Korean Blockchain Experts Suggest Tackling Everyday Challenges with Blockchain Adoption

Axie Infinity Teams Up with CyberKongz in Blockchain Gaming RevivalIn a bid to reinvigorate the world of blockchain gaming, Sky Mavis, the company behind the groundbreaking play-to-earn (P2E) blockchain game Axie Infinity, has announced an exciting partnership with CyberKongz, an Ethereum-based non-fungible token (NFT) collection.Together, they are set to develop a more comprehensive gaming ecosystem for the Ronin blockchain. Sky Mavis originated in Vietnam and came to prominence for developing the first major breakthrough for blockchain gaming within the crypto space. The company’s ties with Vietnam continue although it has since established its headquarters in Singapore.While the announcement, made via a blog post published on Tuesday, has sparked curiosity about a brand-new game on the horizon, specific details remain under wraps. Kathleen Osgood, Sky Mavis’ Head of Business Development, revealed that the upcoming game will be designed to be interoperable, seamlessly integrating with existing Axie Infinity experiences.Photo by Bestami Sarıkaya on UnsplashMoving to the Ronin blockchainBut the partnership goes beyond just creating a new game. It also includes the migration of CyberKongz’s popular Play & Kollect game, which is based on the Polygon blockchain. The move to the Ronin blockchain opens up new opportunities for CyberKongz to expand its user base and tap into Ronin’s thriving gaming community.Axie Infinity first captured the gaming world’s imagination in 2021 when it introduced the “play-to-earn” concept. This groundbreaking model allowed players to earn valuable cryptocurrency tokens while playing the game. It quickly became the leading project by sales volume in the burgeoning NFT space, according to data from CryptoSlam. On the other hand, CyberKongz also made headlines in 2021 when it impressively burned $4 million worth of Ether.However, since the NFT craze of 2021, interest in blockchain gaming has seen a decline, with some crypto-based games, such as Neopets, even transitioning to a non-crypto approach.Play-to-earn deficienciesSky Mavis Co-Founder, Aleksander Larsen, acknowledged earlier this year that the play-to-earn model needed improvement to thrive. He emphasized that games must prioritize fun and feature a robust economic system that enables players to earn rewards. Despite this, Kathleen Osgood remains optimistic that the blockchain gaming space can experience a revival through an experience that truly understands the motivations driving users towards Web3.According to Osgood, many teams in the space have merely attempted to replicate what worked in Web2, which may not be enough to drive explosive growth. Instead, she believes that attracting a massive audience lies in taking an innovative approach to leverage the unique offerings of Web3, appealing to users who are naturally drawn to its decentralized and rewarding nature.Gaming evolutionSky Mavis has started opening up its infrastructure to the Web3 ecosystem through the Ronin blockchain. By doing so, it hopes to create gaming communities that are not only more rewarding but also longer-lasting, fostering an environment of engagement and enthusiasm among players.As blockchain gaming continues to evolve, partnerships like the one between Sky Mavis and CyberKongz signal renewed efforts to iteratively improve on previous blockchain gaming models. With a new game on the horizon and the migration of CyberKongz to the Ronin blockchain, the stage is set for a new era of immersive and rewarding blockchain gaming experiences, building upon past efforts.

