Bitget commits fund to bolstering Indian blockchain innovation

Wemade CEO Encourages Japanese Game Developers to Embrace BlockchainHenry Chang, the CEO of South Korean gaming company Wemade, delivered a speech on Tuesday at the annual Japanese Web3 conference, WebX, in Tokyo to encourage Japanese game developers to venture into the blockchain industry.Photo by Louie Martinez on UnsplashIntegration of economies and gameplayChang expressed his belief that the integration of economies and gameplay across various games can be achieved through blockchains and non-fungible tokens (NFTs). He emphasized that this combination is innovative in the sense that it overcomes three significant barriers in the gaming world: giving users ownership of in-game assets, creating connections between different games, and tearing down the boundary between games and reality.Chang predicted that all games would evolve into blockchain-based games within the next three years. He presented WEMIX Play, the company’s blockchain game platform, as being fully equipped to support such a transition, with all the necessary features to provide blockchain game services.In a significant move towards realizing this vision, WEMIX Play has recently inked onboarding contracts with two gaming firms. One of them is MetaTokyo Studio, a game developer based in Japan, and the other is Skyjet Software, a Lithuania-based game publisher. WEMIX Play users will soon have the exciting opportunity to enjoy MetaTokyo Studio’s futuristic science fiction game, Chromata, and Skyjet Software’s thrilling 3D helicopter shooting game, Skybreakers.Prime Minister Kishida’s speechNotably, the event also saw a video speech from Japanese Prime Minister Fumio Kishida, who expressed his enthusiasm for Web3 and its potential to revolutionize society by innovating the existing Internet framework. According to Minister Kishida, the Japanese government is committed to fostering an environment conducive to Web3 initiatives.The Japanese Prime Minister further anticipated that the WebX conference would lead to enhanced business cooperation between Japanese and foreign companies. He also highlighted that leading Japanese firms would unveil major projects aimed at establishing valuable economic zones within the metaverse.

Subreddit Token Price Slide Following SurgeReddit’s subreddit community tokens, Moon and Brick, having experienced a remarkable surge in prices last week fueled by a significant increase in trading volume, have taken a downward trajectory, plummeting in price.Photo by Mike Petrucci on UnsplashCrypto.com token listingThe Moon token, associated with Reddit’s r/CryptoCurrency community boasting over 6.5 million members, shot up from approximately $0.09 to nearly $0.58 on July 19, just after Singapore trading platform Crypto.com listed the token.Concurrently, trading volume spiked to around $3 million on Wednesday, marking an impressive boost.Similarly, the Fortnite subreddit community token, Brick, which Crypto.com distributes as a reward to contributors of r/Fortnite, also witnessed a substantial price surge. The token’s value surged from $0.01 on July 17 to approximately $0.10 on July 19, according to data from CoinGecko.Surge acknowledgedIn response to the sudden price surges, Crypto.com released a note early on Monday, acknowledging the surge both tokens had experienced recently. However, in a swift turn of events, both tokens experienced a significant downturn in the past 24 hours, with their prices plummeting by over 20%.As of midday (ET) on Monday, Moon was trading at $0.33, while Brick was valued just under $0.05, as reported by CoinGecko data. Moreover, trading volumes for both tokens have significantly contracted during this period of volatility. Moon’s volume shrank from over $1 million on July 23 to approximately $200,000 on Monday. On the other hand, Brick’s volume saw an even more drastic decrease, falling from approximately $210,000 on July 23 to a mere $26,000 on Monday.Terms of service changeMarket analysts speculate that the recent change in Reddit’s Terms of Service might have been the catalyst for the initial price increases. Reddit’s alteration of its Terms of Service on July 16 to permit users to trade community tokens and avatars potentially triggered the surge in token prices. It appears that Web2 centralized virtual goods such as coins and awards are making way for tradable Web3 community points.Speculating on the token price surge, Bobby Ong, the Co-Founder and COO of Malaysia-headquartered cryptocurrency data aggregator CoinGecko, wrote via Twitter last week: “Both tokens increased at the speculation of the changes coming at Reddit. No one knows exactly what is happening but Reddit deprecating Web2 Coins & Awards while allowing trading of their Web3 CPs could be something to monitor in the coming months.”Despite the recent downturn, the overall crypto space remains highly dynamic and unpredictable. Events such as the listing of tokens on prominent trading platforms can cause rapid price fluctuations. As always, that scenario makes it essential for investors to approach these assets with caution.While Moon and Brick may have encountered a sharp decline, the cryptocurrency market, in general, has proven its resilience and ability to rebound with Bitcoin currently holding a unit price of $29,125. As the market continues to evolve and gain wider acceptance, investors will need to continue to exercise caution and consider the volatility inherent in digital assets.

Korbit hosts its first cryptocurrency investment leagueKorean cryptocurrency exchange Korbit announced yesterday (local time) its inaugural virtual asset investment league, set to begin at midnight between Nov. 26 and 27. This event, a first since Korbit’s establishment, invites any investor with a Korbit account to participate. Interested individuals can join the league by using the mobile app to click on the “Join League” button and consenting to the collection and disclosure of their personal information.Photo by Florian Schmetz on UnsplashRealized returns in Korean wonKorbit’s investment league ranks participants every week, from the start of Monday (00:00) to the end of Sunday (24:00). The ranking is based on the “realized return” in Korean won (KRW), which reflects the profits earned by investors from their cryptocurrency investments. To qualify for the ranking, participants must have made cryptocurrency sales totaling at least KRW 100,000 (approximately $77.4).The exchange will reward the top 100 performers each week in the investment league with KRW points, which can be used for investing in crypto assets on their platform. The first, second and third-place winners will receive KRW 200,000, KRW 100,000 and KRW 50,000, respectively. Additionally, all participants who rank in the top 100 will be awarded KRW 5,000 each.Social trading opportunityThe league offers a great opportunity for social trading, allowing investors to study and emulate the tactics of the market’s top traders. Users can click on the profiles of the top 100 traders to view the three cryptocurrencies those traders engaged with over the week.Moreover, each investor on Korbit will have the ability to monitor their cryptocurrency holdings in real-time. They can also view their total realized return, calculated from the beginning of their trading journey on Korbit up to the present moment, irrespective of the league.Pre-event bonusesTo encourage active participation in the upcoming competition, Korbit launched a pre-event yesterday, scheduled to run until Nov. 26. During this period, the first 10,000 investors who agree to the collection and disclosure of their personal information will instantly receive KRW 1,000. Additionally, the first 1,000 investors who sell crypto assets worth KRW 100,000 or more within the first four weeks following the league’s commencement will be rewarded with an extra KRW 5,000.Commenting on the event, Oh Se-jin, the CEO of Korbit, emphasized that unlike a simulation, this competition involves real investments, offering customers a more authentic and immersive experience. Oh expressed his hope to regularly host such events, aiming to foster a community where investors not only compete for returns but also share information. This approach, he believes, will contribute to cultivating a healthy culture of cryptocurrency investment.