Connect with us
  • tg

Cryptocurrency

Saudi Arabia looks to blockchain gaming and Web3 to diversify economy

letizo News

Published

on

Saudi Arabia has ramped up its economic diversification efforts driven by its ambitious Vision 2030. 

In a bid to diversify its economy away from a dependence on oil, the kingdom has embraced emerging technologies, such as blockchain and artificial intelligence (AI), and tapped into booming markets like gaming.

But while the country has yet to leave a significant mark in the global game and AI development, the ripples of its investments in the gaming sector could extend far beyond — at least, that’s what Web3 experts say.

“Based on our work and communications that we have, Saudi [Arabia] is very, very interested in Web3,” Animoca Brands co-founder Yat Siu told Cointelegraph.

Given the kingdom’s partnerships with entities such as The Sandbox and even Animoca, Siu sees that there’s an effort from Saudi to venture into the new iteration of the internet. The executive said:

“I think Saudi [Arabia] understands the principle that Web3 gaming or blockchain gaming — the one that we actually prove the owner assets — is going to be the future of gaming.”

Thanks to the interest of its young, tech-savvy population, Saudi Arabia, along with the United Arab Emirates, is driving the growth of the Middle East’s gaming market. According to a Boston Consulting Group report, the kingdom represents 45% of the sector in the region, with a value of more than $1.8 billion. It also boasts one of the largest game revenues in the area, according to game content studio Allcorrect.

In 2017, the kingdom established the Saudi Esports Federation to regulate and develop the country’s gaming industry.

Recent: Ron DeSantis’ falling polls: Could crypto lose its candidate?

Bloomberg reported in April that Saudi Arabia, through its Public Investment Fund, invested $38 billion in the sector as it looks to become a global gaming hub.

Although the Saudi government understands the “high-level concept” of Web3, its potential, and how it can align with esports — where teams can own stakes in games they play — Siu said it remains unclear what its integrations to gaming would be due to the absence of clear rules on cryptocurrency and other virtual assets:

“Cryptocurrency is something that is still to be explored. It’s being investigated. I think [Saudi Arabia is] quite forward about how to deal with it. But they haven’t come up with anything yet.” 

“In places like Hong Kong, Japan and the UAE, there’s much more clarity as to what you can do with crypto and Web3. You can map out a strategy,” Siu added.

While it remains to be seen what Saudi Arabia’s Web3 gaming applications would look like, Siu noted that the kingdom is looking at other markets and learning.

“That’s why they’re talking to us. Because they want to know what the best practices are and how they can learn,” the executive explained. “There are very few places in the world that we’ve seen such a hunger and desire to sort of be at the cutting edge.”

“You can feel sort of the desire to have progress and to lead in Saudi Arabia. I think that’s kind of unique,” Siu added.

How gaming can spur Web3 adoption

While pushback from the traditional gaming community and developers persists, Siu claims a successful conversion of users into Web3, whether it’s in gaming or not, should come with financial literacy.

“You can’t really be a true Web3 user if you don’t have at least a certain level of financial literacy that goes above and beyond having a bank account,” Siu said.

Gamers in Saudi Arabia. Source: Allcorrect game content studio

The Animoca co-founder claimed that most Web2 users are not capital investors because they’re mostly labor people compared to Web3 people who understand investing.

“What we found is that the path to Web3 mass adoption isn’t giving [Web2 users] just a wallet. That’s actually the easiest part. The harder part is how to make them aware that what they now have is an asset that has potential value, and it could do things and has different network effects that need to be maintained as real value.”

Meanwhile, Mythical Games CEO John Linden told Cointelegraph that he already sees Web3 adoption in the gaming sector, albeit at a slower pace.

“I think we’re seeing some [adoption] already. We’re seeing people that they’re introducing the [Web3] concept. They do understand the concept of buying and selling assets,” Linden said.

Magazine: NFT collapse and monster egos feature in new Murakami exhibition

The gaming industry veteran pointed out that Web3 should enhance user experience and not just give them the means to generate income:

“[Web3 gaming developers] have to focus on new game models. When you start doing that, it introduces creator economy, digital supply chain, ownership of guilds and the ability to come up with your own theory within the game itself.”

“Those are principles I think gamers will attach to,” Linden added.

The Mythical Games CEO projects that the Web3 gaming segment could onboard 50 to 100 million players in the next two years, with their own titles targeting 10 million by the end of 2023.

Cryptocurrency

ETH at $5,000 Still on the Menu for 2024: Analyst

letizo News

Published

on

TL;DR

  • Despite a recent price decline, analysts expect Ethereum to reach $5,000 by the end of 2024, driven by strong support at $3,500.
  • Key metrics like a low RSI and increased self-custody movements suggest a potential rally for ETH.

New ATH Incoming?

