updates, rules, and future development. This fosters a sense of community and gives players a stake in the game’s direction.
- Interoperability: Unlike traditional games, where assets are confined to the game they were created for, Web3 games often allow for asset interoperability across multiple games and platforms, enhancing the utility and value of in-game assets.
- Tokenization: In-game currencies are often tokenized as cryptocurrencies. This not only enables easy transactions within and outside the game but also integrates with the broader DeFi ecosystem, opening up new financial opportunities for players.
- Provable Scarcity And Rarity: Blockchain enables the creation of items with provable scarcity and unique attributes, increasing their collectability and value.
- Smart Contract Functionality: These self-executing contracts with the terms of the agreement directly written into code govern transactions within Web3 games, ensuring fairness and transparency.
Web3 Gaming Companies And Crypto
The surge in Web3 gaming has given rise to a new breed of gaming companies that are at the forefront of blending blockchain technology with interactive entertainment. These companies are not only game developers but innovators who are reshaping the gaming landscape with their unique approaches to decentralized gaming and cryptocurrency integration.
Leading Web3 Gaming Companies
Here are some of the leading companies that are making significant strides in the Web3 gaming space:
- Sky Mavis: The creators of ‘Axie Infinity,’ Sky Mavis, have established themselves as a powerhouse in the Web3 gaming world. Their innovative approach to Play to Earn gaming and NFT integration has set new standards in the industry.
- Animoca Brands: Known for backing ‘The Sandbox’ and other blockchain ventures, Animoca Brands is a key player in the space, with a vision to drive digital property rights via NFTs and build an open metaverse.
Dapper Labs: The company behind ‘CryptoKitties’ and the Flow blockchain, Dapper Labs, has been instrumental in bringing blockchain to the mainstream through their engaging and accessible games. - Sorare: As the minds behind the popular fantasy football game that uses blockchain, Sorare has carved a niche in combining sports with Web3 gaming, creating a unique and compelling experience.
- Decentral Games: Operating in the virtual world of Decentraland, Decentral Games is pioneering in the realm of decentralized virtual casinos and gaming experiences, blending entertainment with player-owned economies.
- Mythical Games: With their focus on building games where players are part-owners and stakeholders, Mythical Games is pushing the boundaries of how games are played, shared, and monetized.
- Enjin: Known for creating an ecosystem for NFTs that can be used across various games, Enjin is a significant contributor to the concept of a multiverse where assets are interoperable across different gaming platforms.
The Role Of Crypto In Web3 Gaming
Cryptocurrency plays a pivotal role in the ecosystem of Web3 gaming, fundamentally altering how value is created, distributed, and exchanged within games. Here are key ways in which crypto is integral to Web3 gaming:
Facilitating In-Game Transactions: Cryptocurrencies provide a seamless medium for transactions within Web3 games. Whether it’s purchasing items, trading assets, or paying for services, crypto ensures fast, secure, and borderless transactions.
- Enabling True Digital Ownership: Through the use of crypto wallets, players have real ownership of their in-game assets. This not only adds a layer of security but also allows players to have control over their assets outside the game environment.
- Play To Earn (P2E) Model: This innovative model rewards players with cryptocurrency for gameplay and achievements. It’s a significant shift from traditional gaming models, offering players not just entertainment but also a potential source of income.
- Governance And Voting: In many Web3 games, players use cryptocurrencies as governance tokens, allowing them to participate in the decision-making process for the game’s development and updates.
- Staking And Yield Farming: Some Web3 games incorporate elements of DeFi, allowing players to stake their crypto tokens to earn rewards or to enhance their in-game assets and abilities.
- Creating A Decentralized Economy: Cryptocurrencies are central to creating a player-driven economy within games, where the value is determined by the community and market dynamics, rather than by the game developers alone.
Web3 Game Developers: Pioneers of the Industry
Web3 game developers are at the cutting edge of integrating blockchain technology with gaming. The latest report by Footprint Analytics for October 2023 reveals a landscape of both opportunities and challenges.
Despite a significant growth in token market capitalization, developers face hurdles in user acquisition and retention. With 73.1% of games having fewer than 10 active users, it’s clear that while the industry is expanding, with a total of 2,651 games, attracting and keeping players engaged remains a key challenge.
Notably, the web3 game development landscape is geographically diverse, with the Asia-Pacific region leading the charge, hosting 40% of Web3 game developers. Notably, the United States remains a significant market, accounting for 30% of Web3 game development teams. South Korea has also emerged as a key player, contributing 27% to the Web3 gaming teams, nearly doubling its involvement from the previous year.
Upcoming Web3 Games To Watch
The Footprint Analytics report highlights an interesting development with the upcoming release of “Gas Hero” by Find Satoshi Lab, known for their successful game “StepN.” Set for a community beta in late 2023, “Gas Hero” is an MMO set in a sci-fi world, distinct from “StepN’s” focus on physical activity. It’s expected to bring a fresh narrative and immersive experience to the Web3 gaming space, using Polygon blockchain and leveraging GMT tokens.
