Yoda Labs Weekly Digest: January 19 - 25
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What are Non-Fungible Tokens (NFTs)
February 13, 2021
MINS
Cryptonomics
NFTs are witnessing growing speculation among NFT fans, leaving NFTS on track to be a massive industry in the future; collectible assets like CryptoKitties and CryptoPunks have proven the potential in the past.
NFTs Explained
Since the beginning of the blockchain digital economy, there have been many shifts, trends, and use cases that have accompanied its development. The blockchain’s original utilitarian value was exclusively for financial matters, creating the first-ever cryptocurrency, the Bitcoin, and its issuing blockchain. However, this practical value gets expanded every day. NFTs are one such expansion of possible use case of blockchain technology that has found relevance in gaming, digital identity, licensing, certificates, and fine art.
What are NFTs?
Non-fungible tokens (NFTs) are also known as crypto-collectibles. They can not be divided, maintain uniqueness, and characterize scarcity associated with cryptocurrencies, ultimately driving up their value. Also embedded in NFT’s attributes is the ability to represent a unique digital asset, which can be digital assets or tokenized versions of real-world assets. Initially launched on the Ethereum blockchain using the ERC-721 standard, the NFT industries have since expanded into other blockchains, with blockchain companies like WAX becoming the highest issuance of NFTs collectibles currently.
NFTs contain identifying information recorded in their smart contracts. They differ distinctly from regular cryptocurrencies in that each token is indivisible with properties that cant be shared with another tokens. Traditional cryptocurrencies like Bitcoin are divisible and are interchangeable, aka, fungible. For example, it is practically impossible to split one NFT collectible into new identities and owners, but entirely possible to do so with Bitcoin. One Bitcoin can change hands over time, and each Bitcoin is the same as the other; what may change with its movement might be the asset’s price.
How Do NFTs Work?
NFTs have their own specific set of attributes (e.g., off-chain and on-chain metadata), making them unique. This uniqueness means that only one type of NFT can ever be created and it can not be interchanged with an identical one. NFT’s highlight the uniqueness and scarcity of the broader use of blockchain. It has found its increased relevance in the areas of Artwork and Gaming. Since no two artworks are unique with fungible properties in mind, the same principles apply to certain gaming items.
There are various frameworks and issuance of NFTs, the most prominent standard is the ERC-721, which is the first standard created for the distribution of this asset class. A more improved standard is the ERC-1155, which has enabled a contract to store both fungible and non-fungible assets, improving the industry’s convenience and opportunities therein.
WAX Blockchain
Since its creation, WAX blockchain has been focusing heavily on the design, issuance, and profitability of NFT and has been the most active in terms of NFTs transactions. It is displacing Ethereum that initially brought in the NFT craze of 2016, causing a gas war at the time. WAX blockchain improved on the ease of transacting with NFTs, with no traffic congestion nor increased costs to move NFTs. The ease of acquiring NFTs is high when compared to other issuing blockchain types. With a simple creation of an account, transacting in and on NFTs, is enabled automatically.
How Can NFTs be Used?
NFTs can be used by blockchain decentralized applications (Dapp) to issue unique digital assets, identification, and collectibles. Since NFTs trade on the blockchain, you have a lot of freedom regarding what you can use them for:
- Buying and selling on a marketplace.
- Trade or gift them out.
- Use in decentralized apps, e.g., in-game activities.
- Showcase your NFTs inventory in select platforms dapps or social media
NFTs help solves high inflation in gaming economies. Since most games have their economy and revenue generation strategies figured out, NFTs bring it a step further by allowing for the unique identification of a game and its features. Another exciting use of NFTs is the tokenization of real-world assets that can be stored and traded on a blockchain-enabled wallet and marketplace, respectively. Keeping digital identity is a use case that NFTs have helped improve tremendously using blockchain’s trustless property.
Examples of NFTs
- Topps “Garbage Pail Kids” trading cards, an iconic cult classic since the 1980s, reimagined as NFT.
- Blockchain Heroes trading card series are featuring the likeness of personalities in the blockchain.
- Decentraland, NFT represented parcel of land in different district of the virtual blockchain. Landowners can build and monetize their plot, such as leasing it out to other players, using or advertising it.
- Prospectors, a popular blockchain game where players can earn NFTs as rewards. Which can help improve their performance.
- CyrptoKitties, the “OG” blockchain game that skyrocketed gas fees in 2016, causing NFTs to be famous to date.
