© Reuters. Oly Sport Metaverse; The First NFT eSport Game in Canada
Oly Sport Metaverse is the first game in the world that allows players and investors to invest in virtual land backed by real estate through NFT marketplaces, thoroughly solving the risk of token devaluation.
In the context of the fast-growing game industry, with new games continually being released everyday, it is not surprising that the gaming trend is also changing constantly. The concept of ‘play-to-earn’ is no longer a strange concept, quickly replacing traditional gaming models like ‘free-to-play’ or ‘pay-to-win’.
Recently, Oly Sport, the NFT game modeled on Esports has gained popularity worldwide and brought high expectations to millions of NFT gamers, crypto investors, and horse racing enthusiasts around the world. The core team at Oly Sport shared that they are finalizing the strategic sales round at $2 million; with a $20M pre-launch valuation. Let’s find out how Oly Sport is different from other NFT games on the market that can attract the top blockchain venture capitals such as BSCStation, X21, Genblock Capital, Everse Capital, Basics Capital to name a few.
The NFT Game genre is different: Instead of the “play-to-earn” models like other games, Oly Sport has a “race-to-earn” mechanism. Players can take part in various horse-related activities such as breeding, upgrading barns, raising horses, and preparing them for races. Oly Sport’s players will be able to participate in Esports tournaments – which is expected to soon become the standard for horse racing in the field of eSports.
It’s important to note that there is no gambling feature included in the game as this is not ethically, culturally, or legally accepted in many parts of the world. Oly Sport’s grand vision is to unite humanity within its Metaverse, regardless of the player’s economic class, playstyle, ethnicity and other separation factors.
Built on the Esport model: The outcome of the race is determined by algorithms to ensure the race is fun, fair, and unpredictable. The more steeds owned, the better the chance of winning, and the higher the reward for players.
Oly Sport uses a complex algorithm to calculate which horse will win the race. While other games only take into consideration the horses’ strengths, and performance history; Oly Sport uses factors such as weather, genotype, bloodline, player’s bond with the steed, and race track conditions amongst other variables to determine performance.
Virtual NFT land backed by real estate: The most exciting value-add that Oly Sport brings to the NFT gaming community is the ability to solve virtual NFT land risks for players and investors. More specifically, when participating in NFT games, players often feel anxious when investing because the value of any items can fluctuate and depreciate depending on the market demand, which is often unpredictable in an early market.
Oly Sports wants to assure their players that this will never happen as the virtual NFT land is backed by real land with real value. Players can generate passive income by renting out stables, farming and hosting races on racetracks on the virtual land. At the same time, players have the security that the virtual land they invest in has real land value. This is considered a “double insurance” system that players can completely invest with security. In the event that the token price falls, the price of land will always increase – this is the guarantee that the player’s investment will always earn a return profit.
Easy to play, and caters to every play-style: Oly Sport offers a variety of ways for players and investors to earn profits. The game economy of Oly Sport is easy to get used to, similar to old-fashioned “farm” style games with the addition of horse racing and eSport tournaments.
Horse caring, horse racing, trading, collecting horses or investing in farms/race tracks can all be profitable. Players can have various professions in this metaverse: players can be horse-owners, virtual landlords, Olypreneurs (virtual in-game entrepreneurs), and virtual employees that support all former professions. Whether players have a lot of tokens, or very little, they all have opportunities to grow their wealth and become the next crypto-millionaire. Players will consider purchasing in-game NFT assets – be it horses, virtual land, or tournament arenas – as a real-life investment that generates passive income and have the flexibility to invest the time and money within their budget.
The longer you hold, the more valuable the tokens are: The management team will proceed to “burn” the tokens extracted from the in-game transactions, causing the supply of $OLY tokens to decrease over time. In Oly Sport’s virtual society, there is no government printing money and causing inflation in the market. The management team controls the token circulation in the market, and the number of tokens decreases over time based on the mechanism the team created.
Jimmy Chan – CEO of Oly Sport and former CEO of Odyssey3D – a leading 3D modeling and virtual reality real estate company in Toronto, Canada confidently shared: “No other game connects virtual assets with real world assets. We are the first metaverse where virtual land will be backed by real land value ”. By capturing the risk aversion of NFT investors, Oly Sport is addressing this risk and bringing a unique experience like never before.
Even before Facebook (NASDAQ:) changed its name to Meta, Jimmy has taken one step ahead to build a metaverse for a community of horse enthusiasts, investors and D.A.O believers. Taking it a step further, this project embodies Jimmy’s timeless vision: To unify financial markets; democratize, decentralizing, and globalize real estate ownership; and at the same time, allowing investors to earn a living playing video games — all delivered inside Oly Sport’s metaverse.
In short, Oly Sport is a name that attracts strong attention from the NFT gaming community around the world, especially because of the unique property ownership mechanism mentioned above. When investment risk is resolved, players can invest with confidence, and look forward to experiencing “race-to-earn” and owning virtual land backed by real-life farmland and racetracks – something that no NFT game has ever done before.
It is expected that Oly Sport will IDO on November 2 on BSC Station and November 6 on GameFi.