Trends, Data, And Predictions For Web3 Gaming
The Footprint Analytics report underscores a crucial trend in the Web3 gaming industry: while the number of games is increasing, active user growth is lagging, with only a small proportion of games having more than 1,000 monthly active users. This suggests a “false boom,” raising questions about the industry’s sustainability.
Despite these challenges, the industry sees promising developments. For instance, Sega’s co-COO Shuji Utsumi expressed optimism about blockchain gaming and NFTs, marking a shift in attitude from traditional gaming giants. Furthermore, the dominance of blockchains like BNB, Ethereum, and Polygon in hosting Web3 games is evident, with new partnerships, such as Immutable’s collaboration with Amazon Web Services (AWS), aiming to provide infrastructure solutions for Web3 gaming.
The market capitalization of Web3 gaming tokens has seen a notable increase in October 2023, aligning with Bitcoin’s surge. Standout projects like Axie Infinity have shown resilience and growth, suggesting that despite the broader market conditions, there is potential for success in the Web3 gaming sector.
Still Early, But A Nascent Industry
Moreover, the Web3 gaming sector has seen significant investments, with a reported billion funneled into related projects since 2018. Despite a market correction in 2022, investment in Web3 gaming stabilized in 2023, maintaining pre-bull market levels. Notably, sports, MMOs, RPGs, and action game genres have attracted the most funding.
The majority of the Web3 gaming ecosystem comprises indie-level and midsize projects, with high-budget AA & AAA titles being relatively scarce. RPG, action, strategy, and casual games dominate the genre spectrum. Interestingly, most Web3 games are free-to-play, but a significant portion requires players to hold specific NFTs to access the game.
Furthermore, blockchain networks targeting the gaming sector are expanding despite market challenges. In 2023 alone, the announcement of over 81 new blockchain networks focusing on gaming indicated a 40% year-over-year growth. Developers primarily build the majority of web3 games on general-use L1 networks like Ethereum. However, there’s a rising interest in L2 and L3 solutions, particularly in Optimism’s L2/L3 networks.
The Play To Earn Model In Web3 Gaming
The Play to Earn (P2E) model is a revolutionary concept in Web3 gaming that intertwines gaming achievements with real-world economic incentives. This model not only enhances player engagement but also creates a new avenue for income generation through gaming.
Understanding Web3 Play To Earn Games
Play to Earn games in the Web3 space enable players to earn digital assets or cryptocurrencies as rewards for gameplay and achievements. These rewards often come in the form of NFTs or native game tokens.
The P2E model capitalizes on blockchain technology to authenticate and secure these transactions, ensuring transparent and fair distribution of rewards. This model has opened up new opportunities for players, particularly in regions with limited access to traditional financial systems, by providing a platform where their gaming skills and strategies can translate into tangible economic benefits.
Popular Play To Earn Web3 Games
Several games have successfully implemented the P2E model, gaining popularity and a dedicated player base. Notable examples include:
- Axie Infinity: In its vibrant ecosystem with engaging gameplay, players breed, raise, and battle fantasy creatures called Axies, earning tokens that they can trade or sell.
- Decentraland: Players can create and monetize content and applications in this virtual world, earning cryptocurrency for their creations and land transactions.
- The Sandbox: This user-generated content platform allows players to create, own, and monetize gaming experiences using SAND, the platform’s native token.
- Alien Worlds: An NFT DeFi metaverse where players can mine and battle for Trilium (TLM), the native token, and collect unique NFTs.
- Splinterlands: A digital collectible card game where players earn rewards based on their gameplay and the rarity of the cards they collect.
These games have popularized the Play-to-Earn (P2E) model and demonstrated its creative integration into various gaming genres and platforms. They offer varied and engaging experiences to players while providing economic incentives.
Web3 Gaming News
To get the latest updates in the world of Web3 gaming, readers should visit NewsBTC.com and Bitcoinist.com. Additionally, both websites provide up-to-date news, covering the latest developments, trends, and insights in the Web3 gaming sector.
Frequently Asked Questions (FAQ)
What Is Web3 Gaming?
Web3 gaming refers to a new generation of games that integrate blockchain technology, offering decentralized gameplay, true digital ownership of in-game assets, and often incorporating Play to Earn models.
What Are The Top Web3 Games?
Top Web3 games include Axie Infinity, Decentraland, The Sandbox, Illuvium, and Big Time, each known for unique gameplay and blockchain integration.
What Are The Best Web3 Games?
The best Web3 games are subjective but popular choices are Axie Infinity, Decentraland, and The Sandbox, recognized for their engaging content and robust player communities.
What Are The Most Successful Web3 Gaming Companies?
Leading Web3 gaming companies include Sky Mavis (Axie Infinity), Animoca Brands (The Sandbox), and Dapper Labs (CryptoKitties).
What Is Web3 Gaming Crypto?
Web3 gaming crypto refers to cryptocurrencies used within Web3 games for transactions, rewards, and governance, such as AXS in Axie Infinity or SAND in The Sandbox.
What Are Web3 Games?
Web3 games, built on blockchain technology, feature elements like cryptocurrency integration, NFT-based assets, and decentralized governance.
What Are The Latest Web3 Gaming News?
You can find the latest news on websites like NewsBTC.com and Bitcoinist.com, which cover new game launches, market trends, and industry developments.
