The second edition of NFT Awards is now here. Digital Entertainment Asset Pte Ltd (DEA), a Singapore based new-age digital entertainment major has announced the NFT Awards 2021 – an exercise that enables the crypto industry to recognize some of the best NFT creators and reward them for their contributions to the space.
The entire process of listing, evaluating, and selecting NFT Awards winners is a community exercise involving both industry participants and cryptocurrency users. The awards will be given to deserving crafters, artists and architects of the tokenized economies across multiple categories. To make NFT Awards 2021 a grand success, DEA has joined Blockchain Game Alliance – an organization committed to promoting blockchain within the gaming industry by fostering collaboration between individuals and companies to develop games and build communities around them.
Why is there a need for NFT Awards?
The recent success of decentralized finance as an application of blockchain technology is followed by another trend – Non-Fungible Tokens (NFTs). An entirely new breed of digital assets, NFTs shares almost all but one important trait with conventional cryptocurrencies which is the uniqueness of each token which makes it an ideal representation of ownership of virtual and real-world assets.
The most popular use of NFTs remains in the collectible and digital gaming space, popularized by CryptoKitties. Its growing popularity has flooded the market with a variety of NFTs floated by numerous creators, each claiming to be more valuable than others. But in reality, many of them turn out to be fraudulent operators looking for a quick buck at the expense of unsuspecting users. Programs like NFT Awards act as gatekeepers to the ecosystem by educating the community about NFTs so that they can recognize the assets for what they are worth.
Like Oscars and Emmys for Film and Television, the NFT Awards for blockchain sector will encourage creators to create quality assets, leading to the industry’s sustainable and healthy growth.
Understanding DEA and its Involvement in the NFT Space with PlayMining
Founded by Naohito Yoshida, DEA is a full-fledged digital entertainment ecosystem that leverages the power of blockchain technology to create a data-driven economy. The DEA ecosystem makes extensive use of NFTs to monetize digital entertainment so that both creators and consumers are compensated for their efforts.
Using the native DEAPcoin (DEP) token, DEA has created a revolutionary “Play and Earn” model supported by services like PlayMining and NFT Marketplace by DEP. Introduced last year, PlayMining is a digital content platform that allows users to earn DEP and acquire NFTs by playing games or reading Manga. Meanwhile, the NFT Marketplace by DEP allows game developers, NFT creators and NFT holders to list their digital assets for sale or auction.
PlayMiners, as the players on the PlayMining platform are known, can use the DEP mined by reading Manga or playing games to purchase NFTs that give them boost or special powers within their game of choice. Alternatively, they can purchase DEP from any of the supported exchanges like Bittrex, Bithumb Global, OKEx, Digifinex, etc., to buy game assets or NFTs directly from the platform. In less than a year, DEA has acquired over 750,00 users and is expected to hit the 1 million mark in the coming months.
DEA believes that the next stage of growth in the digital entertainment industry can be achieved only by changing the existing rules. Using blockchain technology makes digital content universally accessible while encouraging participation by compensating users with digital assets that can be used in the ecosystem and the real world. NFTs are the crucial elements that make it possible. By recognizing the true value of NFTs and their role, NFT Awards will help DEA extend its vision beyond its ecosystem to include the entire industry segment.
What to Expect from the NFT Awards 2021?
The previous edition of the NFT Awards was received with great enthusiasm attracting hundreds of nominations from the community. The entries were voted upon by the public and judged by who is who from the entertainment industry including the likes of Nicolas Pouard of Ubisoft Blockchain Initiative, Nobuyuki Idei – former CEO and Chairman of Sony Corporation, Shigeki Morimoto – the game designer behind Pokémon Series and more.
In the end, deserving entries received awards under 10 different categories
- NFT of the Year
- Best Utility NFT
- Best Art NFT
- Best Gaming NFT
- Best Charity NFT
- Most Valuable NFT
- Most Traded NFT
- Most Innovative NFT
- People’s Choice Award
- Adoption Potential Award
This year, DEA expects participation to increase many folds as the NFT market continues to expand rapidly. Many digital assets have grabbed the headlines in the past few months, with celebrities and tech moguls joining the game. If the recent auction of Jack Dorsey’s first tweet for $2.9 million or the NFT version of digital artist Beeple’s artwork selling for $69 million on Christie’s is any indication, then NFT Awards 2021 is going to be an intense, close competition.
DEA will soon announce the important dates for NFT Awards 2021.
Iran’s Energy Ministry warns of heavy fines for crypto miners using household energy.
Crypto miners using household electricity in Iran will face a “heavy fine,” according to Mostafa Rajabi, a spokesperson for Iran’s Energy Ministry, as reported by the Tehran Times. The spokesperson also added that cryptocurrency mining is one of the two biggest threats to Iran’s electricity supply this year—alongside a reduction in power coming from hydropower plants due to a lack of rain.
Iranian government is cracking down on unauthorized mining.
As per local reports, the Iranian government is cracking down on unauthorized mining using household electricity. The crypto mining industry is heavily reliant on Iran’s power grid, and thus it places heavy demands on the national power supply. Rajabi also added the practice might even cause blackouts across the country. In addition to the “heavy fine” facing miners using household electricity, those caught by the government will also be made to compensate for the damages they cause to the country’s electricity supply. The move is the latest in a long line of steps taken by the government to control the cryptocurrency mining industry in Iran.
