Autor Cointelegraph By Savannah Fortis

GameFi industry to see $2.8 billion valuation in six years

GameFi industry to see $2.8 billion valuation in six years

Uverejnil používateľ | júl 28, 2022 |

A recent report from Absolute Reports projects massive growth for the GameFi industry within the next six years. The research has the play-to-earn nonfungible token (NFT) game industry with an estimated value of $2.8 billion within the time span from 2022–2028. Moreover, the compound annual growth rate of the industry is 20.4% in the same six-year period. This forecast comes in the midst of a raging crypto bear market, which leaves little room for projects and industries with no substance. The report highlights the leaders in this field of play-to-earn game development which include Sky Mavis, Dapper Labs, Decentraland, Immutable and The Sandbox. Furthermore, it breaks down GameFi by type, console and market region.Though it’s not only the report which points to a favorable future for the Web3 gaming industry. Research from Cointelegraph also highlights interest from venture capitalist investors during the down season. For example, Animoca Brands recently acquired three companies within the GameFi space. Another analysis shows an uptick in users of blockchain-based games despite market conditions. Both WAX and Binance Smart Chain saw steady community numbers with 2.94 million and 2.49 million users.During market downturns, projects that remain carry with them a level of apparent utility. Blockchain-based games are a simple, accessible, and engaging way for this to be seen. It is for this reason that gaming has always acted as a gateway for new users to interact with the crypto space. However as Web3 continues its development, experts highlight that GameFi will need to adapt as well. In a recent conversation with the founders of Crypto Raiders, they urged developers to prioritize fun over “financialization” when continuing to develop platforms.

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Bitcoin mining to harness onsite natural gas emissions: Ark Invest

Bitcoin mining to harness onsite natural gas emissions: Ark Invest

Uverejnil používateľ | júl 26, 2022 |

Data from a recent Ark Invest report highlights another utility for Bitcoin (BTC) mining in the realm of sustainability and energy. According to the findings, there is enormous potential to transform methane emissions into energy for Bitcoin mining, which, in turn, will turbocharge solar and wind-generated electricity at onsite wells. Important research from @skorusARK on #Bitcoin’s potential role in transforming methane emissions into bitcoin mining that will turbocharge electricity generated by solar and wind. @skorusARK https://t.co/6cgxGHNcJZ— Cathie Wood (@CathieDWood) July 26, 2022Annual gas flaring emissions equal 140 billion cubic meters, along with an additional 125 billion cubic meters in annual methane emissions. Therefore, left untouched, this means 265 billion cubic meters of natural gas emissions are wasted yearly. However, an analysis of the methane needed for the current Bitcoin hashrate stands at only 25 billion. While harnessing the entirety of the emissions is impossible due to the oil industry’s preexisting flaring operations investments, capturing methane is a viable and early solution. Ark Invest’s Sam Korus tweeted that over half of all vented methane occurs onsite at wells. This makes the location a prime spot for mining to capture such emissions and productively employ them.Additionally, instead of the methane being vented, it would be able to generate electricity at rates far below what mining companies currently pay. Recently the mining industry has been showing signs of increased energy efficiency and a pivot towards sustainability. Last week the Bitcoin Mining Council released its Q2 review of the network. It revealed the industry’s use of sustainable energy is up 6% from the same quarter in the previous years. In conclusion to their findings, the council referred to Bitcoin mining as “one of the most sustainable industries globally.”However, this has been an active effort to change on the part of the mining industry. Previously, environmentalists shamed the industry due to its unjustifiable carbon footprint. Korus suggests that while there are other ways to harness methane, Bitcoin mining is an ideal option as “It is highly scalable with modular hardware that can be transported to and shifted among operating well sites.”While the new data backs up these claims, they are not new. There are already companies actively doing so. Back in February, Cointelegraph spoke with Kristian Csepcsa, the CMO of Slush Pool, on how miners are aiding oil companies with flare reduction by running their generators on natural gas, which would otherwise be burned off. Nonetheless, there are still skeptics. One Twitter user pointed out that the emissions in question are not naturally occurring. Rather, they are extracted via fossil fuel extraction, which due to climate change, is under pressure to be cut entirely. @skorusARK U seem to be missing the big picture. We aren’t talking about naturally occuring gas emissions, but emissions caused by extracting fossile fuels from the ground, right? This extraction has to stop completely in the next few years @fossiltreaty. That’s the real solution— siegfried.arweave.dev (@ZwigoZwitscher) July 26, 2022

As the industry continues to adapt to global sustainability standards, time will tell if such solutions will bring about the future of Bitcoin mining and energy production.

