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New Binance LAND Buyup: Blockchain Gaming Hits Cryptoeconomy Primetime

Sandbox

This week, crypto exchange giant Binance announced it was buying 4,012 parcels of LAND, non-fungible tokens (NFTs) that represent digital real estate in The Sandbox, a virtual world and decentralized gaming project built on Ethereum. The move, which has no precedent in the cryptoeconomy, comes on the heels of Binance Launchpad facilitating a $3 million […]

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This week, crypto exchange giant Binance announced it was buying 4,012 parcels of LAND, non-fungible tokens (NFTs) that represent digital real estate in The Sandbox, a virtual world and decentralized gaming project built on Ethereum.

The move, which has no precedent in the cryptoeconomy, comes on the heels of Binance Launchpad facilitating a $3 million token raise for The Sandbox’s SAND utility token last month.

The LAND buyup is a big validating splash both for the rising NFT economy, which, like DeFi, has trended toward red-hot status this year, and for The Sandbox, which is one of the brightest upstarts in the NFT market’s promising blockchain gaming sector.

New Kinds of Experiences for Binance Users

Binance is planning to use it’s new LAND holdings to build “social gaming experiences” throughout The Sandbox and to reward some of its LAND to creators who create great games for contests around The Sandbox Game Maker.

The blossoming partnership between Binance and The Sandbox indicates that NFTs and blockchain gaming are serious and growing areas of interest for the powerhouse crypto exchange, a reality also reflected in growing public comments on these topics by Binance CEO Changpeng Zhao.

On the news of the mass LAND acquisition, Zhao said:

“It is clear that blockchain technology has great potential in the gaming industry. It provides significant improvements for gamers and developers, especially in regard to decentralization, transparency, and interoperability. Binance is taking a step further to demonstrate that blockchain technology can bring mainstream adoption into gaming through our collaboration with The Sandbox. Together we work on a brand-new field of entertainment that brings more freedom to players.”

A Mainstream Tipping Point?

NFT-based gaming projects like The Sandbox have enjoyed considerable interest and growth this year. Yet having such a massive crypto brand like Binance on board offers a great opportunity to achieve much wider adoption, said The Sandbox co-founder and COO Sebastian Borget:

“Welcoming Binance into our metaverse is a significant step toward broader adoption of NFTs in the decentralized economy by the community of Binance users. One of the greatest strengths of The Sandbox virtual world is the fact that creators can build, own and monetize games alongside gaming giants such as Atari, Square Enix, and now Binance as well!”

Let the Games Begin

DeFi may have dominated cryptoeconomy headlines so far this year, but the NFT sector has also been one of the ecosystem’s brighter spots in recent months. Notably, blockchain gaming projects have driven a considerable portion of the fresh growth in and around the NFT space.

For example, a few weeks ago the NFT market’s total sales crossed the $100 million USD milestone for the first time ever. That’s still small relatively speaking, but many of these sales have come from rising gaming projects like The Sandbox, Axie Infinity, Sorare, and beyond that open up possibilities for new kinds of virtual economies and communities.

However, it’s not only cryptonative upstarts that are breaking ground and exploring the possibilities of blockchain-powered gaming.

On September 8th, news broke that mainstream gaming titan Activision was awarded a patent for a blockchain-based game data management system, which could be used for:

“[…] aggregating user results, rankings and statistical data associated with playing video games across two or more games, normalizing the aggregated data to unified values and presenting the aggregated and unified data via an interface, such that data from one game may be fairly combined and/or compared to data from another game.”

Notably, Activision’s patent envisions this system paving the way for virtual assets to be scored and traded fairly across games and platforms. And if Activision is thinking of such a system, you can bet other gaming giants are going to follow through in exploring the unique innovations that blockchain tech have to offer.

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Source: https://blockonomi.com/binance-land-buyup/

Blockchain

CoinShares Launches a $75 Million Physically-Backed Ethereum (ETH) ETP

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A month after launching a Bitcoin ETP on Switzerland’s SIX Exchange, CoinShares has released a physically-backed exchange-traded product following the performance of the second-largest cryptocurrency – Ethereum. 

  • Describing itself as “Europe’s largest digital asset investment house,” CoinShares is a cryptocurrency-oriented manager with over $4 billion in AUM. The company, headquartered in London, announced the launch of its latest crypto product – a new physically-backed ETP tracking the performance of Ethereum. 
  • Called CoinShares Physical Ethereum, the product is already listed on the regulated SIX Swiss Exchange under the ticker ETHE and has a base fee of 1.25%. According to the company, the cost is “lower than the industry standard” of 2%. 
  • The statement explained that each unit of ETHE is backed with 0.03 Ether tokens at launch. Thus, it provides investors with “passive exposure to Ethereum’s native asset with the convenience of an ETP.” 
  • “In the early days of 2021, we have seen a continuation of last year’s demand in digital assets from institutions. We have also seen an increase in investor interest in Ethereum. We are encouraged by our client’s trust in our team to guide them in their journey through the digital asset ecosystem, and for many, Ethereum is an important part of that journey.” – commented Chief Revenue Officer Frank Spiteri. 

