- Snapshot Web3
- Posts
- The global metaverse gaming market set to surge 1100% by 2030 🎮🚀
The global metaverse gaming market set to surge 1100% by 2030 🎮🚀
PLUS: Google Cloud to Run Validator on Crypto Gaming Network XPLA. Google Will Update Its Crypto Ads Policy From January 2024.
Manan Vora
December 12, 2023
Snapshot Web3
December 12, 2023
|
Subscribe to the Skool Projekt, absolutely free of cost, for the most relevant, accurate and timely news and information from around the world that truly matters! Accurately curated and analyzed in-depth.
👨⚖️
Regulatory and Legal News
Senator Elizabeth Warren has announced that five more senators have joined as cosponsors for her Digital Asset Anti-Money Laundering Act, which aims to address illicit uses of cryptocurrencies for money laundering and financing terrorism. The bill, reintroduced in July, already had bipartisan support from several senators and organizations. Warren claims that roughly half of North Korea's missile program was funded by digital assets. However, critics argue that the focus should be on bad actors using the technology rather than digital assets and their underlying infrastructure.
On December 11, the Korean Financial Services Commission (FSC) unveiled new regulations under the Act on the Protection of Virtual Asset Users, effective from July 19, 2024. Aimed at protecting virtual asset investors and enhancing oversight of the local crypto industry, the rules involve statutory sanctions against unfair trading practices, increased security measures for Virtual Asset Service Providers (VASPs), and exclusions for certain digital tokens like non-fungible tokens (NFTs). The FSC raised the requirement for VASPs to store a minimum of 80% of customer assets in cold wallets for enhanced security. The proposal is open for public consultation until January 22, 2024.
🚀
Innovation and Launches
Google Cloud has become the first "volunteer validator" on the XPLA gaming chain, a blockchain network founded by major South Korean game publisher Com2uS. In this role, Google Cloud will verify and confirm transactions on the XPLA network, with the tokens distributed to a community pool instead of being rewarded to the volunteer validator. The XPLA network, built on Tendermint and compatible with the Ethereum Virtual Machine, is currently voting on the proposal to introduce the volunteer validator feature. XPLA games include The Walking Dead: All-Stars, Summoner’s War: Chronicles, and Ace Fishing: Crew. Google Cloud has previously run validators on other blockchain networks, including Solana, Tezos, Aptos, Polygon, and Celo.
♾️
NFT, Gaming and Metaverse
The global metaverse gaming market is expected to witness significant growth, soaring from $14.2 billion in 2023 to an estimated $168.4 billion by 2030, representing a remarkable surge of 1085.92%. Fueled by technological advancements such as augmented reality (AR), virtual reality (VR), and blockchain, the metaverse in gaming is reshaping interactive digital experiences. The growth is attributed to the rapid advancement of AR and VR technologies, offering immersive gaming experiences. Changing consumer behavior, with gamers seeking interconnected universes for socialization and exploration, is also a driving factor. Additionally, the metaverse presents economic opportunities through virtual assets, currencies, and services with real-world value. The evolving metaverse is transforming the gaming industry, providing new revenue streams and redefining interactive entertainment.
FIFA, the international soccer governing body, is set to launch its own non-fungible token (NFT) collection in collaboration with blockchain firm Modex ahead of the 2023 Club World Cup in Saudi Arabia. The inaugural collection will feature 100 NFTs premiering on December 15, offering the chance to secure tickets to the FIFA World Cup 2026 final. An additional 900 digital collectibles will be issued on the Polygon network and OpenSea, including memorable moments from the tournament and digital versions of memorabilia. The NFTs will be available on FIFA's platform, FIFA+ Collect, powered by Algorand.
💰
Funding and Acquisitions
Nigerian Web3 startup Wicrypt has secured a $150,000 grant from Microsoft to enhance its work on developing a decentralized physical infrastructure network, known as Depin. This follows a $200,000 grant Wicrypt received from Google Cloud in late November. Depin is designed as a decentralized way of building and maintaining physical-world infrastructure, allowing individuals and companies globally to contribute. The grant from Microsoft will support Wicrypt in expanding collaboration and improving productivity in its Depin development chain. Wicrypt also recently announced its expansion to the Arbitrum blockchain, describing it as a "strategic move" to leverage the chain's user base.
👨🎓
Resource of the Day
In navigating a crypto bull market, it is crucial to understand market cycles, encompassing phases like accumulation, markup, distribution, and markdown. Conducting independent research is vital amidst market hype, emphasizing solid fundamentals and real-world use cases. Diversification across projects within a familiar sector and crafting a personalized strategy based on risk tolerance contribute to a robust portfolio. Knowing one's risk appetite, learning technical analysis, and staying informed about market events through regular updates enable wise decision-making in the dynamic bull market landscape.
🌐
Miscellaneous
Google has announced an update to its Cryptocurrencies and related products policy, effective January 29, 2024, aiming to ensure a safer advertising environment in response to the evolving crypto market. Advertisers showcasing Cryptocurrency Coin Trusts must meet specific criteria for legitimacy and reliability, with Google certification becoming a key requirement. The policy emphasizes compliance with local regulations in targeted regions and will have a global impact on all accounts advertising cryptocurrency-related products, standardizing the approach to crypto advertising on Google's platform. This move aligns with Google's commitment to responsible cryptocurrency market growth and user safety.
Binance, the world's largest cryptocurrency exchange by market volume, has experienced a decline in its spot market share, dropping from 55% at the beginning of the year to 30.1% in December, according to data from CCData. The monthly spot volumes on Binance also decreased by over 70% from $474 billion in January to $114 billion in September. Despite this decline, Binance remains the largest cryptocurrency exchange, with Seychelles-based OKX in second place with a 8% market share in December. The drop in market share follows regulatory challenges, including a $3 billion settlement with the U.S. Commodity Futures Trading Commission.
Liked the newsletter? Share it with your network.
The information provided in this newsletter is for informational purposes only and should not be interpreted as investment advice, endorsement, or recommendation. Cryptocurrency investments carry significant risk due to their volatility. You should consider your financial situation, investment goals, and risk tolerance before making any investments. We strongly recommend consulting a qualified financial advisor before making any investment decisions. Past performance is not indicative of future results.
Reply