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Play-to-earn blockchain game token fires 400%; understand

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With the growing wave of blockchain games in the play-to-earn mode, that is, ‘play to win’, several platforms are emerging on the tail of the success Axie Infinity, whose token used in the purchase of the NFTs, the AXS, has already valued 100,000% since its listing on Coinmarketcap just over a year ago.

New similar projects are born every day, both created in the Ethereum network and in the Binance Smart Chain and in other decentralized networks. But most can’t even shift into first gear and many are also hits or used to pump and dump.

In this fashion, however, a platform emerges that has gained prominence, at least in the valorization of its cryptocurrency, lately. The GALA, for example, Gala Games’ native token — created on the Ethereum network — has tripled in price in recent days — was 400% appreciated at its highest peak.

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But what is Gala Games? Doing a brief search on Youtube is a fact that many people have been playing their modalities for at least six months. According to the company, Gala Games, which was also listed on Coinmarketcap just over a year ago, is a decentralized platform where games can be created in NFT. “The simple game mechanics that even those who are not very familiar with blockchain technology can enjoy”, says an excerpt explained on the website.

About one of the Gala Games-specific NFTs, the site explains: “A CraneBot is a completely separate ERC (Ethereum) token from Gala Games, which does not have the ability to take it off the player. This means that if a player is banned from playing Town Star, they still have any items they bought and don’t have to worry about losing anything.”

First Gala Games game

According to Gala Games, the first game produced in its ecosystem is called Town Star, whose structure rewards the top 100 players with GALA. But there are already other games created in space.

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The project’s goal is also to own at least 50,000 nodes over time, a group that says yes or no to the projects. At the time of the text, there are 16,000 of them, according to the company, which bears the name of the American Eric Schiermeyer, already known in the gaming business.

‘GALA’ is understood as “a non-refundable utility token that will be used as a means of exchange between participants in the Gala Games ecosystem”, says the site, meaning it is not an asset that can be exchanged for cash, but which can be sent and traded on an exchange.

Other numbers shown on the site refer to player growth and NFT sales. According to the platform, there are already 1.3 million users and around 26 thousand NFTs sold, with the highest value traded at US$ 3 million.

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playing town star

To explain a little of the game, let’s take Town Star as an example, which allows you to either play to win or not, just choose one of the modes. It’s a farm simulation where you start with no investment.

In videos on Youtube, the report saw many players say that it is better to practice in the modality without play-to-earn and then go on to competition. Right after creating an account in the game, a map will appear that reveals where each player is in the world. Then choose a location, name it and start the game. Earn rewards in GALA who complete daily tasks.

In play-to-earn mode, the player needs to collect virtual money while building their space and developing it, buying or earning items. He’ll need to start producing fuel so he can drive into town to buy supplies. He can also earn income by selling wood or even a cake.

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It’s important to build a place close to rivers, and even more important to be as close to a city as possible so you don’t have to travel too far in search of supplies. To maintain the space, it is necessary to pay the local labor force. A farmer, for example, can charge R$10 per hour of work and a woodcutter R$50. Everything needs to be conquered, grain by grain.

Example of a farm at an early stage of development (Image: Reproduction)

Token Gala (GALA)

The GALA, the token that powers Gala Games, gained 400% in value in a week before undergoing a major correction. To give you an idea, according to Coinmarketcap data, the market value of GALA a week ago was just over US$ 867 million and now it is US$ 2.5 billion.

At the time of writing, the cryptocurrency has appreciated around 10% in the last 24 hours, trading at an average of US$ 0.43. The accumulated gain since last week is still approximately 300%.

Be careful not to be careful

Games in NFT open up great possibilities for gains, but also for irrecoverable losses, as it is often not known who is behind the decentralized projects. Another point is that many of them are pump and dump schemes or simply created to fool the unwary.

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This Monday on Twitter, for example, the CEO of Binance Changpeng Zhao (CZ), when asking “what to list?” on the platform, received a flurry of recommendations, most of them projects linked to decentralized NFT gaming platforms.

Therefore, when choosing a blockchain game it’s important to read up on the project and do research to see if the platform is up, is it resilient, it’s stable, and if the rewards are true.

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Blockchain

Asia’s Richest Man Is Bullish on Blockchain

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Mukesh Ambani has adopted the “blockchain, not Bitcoin” narrative

Indian billionaire Mukesh Ambani, whose net worth is estimated at $92.6 billion, spoke favorably about blockchain, the technology that underpins most cryptocurrencies, at the Infinity Forum earlier today, according to local media reports.

Ambani noted that there is a significant difference between blockchain and crypto, adding that the former offers a slew of promising use cases: from ensuring supply chain transparency and enabling fast transaction settlements to digitalizing art and ensuring data privacy:

Using blockchain, we can deliver unprecedented security, trust, automation and efficiency to almost any type of transaction,” Ambani said. It can be used to modernize our supply chains that form the lifeblood of our economies.

