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NFT Game Market Booms as Startups Raise Millions of Dollars

Despite the recent slowdown in the NFT market, gaming platforms tied to NFTs are doing better than ever.

The post NFT Game Market Booms as Startups Raise Millions of Dollars appeared first on BeInCrypto.

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Despite the recent slowdown in the non-fungible token (NFT) market, gaming platforms tied to NFTs are doing better than ever.

The last quarter was extremely fruitful for all manner of blockchain-based gaming platforms both in terms of funds raised and the number of venture funds entering the sector.

Such dynamics were made possible by the popularity of blockchain-based gaming projects that have been fielding their product offerings since 2016, allowing blockchain technologies to become an ideal stack for demonstrating game mechanics in a decentralized environment.

The numbers and the names

The total amount of investments made in the blockchain game market so far has attained the $1.03 billion mark, with $634 million coming from venture funds, and the remaining $394 million being raised at ICOs and token sales.

The hype on the NFT and gaming markets is also being fueled by the arrival of major sports giants. The National Basketball Association (NBA) has recently launched a series of NFTs called NBA Top Shots.

The latter have been successfully sold for thousands of dollars apiece. Other sports league legends like Kansas City Chiefs quarterback Patrick Mahomes and PGA Tour golfer Bryson DeChambeau have also created and sold their own branded NFTs.

NFT Top Shot Card

PC games have also been inching into the NFT sector as Ubisoft tried its hand at the popular open-source Nine Chronicles RPG. The collaboration signed through an advisory partnership launched early access to the game in October of 2020.

Card games are also rapidly gaining traction in the NFT sector. The highly popular Witcher Gwent card game has started issuing unique characters on Opensea. Droves of players have already rushed to get their hands on unique cards portraying such iconic characters as Triss Merigold, Cirilla Fiona Elen Riannon, and, of course, Geralt of Rivia himself.

The latest funding rounds

Enjin is the first on the list of recent entrants into the NFT sector via its highly successful funding round that managed to attract over $18.9 million. Among the more prominent names to feature among the investors were DFG Group, BlockTower, and Arrington XRP Capital.

The Efinity platform from Enjin is being presented as an NFT-specific blockchain-based on the Polkadot infrastructure. Technical specifications released to date make it clear that the goal of Efinity is to provide scalability to the NFT space and ensure throughput of up to 1,000 transactions per second via POS.

The NFT market is witnessing tremendous interest towards Japanese games as the trend of collecting anime and manga style digital collectibles is gaining momentum among users.

Last week, gacha style game Chainbinders by Doki Doki (DOKI) raised over $5 million in investments in under two hours of sales and a total of $7.5 million raised in just a few days.

The game’s premise is set in a post-apocalyptic universe, where 15 characters endowed with supernatural powers vie for supremacy. They strive to uncover the reasons behind the cataclysm that ravaged their homeworld.

The digital gachapon machine of the Chainbinders universe will offer players over 100 unique playing cards and a token burning mechanism that will eventually make cards scarce and raise their price.

Over 50 artists ranging from writers and musicians to blockchain developers were involved in the game’s creation.

Chainbinders collection

AlienWords (TLM) closes the list with $2 million raised after becoming the second most used Dapp on the gaming market. The metaverse-based game features governance tokens and has been attracting thousands of gamers every week since its launch.

The trend towards the tokenization of sports is on the rise, as games are migrating into the promising sector to avoid cheating and misappropriation of unique in-game items.

Among the more successful examples is fantasy soccer game Sorare, which has managed to raise over $50 million during its Series A round of investments that was led by none other than Benchmark Capital.

Among the investors were Antoine Griezmann, Rio Ferdinand, Oliver Bierhoff, and Reddit founder Alexis Ohanian. The game has also secured partnerships with Liverpool, Actual Madrid, PSG, and Bayern Munich.

The NBA Top Shots product has also been attracting massive interest, as users are ready and willing to pay top dollar for unique game video content sold in NFT format, rendering them authentic and original.

The NBA Top Shots also offers collectible NBA photos in the form of NFTs, with supporting details about the time and place they were made, as well as their significance for the game as a whole.

Many NFTs have already been sold for hundreds of dollars each, some even going over the counter for six-digit figures thanks to their rarity, limited edition, and value as mementos.

Genuine user interest towards unique items

The trend of tokenization extends well beyond real-world sports events to video games as well, as they offer players the chance of obtaining immutability and guaranteed ownership of unique in-game items via NFTs.

