GameFi-Oriented MARBLEX Decides to Burn 670M MBX Tokens

Hong Kong-based blockchain gaming and venture capital firm Animoca Brands has revealed a positive set of financial results in a recently published report.  In an investor update published to its website on March 5, the firm revealed key unaudited financials and business highlights for Q4 2024 and the previous 12 months ending on Dec. 31, 2024. Whereas other sectors report actual revenue figures, the gaming sector relies upon “bookings,” a measure of total sales and income generating activity of the company. The firm reported bookings of $314 million for last year. Compared with 2023, when Animoca reported bookings of $280 million, the firm has achieved a year-on-year increase of 12%.Photo by Lukas on PexelsAdvisory business growthThe company broke that financial measure down further, indicating that of the $314 million in sales and other income-generating activity, its Digital Asset Advisory (DAA) business accounted for $165 million of the overall amount. This disclosure is notable given that it represents a 116% increase, demonstrating a considerable growth in the firm’s advisory business and a diversification of its revenue streams. Animoca’s DAA business offers Web3 projects access to token advisory, and more specifically, consultation regarding tokenomics, marketing and listing. The business also consults in relation to node operation and trading services. Given that the company reported that bookings related to Web3 businesses weighed in at $110 million, Animoca’s advisory business has overtaken the contribution made by its Web3 businesses.  Contributing Web3 businessesAmong the Web3 businesses that made the greatest contributions were The Sandbox, Moca Network, Anichess, Gamee, nWay, Open Campus, TinyTap, Animoca Brands Japan, Eden Games, Blowfish Studios, Pixowl and Crazy Defense Heroes (TOWER). Bookings also included revenue generated via portfolio investments and partnerships. The company recorded $39 million, achieved through investment activities. In discussion with Cointelegraph, Animoca Brands co-founder and executive chairman, Yat Siu, said that the positive bookings numbers were a consequence of the firm’s ongoing efforts to innovate. He stated: “In 2024, we placed less emphasis on the US market, owing to various regulatory struggles experienced by other companies, and we also became more focused on providing support to the companies in our portfolio.” Animoca’s balance sheet holdings were robust in 2024, with $293 million in stablecoins and cash and $538 million in digital assets. Additionally, $538 million in off-balance sheet token reserves was reported. Stablecoin initiativeThe firm has developed a particular interest in the stablecoin sector through a partnership with British multinational financial services firm Standard Chartered and telecommunications firm HKT. That initiative involves the formation of a joint venture company which will go forward to issue a Hong Kong dollar (HKD)-backed stablecoin once a license has been secured from the Hong Kong Monetary Authority (HKMA). Siu identified real-world asset (RWA) tokenization as another growth area for the company. The Animoca Brands co-founder outlined that he expects the firm to record further growth as 2025 progresses. Notwithstanding that, he warned that such expectations may be affected by adverse economic developments and risks, including the tariffs policy being pursued by U.S. President Donald Trump. 

Shanghai Court Recognizes Unique Traits of BitcoinThe Shanghai Second Intermediate People’s Court has added a layer of legitimacy to Bitcoin despite China’s prevailing anti-crypto stance.In a recently published report, the court recognized digital currencies such as Bitcoin as being unique and non-replicable. It went further still in singling out Bitcoin as being distinct from the thousands of other cryptocurrencies that are currently in existence.Photo by Zhou Xian on UnsplashSun chimes inThe significance of this development has caught the attention of Justin Sun, the Founder of the TRON blockchain network, who took to the X social media platform (formerly Twitter) to share insights from the report. Sun wrote:”The Second Intermediate People’s Court of Shanghai believes that with the development of internet technology, digital currencies represented by Bitcoin possess uniqueness and non-replicability.”Legal attributesDelving deeper into the report’s content, it becomes evident that the court was engaging in a discussion about the legal attributes of Bitcoin and how judicial decisions should be approached in cases involving cryptocurrencies.One striking aspect of the report is how it acknowledges the usage of cryptocurrencies in illegal financial activities, such as illicit fundraising. In this instance, the court has indirectly acknowledged the financial nature of cryptocurrencies, including Bitcoin, despite the fact that a ban has been in place on trading Bitcoin and other cryptocurrencies since 2021.That said, the report also notes that due to the regulatory stance on cryptocurrencies, the legal attributes of digital currencies remain ambiguous, creating challenges in their judicial handling. Despite some courts attempting to disregard the “monetary” and “property” attributes of digital currencies, these efforts have proved unsuccessful.Inherent characteristicsRegarding the monetary attribute, the courts still identify the sale price of digital currencies in their judgments. When it comes to property attributes, these courts struggle to ignore the inherent property value presented by digital currencies during legal proceedings.While acknowledging Bitcoin’s decentralized nature and lack of centralized control, the article still underscores its “major functions of currency,” such as scalability, circulation, storage, and means of payment, making it a global currency.Future implicationsThe legal opinion expressed by the Shanghai court provides a notable boost to the legitimacy of Bitcoin and other digital currencies. It asserts that these tokens undeniably possess value, even if the People’s Bank of China chooses not to formally recognize them.Moreover, the court’s inclination toward classifying cryptocurrencies as personal property aligns with another report from the Chinese courts as well as rulings in other jurisdictions, such as Singapore. Similarly the Shanghai court acknowledges that Bitcoin can be acquired through various means, including mining, inheritance, and buying and selling.The court’s recognition of the enduring value of cryptocurrencies echoes the sentiment that value is a collective human judgment. In this respect, the Shanghai court’s perspective aligns with the reality that many Chinese citizens continue to use digital currencies as a medium of exchange despite the existing ban.The Shanghai court’s unintentional validation of Bitcoin’s unique attributes and value may have broader implications for the legal status and recognition of cryptocurrencies in China and beyond. This latest development could contribute to a more nuanced approach to cryptocurrency regulation and legal interpretation in the future.

Web3 firm Carrieverse has entered into a strategic partnership with the South Korean division of the public decentralized network the Internet Computer, ICP.Hub Korea, to expand their respective blockchain ecosystems, according to an article published by local news outlet Newspim on Thursday (KST). The two firms plan to create content and collaborate on marketing strategies.Photo by Scott Graham on UnsplashRevolutionizing blockchainThe Internet Computer brings autonomous serverless cloud functionality to the Internet, allowing builders to bring Web3 services and enterprise systems to the public. It was launched in May 2021 after five years of development by the Swiss non-profit organization DFINITY Foundation. The network is also known for its Web2 and Web3 interoperability, scalability, sustainability and tamperproof software. In particular, it employs a reverse gas model unlike most EVM-compatible blockchains, which allows end users to view and utilize smart contracts with just a standard web browser without setting up a wallet or own token assets. ICP, the Internet Computer’s native token, is currently ranked 16th on CoinMarketCap’s price rankings by market capitalization, with a market capitalization of approximately $5.6 billion.  Navigating the Web3 sphereMeanwhile, Carrieverse’s Web3 services include a metaverse, a blockchain gaming platform called Cling and the card strategy role-playing game (RPG) Superkola Tactics, which is playable on Cling. These platforms are governed by the Carrieverse token ($CVTX), which is listed on several crypto exchanges like Bitget and BingX. The firm was also selected to join the UAE’s Dubai Multi Commodities Centre (DMCC) in November to establish a local subsidiary that will serve as a hub to expand the company’s global Web3 ecosystem. Together, the two parties are expected to pave new paths in the South Korean Web3 industry.