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<ul><li>Blockchain and NFTs have been touted as the next big thing for the gaming industry.</li><li><keyword id="11992922" type="General" weightage="20" keywordseo="mir4" source="Orion">MIR4</keyword> allows players to use an utility token called DRACO to buy an in-game resource called Darksteel.</li><li>DRACO isn’t the first use of an utility token or the blockchain in games.</li></ul>Blockchain-based games are giving people a new way to earn money. And, the tokens of a new multiplayer online role-playing game (MMORPG) called MIR4 — called DRACO — have seen a 200% jump within the first 24 hours of going live. Today, on August 31, the price is down to $2 from its peak of $6.25 two days ago. While that may not be at the massive heights of <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite&amp;is_retargeting=false&amp;shortlink=BI&amp;c=site&amp;pid=Business%20Insider&amp;af_click_lookback=7d&amp;af_channel=Business%20Insider&amp;af_adset=article&amp;af_force_deeplink=true">Bitcoin</a> or Ethereum, it’s not nothing either. And, that may be the secret to its success. <div type="image" title="Screenshot (117)_edited" msid="85800020" hostid="261" caption="&amp;lt;p&amp;gt;MIR4 has &amp;#39;mostly negative&amp;#39; reviews on Steam as of August 31&amp;lt;/p&amp;gt;"></div> The game’s popularity, despite the many negative reviews on Steam and mobile devices, is being driven by the fact that players can mine for <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite&amp;is_retargeting=false&amp;shortlink=BI&amp;c=site&amp;pid=Business%20Insider&amp;af_click_lookback=7d&amp;af_channel=Business%20Insider&amp;af_adset=article&amp;af_force_deeplink=true">cryptocurrency</a> as they play, according to <a href="https://www.pcgamesn.com/mir4/draco-cryptocurrency">PCGames</a> review by <a href="https://www.pcgamesn.com/author/dustin-bailey">Dustin Bailey</a>. Those tokens, in turn, can be exchanged for dollars to spend in the real world. The role of blockchain in gaming has been a much talked about subject event since non-fungible tokens (NFTs) started gaining prominence. <a href="https://www.businessinsider.in/cryptocurrency/news/nft-based-game-axie-infinity-hits-1-billion-in-trade/articleshow/85180646.cms">Axie Infinity</a>, another play-to-earn game, which is based on the Pokemon Go’s concept of collecting ‘pets’ recently hit $1 billion in trade volume. Over last month, the NFT-based game generated nearly $780 million in sales across 1.4 million transactions. <cmsannotation type="cmsannotation" annotationid="What is MIR4?" comment="subhead" text="What is MIR4?">What is MIR4?</cmsannotation> South Korean video game developer WeMade Co Limited announced MIR4 on August 26. It is available in 12 languages across 170 countries. The game allows its players to collect <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite&amp;is_retargeting=false&amp;shortlink=BI&amp;c=site&amp;pid=Business%20Insider&amp;af_click_lookback=7d&amp;af_channel=Business%20Insider&amp;af_adset=article&amp;af_force_deeplink=true">utility tokens</a> called DRACO, which can be exchanged for an in-game resource called ‘Darksteel’. Alternatively, players can mine for Darksteel as they complete tasks and spend more time in the game. Once they have enough Darksteel, it can be turned into DRACO. Utility tokens like DRACO are blockchain based tokens that are used to fund a company, project or product. In this case, users buying DRACO will in turn help the developers fund the game. <div type="ExtQuote" text="“DRACO is a coin with a new concept to allow in-game assets to be freely exchanged, stored, sold, and purchased outside of the game. The intrinsic value of the coin is guaranteed through the value of resources derived from the game.”" auname="Description of DRACO by WeMade Co Limited on MIR4’s official website"></div> <cmsannotation type="cmsannotation" annotationid="MIR4 isn’t exactly a ‘new’ game" comment="subhead" text="MIR4 isn’t exactly a ‘new’ game">MIR4 isn’t exactly a ‘new’ game</cmsannotation> To be clear, the game had been under testing since last year. The