With each NFT being easily confirmed or verified on the blockchain, players are eager to shell out cash for obtaining a fair and distinct advantage in their favorite universes.

As recent examples prove, there is money to be made on the NFT market, regardless of the recent slump, as declines were instantly swept aside by the overpowering momentum of genuine user interest towards unique items guaranteed by blockchain technologies.

The sheer volume of investment in the space is mute testimony to the fact that the NFT market is only just starting to grow. The bubble was just a periodic occurrence spawned of hype fueled by spontaneous profiteering interest that could not stand up to the real application of NFT technology and its potential.

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Julia is a researcher and journalist who covers the latest trends in finance and technology. Her works are featured by popular fintech magazines, including Investing, SeekingAlpha, Cointelegraph and Bitcoinist.

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Source: https://beincrypto.com/nft-game-market-booms-as-startups-raise-millions/

Blockchain

Ripple Price Prediction: XRP/USD Consolidates Around $1.35

Ripple Price Prediction – May 12 The Ripple price is down by 7.54% in the last 24 hours as the value has gone below $1.55. […]

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Ripple Price Prediction – May 12

The Ripple price is down by 7.54% in the last 24 hours as the value has gone below $1.55.

XRP/USD Market

Key Levels:

Resistance levels: $2.0, $2.2, $2.4

Support levels: $1.0, $0.8, $0.6

XRPUSD – Daily Chart

During the European session today, XRP/USD has gone up from $1.48 to $1.55 before giving a bearish signal and drops the price down below the $1.35, the Ripple price is also floating within the 9-day and 21-day moving averages as the technical indicator RSI (14) moves below 50-level. Meanwhile, a break below the 9-day and 21-day moving averages could allow the market to dig dip, but moving back above the 9-day MA might lead the market to a bullish scenario.

Ripple Price Prediction: Where is Ripple Price Going Next?

At the moment, the Ripple price has continued to demonstrate a sign of weakness across its markets. According to the daily chart, XRP/USD is currently reflecting a price drop in the market and the fall might become heavy if the bearish action continues.

Therefore, since XRP/USD is moving sideways on the short-term outlook, traders can expect the trend to keep advancing higher if the price actions still remain inside the channel. A break above the 9-day and 21-day moving averages could strengthen bulls and push the price to the resistance levels of $2.0, $2.2, and $2.4, or a channel breakdown might lead the market in a bearish scenario if the price continues to fades and the closest supports to keep eye on are $1.0, $0.8, and critically $0.6.

When compares with Bitcoin, XRP trades within the 9-day and 21-day moving averages, actually, the price action has remained intact within the channel. If the selling pressure continues, the Ripple price variation may create a new low. At the moment, the signal line of the Relative Strength Index (14) is moving below 55-level; the market may experience an additional negative move if the RSI (14) slides below 50-level.

XRPBTC – Daily Chart

Furthermore, XRP/BTC hovers at 2564 SAT which is around the 21-day MA. Any further drop below this barrier may hit the close support at 2300 SAT before breaking to 2100 SAT and below. Meanwhile, should in case a bullish movement occurs and validates a break above the 9-day MA; traders can confirm a bull-run for the market, and the nearest resistance levels are located at 3200 SAT and above.

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Source: https://insidebitcoins.com/news/ripple-price-prediction-xrp-usd-consolidates-in-a-flag-formation-below-1-35

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Blockchain

European Union Country Plans 50% Crypto Tax Cut to Attract Billions

The lawmakers in Hungary are planning to cut down crypto tax by 50% on the capital gains with an aim to attract billions to its budget.

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The lawmakers in Hungary are planning to cut down taxes by 50% on the capital gains on crypto with an aim to attract billions to its budget most probably by 2022. As announced by Mihály Varga, the Economy Minister of Hungary, the tax on crypto earnings is going to be slashed to 15% in 2022, which is almost half of the present rate, 30.5%.

Crypto Investors in Hungary to be Offered Major Tax Break Soon

The lawmakers of the country are looking forward to making Hungary become more competitive in the period of the COVID-19 pandemic. The recent move of a crypto tax cut by lawmakers of Hungary is expected to attract billions of Hungarian forints to the budget of the country.

Gabor Gurbacs of VanEck has recently released a comment stating that Hungary is buckling up to be the Wyoming of Europe, comparing it to the most crypto-friendly state of the United States.

