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Recap – 73% Axie Infinity Livestream Viewers are from the Philippines

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“Play-to-earn” game Axie Infinity held a livestream this week, hosted by Andrew Campbell, the new program lead at Sky Mavis, the game’s development company. The Axie Infinity team answered questions fielded by the community. From server issues to V2, check out the stream below.

This writer live tweeted during the livestream and it’s worth detailing here what are the information shared during the event. But first, let’s check the metrics of the stream as shared by Andrew:

The result solidifies the Philippines as a key market for Axie Infinity. Though it should be noted that the most popular streaming channel in the country is Facebook Live and YouTube.

On Axie Infinity V2

Table of Contents.

Aleksander Larsen, COO of Sky Mavis and Jeff Zirlin, co-founder, shared a new image of Axies with upgraded body shapes:

Days ago, the Axie Infinity community celebrated the birth of Axie no. 1 million, but it was not without controversy because it was created using what some members of the community feels is a violation of the Terms of Service. Jeff said they will look more closely into the situation.

As for staking, Aleksander said it could be by Q3 2021.

On the Server Issues

The game was recently plugged with issues, Andrew asked a question submitted by a community member: “Why don’t you just plug in more servers since you have money?” Aleksander says the game grew from 38k to 200k users in no time. “Our engineers are working overnight to keep the lights running. Things are to get better.” Andrew added the fact that while there are a lot of developers, the talent pool for those who knows blockchain (specifically, solidity) is actually smaller, while Jeff said the server issue is their no. 1 priority right now.

Sky Mavis tweeted the day after the stream:

On Free-to-play

“What to do with useless Axies?” a community member asked. 

“No Axies are useless,” Aleksander immediately answered.

Jeff hinted of “crafting” as a new addition that can be done on the upcoming Land gameplay. “I think it’s going to be a huge catalyst for us,” he said, though he reconfirms that Battle V2 and Land gameplay being “fun” are the first things they would focus on. 

Speaking of V2, the topic “free-to-play” was touched upon. In the next version of Axie Infinity, there will be starter Axies that are “free-to-play,” so new players can start without purchasing Axies. The community therefore asked “Will free-to-play hurt SLP earnings right now?” Here’s Jeff’s response:

“Free-to-play allows you to get immersed and be in love with the Axie universe before you make economic decisions. I think demand for real Axies will increase when more people are in love with Axies.”

Jeff Zirlin, Sky Mavis

Putting Axie to Every Person in the World

The above was Aleksander’s quote. One of Sky Mavis’ goals is to put the game in the App Store and the PlayStore.

Guild and Scholarships

Aleksander said they are working on Guild Features in-game itself. This would mean eventually doing what is being done in scholarships could be done on the game itself. (He did say this is very far from the pipeline.)

Which led Andrew to ask, “What do you personally feel about Axie scholarships?” Jeff talked about early 2020 and the people who first tried it out. “It was when SLP hit 2 cents when people see the scholarship thing as legitimate. It has definitely helped in our growth.”

Aleksander admitted they don’t have any direct say in scholarships, and they don’t endorse them. “But we have common sense things. For example, managers should not abuse their players. If you do, then that’s our concern.” He did say the scholarships are a testament to what’s possible in the metaverse and what you can do inside. He cited Yield Guild Games as one of the largest, if not the biggest one who do scholarships at scale.

On Axie Lore

Jeff talked about ideas re: Axie Lore, Axie Movie, Manga, but ultimately their focus right now is to make Axie as fun as possible. Aleksander said they can think about it next year.

On Multi Accounting

“We will find you.” 

Jeff Zirlin, Sky Mavis

Andrew said as Axie scales, this will be a problem. Aleksander said they are looking into the data to ensure no real people who are not multi-accounting get affected. 

“One human being can only extract so much resources per day. You have to tell your friends to play.”

Aleksander also said players don’t get banned when they are in-game and suddenly maintenance kicked in. 

On Land Gameplay, SDK and API

Jeff said they want to make Land gameplay as fun as possible, such as farming or fighting for resources. “We want to provide utility and fun things to do rather than a blank slate where people will just walk around,” said. 

On SDK, they said they are excited about using Axie assets where people can do an Axie tower defense and other games. 

There’s clamor to make the Axie API more open. “As we move towards a more stable space, we can enable the API a little bit more, a WIP,” Aleksander said Seuchenhun of Axie Zone (also a recent Sky Mavis hire) will own this product.