Ethereum (ETH), just like many other leading cryptocurrencies, witnessed a severe correction at the start of June, which interrupted its bullish path. Currently, it trades at a little over $3,500 (per CoinGecko’s data), representing a 7% decline on a two-week scale.

Nonetheless, some industry participants remain optimistic about its future, speculating that a new all-time high price could be reached before the end of 2024. One example is the X user Jelle, who claimed that ETH has “successfully turned” the $3.5K mark into support. Based on this, the analyst expects a rally toward the coveted level of $5,000 sometime this year.

Ali Martinez chipped in, too, claiming that whales have purchased over 700,000 ETH in the last three weeks, equaling a staggering $2.48 billion (at current rates). Such a move reduces the available supply of Ethereum on exchanges and could lead to a price rally (assuming demand stays the same or rises).

Another analyst who recently predicted a bright future for the second-largest cryptocurrency in terms of market capitalization is Wolf. The X user argued that it has been in a bullish mode since the beginning of the year. They forecasted enhanced volatility in the following months and an eventual bull run to as high as $5,000 at the end of Q3 2024.

What are Indicators Signaling?

Important on-chain metrics, such as the Relative Strength Index (RSI) and ETH’s exchange netflow, also hint that the asset’s valuation could take off soon.

The RSI, a technical analysis tool that measures the change and speed of price movements, has not dropped below a ratio of 70 since May 23. Anything above that level signals that ETH is overbought and could be headed for correction. 

For their part, Ethereum exchange inflows have significantly surpassed inflows in the past month (during most days). The shift from centralized entities toward self-custody methods is viewed as bullish since it decreases the immediate selling pressure.

ETH Exchange Netflow
ETH Exchange Netflow, Source: CryptoQuant

 

 

SPECIAL OFFER (Sponsored)
Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive $600 exclusive welcome offer on Binance (full details).

LIMITED OFFER 2024 at BYDFi Exchange: Up to $2,888 welcome reward, use this link to register and open a 100 USDT-M position for free!

Continue Reading

Cryptocurrency

Can This Week’s Economic Data Lift Crypto Markets From Lethargy?

letizo News

Published

on

Crypto markets have remained sideways over the weekend with very little movement for the majors and total capitalization staying around $2.54 trillion where it has been for the past week.

There is a holiday on Wednesday in the US so stock markets will be closed and crypto markets are likely to be muted.

Nevertheless, retail sales data and PMI (purchasing managers index) reports may shed some light on the direction of economic recovery.

Economic Calendar June 17-21

May’s retail sales reports are due on Tuesday, providing information on consumer spending on durable and non-durable goods, which helps gauge the economy’s health, consumer spending habits, and demand-side inflation pressures.

U.S. industrial production reports are also due on May 18, but these have little impact on wider market and trading activity.

June’s S&P Global Manufacturing PMI report is due on Friday. This data captures business conditions in the manufacturing sector, which contributes significantly to total GDP and is considered an important indicator of business conditions and the overall economic climate in the U.S.

Many analysts now believe that the Federal Reserve’s policy outlook is leaning towards a more conservative stance.

Nevertheless, if economic reports in the next couple of months confirm the outlook of disinflation and price pressures returning to normal, the rate-cut expectations may be brought forward.

This would be good for high-risk assets such as altcoins, as more liquidity and lower rates mean easier access to capital for investments.

However, the U.S. central bank is now projecting just one rate cut this year, down from the three that it had forecast in March, so altseason may be a few months away yet.

Crypto Market Impact

It is unlikely that any of this week’s economic reports will impact crypto asset markets, so another week of low volatility is expected.

Bitcoin has fallen once again, trading below $66,000 currently, after spending the weekend stuck at just over that level.

Ethereum reached $3,645 during Asian trading but lost those gains over the past few hours, falling back to under $3,500.

There was more red than green across the altcoins, with larger losses for Shiba Inu (SHIB), Avalanche (AVAX), Uniswap (UNI), and Near Protocol (NEAR).

SPECIAL OFFER (Sponsored)
Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive $600 exclusive welcome offer on Binance (full details).

LIMITED OFFER 2024 at BYDFi Exchange: Up to $2,888 welcome reward, use this link to register and open a 100 USDT-M position for free!

Continue Reading

Cryptocurrency

A New Liquid Restaking Paradigm: Lista DAO (Everything You Need to Know)

letizo News

Published

on

Liquid staking and, by extension – liquid restaking – have been some of the most interesting and fast-growing narratives in the past year.

Lista DAO is introducing an open-source liquidity protocol that’s designed to earn yield on collateralized cryptocurrencies such as BNB, ETH, certain stablecoins, and other assets, while also enabling the borrowing of the protocol’s decentralized stablecoin called lisUSD.

The team also coined the term “destablecoin,” which is used to describe the decentralized nature of lisUSD.