What Are The Most Popular Web3 Play to Earn Games?
Popular Play to Earn games include Axie Infinity, Decentraland, and The Sandbox, where players can earn cryptocurrency or NFTs through gameplay.
‘Cantillon Effect’ Can Be Countered by Having ‘Bitcoin Only’ Companies Present at the Negotiating Table — Swan Bitcoin MD
The crypto industry can stop the so-called Cantillon Effect from occurring by establishing large enough “Bitcoin only” companies that will sit on the negotiating table with the U.S. Federal Reserve and major financial institutions, Swan Bitcoin’s Terrance Yang has said. According to Yang, the U.S. Department of Justice’s settlement with Binance has increased the likelihood of such an institution joining the negotiation table.
The Cantillon Effect
Terrance Yang, the managing director (MD) of the bitcoin exchange platform Swan Bitcoin, has defended the proposal to create enough “Bitcoin-only” companies saying this is the only way the crypto industry will be fairly represented at the negotiating table. According to Yang, the U.S. Department of Justice (DOJ)’s recent settlement with Binance has increased the chances of such an institution joining the negotiation table.
As was recently explained by Swan Bitcoin co-founder and CTO Yan Pritzker, the crypto industry needs to fight back against opponents who seem to have ratcheted up the pressure in recent years. Ordinarily, this can be achieved by having “a large selection of banks willing to do business with Bitcoin companies.” Nevertheless, in his Nov. 11 post on X (formerly Twitter), Pritzker suggested making companies in the crypto space “big enough to be relevant negotiators.”
Some critics argue that creating such powerful entities could have negative consequences for the industry in the long run. However, in his written answers sent to Bitcoin.com News, Yang doubles down on why Swan believes this to be the solution.
“For decades now the [U.S.] Federal Reserve Bank and all major banks and institutions have been the key negotiators at the table. We recently published a detailed study of why this needs to change and how [the] Federal Reserve drives the Cantillon Effect which in turn impacts inflation and fiscal debt,” Yang said.
Bad Actors Have an ‘Incentive to Feed and Spread False Narratives’
According to Yang, it is such Bitcoin-only companies that can fill the “void” which has grown each time authorities have gone after large crypto exchanges like Binance and Coinbase.
Concerning the perception certain players are not doing enough to counter false crypto narratives often peddled by critics like U.S. Senator Elizabeth Warren, Yang suggested this may be because they “have an incentive to feed and spread false narratives.”
Therefore, as the industry works on how to respond to the attacks which have seen the space shrink, Yang said only those with good standing should “write their Congressional representative, and speak out on social media.” In addition, such unblemished individuals and entities should “stop doing business with ‘bad actors’ that are facing lawsuits and are in trouble.”
While it is generally agreed that the recent actions by the U.S. regulators will prompt crypto firms to ponder leaving the United States, Yang is adamant that “bitcoin will [still] thrive in the U.S.”
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Ghana’s Central Bank Names Eight Money Transfer Companies Operating Without Its Approval
The Bank of Ghana recently pointed the finger at eight money transfer organizations which are allegedly operating in Ghana’s remittances and forex market without its approval. The central bank also warned the public and regulated financial institutions against having dealings with the eight firms.
Eight Firms Did Not Adhere to the Requirements of the Foreign Exchange Act
The Ghanaian central bank has identified eight money transfer organizations (MTOs) that are operating in the country’s remittances and forex markets without its approval. In a notice issued on Nov. 16, the Bank of Ghana (BOG) also warned the public and regulated financial institutions against having dealings with said MTOs.
According to the notice, the eight MTOs are Lemfi, Wise, Transfer Go, Xoom-A Paypal Service, Sendvalu, Boss Revolution, BTC-AZA Finance, and Supersonicz. The notice said each of the above MTOs is violating Section 3.1 of the Foreign Exchange Act, 2006 (Act 723). This law states that no person should “engage in the business of dealing in foreign exchange without a licence issued under this Act.”
Furthermore, section 15.3 of the same law specifically states that any movement of foreign exchange to and from Ghana should be done by persons with the requisite licenses. The central bank also reminded approved MTOs that they should adhere to the requirements of their respective licenses at all times.
“Approved MTOs are hereby reminded to terminate their foreign exchange flows through their partner institutions only and to adhere strictly to all guidelines in respect of their operations,” the bank explained.
Ghana’s Foreign Exchange Woes
Ghana, like many of its fellow African countries, has grappled with a shortage of foreign exchange on the official market. The shortage has not only increased pressure on the local currency’s exchange rate versus the U.S. dollar but has also fueled inflation. As previously reported by Bitcoin.com News, the Ghanaian cedi was one of the world’s worst-performing currencies in 2022.
Ghanaian monetary authorities have since adopted several measures which are aimed at restricting the forex parallel market’s influence on the economy. Some of these include the suspension of licenses of financial institutions caught on the wrong side of the law.
In its latest such action against supposedly errant institutions, the BOG said on Nov. 20 it had imposed a fine and suspended the “forex licence of Zeepay Ghana Limited from 27th November 2023 to 8th December 2023.”
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