Pains as Axie Grows

Lately, there were reports of stuck Axies and other bugs. Aleksander said because the game is still in alpha, everything being experienced are the pains of growing. “As we grow more, there might be more bugs.”

At the end of the stream, Aleksander encouraged players to give feedback and constructive criticism, what they can do to improve.

This article is published on BitPinas: Recap – 73% Axie Infinity Livestream Viewers are from the Philippines

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Source: https://bitpinas.com/videos/axie-infinity-livestream-jun-23-2021/

Blockchain

“Bad For Bitcoin”: Congressman Warren Davidson Blasts Last-Minute Crypto Tax Insertion In Infrastructure Bill

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Biden's Tax Plan Could be Bullish for Ethereum but Bearish for Bitcoin

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As the U.S. Senate plans to hold a popular vote on the proposed infrastructure bill under which a last-minute cryptocurrency tax law was introduced, some believe that the whole bill is ill-fitted due to its vagueness and could prove colossal to the industry and by large, the U.S. economy.

Privacy Concerns

The law, which seeks to subject players in the crypto space to the same regulatory rules placed on various securities such as stocks has disgruntled some industry players as well as legislators who feel that its language is detrimental to the crypto industry. In essence, the government aims at individuals and institutions not only reporting on gains and losses but also any activity associated with crypto, such as the sale of mining equipment.

Congressman Warren Davidson who coined the cryptocurrency language in the proposed infrastructure bill as “the big bank protection act” particularly believes that if passed, it could spell adverse problems on a big chunk of crypto-related activities that might not even need to be taxed. 

The congressman who is an ardent supporter of bitcoin speaking to Bitcoin magazine added that he was not a fan of governments spying on virtually all individual activities with one’s money, especially using the 16th amendment.

“The government just seeks to know too much about you. It really is not the government’s business as to whether you got paid or you ended up paying somebody, did you buy or sell something, gain or lose money – this extends that logic way beyond just collecting taxes, it collects all kinds of information.”  

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Sloppy Language

Davidson further criticized the language in the 16th amendment now inserted to serve in taxing crypto-related activities, terming it as sloppy, dangerous, and must have been advanced by people who were ignorant about the cryptocurrency industry or by people intending to only destroy it.

“Either this language was skilfully crafted to completely new crypto in America or it was willfully ignorant, I mean you would have to work hard to be that ignorant about how much collateral damage this kind of sloppy language would cause ” he added.

He called on Bitcoiners to raise their voices to their senators on the colossal harm the proposed bill could cause to them, and for the country as it threatened not only financial stability but also innovation.

Jerry Brito, the executive director of Coincentre had also raised alarm over the proposed infrastructure bill seeing that it has a provision that could be very bad for crypto, forcing non-custodial actors including miners to comply with IRS tax reporting obligations. He echoed Davidson’s concerns over the broadness in wording which potentially covers miners and DEXs. 

He was however relieved at the fact that arguably miners and DEXs did not have “customers” as defined in the tax code. He posited that despite the last-minute addition to a must-pass bill, he and other stakeholders were working around the clock to make sure that the bill was not passed in its current form ahead of Wednesday’s vote.

Portman spokesperson however sought to clarify the language on crypto in the infrastructure bill stating that the language did not redefine digital assets or cryptocurrency as security for tax purposes.

“It simply clarifies that any person or entity acting as a broker by facilitating trades for clients and receiving cash must comply with a standard information reporting obligation.” he said.

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Source: https://zycrypto.com/bad-for-bitcoin-congressman-warren-davidson-blasts-last-minute-crypto-tax-insertion-in-infrastructure-bill/

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Blockchain

Ethereum: Are you wrong to expect ‘changes’ from London

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Ethereum is days away from one of the most important system upgrades since its inception. The London hard fork, the implementation of EIP-1559, is expected to completely change the monetary and economic model of Ether and its network.

These changes are expected to take place after the commencement of the hard fork on 4 August. However, there have been other changes too, each of which has transpired over time for the altcoin.

The issue of transaction fees

One of the most discussed changes expected out of EIP-1559 is that ETH’s transaction fees will become relatively stable. Any entity wanting to conduct a transaction on the Ethereum network is required to pay a “gas fee.” The same is to be paid in Ether, to miners, to process these transactions. During the 2020-2021 bull run, these fees skyrocketed.

Source: Ycharts

In fact, according to the attached chart, the transaction fee was as high as $71 at one point. However, that aspect might end up being tackled before the hard fork itself.