CryptoKitties
You don’t discuss NFTs or Blockchain gaming without mentioning the “OG” of them all. The first Cryptokitties collectibles were minted in 2016, which were some of the first non-fungible tokens. Each blockchain-based collectible cat is unique from the other. If you send someone a Cryptokitties collectible, you’ll receive a different collectible that’s distinctly different in properties from the one sent.
Each cryptokitty can have a combination of different properties, including age, breed, and color, as each of them is unique and can not be interchanged with each other. To date, no gas fee era on the Ethereum blockchain has been as high as the days when Cryptokitties was popular.
Weakness of NFTs
Many argue that NFTs are not used for their original intended purpose. But more of a speculation asset these days, with high-interest from traders who seek to profit from the high return of NFTs collectibles. With the growing craze, scam rates are increasing as well. Fake arts and artists are becoming commonplace. The idea that art can never be copied is fueling nefarious activities as rug pull cases build up.
Closing Thoughts on NFTS
NFTs are witnessing growing speculation among NFT fans, leaving NFTS on track to be a massive industry in the future; collectible assets like CryptoKitties and CryptoPunks have proven the potential in the past. However, it shouldn’t be used for its monetary value solely but for its actual use case, which is the basis of its creation.
Understandably, traders want to profit, but that, as the sole purpose, won’t do well with the original intention behind NFTs. More blockchains have started issuing their own NFTs; right now, the top two blockchains are Ethereum and the WAX blockchain; the industry awaits other blockchains to begin their issuance. And who knows, we can have NFTs innovate activities like gaming and artwork in the traditional technology.
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Yoda Labs Weekly Digest: January 19 - 25
January 28, 2023
Get the inside scoop on the hottest Web3 gaming trends and movements in our weekly Yoda Lab newsletter.
Yoda Labs Weekly Digest
- Great games are on the way in 2023 Says Animoca CEO
- Unveiling of its trailer, Oath of Peak recorded pre-registration of 500k players
- BigTime is going BIG with rewarding payers and holders
- You can now play games using your Ledger wallet. Could this be the future?
- 69% of respondents believe the metaverse will reshape social lifestyle - do you agree?
- Web3 will push online gambling to grow to $300 billion, and investors are committing big $$$ to funds
Web 3 Gaming News 🎯🎮
- As gamers begin to accept the dynamics of web 3games, Animoca Brands CEO, Robby Yung believes many great games are to come in 2023.
- Oath of Peak, one of the most ambitious gaming projects in Web3 has over $20 million invested, reports the pre-registration of more than 500,000 players.
- Generating more than 1 million monthly transactions, the biggest NFT-based strategy game on Polygon Planet IX,’ will join Chainlink BUILD programme to aid in distributing in-game goods at random.
- Big Time is looking to reward NFT holders and active players in a BIG way. Their planned airdrop includes 100k Utility NFTs distributed over eight months based on Collectible holdings and game playtime.
- With a proven track record of delivering games, the team behind game studio Spacewalkers is redefining how investors can share in the project's profitability.
- Metalands Alpha 2.0 will bring the first taste of Hybrid Battle Royale to the public and there is still time left to register. The FPS game introduces a new PvP mode adding a twist to the idea of battle royale.
- Launching on 31st January, soulbound reward cards coming to Splinterlands. This new reward set edition is associated with Chaos Legion and consists of 43 cards.
- Champions Ascension minting is now live for Prime holders with public free mint from Jan 26th featuring the second highest tier Characters.
- Minting is now live for Prime holders with public free mint from January 26th. The second NFT mint for Champions Ascension is a free mint featuring the second highest tier Characters.
- Having recently sold land plots and built on the BNB chain, the third city map for Mega World is nearly ready. Opening to players on February 15th special packs, new buildings, and cross-chain features will be made available.
- Twitch founder's 'fractal' gaming nft marketplace on polygon is launching with 30 partners and is looking to land on other EVM chains too.
- Built on the Lyra engine in Unreal 5 and with the aim of becoming the Fortnite of web3, free-to-play FPS, FORA launches its first game and is inviting beta testers to participate.
- Runner will exist as a comic book, an NFT profile picture (PFP) project, possibly a video game, and eventually a TV show under Unkeless’ production company Clubhouse Pictures.
- Eyes on the prize, Delphi Digital is specifically watching these teams and games - should we be watching them too?