Mihály Varga mentioned the stimulus program of the government through the year 2022, in a video that appeared on Facebook on Tuesday.

This move was addressed as a part of the COVID-19 relief efforts as the lawmakers of Hungary are considering a crypto tax cut to 15% of the capital gains, which is down from the current rate of 30.5%.

European Union Country in Preliminary Discussions Surrounding a CBDC

In the month of August 2020, a representative from the Hungarian National Bank joined a preliminary discussion regarding a Central Bank Digital Currency (CBDC). The discussion was with colleagues from the Swiss National Bank, the Bank of England, and others in the discussion of the potential rollout of the Central Bank Digital Currencies in the near future.

In addition to this, it should be noted that Hungary is not the only European country that has introduced tax-based incentives for the owners of cryptocurrencies in their country. Portugal, for instance, does not require its customers to pay any taxes at all provided that they are not engaged in any kind of professional trading.

READ  Craig Wright Refuse Moving 50 BTC, Now In Catch-22 Situation

#CBDC #Crypto Tax Cut #Hungary #Mihály Varga

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Source: https://www.cryptoknowmics.com/news/european-union-country-plans-50-crypto-tax-cut-to-attract-billions

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Blockchain

Litecoin, Tezos, Uniswap Price Analysis: 12 May

Bitcoin’s consolidatory movement within its tight price band didn’t stop the crypto-market’s altcoins from registering some degree of volatility on the charts. In fact, while BTC, again, was valued at

The post Litecoin, Tezos, Uniswap Price Analysis: 12 May appeared first on AMBCrypto.

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Bitcoin’s consolidatory movement within its tight price band didn’t stop the crypto-market’s altcoins from registering some degree of volatility on the charts. In fact, while BTC, again, was valued at just over $57,000 at press time, the likes of Litecoin, Tezos, and Uniswap, were noting significant movements in both directions.

Litecoin [LTC]

Source: LTC/USD on TradingView

Litecoin, the cryptocurrency popularly dubbed the silver to Bitcoin’s gold, has had a bullish price trajectory since it recovered from the market-wide depreciation in the latter half of April. In fact, such has been the scale of LTC’s uptrend that the alt climbed by 46% in less than 10 days. In fact, at the time of writing, the alt was valued at $392, just below its ATH of $410 which it hit a few days ago.

The aforementioned uptick was accompanied by a sharp spike in trading volumes too, with the same allowing the crypto to touch greater heights.

The said bullishness was underlined by the alt’s technical indicators as Parabolic SAR’s dotted markers were well under the price candles, while Awesome Oscillator’s histogram pictured surging market momentum.

LTC’s latest performances have heightened expectations for its price in the long-term, with some analysts claiming that the alt might follow ETH’s trend to go as high as $1000 even.

Tezos [XTZ]

Source: XTZ/USD on TradingView

It was uncertain times for Tezos, at the time of writing, with the cryptocurrency recording corrections on the back of yet another market hike that exhausted itself too quickly. The latest depreciation in price was ins sharp contrast to XTZ’s fortunes earlier in the week, with the alt climbing by 37% in just 48 hours.

While market dynamics, despite corrections, remains largely bullish, the crypto’s indicators might soon see some bearishness creeping in.

While the mouth of Bollinger Bands was widening somewhat to make way for some incoming volatility, MACD was still holding above the Signal line. It’s worth noting, however, that a bearish crossover on the latter had become a distinct possibility.

According to a recent analysis, investing in Tezos might have its upsides at this time.

Uniswap [UNI]

Source: UNI/USD on TradingView

Compared to Litecoin and Tezos, Uniswap’s price action shared a closer resemblance to Bitcoin, the world’s largest cryptocurrency. Like BTC, UNI too has been rangebound for the past week or so, with the aforementioned period seeing the alt drop by over 15.5% before recovering once again.

At the time of writing, UNI wasn’t far from its ATH level. However, its price action was missing the bullish momentum the likes of Litecoin were recording.

Even so, the alt’s indicators gave positive signs. Both Relative Strength Index and Chaikin Money Flow noted sharp spikes following UNI’s latest recovery efforts, fueling expectations of a breakout on the price charts soon.

With Uniswap V3 mainnet being launched just a few days ago, it would seem that the same hasn’t been priced in yet.


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Source: https://ambcrypto.com/litecoin-tezos-uniswap-price-analysis-12-may

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