RBI Governor: No place for ‘crypto mania’ in India despite U.S. ETF approval

MARBLEX Announces Game Tokenomics Revamp and New Game TitleMARBLEX, the blockchain subsidiary of South Korean game developer Netmarble, said Thursday that it will revamp its game tokenomics strategy, which will debut in Ring Games’ Stella Fantasy game.Photo by Mateo on UnsplashRevolutionizing in-game currencyAs part of the game tokenomics overhaul, MARBLEX plans to incorporate the use of its native token, MARBLEX (MBX), directly into its upcoming game title. In particular, the new gMBXL token, which is directly linked to the existing MBXL bridge token at a 1:1 ratio, will be issued on the game chain instead of each game having its own base in-game currency. gMBXL offers key advantages such as high-speed transactions and enhanced utility, thus guaranteeing more efficient game-specific tokenomics and an improved gaming experience.Paving the way to a new tokenomics eraThe first game to feature this new tokenomics framework will be Stella Fantasy — an online character collectible action role-playing game (RPG) developed by Ring Games where players can embark on adventures in the fantasy-inspired world Reterra. Since the launch of its PC version in April, the game has garnered praise from gamers around the world for its high-quality anime-style graphics and immersive gameplay. The mobile version was released at the end of last month.“We have initiated collaboration with external game studios, starting with Stella Fantasy as our first title,” MARBLEX said in a statement. “With a well-established ecosystem, we are committed to continuously securing AAA games.”MARBLEX also recently updated its multichain service Warp, allowing BNB Chain users to access services within the MBX ecosystem.

Yuan Surpasses Dollar in China Cross-Border TradeThere has been a lot of talk in recent weeks and months about the continued use of the US dollar as the global reserve currency and newly published data from Beijing now demonstrates that the Chinese yuan became the most widely used cross-border currency in China for the first time in March.©Pexels/VOLKAN SORKUNErosion of dollar dominanceOver the course of the month of March, the US dollar was used in 46.7% of cross border transactions. That’s down 1.1% on the preceding month. Meanwhile, the yuan was the currency of choice in cross border Chinese trade last month, used in 48.4% of all cross border transactions.While this may seem impressive and it is encouraging for the Chinese authorities, it is still just a drop in the ocean when compared with the overall global cross border transaction statistics. Data produced by international financial messaging service, SWIFT, demonstrates that while the yuan’s share of global currency transactions relative to trade finance increased to 4.5%, that’s just a drop in the ocean. The same data set reveals that the US dollar accounted for around 84% of global cross border transactions in March.While it’s unlikely that the US dollar will be usurped in its global reserve currency role over the short to medium term, certain cracks are beginning to emerge that serve to weaken the leading fiat currency. According to a recent report by emerging market focused management firm Eurizon SLJ Capital, the dollar demonstrated a decline in reserve currency use of 8% in 2022. Since 2016, the leading international currency has declined in use on an adjusted basis by 11%. It also emerged this week that Argentina will begin to pay China in yuan for imports. The move comes at a time when the South American country is experiencing an acute shortfall in its dollar reserves following a drought-induced decrease in agricultural exports which would have ordinarily brought more dollars into the country’s coffers.SanctionsIn the case of Russia, China’s yuan replaced the US dollar in monthly trading volume in February for the first time, according to data compiled by Bloomberg. The emergence of the Russia Ukraine conflict in 2022, and more specifically the United States’ response to Russia as a consequence of the conflict, appears to have led to major change in terms of dollar use. Prior to the invasion, the trading volume of the Chinese yuan in Russia was negligible.The United States introduced a raft of sanctions that made it difficult for Russian banks and Russian corporations to trade internationally. It also confiscated sovereign funds held in US dollars belonging to Russia.It’s thought that this move has had wider repercussions as other nations have started to feel increasingly insecure in holding US dollars against that background. The logic is that any potential conflict between a nation and the United States could lead to a similar outcome. The US may have crossed a line that destroys confidence in other countries’ use of the US dollar.Implications for cryptocurrencyWhile these weaknesses in the global reserve status of the US dollar are unlikely to lead to its demise in that role any time soon, they may well be a bellwether of what plays out over the longer term. US dollar weakness is one aspect. Set against that, it’s hard to imagine the yuan being so dominant as to ever be the leading world currency relative to international trade.It’s far more likely that we may see several global ‘reserves’ share the role in the longer term. Bitcoin has been mentioned in the past as a candidate for this role given that it is not associated with any one nation. However, its current market capitalization and trading volume is minuscule by comparison with what would be required of a global reserve currency. That said, in a future where various currencies play a part in holding that reserve status, Bitcoin could very well see a modest but increasingly significant increase in its use for global trade purposes in the years ahead.

Korean Pharma and Running App Employ NFTs to Promote Fatigue ReliefDaewoong Pharmaceutical recently announced its collaboration with D-Run, an NFT-based running app, to employ non-fungible tokens (NFTs) in marketing a fatigue relief product to millennials and Generation Z.©Pexels/Anna ShvetsUnique NFT IllustrationsFor the project, two unique NFT illustrations have been designed, showcasing a brown bear and a red heart with arms and legs. The bear, named Uri, represents Daewoong’s fatigue relief product UR-Shot, and the heart serves as D-Run’s mascot DZ. In one NFT edition, Uri and DZ are depicted running across a bridge, while the other shows them lying down on a grassy lawn under a tree.Each edition will have 100 NFTs available for purchase on Klip Drops, an NFT marketplace operated by Kakao’s blockchain subsidiary Ground X, from April 26 to May 9. NFT buyers will receive 20 tablets of UR-Shot and D-Run merchandise.Millennial and Gen Z runnersDaewoong’s partnership with D-Run, a platform operated by online media outlet dongA.com, a subsidiary of the nation’s leading newspaper Donga Ilbo, aims to connect with the digital-savvy millennial and Gen Z runners. This collaboration promotes UR-Shot as a healthy energy booster. In November last year, Daewoong introduced NFTs featuring Uri to attract millennials and Gen Z consumers.NFTs as marketing strategyNFTs are tokens that utilize blockchain technology to prove ownership of virtual assets. Due to their scarcity and irreplaceability, NFTs have recently become increasingly influential in the digital art sphere such as paintings and videos. In particular, young consumers often use NFTs as a tool to have fun and express themselves.Park Eun-kyung, the head of the consumer healthcare marketing team at Daewoong, said that this NFT collaboration to reach out to young consumers is the first marketing initiative of its kind in the pharmaceutical industry. Daewoong will continue to keep an eye on the consumption culture of younger generations and conduct various digital marketing programs to alleviate customers’ daily fatigue, she added