- Cometh Battle is a card battle game with a twist. It needs a Ledger wallet and could position Ledger as an alternative gaming app store to Apple and Steam.
- With their "Last Chance Saloon," SinVerse has decided to give consumers one last opportunity to wager SIN tokens through a 2.5M SIN token prize pool, and whitelist opportunities for the land sale.
Web3 Gaming Trends 🔥🚀
- Is Tokenizing simulated live gameplay the future of web3 gaming? Having worked with Marvel, Lucasfilm and Disney Marc Seal CEO of Sortium certainly thinks so.
- With Slot Hunter Casino leading the way, web3 technology has the potential to revolutionize online gambling by providing a secure, trustworthy, transparent platform for gaming.
- Co-founder of Illuvium discusses the ability to engage a mass audience as casual mobile games are the easiest step into gaming. Is this a trend that everyone is missing?
- According to the Delphi Digital 2023 report, long-term multiple company partnerships are becoming a trend to address the lack of an ecosystem of publishers for web3 games.
- PlayFi monetization methods via metagames is the perfect approach for web3 games find out why.
Exploring the Metaverse 🛸🤖
- Decentral Games targets web3 natives and continues to adjust its play-to-earn rewards structure to limit ICE inflation as Messari shares its findings in their report titled the State of Decentral Games Q4 2022.
- As the metaverse continues to develop, it will have the possibility to impact social life in a more tangible manner. A new survey from CoinWire, found 69% of respondents have placed their bet on the metaverse to reshape social lifestyle.
- LandVault has worked on 200+ metaverse activations developing virtual land for platforms such as Roblox, Sandbox and Decentraland has announced it has signed with top talent agency Creative Artists Agency to weather the bear market.
- A new take on Metaverse gaming as RobotEra allows users to create NFT-based land, structures, and in-game items, develop new metaverses, and connect with other NFT communities.
- UN Environment Programme (UNEP), aims to use the metaverse to increase reach has released a new game called Apollos Edition teaching worldwide players aged 13- 18 about environmental education.
- Aiming to drive dog adoption pet food company Pedigree has created a program called the Fosterverse, allowing Decentraland property owners to “foster” digital versions of real-life rescue dogs.
Funding in Gaming, and the Metaverse Space 💸💰
- Looking to capitalize on real money-wagering, a sector that is looking to grow from $70 billion to $300 billion, Courtside Ventures raises $100M fund for sports, collectibles, wellness, and gaming.
- Digital Village, the metaverse developer, aims to take the friction out of the experience. Powered by VeChain, the technology platform has raised $4 million thanks to L’Oreal’s VC – BOLD and the British Fashion Council.
- With 150+ million fans worldwide, players can now raise their pets in the metaverse as Neopets raises $4 million from industry leaders such as Polygon, Haskey Capital, and Blizzard Avalanche Fund.
- Gaming Breaks $100 billion total announced activity with 431 total blockchain gaming deals this is a 224% increase from a year earlier.
- Last valued at $1.25 billion, Mythical Games eyes $50 million raise and integrates the technology of NFT marketplace DMarket.
- Animoca Brands Japan funds Psychic VR Labs with 100 million Japanese Yen to help fast track the vision of ‘realizing the world where people wear a space'
- Netmarble's MARBLEX has provisionally signed up with Binance to to bolster its infrasture to push on with MBX 3.0 and enchance the MBX ecosystem.
- Charging $7,500 per masterclass, Gemba's Metaverse training software is utilized by Nike and Carlsberg raises $18 million in a Series A financing led by Parkway Venture Capital.
Where to find Yoda Labs:
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Binance Research: 2023 Is Looking Up Despite Q4 Market Cap Decrease
January 28, 2023
The Binance Research team outlines downtrends across several verticles but sees a small boost to begin 2023.
Binance Research Quarter 4 Report
A team at Binance Research released its State of Crypto: Market Pulse report for Quarter 4 of 2022. Consisting mostly of graphs and data, the report highlighted how the year ended with a general downward trend, but several indications show a strong 2023 could be on the way.
The 45-page report of slides, released on January 27, reviewed several key verticles across the industry and gave a general assessment of the industry’s end-of-the-year performance. The overall market pulse is still positive despite the 15% decline in the market capitalization of the industry.