Iran struggles to provide energy to crypto miners.
Iran legalized industrial cryptocurrency mining two years ago in 2019. At that time, Irani ministers said the industry could pull in over $8.5 billion a year. The move was considered by many to boost state income amidst tough economic sanctions applied as part of former President Trump’s “maximum pressure” Iran doctrine. However, by October of last year, the crypto mining industry had boomed to such a height that even the Central Bank of Iran put forward new regulations that directed the proceeds of Iranian-mined Bitcoin into government funds so Iran would be able to finance imports. But despite the country’s embrace of crypto mining, the country has consistently struggled with balancing the industry’s needs with the country’s wider electricity demands.
Bitcoin Exchange Inflow Continues to Surge, Will BTC see a Further Downside?
Bitcoin price fell to a 3-month low earlier today retracing to $42,000 level which many believe was caused by Elon Musk’s recent Twitter meltdown, however, the price soon bounced off to rise above $45,000 as the total correction since last month high reached over 30%, the biggest correction this bull season. While many Bitcoin proponents believe the recent market shakeup is not out of the ordinary, the unusual exchange inflow continues to rise which might indicate another bearish downtrend in the short term.
Ki-Young Ju, founder of crypto analytical firm crypto quant and a popular crypto analyst has pointed towards the growing exchange inflow and warned traders to keep their leverage small and to avoid longing Bitcoin in the coming few days.
A similar unusual exchange inflow was registered on Bitfinex just hours before Elon Musk announced Tesla would no longer accept Bitcoin payments owing to the environmental concern following which the price of the top cryptocurrency recorded a 10% correction. While many blame Musk for the recent sell-off and corrections, Bitcoin proponents claim an upward 200% surge since the start of the year does come at a cost of certain corrections ranging between 10%-40%.
Bitcoin Whales Behind the Recent Sell-Off?
Bitcoin this bull season has developed a unique price pattern where it has risen to a new ATH every month followed by an immediate crash ranging between 10%-30% and an elongated consolidation phase before moving to the next ATH. With each new ATH, the consolidation phase has gotten longer since fore the first two months BTC recorded a new ATH in the first week itself, then as the consolidation phase got longer the new ATHs started to come in the second week.
The recent sell-off for sure has created a panic in the market given Musk single-handily gave fuel to multiple debunked FUDs all at once which has created a panic among new investors and whales seem to be making the most of it. Until May, even during the dips exceeding 20%, the exchanges continue to register massive outflows
Unlike Dogecoin, Catecoin Gives a New Meaning to Meme Coins with Real Use case
In the present-day connected world, memes have become an integral part of our pop culture. While one can’t put a monetary value on the entertainment they provide, its creators can definitely be encouraged and rewarded for their contribution towards a lively internet.
Catecoin, the first decentralized meme-based token is trying to do just by incentivizing content creators as well as consumers. The project is the first of its kind to implement DeFi features in the content space. Fueled by the CATE token, the project offers a platform for user-generated content, quite similar to 9GAG but on a blockchain, along with content farming and staking features.
How does it work?
Using the Catecoin ecosystem is as simple as using any social network platform. Content creators can submit their creations to the Catecoin Meme Platform and once published they will start earning CATE rewards as the community likes or comments on that content. Even platform users who interact with the posts will receive rewards for their comments and likes.
Meanwhile, the posts are evaluated based on the received reactions. Any post with 500 or more likes from the community will become eligible for a transformation into an NFT and get listed on the NFT market. Catecoin refers to this entire process as Content Farming and has set aside 35% of CATE supply for this alone.
CATE is the utility token of the Binance Smart Chain-based Catecoin project. Apart from value exchange, these tokens also control the accessibility of the platform. Users should hold a minimum of 10,000 CATE to interact with any posts on the platform. Similarly, content creators will have to maintain a balance of 100,000 CATE to be able to submit their works to the platform.
While each like or comment will result in both content creators and consumers receiving 0.1 CATE each, the community can also earn additional returns by just holding the tokens. The platform shares one percent of each transaction made on the network with CATE holders, and at the same time burns the same amount to regulate supply.
Once a meme gets converted to NFT and lists on the NFT market, anyone can purchase it and start receiving any rewards the asset may generate in the future.
Get some CATE, it is simple
In just a few simple steps, one can become part of the Catecoin community early on. CATE is listed on PancakeSwap and users can acquire the tokens against BNB payment. Buying CATE will require users to download and set up Trust Wallet and MetaMask accounts and hold some BNB in their wallets. They can then visit PancakeSwap, make payment in BNB to the Catecoin token 0x118f073796821da3e9901061b05c0b36377b877e and receive the tokens in their connected wallet.
— CateCoin (@cateclub) May 13, 2021
What Makes CATE Different?
The flood of meme coins into the crypto market started long ago, and Dogecoin is the prime example. Many of these coins have a virtually unlimited supply and no real use cases. On the other hand, CATE has a definite supply of 100 trillion and a deflationary mechanism that reduces the supply by 0.5%-1% per transaction while providing a real-world use case – encouraging meme creators to monetize their content. The model adopted by Catecoin makes it the most sustainable meme project out there.
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