  • It’s worth noting that this is the company’s second similar product tracking the performance of a crypto asset launched this year. Somewhat expectedly, the first one, released in mid-January, follows the largest digital asset by market cap – Bitcoin. 
  • CryptoPotato reported upon its launch that it started with AUM of $200 million, and each unit is backed by 0.001 BTC. 
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Source: https://cryptopotato.com/coinshares-launches-a-75-million-physically-backed-ethereum-etp/

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Blockchain

Chainlink Price Analysis: 27 February

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Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be taken as investment advice

Bearish sentiment has been the norm over the past few days, with the same being the case at press time for altcoins such as Chainlink. LINK has seen its price hike by around 164 percent since the start of the year. Over the last 7 days, however, with sellers dominating the market, LINK lost close to 28 percent of its value. While there have been some signs of recovery on the price charts, traders cannot discount the possibility of a further dip soon.

At the time of writing, LINK was trading at $25.5 with a market cap of close to $10.5 billion, making it the ninth-largest cryptocurrency according to CoinMarketCap’s list.

Chainlink 1-day Chart

Source: LINK/USD, TradingView

Chainlink’s price surged within an ascending channel formation over the last two months and as expected, the breakout was bearish for the coin. Additionally, Bitcoin also fell over the past week, adding to LINK’s price woes.

At press time, while LINK had strong resistance around the $35.1-price range, it was testing the support at $23.9, just like it has over the past few days. If this support level fails, it is quite likely that LINK will head towards the next support at $19, creating an opportunity for traders to open short positions.

Rationale

The technical indicators for LINK were quite bearish at press time and one can expect a further price drop for the coin in the coming days. At the time, the RSI indicator was quite far away from the overbought zone and was close to the oversold zone, indicating the absence of a buyer-dominated market.

If the RSI drops even further, LINK’s downtrend will continue. The MACD indicator also painted a similar picture after having seen the Signal line go past the MACD line, resulting in a bearish crossover.

Important levels to watch out for 

Resistance: $35.1

Support: $23.9, $19

Entry: $24.7

Take Profit: $19.4

Stop Loss: $34.4

Risk/Reward: 0.56

Conclusion

Chainlink saw its price surge on the charts over the past two months. However, the sentiment has since changed quite significantly and the coin seemed to be firmly in the grip of the bears. The altcoin may see a further price drop in the coming week if the press time support level fails. Such a scenario will result in LINK’s price going below the $20-mark, presenting an opportunity for short positions in the market.


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Source: https://ambcrypto.com/chainlink-price-analysis-27-february

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Blockchain

Bitcoin Cash, Huobi Token, Zcash Price Analysis: 27 February

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Bitcoin Cash retained the 10th spot on the crypto-rankings, despite being severely impacted by the recent correction in the broader market. Huobi Token flashed bullish signals, but a break above its press time resistance was unlikely. Finally, Zcash was projected to trade within a fixed channel since volatility was low in the market.

Bitcoin Cash [BCH]

Source: BCH/USD, TradingView

Weekly losses on Bitcoin Cash‘s charts amounted to 34% as a correction in the broader market had a negative effect on the crypto-asset. This period also saw $3 billion erode from BCH’s total value as it held on to the number 10th spot in the crypto-rankings by a bare margin, with a market cap of $9.18 billion. At the time of writing, BCH’s price was floating just above its $464-support, while the indicators gave mixed signals on BCH’s future trajectory.

The RSI pointed lower from under the 40-mark and reflected the weakness in price. On the other hand, the MACD moved above the Signal line while the histogram registered rising bullish momentum. With the crypto-market awaiting strong cues, we can expect BCH to remain above its press time support level. If the aforementioned level fails, the next line of defense would be at $421.5.

Huobi Token [HT]

Source: HT/USD, TradingView

The ADX indicator showed that Huobi Token’s uptrend was weakening after the price snapped an all-time high exactly a week ago. In fact, the losses amounted to over 30% following the broader sell-off in the crypto-market. At the time of writing, the altcoin’s price had bounced back from the $15.4-support after the bulls stepped in.

The MACD closed in on a bullish crossover, while the red bars on the histogram moved towards the half-line on the histogram. Either way, its gains would be capped at the immediate resistance and a hike to record levels seemed unlikely over the coming trading sessions.

Zcash [ZEC]

Source: ZEC/USD, TradingView

The Bollinger Bands on Zcash’s hourly charts were compressed as volatility remained low after the price bounced back from its $114.7-support. Weak trading volumes and buying pressure worked against a bullish outcome even though the price looked to breach the $124.75-resistance.

The Awesome Oscillator switched to red from green as momentum moved back and forth over the last few sessions. Moving forward, expect Zcash to remain within its current channel as it awaits stronger signals from the broader market for a definitive move on the charts.


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Source: https://ambcrypto.com/bitcoin-cash-huobi-token-zcash-price-analysis-27-february

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