Report: Vietnamese Crypto Investors Rely Heavily on Referrals

Philippine Police Warns of Play-To-Earn DangersThe play-to-earn gaming trend has not only captured the enthusiasm of gamers but has also raised concerns among authorities, prompting a closer examination of the risks inherent in cryptocurrency gaming schemes. The Philippine National Police Anti-Cybercrime Group (PNP ACG) has issued a warning about the potential dangers associated with these enticing gaming models, shedding light on some of the hidden complexities and vulnerabilities within this developing ecosystem.Play-to-earn gaming takes on added significance in the Philippines as it was in the southeast Asian country that the first breakthrough play-to-earn game, Axie Infinity, took hold during the pandemic. Axie Infinity is a metaverse game crafted on the Ethereum blockchain, inspired by the world of Pokemon. Under its play-to-earn model, players are required to acquire a minimum of three Axie characters to embark on their gaming journey.Photo by iSawRed on UnsplashHighlighting game costsHowever, the PNP ACG has raised a red flag concerning the financial commitment demanded from players, with an upfront investment potentially reaching $300. This stands in stark contrast to the traditional gaming industry, where user expenditures tend to average around $100.The PNP ACG’s warning echoes the ethos of cautious investment practices in the crypto sphere. While the security of the underlying blockchain technology may be robust, the operational components of the gaming engines and marketplaces require careful scrutiny. By implication, just as investors are advised to thoroughly research ecosystems and founders before engaging in cryptocurrency investments, gamers must exercise the same due diligence before diving into play-to-earn platforms.BCP partnershipAs part of a broader movement towards fostering the adoption of Web3 technologies in the Philippines, the Department of Information and Communications Technology (DICT) has partnered with the Blockchain Council of the Philippines (BCP). This alliance aims to harness the potential of blockchain startups to serve the public good, reflecting a commitment to sustainable growth and innovation within the sector.It is essential to emphasize that the focus on Axie Infinity doesn’t go so far as to label it a scam. Rather, it spotlights the larger concerns surrounding market volatility and accessibility barriers encountered within certain play-to-earn crypto games. The history of Axie Infinity itself underscores the vulnerabilities faced by such platforms, as exemplified by a significant hack that led to the loss of $622 million in user funds.Iterative improvementAs the gaming and crypto industries continue to intertwine, the path ahead involves careful navigation and a shared responsibility among gamers, developers, and authorities to ensure a secure and enriching experience for all stakeholders. In the overall scheme of things, the advent of Axie Infinity, and the play-to-earn model more broadly, has been a positive development when viewed as an iterative step towards the use of blockchain in gaming.Many in the blockchain gaming space have since expressed the view that the play-to-earn model can be improved upon for the benefit of gamers and developers alike. Blockchain-based gaming developers are now concentrating on engaging gameplay rather than trying to lead primarily with an emphasis on earning through playing.

The focus of Thailand’s crypto market is moving towards institutional business rather than retail. That’s the view of Nirun Fuwattananukul, CEO of Binance Thailand. Changing regulatory landscapeFuwattananukul laid out his thoughts on the matter in an opinion piece published by the Bangkok Post on Oct. 25. The Binance executive believes that the regulatory conditions are changing in the country such that institutional involvement in digital assets will become more likely. Fuwattananukul pointed to a proposal that was put forward by the Thai Securities and Exchange Commission (SEC) earlier this month. The proposal, published on Oct. 9, seeks to permit mutual and private equity funds in Thailand to invest in various crypto products, including the spot Bitcoin exchange-traded funds (ETFs) that were launched in the United States earlier this year. Back in June, the Thai SEC green-lighted the launch of homegrown spot Bitcoin ETFs. In August, the regulator launched the Digital Asset Regulatory Sandbox, inviting interested parties to test crypto-related services within a controlled environment. Fuwattananukul described the SEC’s new rules opening institutional access to digital asset products as a “vital step in the maturation of Thailand’s cryptocurrency landscape.” The Binance Thailand CEO added that “by allowing more institutional funds to participate, the SEC is enabling a diverse range of investment strategies and helping digital assets gain broader acceptance in the mainstream.”Photo by Vadim Artyukhin on UnsplashPotential regional crypto hubIt’s based on this rationale that the Binance executive perceives a shift in focus within the crypto market in Thailand, with the likelihood of more money flowing into the space from institutional sources than from retail.  The entry of institutional money could lead to a “more mature ecosystem,” while further legitimizing Bitcoin and the crypto space more broadly. Extending that line of thought, Fuwattananukul suggests that this change of focus to institutional involvement could lead to positioning Thailand as a regional digital asset hub.RWA tokenizationThe Binance Thailand executive also identified the tokenization of real-world assets (RWAs) as an area that’s trending right now. He cites it as an example of the convergence of TradFi and digital assets markets. Fuwattananukul stated: “Tokenisation brings 24/7 trading, increased liquidity, and cross-border accessibility, which could reshape traditional financial markets and make investment opportunities more inclusive.” Back in January, Thailand’s SEC introduced new rules that lifted restrictions on retail investors accessing two classes of tokenized RWAs. The change affected real estate-backed tokens or tokens linked to real estate revenues. Prior to the rule change, retail investors couldn’t invest more than $8,415 in such tokenized assets. In collaboration with Gulf Innova, a subsidiary of Gulf Energy Development, Binance launched Binance Thailand as a joint venture in January. The SEC had awarded the business a trading license in 2023.

Global pre-registration for Night Crows – a massively multiplayer online role-playing game (MMORPG) developed by Madngine and published by Wemade – opened today (KST), according to an article published by South Korean news outlet Game Focus. Pre-registration rewards include a participatory event and in-game currencies.Photo by Mateo on UnsplashPowered by innovative tech Built on Unreal Engine 5, a three-dimensional computer graphics engine used for game and content development, Night Crows features high-quality graphics, an immersive world, realistic action and large-scale in-game battles. It has topped the popularity and revenue charts on major app markets in South Korea since its launch in April last year. The global version of the game, which is scheduled for official release in March after the global pre-registration period is over, will harness blockchain technology and a multifaceted tokenomics system that tokenizes in-game items. It will also introduce character NFTs that keep character and player data in one place, connecting the game’s internal and external economies.  In addition, Night Crows’ omnichain network will allow users of other blockchain networks connected with the WEMIX3.0 mainnet to enjoy the tokenomics system as well. Wemade expected in TaiwanWemade is set to unveil Night Crows at this year’s Taipei Game Show at Taipei Nangang Exhibition Center from Jan. 25 to 28.