Disclaimer: Any information written in this press release does not constitute investment advice. CoinQuora does not, and will not endorse any information on any company or individual on this page. Readers are encouraged to make their own research and make any actions based on their own findings and not from any content written in this press release. CoinQuora is and will not be responsible for any damage or loss caused directly or indirectly by the use of any content, product, or service mentioned in this press release.
Sanctions against Tornado Cash boosted TORN token trading volumes
Tornado cash (TORN) token trading volumes jumped sixfold amid the announcement of sanctions against the mixer. This was pointed out by Kaiko analysts in their newsletter. TORN’s trading volume rose from less than $5 million to $60 million on the cryptocurrency exchange Binance. The growth in trading volume was also recorded on OKEx, but there the figures were significantly lower. Tornado cash sanctions are to blame.
At Binance, tornado cash sold out. According to Kaiko, several decentralized exchanges (including Uniswap, dYdX, and Aave) imposed restrictions on wallets contacting the Tornado Cash mixer. Whether this was the reason for the increase in liquidity is unclear.
However, the increase in trading volume seems to have led to heavy selling of TORN. As the volume of capital on the centralized exchanges increased, TORN quotations fell faster and faster. Now, TORN in the TORN/USDT pair is trading at $12.7, according to Nomics. Over the past seven days, the price of TORN has fallen by more than 23%. Market capitalization collapsed to $19.3 million.
Recall that in early August, the U.S. Treasury Department’s Office of Foreign Assets Control imposed sanctions on the Tornado Cash mixer. The regulator estimated that the platform had helped launder more than $7 billion in assets since its launch in 2019.
Shortly after the sanctions were announced, Circle, the issuer of one of the most capitalized Stablecoins, USD Coin (USDC), froze 75,000 USDC of the cryptomixer’s users and 149 USDC that the project received in donations. Analysts at The Block Research found that transfers to the platform were down 78.5 percent compared to the period before the announcement of sanctions against Tornado Cash.
We previously reported that S&P Global downgraded Coinbase to speculative.
Eqonex news: High competition buried public crypto exchange Eqonex
Eqonex news: public U.S. crypto exchange Eqonex (EQOS) will close its services to customers on August 22 due to high market competition and a decline in trading volume. The exchange announced this on its official website.
The company will close its trading functionality at the end of August and will phase out cryptocurrency withdrawals on September 14. Also, Eqonex will stop trading the native token EQO, whose trading volume over the past month only occasionally and briefly, exceeded the threshold of $10,000.
The company will not close, but will continue to provide capital management and custody services for cryptocurrencies in the form of a custodian.
According to Eqonex CEO Jonathan Farnell, closing the exchange will improve Eqonex’s financial position by significantly reducing its cost structure and freeing up resources to spur growth in segments where the company has a “significant competitive advantage.” At the time of writing, the market has not reacted to the news of Eqonex’s closure.
In July, many cryptocurrency exchanges saw a decline in trading activity. The strongest decline in trading volume was seen on exchanges such as LBank (by more than 50%), Huobi (by 31.3%) and Gate (by 31.2%). crypto.com and Bitfinex saw trading volume drop by 25%.
On the other hand, some exchanges saw a significant increase in spot trading volume in July. Binance US increased by 76.7%; OKX by 30%, and Phemex by 227.4%. Bitmart and Binance grew by 18% and 9.3%, respectively.
We previously reported that Investors Asked Asian Crypto Exchange’s CEO To Step Down.
Bitcoin plummets as miners sell inventory? Miners continue to sell bitcoin, albeit in smaller volumes
Despite lower market volatility, miners are still dumping bitcoin. Because of this, bitcoin also plummets as miners sell inventory. This was reported in a report by Arcane analysts. According to published data, in July, miners poured 6200 BTC (~$149 million at the current exchange rate). By comparison, miners sold out about 15,000 BTC in June.
However, even though the scale is down, July was still the second highest month since the beginning of 2022 for bitcoin sales by miners. Arcane analyst Jaran Mellerud claims that public miners sold 158% of the cryptocurrency mined during July. This is the third month in a row that miners have sold all the cryptocurrency (and even more) than they manage to mine in a month. It was also previously reported that bitcoin miners sell off because of unprofitable mining.
Arcane named mining companies Core Scientific and Bitfarms as the main culprits of the dump. This, according to Mellerud, is because the companies took out too many loans to grow their businesses. In addition to them, bitcoin was also sold at Nothern Data, Argo, and CleanSpark.
Recall that in mid-June the co-founder of the mining firm Luxor Technologies Ethan Vera said that many lenders (Bable Finance, Galaxy Digital, bankrupt Celsius Network, BlockFi, Foundry Networks) are concerned that they have made too many loans to secure the mining devices themselves. He estimates that the firms have made a combined $4 billion in loans.
Luka Jankovic, head of credit at Galaxy Digital, noted at the time that at June bitcoin rates (at or below $20,000), many mining centers were operating at a loss.
We previously reported that BitGo declined to buy the cryptocurrency depository.
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