With that in mind, let’s dive deeper into Lista and its intricacies.

lista_dao_cover

What is Lista DAO?

Lista DAO (decentralized autonomous organization) brings forward a liquidity protocol for earning yields on multiple cryptocurrencies, as mentioned above.

It is made of a dual token model, where the two native cryptocurrencies are lisUSD (destablecoin) and LISTA. It also has a set of mechanisms that are engineered to support features such as instant conversions, borrowing, yield farming, asset collateralization, and more.

The team behind Lista consists of experienced smart contract developers, according to the main website, who aim to position lisUSD as one of the most widely-used decentralized stablecoins by leveraging Proof-of-Stake and yield-bearing assets.

About LisUSD, the Destablecoin

Destablecoin is a term used to describe a relatively new asset type in the industry. The “de” prefix stands for “decentralized.”

These destablecoins take advantage of decentralized crypto assets that have been staked through a liquid-staking protocol as collateral and do not aim to achieve absolute stability in terms of price with fiat currencies like the USD.

In that sense, they are not fully volatile but definitely carry more volatility relative to absolute stablecoins.

It’s also true that destablecoins are different than all the different types of stablecoins out there.

  • They are entirely decentralized. lisUSD, for instance, will be using decentralized assets as collateral, unlike DAI, for example, which leverages USDC.
  • Destablecoins also leverage assets staked on liquid-staking platforms.
  • As mentioned above, destablecoins don’t aim to achieve absolute price parity with the USD or other fiat-based currencies.

Lista DAO and its Features

Lista DAO is designed to provide users with the abilities to:

  • Participate in the governance of the protocol through LISTA tokens
  • Claim rewards for borrowing lisUSD in LISTA
  • Farm lisUSD
  • Borrow lisUSD
  • Collateralize BNB

The intent behind the protocol is to deliver a solution for a problem that hs been experienced for a long time by some users – that of overcollateralized stablecoins for users who try to leverage their funds with a collateral dept position (CDP).

Lista uses a combination of features such as the functionality of the MakreDAO model, liquid staking, as well as more liquidity from liquidity providers (LPs) on decentralized exchanges to avoid issues such as frozen funds.

The Tokenomics of Lista DAO

As mentioned above, there’s a dual token model in place where lisUSD is the active destablecoin of the protocol, while the LISTA token is its native cryptocurrency.

The purpose of LISTA is to:

… provide a convenient and secure mode of payment and settlement between participants who interact within the ecosyste on Lista DAO without any intermediaries such as centralized third party entity/institution/credit.

It’s a BEP-20 and ERC-20 compatible token. It shall also be used to promote decentralized governance, where holders can propose and vote on proposals to determine upcoming upgrades, features, and parameters of the protocol.

The total supply will be 1,000,000,000. The token distribution looks like this:

Screenshot 2024-06-17 at 12.50.47
Source: Lista

The tokens will be allocated per the following timetable:

Screenshot 2024-06-17 at 12.51.29
Source: Binance

How to Participate in the Binance Megadrop

Lista will be the second project that Binance is launching through the so-called Binance Megadrop platform.

10% of the LISTA supply will be allocated and reserved for users who participate in the campaign.

The program aims to provide users with very early-stage access to some Web3 projects before they get listed on major exchanges.

In the following, you can find a step-by-step guide on how to participate.

First, you will need a Binance account.

You can register one using this link and also earn a $600 welcome bonus as an exclusive deal for CryptoPotato readers!

Once you have this done, you need to navigate to the Megadrop section and lock your BNB to earn scores. This is also where you can subscribe your BNB and lock it for a certain period of time. This will earn you a score.

The longer the subscription period is, the higher the multiplier will be too.

The next thing that you should do is Web3 quests. You will need the Binance Web3 wallet. You can creat yours from the Binance mobile app. Just navigate to your wallets tab at the bottom and then tap on the Web3 button at the top as shown below:

From here, simply follow the instructions, which will lead you to generating your Web3 wallet. Once you have that ready, navigate back to the Megadrop section and simply hit the start Quest at the bottom and you will have to stake some with Lista.

The total score you receive will always be a combination of your locked BNB score, your quest multiplier, and your Web3 quest bonus. here’s the formula:

Total Score = (Locked BNB Score * Web3 Quest Multiplier) + Web3 Quest Bonus.

If you choose not to do quests and simply stake BNB, you will get a multiplier of 1.

This post has been powered by Lista DAO.

SPECIAL OFFER (Sponsored)
Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive $600 exclusive welcome offer on Binance (full details).

LIMITED OFFER 2024 at BYDFi Exchange: Up to $2,888 welcome reward, use this link to register and open a 100 USDT-M position for free!

Continue Reading

Trending

©2021-2024 Letizo All Rights Reserved