Crypto Games, a Market in the Making of Its Own Fortune

- Advertisement -

[NEWS BLOG]: Crypto Games, a Market in the Making of Its Own Fortune

Since the release of a game called CryptoKitties in November 2017, the concept of nonfungible tokens has been rooted in the minds of developers and crypto investors alike. The year 2019 was groundbreaking, with large, multinational companies beginning to draw attention to the new sector of digital assets and develop their own projects. In 2020, however, new games backed by different technologies are starting to emerge. So, what does 2020 hold for crypto games?

Tokens that cannot be changed

There are a lot of fungible tokens that the crypto community uses every day, like Monero (XMR) and so on. An excellent example of such tokens is the well-known standard, ERC-20, which emerged back in 2015. Their interchangeability is mainly used in cryptocurrencies, but also in initial coin offerings. In addition to fungible currencies, tokens can be used in gaming — for example, to buy equipment or weapons — that is, they can be used for anything that does not require uniqueness and that can be exchanged.

Then comes the need to make tokens unique. Imagine that a gamer has spent 100 hours to get a very rare artifact in a game, but upon receiving the item, realizes there is no way to trade or exchange it. So, the time spent obtaining it is wasted. To prevent this, special tokens have come to the rescue, which turn a valuable weapon in the game into a unique, one-off asset that can be exchanged or sold. Nonfungible tokens, or NFTs, are not interchangeable, as there is only one of each of them in the world. The most popular standard for such tokens is ERC-721.


- Advertisement -

OTHER RELATED NEWS

Facebook Seeks Wallet Engineers As Blockchain Job Openings Top 30

Facebook is looking to hire more than 30 professionals to ramp up its blockchain work, including the Libra cryptocurrency.

The social media giant’s career website now lists 31 job openings requiring some blockchain expertise. Six of them are for Calibra, Facebook’s wallet app for Libra. These are all jobs for data scientists and engineers, who will analyze how users interact with Calibra and other Facebook services.

“The wallet will be the delivery vehicle for many financial services starting with personal payments, but expanding to online and offline commerce and eventually lending and personal financial management,” the job description says.

The blockchain team is - read more.

Bitcoin Falls Through Key Average as Traditional Markets Hit Record Highs

View

  • Strong performances in traditional assets and a lack of new reasons to buy crypto is suppressing BTC’s price.
  • A loss of the 50-day moving average exposes the $8,000 price level.
  • The daily RSI shows that momentum slowing, which could hint at greater selling pressure in the short term.

Bitcoin (BTC) is at risk of another sell-off after its price fell beneath a key moving average on Nov. 15, as a relatively strong performance by traditional assets caught investor attention.

According to Jeff Dorman, CIO at Arca, an investment management firm dealing in digital assets, BTC’s drop in price - read more.

Early Ripple Investor: I “Never Really Saw” the Use Case for XRP as Currency

While XRP is a topic of conversely for many in the space, the asset is undoubtedly a powerhouse in the industry, with the third-largest market capitalization of all cryptocurrencies. XRP also has an active fanbase on social media platforms.

Yet the cryptocurrency, critics suggest, doesn’t have a use case. Former Wall Street trader Tone Vays said in an interview with BlockTV that the “Ripple token itself has absolutely no place,” adding that everything about the altcoin “is bad.”

Kevin Rose, a venture capitalist who led Google Ventures’ 2013 investment in Ripple, recently weighed in on this debate in an interview with TechCrunch, contracting the - read more.

DROPZ
Made for Fun, Easy to use, Easy to Solve!
Catch Every Dropz!
Contact us

[email protected]