Chinese authorities are prohibiting NFTs but allow digital collectibles instead; however, Internet giants keep entering the NFT space
According to the Chinese crypto blogger Colin Wu, Chinese regulators are in talks with major Internet companies about non-fungible tokens (NFTs) use.
He has reported exclusively that NFTs are not allowed to be used any more. However, instead digital collectibles are permitted.
Exclusive: Chinese regulatory authorities are strengthening the supervision of NFTs and have interviewed major Internet companies. NFTs are no longer allowed to be used, but instead are digital collectibles.— Wu Blockchain (@WuBlockchain) October 23, 2021
Still, local Internet giants and other major companies are still entering the NFT space actively. Recently, U.Today reported that McDonald’s in China has released a set of 188 NFTs to present to its staffers and customers in honor of the 31 anniversary of the company’s presence in China. These NFTs are called “Big Mac Rubik’s Cube”.
Tencent and Alibaba have also launched their NFTs platforms and DHL has released its NFTs too, Wu reminds.
In late September, China also banned cryptocurrency transactions, marking them as illegal. However, Chinese citizens are still allowed to own Bitcoin legally as digital property.
Kruisy Krocs: Last Call Before NFT Collection Release
In light of their upcoming NFT project launch, Kruisy Krocs is giving one last onboarding call to all NFT enthusiasts. According to their roadmap, the minting of 5000 Kruisy Krocs NFTs will begin in phase 2 of the project – before 2022.
Kruisy Krocs is an NFT project based on the Ethereum blockchain. Their main goal is to raise sufficient funds to form a Decentralized Autonomous Organization, otherwise known as a DAO. The money pooled together will be funneled towards purchases made by the DAO, in hopes of making smart investments with NFT holders’ money.
How It Began
Kruisy Krocs is not your typical NFT project, nor is it a DAO wannabe. In fact, it is a meaningful project led by founders bonded by friendship, experts in their own rights.
Here’s how the founders of Kruisy Krocs narrate the beginnings of their project.
“What started as a passion project made between a handful of mates — opened doors and rekindled old friendships. This friendship circle formed into a team, consisting of software engineers, artists, and miners. We set out with an animal that originated from a country where most of the team is from, Australia, thus the Krocs. The rest is history.”
The core team at Kruisy Krocs are all well-established professionals in their own fields and have been in the NFT space for a long time. They have a vault of expert information and research, which will be passed down via private Discord channels to exclusive holders. This will generate more value for believers of Kruisy Krocs.
While Kruisy Krocs is still in phase 1 of their project, they are faring considerably well even before the launch of their NFTs. Kruisy Krocs has finished planning a detailed roadmap as displayed on their website and set up social media accounts to connect with potential NFT holders.
After a year-long process, Kruisy Krocs has amassed over 10k followers on Twitter and more than 32k followers on Instagram. On top of that, the project is almost nearing 20k total members in their Discord group.
The immense support Kruisy Krocs is getting from the NFT community could be an early indicator of its success down the road.
The founders of Kruisy Krocs foresee a bright future ahead of the project. As they transition from phase 1 to 2, the minting of 5000 NFTs is still the main event.
Each Kruisy Krocs NFT costs 0.06 ETH, but those who whitelist for the presale can obtain their NFT at just 0.045 ETH. The exact mint date is still to be decided.
Amongst the 5000 Kruisy Krocs NFTs are 40 Legendary Krocs. When none are left standing, Legendary Kruisy Kroc holders will have a chance to win $20,000 while all other holders will be eligible to win $120,000. The grand prize, however, is the Stonk Kroc which will guarantee its owner $30,000 in prize money. Follow them here for more information on upcoming updates and giveaways.
Elon Musk Derides NFTs and Web3
Elon Musk is fed up with discussions surrounding Web3.
Tesla CEO Elon Musk recently mocked vocal proponents of “Web 3.0” on Twitter with his latest meme.
The centibillionaire shared a three-panel version of the popular “Urinal Etiquette” comic, which shows a man entering a men’s bathroom and passing a bunch of unoccupied urinals to declare his support for crypto, web3 and decentralized autonomous organizations (DAOs) to a stranger right next to him.
The term “web3” has become a new buzzword that crypto influencers and venture capitalists have been throwing around for the past few months.
While the exact definition of the term is vague, “web 3.0” is being billed as a utopian vision of the internet, in which people reclaim ownership of their data with the help of blockchain and other cutting-edge technologies.
There’s also a big number of skeptics who see this new iteration of the internet as nothing but a cash grab. Cornell University professor James Grimmelmann recently described web 3.0 as “vaporware.”
Not mincing words, Musk tweeted that the fancy term sounded like “BS” to him earlier this week.
Musk also derided non-fungible tokens (NFTs) in response to a tweet by Dogecoin co-founder Billy Markus about the proliferation of scams within the industry.
NFTs are jpeging the dollar— Elon Musk (@elonmusk) December 5, 2021
Although, some proponents of the NFT craze viewed the tweet as an endorsement.
GameX Ecosystem: Emerging DAO in World of Gaming and DeFi
GameX is an emerging protocol that was built by gamers in a bid to promote the integration of games in today’s fast-growing decentralized finance (DeFi) ecosystem. Despite the fact that the blockchain and specifically the DeFi ecosystem is still in its infancy, the past year has seen the emergence of innovative projects that are notably disrupting mainstream finance. GameX is no exception.
Built on the Binance Smart Chain (BSC) network, the GameX protocol seeks to become a one-stop-shop for many aspects of decentralized gaming. This includes developing games that users can play, incorporating Non-Fungible Token (NFT) capabilities, and also rewarding users for contributing to its ecosystem development.
Gamex NFT Marketplace
GameX protocol is in the last phases of developing its NFT marketplace where digital artworks and collectibles built through the BEP-721 standard will be supported. The GameX NFT marketplace is a dynamic one and permits creators to mint their digital piece, with additional permissions that can let them list it for sale immediately or at a later time in the future.
The protocol maintains a very good standard for the operations of its NFT marketplace and will provide a verification capability to enable users to deal with trusted creators only. While the verification badge will be obtainable easily by just filling out a form, the applicant or creator will be required to provide enough documentation in order to get verified.
According to GameX, “verified badges are granted to creators and collectors that show enough proof of authenticity and active dedication to the marketplace. We are looking at multiple factors such as active social media presence and following, dialogue with community members, number of minted and sold items.”
GameX NFT marketplace listed items will also be subject to royalty rewards which are charged when a listed item is resold.
The XGAMEX token that is designed as a reward system for GameX game players, as well as the buyers and sellers of listed NFTs.
Over the next months, the platform is set to release a play-to-earn racing game (META RACE) in which players will be able to compete against each other. Drawing from its broad capabilities, there is bound to be an NFT incorporation into the racing game, a move that is billed to further enhance the broad embrace of the gaming outfit.