Here are some of the trends from industry verticles in the report:
- Layer 1s: General downtrend with Solana as an outlier
- DeFi: Long downtrend across 2022
- Non-Fungible Tokens (NFTs): Down in Q4 but up for all of 2022.
- GameFi: Dominates Web3 with 80% market share.
Despite the overall downward trend in the market, Binance Research sees a small pick-up to begin in 2023. Prices have been readjusted and the bottom appears to be in.
Read the full report from the researchers JieXuan Chua, Shivam Sharma, Kaushik Guduru, and Mac Naggar here.
What is Binance Research:
Binance Research is the research arm of Binance, the world's leading cryptocurrency exchange. The team is committed to delivering objective, independent, and comprehensive analysis and aims to be the thought leader in the crypto space. Our analysts publish insightful thought pieces regularly on topics related but not limited to, the crypto ecosystem, blockchain technologies, and the latest market themes.
Where to find Binance Research:
What is Binance:
Binance positions itself as the world’s leading blockchain ecosystem and crypto-asset infrastructure provider with a financial product suite that includes the largest digital asset exchange by volume. The Binance platform aims to increase the freedom of money for users and features a comprehensive portfolio of crypto-asset products and offerings, including trading and finance, education, data and research, social good, investment and incubation, decentralization, and infrastructure solutions.
Where to find Binance:
Website | Twitter | Discord | Telegram |
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Core DAO Integrates With Switchboard for Permissionless Data Connection
January 27, 2023
Core DAO partners with Switchboard to give developers access to on-chain and off-chain data.
Core DAO Announce Partnership with Switchboard
Following its recent integration with LayerZero, Core DAO has announced its partnership with Switchboard, empowering developers to access secure and permissionless connections to on-chain and off-chain data.
Core developers will leverage Switchboard’s oracle network to gain data such as sports, weather, price, and more. Core DAO notified users about the collaboration on January 27 through Twitter.
We’re excited to announce our integration with @switchboardxyz 🤝
— Core DAO (@Coredao_Org) January 27, 2023
This integration empowers developers to access secure and permissionless connections to on-chain and off-chain data.
Read more here: https://t.co/ssmF1eFBTg#CoreDAO #SatoshiPlus
Switchboard is a permissionless multi-chain oracle protocol for general-purpose price feeds. The collaboration will give developers the tools like Publisher and Explorer to manage and build their data fields. Through an official Medium announcement, Core DAO expressed delight at the collaboration.
“Switchboard grants Core developers access to data that is otherwise unavailable and increases the scope of applications that can be created with both on-chain and off-chain data. We’re excited about this partnership and empowering developers to build on Core,” the blog read.
Blockchains need oracle networks to access any data. The partnership with Switchboard will provide access to data for developers and contribute to the protocol’s development in the industry. In the meantime, Core is working on launching its native oracle solution, which promises to exceed traditional blockchain capabilities.
Read more about the collaboration in the Core DAO Medium announcement.
What is Core DAO:
Core DAO is the official decentralized organization developing the Satoshi Plus ecosystem. It represents an opportunity for miners to access new revenue streams by contributing hash power to the chain. Inspired by the principles of both blockchains, Core displays a deep appreciation for the history of the crypto ecosystem paired with an even greater excitement for Core’s role in its future.
Where to find Core DAO:
Website | Docs | Twitter | Discord
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Disclaimer: Overall it is vital to proceed with caution when purchasing tokens that have just been listed. For those who have not already read our articles on safety in the BSC it is crucial to reference the following items, HERE and HERE.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $1500. Readers should do their own research before taking any actions related to the company. BSC.News is not 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 the press release.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $1500. Readers should do their own research before taking any actions related to the company. BSC.News is not 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 the press release.
Disclaimer: Overall it is vital to proceed with caution when purchasing tokens that have just been listed. For those who have not already read our articles on safety in the BSC it is crucial to reference the following items, HERE and HERE.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $2500. Readers should do their own research before taking any actions related to the company. BSC.News is not 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 the press release.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $2500. Readers should do their own research before taking any actions related to the company. BSC.News is not 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 the press release.
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Blockchain News
Core DAO Tweets Clarifications About Consensus Mechanism In Wake of Launch
January 27, 2023
The Satoshi Plus consensus mechanism combines PoW and DPoS to achieve a scalable, secure, and decentralized blockchain.
The Satoshi Plus Consensus
Core DAO broke into the Decentralized Finance (DeFi) space with its Satoshi Plus consensus mechanism, solving the blockchain trilemma—Decentralization, security, and scalability.