Unlike some other ultra-wealthy individuals, the Reliance Industries shareholder had been silent about his stance on cryptocurrencies. In early 2018, there were numerous reports about Ambani launching his own cryptocurrency, called “Jio Coin.” The project, however, never saw the light of day.

Ambani is not the only billionaire with the once-pervasive “blockchain, not Bitcoin” attitude.

American mogul Warren Buffett, one of the harshest Bitcoin critics, said that blockchain was “important” in early 2019.

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India scraps its crypto ban

As reported by U.Today, the Indian government recently backpedaled on its plan to impose a blanket plan on crypto, but crypto projects and exchanges will have to comply with new regulations.

During the interview, Ambani backed “forward-looking” regulatory proposals introduced by India’s lawmaker, including the hotly anticipated cryptocurrency bill that is expected to be cleared by the cabinet by mid-December.

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Jack Dorsey Takes A Big Bet on Blockchain and Crypto, Rebrands Square to Block

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Two days after appointing India-born Parag Agarwal as the new CEO of Twitter, founder Jack Dorsey has set himself for another mission. The Twitter founder is hinting at putting a major focus on developments in the blockchain and crypto space.

On Wednesday, December 1, Dorsey’s financial services firm Sqaure Inc. announced its rebranding to Block Inc. hinting at a major transition into blockchain. In its justification for the rebranding, the company said that Sqaure Inc has grown beyond just a financial services company citing its recently acquired majority stake in music streaming service Tidal. Speaking of this development, company CEO and cofounder Jack Dorsey noted:

“We built the Square brand for our Seller business, which is where it belongs. Block is a new name, but our purpose of economic empowerment remains the same. No matter how we grow or change, we will continue to build tools to help increase access to the economy.”

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The lagal transition from Sqaure Inc. to Block Inc. will happen by December 10, 2021. However, the company’s NYSE ticker symbol SQ won’t change by this time.

Block Inc. – Signifying Company’s Accelerated Growth

The change of name to Block Inc. majroly acknowledges the company’s growth. Since its inception in 2009, the company has added multiple businesses like Cash App, TIDAL, and TBD54566975. Despite the rebranding, all these businesses will continue to maintain their individual brand.

Block Inc. will serve as an overarching system of different businesses united with a common purpose of economic empowerment. It includes a community of sellers, developers, individuals, artists, and fans. The official press release notes:

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The name has many associated meanings for the company — building blocks, neighborhood blocks and their local businesses, communities coming together at block parties full of music, a blockchain, a section of code, and obstacles to overcome.

Jack Dorsey stepping down from Twitter shows that the he will stay more focused towards further developments in blockchain and crypto. Dorsey has been a strong Bitcoin proponent and believes in its ability to be the currency of the internet.

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Grayscale predicts metaverse gaming market could reach $400 billion

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Revenue generated from blockchain-based metaverse games could reach $400 billion in 2025, according to a report published on Thursday (25) by digital asset manager Grayscale. The company estimates that the new market, leveraged by NFTs and metaverses like Decentraland, could reach $1 trillion in revenue a year in the long term.

According to Graysacele in the publication entitled ‘The Metaverse, Web 3.0 Virtual Cloud Economies’, the metaverse is a market opportunity that is still emerging. “The metaverse is in its early days”, says an excerpt from the document, which highlights that many important elements have yet to take shape.

Web 3.0 is understood as the new generation of the internet, that is, decentralized, which is aligned with the metaverse, non-fungible tokens (NFTS) and the ‘play-to-earn’ modality (play-to-earn), is revolutionizing several sectors, such as e-commerce, media and entertainment, even real estate, says the report.

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Grayscale highlighted revenue of $180 billion noted last year and revenue generated in the last quarter of this year, estimated at $8.2 billion. Of that amount, the report says, at least $1.8 billion came from Web 3 and blockchain game-based economies.Graph with revenue generated by decentralized platforms (Image: Reproduction)

To make the estimates more clear, Grayscale took, for example, the economics of the play-to-earn game in Decentraland’s metaverse, powered by the MANA token, which has gained millions of users globally.

Example of blockchain-based games (Image: Playback)

Another point, the report says, is interest in the potential of the new ecosystem by big companies that are focused on Web 3.0, like Facebook, which last month announced its new name, Meta.

“At this inflection point, other leading Web 2.0 technology companies likely need to start exploring the metaverse to stay competitive, and the spotlight has spawned a new wave of investment in this emerging cryptoeconomy category,” says an excerpt of the document.

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On the metaverse concept, the authors defined it as “interconnected, experiential 3D virtual worlds where people located anywhere can socialize in real time to form a comprehensive, user-owned internet economy that extends so far into the digital world as for the physical world”.

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