Over the past few weeks, the gas fees for ETH transactions have drastically dropped on the charts. Now, many have suggested that this was due to the bearish market.

Source: Spencer Noon

However, a contradictory argument is that DeFi applications are still rampant. UNI and AAVE registered strong on-chain performances over the past few weeks, and major functionality within these assets rely on the utility of Ether. For both June and July, the Ethereum network’s fees were already under the yearly average. Such a healthy fee market allows for a stronger security budget for Ethereum.

Investment and trading are not the only ways to profit from Ethereum anymore

ETH held on Exchanges

Source: Glassnode

A common bullish argument for Ethereum in 2020-2021 was the fact that it registered massive exchange outflows. Here, the inference was that hodlers were taking the asset out of centralized platforms and simply holding their allocation. It might have been true in late 2019 and early 2020, but right now, the playing field has evolved.

According to data, exchange outflows have definitely increased but the key point remains that more and more Ethereum is flowing into smart contracts. Further, ETH users are pursuing other opportunities to earn interest and yields.

The rise of yield farming and interest lending platforms has opened new avenues for ETH users. The reason being that they are able to earn capital without depending too much on a bullish or bearish cycle.

Changes are coming but, “change” is already here

The industry is evolving at a break-neck speed and Ethereum is gunning towards its massive upgrade. And yet, users should not be expecting ground-breaking changes. In fact, those who are might as well be ‘wrong’ to some extent.

Over the past few weeks, Ethereum has already been incorporating changes that may define its functionality and usage going forward.

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Source: https://ambcrypto.com/ethereum-are-you-wrong-to-expect-changes-from-london

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Blockchain

Bitcoin Cash, Cosmos, VeChain Price Analysis: 01 August

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With Bitcoin soaring up to $42,000 today, other altcoins pumped too. BCH was preparing to test its immediate resistance, ATOM hiked by 8% overnight, and VET flashed signs of an uptrend. 

Bitcoin Cash

Bitcoin Cash, Cosmos and VeChain Price Analysis: August 1

BCH/USD, TradingView

Bitcoin Cash was trading at $554 on the back of a 2.1% gain over the last 24 hours. From the 4-hour chart, BCH depicted an upward movement towards its immediate resistance of $566. On failing to test the same, the prices could land near the $544 mark and then subsequently rest on $528. 

The Relative Strength Index despite noting a slight fall in buying pressure stayed well within the bullish territory. The green signal bars on the Awesome Oscillator depicted the presence of the bulls in the market.

Conversely, however, the MACD flashed red bars on the histogram at press time after a bearish crossover yesterday, although it was declining in size marking a reversal of the bearish sentiment on the indicator. 

Cosmos (ATOM)

Bitcoin Cash, Cosmos and VeChain Price Analysis: August 1

ATOM/USD, TradingView

ATOM displayed a considerable hike of almost 8% within a day. It alt was priced at $12.88 at press time. If it continued moving on the upside, the token might cross the immediate price ceiling of $12.96. 

If ATOM reaches the $12.96 mark over the upcoming trading sessions, it could expect strong resistance at $13.60. If the coin dips below its current price level, the support region lies at $12.00 and then eventually at $11.53. 

Overall technical outlook of ATOM remained quite bullish with the Relative Strength Index spotted above 60 despite a minor fall. Awesome Oscillator showed amplified green signals bars validating the same. 

Bollinger Bands widened suggesting chances of market volatility as prices kept touching the upper band. 

VeChain (VET)

Bitcoin Cash, Cosmos and VeChain Price Analysis: August 1

VET/USD, TradingView

VET had seen a period of consolidation a few days back, however, it rebounded from that and registered steady gains over the last few days. VET’s price at press time stood at $0.0913 as it recorded a 5.2% gain overnight. 

The technical analysis chart showed that VET witnessed a bullish trade, with the Relative Strength Index touching the overbought zone just 24 hours ago. At press time, however, the indicator fell below the overbought territory.

Chaikin Money Flow, over the last few days, registered increased capital inflows and was pictured in the bullish zone despite the minor fall in capital inflows at press time. 

Bollinger Bands opened up in anticipation of increased market volatility. With prices touching the upper band, the bulls might push the prices higher. The immediate resistance for VET lay at $0.93, failing to test that, the support region awaited at $0.0870 and then at $0.801.

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Source: https://ambcrypto.com/bitcoin-cash-cosmos-vechain-price-analysis-1-august

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