Bullish Market Analysis Finding as Asia Doubles Crypto UsersComing off the back of the last bull run, the crypto sector has been challenged with cooling price levels also affected by global macroeconomic headwinds. Despite that, a recent crypto market study by financial news platform Finbold has found encouragement with a significant increase in crypto users, most notably in Asia.Photo by Jéan Béller on Unsplash37% increase in global usersAccording to the market data presented by Finbold on Thursday, the number of global crypto users has reached 417.5 million as of 2023, representing a year-over-year growth of 36.88%. This translates to an increase of 112.5 million users compared to the 2022 count of 305 million.Several factors contribute to the growth in crypto user numbers. The fear of missing out (FOMO) phenomenon plays a significant role, as individuals see market downturns as an opportunity to enter the market and potentially benefit from their investments.Mainstream adoption and awareness of cryptocurrencies have also attracted new users, aided by the accessibility and convenience of crypto platforms and exchanges. Additionally, the acceptance of cryptocurrencies as a form of payment by businesses has further fueled user growth.In emerging markets with unstable economies and limited access to traditional banking services, cryptocurrencies have been embraced as an alternative and inclusive financial solution, driving adoption in those regions.Standout growth in AsiaAsia leads the way with 260 million users as of May 2023, marking an astonishing 100% growth from the previous year’s figure of 130 million. North America follows with 54 million users, witnessing an addition of 3 million compared to the 2022 count of 51 million.When examining crypto ownership in relation to the population of each country, Thailand claims the top spot in 2023 with a share of 9.32%. India comes in second with 7.23%, followed by Brazil at 6.98%. Pakistan ranks fourth with 6.4%, while France rounds out the top five with 5.9%.Observers believe that regional crypto user trends will be influenced by regulations. Asia dominates the market, driven by the increasing adoption of blockchain-based payment solutions in countries like India, China, Singapore, South Korea, and Japan, particularly within the banking, financial services, and insurance sectors.African & European user declineAfrica experienced a decline of 28%, going from 53 million to 38 million users. Similarly, European users dropped from 43 million to 31 million. Notably, Europe has witnessed a drop in usage, coinciding with the enactment of the Markets in Crypto Assets (MiCA) law, which aims to create a legal framework for the crypto asset market.The growth in global user numbers is remarkable, considering the challenging phase the crypto sector has been going through. High-profile incidents, including the FTX crypto exchange collapse and the Terra (LUNA) ecosystem crash, have eroded trust within the sector. Moreover, the crypto market has had to navigate an uncertain regulatory landscape, with jurisdictions like the United States cracking down on the sector.Lawsuits filed by the US Securities and Exchange Commission (SEC) against Ripple, Binance, and Coinbase for alleged securities laws violations are likely to discourage investor involvement. Regions with stricter regulations, such as North America and Europe, are expected to lose crypto business to the Asia-Pacific region.

Singapore's Monetary Authority (MAS) has recently added the non-custodial crypto wallet, imToken, to its Investor Alert List, prompting a response from the Singapore-based company.Photo by Zhu Hongzhi on UnsplashIdentifying unregulated entitiesAccording to the official MAS website, imToken found its place on the alert list on Dec. 5. This regulatory move demonstrates that MAS is monitoring the evolving crypto landscape with a view towards safeguarding investors from potential risks. The list serves as a repository of unregulated entities that might be mistakenly perceived as licensed or regulated by MAS. The regulatory body had also flagged BKEX digital asset exchange in December. BKEX had suspended withdrawals earlier in the year, having gotten caught up in an investigation surrounding money laundering activity on the platform. More recently, the company has ceased operations. Company responseIn response to being added to MAS's alert list, imToken took to the X social media platform (formerly Twitter) to address user concerns on Tuesday. The non-custodial wallet clarified that it had not applied for a financial business license in Singapore, the primary reason for its listing. Notwithstanding that, ImToken reassured its users that their assets remain unaffected due to the platform's decentralized nature. The company outlined that it is actively engaging with MAS to clarify its business model and aims to have imToken removed from the Investor Alert List. This development highlights the ongoing dialogue between crypto platforms and regulatory bodies, emphasizing the need for clear communication and compliance within the evolving crypto regulatory landscape. As MAS continues to take decisive actions, the industry remains under scrutiny, necessitating collaboration between regulators and crypto entities for a well-balanced and secure financial ecosystem. Unintended consequencesMAS has taken a proactive approach to regulation in the crypto space. That has been evidenced in previous actions such as blacklisting Binance in 2021, leading to Binance relocating its operations to Dubai. That blacklisting turned out to provide a classic example of the law of unintended consequences. With Binance having removed itself from the local market following the blacklisting, many Singaporeans chose to use FTX instead. FTX subsequently failed in November 2022, leaving a disproportionate number of Singaporean customers out of pocket. The inclusion of imToken on the alert list is particularly noteworthy amid the growing popularity of non-custodial wallets. Statista data from 2022 indicates that 81 million users have adopted non-custodial wallets, providing them with greater control over private keys and crypto assets. However, this surge in usage has also brought about increased regulatory attention due to associated risks. Founded in 2016, imToken was initially launched in Hangzhou, China, prior to relocating its headquarters to Singapore. At various stages, the firm has been funded by companies such as IDG Capital, Qiming Venture Partners and HashKey. HashKey has also collaborated with the company by extending trading services to imToken wallet users, including direct bank transfers. In 2021 imToken partnered with U.S. blockchain infrastructure provider Infinity Stones in order to enable an in-wallet ETH2.0 staking service.