company says it offers a high level of character customization, the ability to create clans and 'free loot”. It’s likely that DRACO and Draksteel figures into these aspects of the game. Most MMORPG games allow users to buy in-game items using resources earned in the game, and this seems like a good way to put DRACO to use. And, overall, the game has been around for over a decade. The Legend of Mir 3 shut down in February 2012. However, these older versions — 1, 2 and 3 — hardly made any headlines. According to PCGames’ review, it plays more like CookieClicker than World of Warcraft (WoW). Its “vague take” on Asian mythology is made for casual gamers. <div type="ExtQuote" text="“Press auto and fall asleep.”" auname="Review by gamer on Steam implying that the game is not challenging enough"></div> <cmsannotation type="cmsannotation" annotationid="Games and blockchains" comment="subhead" text="Games and blockchains">Games and blockchains</cmsannotation> The reasons for using blockchains and <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite&amp;is_retargeting=false&amp;shortlink=BI&amp;c=site&amp;pid=Business%20Insider&amp;af_click_lookback=7d&amp;af_channel=Business%20Insider&amp;af_adset=article&amp;af_force_deeplink=true">cryptocurrencies</a> in games has much the same reason as any other use case. Games like WoW and Defence of the Ancients (DoTA) have been <a href="https://www.engadget.com/2013-07-23-what-to-do-if-your-wow-account-has-been-hacked.html">plagued</a> by hackers stealing players’ in-game items. Using blockchains and NFTs for selling in-game items could <a href="https://www.livemint.com/technology/tech-news/how-did-dorsey-sell-his-first-ever-tweet-as-an-nft-11615398451986.html">make it more difficult</a> for such thefts. “Games are basically a perfect vehicle for blockchain,” Serkan Toto, CEO and founder of Japanese Kantan Games, told <a href="https://www.inverse.com/gaming/blockchain-games-online-gaming">Inverse</a>. “Gaming is one of the areas where blockchain makes sense, where digital ownership makes sense, where NFT's makes sense.” Of course, MIR4 isn’t the only game leveraging the blockchain. Decentralized app analytics company DAppsRadar <a href="https://dappradar.com/rankings/category/games">lists</a> no less than 25 games that are built around an utility token. Popular names include games like SafeHamster, AlienBlades, CryptoBlades and more. Of course, none of these games have become as big as DoTA or WoW just yet. <a href="https://forum.businessinsider.in/">For a more in-depth discussion, come on over to Business Insider Cryptosphere</a> — a forum where users can deep dive into all things crypto, engage in interesting discussions and stay ahead of the curve. SEE ALSO: <a href="https://www.businessinsider.in/cryptocurrency/news/el-salvadors-bitcoin-experiment-kicks-off-in-less-than-a-week-but-the-protests-against-the-cryptocurrency-are-on-the-rise/articleshow/85767836.cms">El Salvador’s Bitcoin experiment kicks off in less than a week — but the protests against the cryptocurrency are on the rise</a> <a href="https://www.businessinsider.in/cryptocurrency/news/solana-is-flying-high-as-the-rest-of-the-crypto-market-struggles-to-keep-up/slidelist/85789493.cms">Solana is flying high as the rest of the crypto market struggles to keep up</a> <a href="https://www.businessinsider.in/cryptocurrency/news/imf-warns-accepting-crypto-as-legal-tender-is-a-step-too-far/articleshow/85764067.cms">IMF warns accepting crypto as legal tender is a ‘step too far’</a>

NFT-based game MIR4 is all the rage despite ‘mostly negative’ reviews

