Bithumb surpasses Upbit in 24h trading volume for first time in four years

Founders Exit Following Overhaul of NFT Startup RarioPolygon-based NFT platform Rario, specializing in cricket-related non-fungible tokens (NFTs), is experiencing a major transformation, with its founders, CEO Ankit Wadhwa and CTO Sunny Bhanot, departing the company after a two-year tenure.Investors in the startup are taking on a more prominent role in steering the direction of the Indian startup, according to a report from TechCrunch on Friday.Photo by Alessandro Bogliari on UnsplashDream11Dream11, a prominent Mumbai-based fantasy sports platform and one of Rario’s primary backers, alongside other investors, is said to be exerting pressure to gain greater control, resulting in the ousting of the firm’s founders. The development comes amid other significant shifts in Dream11’s leadership.Additionally, Rario is undergoing a broader restructuring effort that includes the elimination of various roles, according to sources who were cited by TechCrunch as being familiar with the matter.This recent upheaval coincides with reports of Dream11’s parent company, Dream Sports, taking measures to reduce operational costs. TechCrunch noted that Dream Sports is actively renegotiating several licensing agreements previously inked by Rario as part of cost-cutting measures.High profile investorsRario boasts a roster of high-profile investors, including global investment company Alpha Wave Global and cricket icon Sachin Tendulkar. In April 2022, the cricket NFT platform made waves by securing $120 million in a Series A funding round, asserting its dominance in the cricket NFT rights arena with over 900 cricketers on board at that time. It’s not clear what valuation the firm had at the time of the Series A funding round but in a prior round, Rario had been valued at $250 million.Founded in 2021, Rario set out with a mission to create digital cricket collectibles and foster an online community for passionate fans. By April 2021, the company had successfully sold 50,000 NFTs to sports enthusiasts spanning 20 countries.Cricket world partnershipsCricket is the second largest sport in the world with in excess of 1.5 billion fans worldwide. That leaves a lot of scope for Rario to harness NFTs to bring about new forms of engagement.Among Rario’s notable partnerships are agreements with cricket leagues such as Cricket Australia, the Australian Cricketers’ Association, the Caribbean Premier League, the Lanka Premier League, and the Abu Dhabi T10 League Legends League Cricket.Polygon changesPolygon Labs, the developer of the Ethereum-centric layer two scaling network upon which the Rario platform runs, also features India in its origin story. It too has seen upheaval at a managerial level recently. In July, the firm announced a number of senior positional changes. Its former Chief Legal Officer (CLO) was elevated to the position of CEO. Those changes saw Polygon Labs’ Indian Co-Founder Sandeep Naiwal transition to the role of Executive Chairman.Rario’s ongoing evolution reflects the dynamic nature of the NFT space, where startups must adapt to changing investor interests and market conditions. With its investors taking the reins, Rario faces a pivotal juncture in its journey to redefine how cricket fans engage with the sport through the exciting world of NFTs.

Wemade Expands Blockchain Game Platform with Lithuanian and Japanese DevelopersSouth Korean gaming company Wemade has taken strides in expanding its global blockchain game platform, WEMIX PLAY, by signing onboarding contracts with two gaming firms: Lithuania-based game publisher Skyjet Software and Japan-headquartered game developer MetaTokyo Studio. Each of the two firms will present a blockchain game on WEMIX PLAY.Photo by Karol D on Pexels3D helicopter shooting gameUnder the agreement, Skyjet Software is gearing up to introduce Skybreakers, a 3D helicopter shooting game, on WEMIX PLAY. The game offers players the opportunity to customize helicopters and weapons, enabling them to engage in thrilling player-versus-player (PvP) battles.First-person, role-playing shooterMeanwhile, MetaTokyo Studio is currently in the development phase of Chromata, a science fiction game that combines elements from both first-person shooter and role-playing genres. Utilizing Unreal Engine 5, a software framework designed by Epic Games for game development, Chromata boasts a futuristic universe with over 120 characters.Global expansionWemade has been actively establishing partnerships with various game developers worldwide, inviting them to leverage its blockchain platform. In its pursuit of diversification, the Korean game publisher aims to add more games of different types and genres.Web3 event in JapanTo showcase its commitment to the blockchain gaming industry, Wemade CEO Jang Hyun-kook will deliver a presentation on blockchain games next month at the highly anticipated annual international Web3 conference, WebX, in Tokyo. As part of this event, Wemade will also organize a networking session aimed at fostering connections with influential figures and major companies in order to strengthen its foothold in the blockchain sector.

China’s GAPP proposes ban on gaming crypto token conversionChina’s gaming industry hit a significant speed bump on Friday as the General Administration of Press and Publication (GAPP) unveiled a draft proposing substantial changes to the regulation of in-game tokens, signaling a strategic shift in the country’s stance on digital currencies in gaming.Photo by blurrystock on UnsplashImplementing more stringent controlsThe proposed regulations by GAPP bring about a ban on the conversion of game tokens into physical goods or legal tender. These guidelines, spanning 64 articles, impose stringent requirements on gaming companies. These include mandatory licensing in China, a two-year data retention policy, adherence to national and socialist values in content and the eradication of anonymous user registrations.One significant aspect of the guidelines is Article 23, which specifically addresses the use of game tokens. It proposes restrictions on exchanging them for physical goods, services or legal tender.The regulatory landscape becomes more complex due to the ambiguity surrounding cryptocurrencies, which are not recognized as legal tender in China. Although a warning was issued about the risks inherent in non-fungible tokens (NFTs), they remain legal in China. NFTs feature prominently within blockchain-based gaming.Game providers are also confronted with new limitations on inducements, such as bonuses for registration or daily logins, and are mandated to implement measures against irrational consumer spending.Gaming sector falloutIn the wake of these developments, several Chinese tech giants experienced a significant market downturn in Hong Kong. Tencent, a global gaming powerhouse and one of China’s most valuable companies, saw a 12.4% drop on Friday, marking its worst day since October 2008. This decline erased a massive 367 billion Hong Kong dollars ($47 billion) from Tencent’s market value.NetEase, another gaming giant, witnessed a 25% dive in Hong Kong afternoon trade, recording its most substantial daily loss since its listing in June 2020. Additionally, Bilibili and Kuaishou, prominent players in video-sharing and short-video platforms, experienced declines of 9.7% and 7.2%, respectively, given their involvement in online gaming.Market uncertaintyWith this latest development, the future of gaming crypto tokens remains uncertain in China, with investor confidence having been hit hard. Putting the matter in context on Friday, Stansberry Research Analyst Brian Tycangco took to the X social media platform, stating:”Govt regulation will effectively render prevailing business models irrelevant due to uncertainty regarding monetization. Games are inherently reward-based and if you clamp down on the use of rewards/incentives, you turn an entire industry on its head.”The guidelines, open for public consultation until Jan. 22, 2024, have not yet been legally enacted. This time frame allows for feedback and potential adjustments before enforcement.Notably, the Web3 gaming sector has witnessed substantial activity, with approximately a million unique active wallets engaged daily over the past three months, according to DappRadar. Industry experts, including Yat Siu of Animoca Brands, anticipate a potential surge in user engagement, emphasizing the potential impact of these regulations on the gaming industry’s trajectory.