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Amid crypto hype, Google’s cloud unit creates Web3 team

Amid crypto hype, Google’s cloud unit creates Web3 team

Uverejnil používateľ | máj 6, 2022 |

Google’s cloud unit announced on Friday the formation of an internal team that will build services for blockchain developers and those running blockchain-based applications. This comes amid an explosion of interest, activity and adoption of crypto and Web3 tools from traditional sectors of the economy.Web3 infrastructure of the futureVice president at Google Cloud, Amit Zavery, reportedly told his team in an email on Friday of the aim to make the Google Cloud platform the first choice for developers in Web3. Google Cloud is the company’s suite of cloud computing services, on which all Google-related projects run. As per CNBC, his email read: “While the world is still early in its embrace of Web3, it is a market that is already demonstrating tremendous potential with many customers asking us to increase our support for Web3 and Crypto related technologies.”An internal team with an exclusive focus on Web3 development shows Google’s commitment to the innovation seen in the space. It also follows their creation of a digital assets team in January, which was a result of the massive interest in nonfungible tokens, or NFTs. Zavery added that future moves for Google could entail a system that simplifies accessibility to blockchain data, as well as a simplified process for building and running blockchain-based nodes for transactions. Allegedly new job postings appeared on Google’s internal Grow tool. new: Google Cloud is forming a Web3 product and engineering organization that will build services for developers. new job postings have appeared on Google’s internal Grow tool, Amit Zavery is telling employees in an email today https://t.co/sLC8VlqgBf— Jordan Novet (@jordannovet) May 6, 2022Nonetheless, there are those who don’t believe Google’s attention to Web3 is worthwhile. The well-known American software engineer, Grady Booch, tweeted his disappointment and said it’s a waste of resources. What a waste of your resources @google. I’m disappointed in your choices here. https://t.co/LWoFSmAtlS— Grady Booch (@Grady_Booch) May 6, 2022

Booch co-developed the Unified Modeling Language, which provided a universal standard visualization for designing software systems. Big Tech and Web3Google is not the only “Big Tech” giant to set its sights set on the future of decentralized infrastructure. Major industry players such as Meta and Amazon have also begun their entrance into the space with Metaverse involvement and NFT interest. However, the challenge for the cabal of Big Tech lies within the very ethos of the Web3 space they’re entering. The world of crypto was built off decentralized, peer-to-peer methods, which surpassed surveillance and data harvesting from companies like Google. For those interacting with the space with the intention of more freedom in the digital realm, the entrance of giants like Google and Meta could be a cause for concern. However, according to an interview with Zavery and CNBC, Google’s initial plans intend to help the adoption of innovative Web3 technologies. “We’re not trying to be part of that cryptocurrency wave directly,” he said. “We’re providing technologies for companies to use and take advantage of the distributed nature of Web3 in their current businesses and enterprises.”Related: How Web3 is redefining storytelling for creators and fans through NFTsCurrently, Google’s back-end cloud services pale in comparison with those of Amazon and Microsoft. This new team will help bolster growth in this area, in which early offers could include better node management and blockchain-based data software via third-party applications.This could just be the beginning of Google’s footprint in the decentralized space. If Google can relinquish hyper-centralization, their bet for entrance into the world of Web3 could be significant.

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Hundreds of NFTs listed on OpenSea from Shanghai residents during COVID lockdown

Hundreds of NFTs listed on OpenSea from Shanghai residents during COVID lockdown

Uverejnil používateľ | máj 4, 2022 |

The city of Shanghai has been in a month-long mandated quarantine, which confines its 25 million residents to their homes. Initially, the latest COVID-19 outbreak began in March of this year and developed into the worst infection zone since the beginning of the pandemic. As the virus infected hundreds of thousands of people, the extremely restrictive lockdown prevented residents from leaving their homes for weeks on end. In addition to the spike in infections, the lockdown prevented people from obtaining food and medical treatment, and introduced other austerities.This led to frustrated citizens taking to the internet for solidarity and venting. However, government authorities have been reportedly censoring videos that surfaced on the internet showing scenes of confinement within Shanghai. As information stored on the blockchain is immutable, many have turned to nonfungible token (NFT) minting in acts of combating and preserving these experiences.NFT utility continues to growOn April 22, a video called Voices of April was published on YouTube with voiceovers of experiences from Shanghai residents during the lockdown. Shortly after it was published on YouTube, it was minted into an NFT and listed on OpenSea. According to a comment to Reuters from a Shanghai-based programer, the preservation of the video, which authorities tried to erase, is part of a “people’s rebellion.”As of Wednesday, over 2,300 items related to the video can be found on the OpenSea marketplace. Moreover, hundreds of NFTs related to the lockdown in Shanghai have since appeared. This includes additional voiceover videos claiming to be from inside isolation camps and digital artwork depicting life under the lockdown.Another Shanghai-based Twitter user tweeted his NFT creation of a screenshot of the Shanghai COVID map from late April. Can’t sleep. Get up create a new multi polygon NFT for Shanghai. GN, again. I can sleep well. #NFTs #NFTCommuntiy https://t.co/E3Gp9AMBt2— valenqian.eth (@valenqian1983) April 26, 2022This instance out of Shanghai reveals yet another use case and utility for NFT creation — namely, the preservation of digital artifacts against censorship.Related: The NFT sector is projected to move around $800 billion over next 2 years: ReportChina and cryptoThe Chinese government has taken a hardened stance against digital assets, going as far as banning their trading domestically and forcing Bitcoin (BTC) miners to shut down their operations. China was the primary hub for #Bitcoin miners before May 2021. https://t.co/D1oMzx1g4L— Cointelegraph (@Cointelegraph) February 28, 2022

Though the country banned the usage of outside cryptocurrencies, it still sees the underlying technology as useful. The central bank digital currency (CBDC) of the government, the e-yuan, is currently in real-world trials throughout the country. In three cities, residents can use the e-yuan for tax payments. Meanwhile, it has been reported that the Chinese government may utilize blockchain and Web3 technologies for centralized development.

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