To remind users about the revolutionary solution, Core DAO published a Twitter thread on January 27. The Satoshi Plus consensus combines Bitcoin’s Proof of Work (PoW) network and Ethereum’s Delegated Proof of Stake (DPoS) to solve the blockchain trilemma.
The consensus of a chain creates its foundation. PoW and PoS do not need to be opposing methodologies. Properly implemented, the two should work in harmony.
— Core DAO (@Coredao_Org) January 27, 2023
A 🧵below 👇 #SatoshiPlus #CoreDAO
In summary, Core DAO’s thread was published to remind the community Satoshi Plus Consensus mechanism combining PoW and PoS:
- Anyone can participate in a PoW consensus mechanism.
- PoW takes abundant energy and molds it into scarcity. Combining energy and scarcity creates value that anyone can create and earn.
- PoS mechanism without PoW tends towards centralization, ensuring users pay early adopters to participate.
- They restrict network governance to a small group, which is more similar to a corporation than truly crypto-enabled decentralized governance.
- The Satoshi Plus consensus solves the issue of centralization from the PoS inflexibility by combining the openness of PoW.
- The consensus mechanism allows PoW and PoS to work in harmony.
BSC News explained the Core DAO revolutionary blockchain, including the Satoshi Plus consensus. You can learn more about the network in this article.
What is Core DAO:
Core DAO is the official decentralized organization developing the Satoshi Plus ecosystem. It represents an opportunity for miners to access new revenue streams by contributing hash power to the chain. Inspired by the principles of both blockchains, Core displays a deep appreciation for the history of the crypto ecosystem paired with an even greater excitement for Core’s role in its future.
Where to find Core DAO:
Website | Docs | Twitter | Discord
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This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $1500. Readers should do their own research before taking any actions related to the company. BSC.News is not 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 the press release.
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BSC News
Binance Angel: “Binance Is A Big Entity--But Like a Family”
January 27, 2023
Binance Angel speaks about the great reception and his casual encounter with CZ.
Binance Angel Shares His Story
Binance shared a short interview video of Binance Angel Mikki Nielsen, who divulged his crypto past and how he became a Binance Angel.
Nielsen opened up in the Binance interview, explaining how he has been involved in crypto since 2011, when he first got into bitcoin but only recently heard about Binance last year. Once he learned about Binance and Binance Angels, Nielsen admits he felt like he had found a big family. He even describes his “casual” meeting with Binance CEO Changpeng Zhao.
Take a look at the short interview shared through Binance’s social media.
Meet @MikkiNielsen4, a long-serving member of the @BinanceAngels team.
— Binance (@binance) January 27, 2023
Watch this video as he takes us on a journey through his experience since becoming a #Binance Angel and what he enjoys the most about it! pic.twitter.com/e9DvfIRJcU
What is Binance:
Binance positions itself as the world’s leading blockchain ecosystem and crypto-asset infrastructure provider with a financial product suite that includes the largest digital asset exchange by volume. The Binance platform aims to increase the freedom of money for users and features a comprehensive portfolio of crypto-asset products and offerings, including trading and finance, education, data and research, social good, investment and incubation, decentralization, and infrastructure solutions.
Where to find Binance:
Website | Twitter | Discord | Telegram |
Disclaimer: This is a paid Ask Me Anything (AMA), BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement AMA for $2000 Readers should do their own research before taking any actions related to the company. BSC.News is not 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 the AMA.
Disclaimer: Overall it is vital to proceed with caution when purchasing tokens that have just been listed. For those who have not already read our articles on safety in the BSC it is crucial to reference the following items, HERE and HERE.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $1500. Readers should do their own research before taking any actions related to the company. BSC.News is not 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 the press release.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $1500. Readers should do their own research before taking any actions related to the company. BSC.News is not 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 the press release.
Disclaimer: Overall it is vital to proceed with caution when purchasing tokens that have just been listed. For those who have not already read our articles on safety in the BSC it is crucial to reference the following items, HERE and HERE.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $2500. Readers should do their own research before taking any actions related to the company. BSC.News is not 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 the press release.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $2500. Readers should do their own research before taking any actions related to the company. BSC.News is not 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 the press release.
Don't forget to download the BSC News mobile application on iOS and Android to keep up with all the latest news for BNB Chain and crypto.
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