<ul><li>South Korean authorities are bringing down the hammer on play-to-earn (P2E) games by asking <keyword id="6355629" type="General" weightage="20" keywordseo="google" source="Orion">Google</keyword>, <keyword id="6354427" type="General" weightage="20" keywordseo="apple" source="Orion">Apple</keyword> and other global app stores to stop distribution.</li><li>According to the regulators, these games are ‘speculative money-making’ instruments, which means any earnings are ‘prizes’ – not additional income.</li><li>This is only the latest development in the ongoing tussle between gaming companies and the country’s policy makers.</li></ul><keyword id="5565" type="General" weightage="20" keywordseo="south-korea" source="Orion">South Korea</keyword> wasn’t a fan of play-to-earn (<a href="https://www.businessinsider.in/investment/news/bored-apes-yacht-club-ties-up-with-animoca-with-metaverses-like-the-sandbox-decentraland-and-axie-inifinity-to-launch-p2e-nft-game/articleshow/88273162.cms">P2E</a>) to begin with. And, now the peninsular nation wants global app stores, like Google’s <keyword id="1470391" type="General" weightage="20" keywordseo="play-store" source="Orion">Play Store</keyword> and Apple’s App Store, to block their distribution locally. The issue, however, isn’t the fact that the games are based on the blockchain, according to a local media publication called <a href="https://n.news.naver.com/article/015/0004645498">Naver</a>, who first reported the development. Instead, South Korean authorities have beef with the fact that the P2E model lets people earn in <a href="http://coindcx.com">cryptocurrency</a>, which can then be exchanged for fiat money. According to the country’s Game Management Committee (GMC), this amounts to winning ‘prizes’, which is capped at 10,000 Korean Won – around $8.42 – under the Game Industry Promotion Act. According to Naver, the GMC has not only reached out to the two tech giants – Apple and Google – but has asked all major app distributors to block the domestic distribution of blockchain-based games. As the ropes tighten around the gaming industry in South Korea, game development companies are also expected to up-the-ante in the fight to keep the system open. <cmsannotation type="cmsannotation" annotationid="South Korea’s best performing stocks are gaming companies betting on crypto" comment="subhead" text="South Korea’s best performing stocks are gaming companies betting on crypto">South Korea’s best performing stocks are gaming companies betting on crypto</cmsannotation> P2E includes blockchain-based games that reward players, often using cryptocurrency, for their in-game actions. Such games also use non-fungible tokens (NFTs) to sell in-game items, virtual real-estate and more. By not allowing Google and Apple to host such games in their stores, the Korean government could deal a huge blow to their possible proliferation. In South Korea, six of the country’s <a href="https://fortune.com/2021/12/28/south-korea-best-performing-stocks-metaverse-wemade-giantstep-kospi/">10 best-performing stocks</a> of the year are linked to either the metaverse or non-fungible tokens (NFTs). This includes WeMade, the gaming company behind the P2E game MIR4, which has crypto to thank for the revival of its fortunes in 2021. <cmsannotation type="cmsannotation" annotationid="‘Speculative money-making games’" comment="subhead" text="‘Speculative money-making games’">‘Speculative money-making games’</cmsannotation> The GMC called P2E games “speculative money-making games”, and is worried that the trend has been gaining steam of late. Normal non-crypto games in South Korea need to acquire an age rating from the GMC in order to distribute in the country. However, they can rate themselves if they are being distributed through other app stores, like the ones set up by Apple and Google. However, South Korea also has a rule that prizes from gaming cannot exceed 10,000 Korean Won, which can easily be surpassed by cryptocurrency rewards. For instance, 1 ETH amounts to over 4 million Korean Won at the time of writing. “It is reasonable to keep P2E games from getting age ratings under the current law because cash rewards in games can be considered prizes,” the GMC said in a statement on December 28. <cmsannotation type="cmsannotation" annotationid="The metaverse is booming" comment="subhead" text="The metaverse is booming">The metaverse is booming</cmsannotation> To be clear, the GMC is not wrong about the fact that P2E games have grown recently. Axie Infinity, Decentraland and more have racked up billions in trades, and have millions of players worldwide too. According to blockchain tracking firm <a href="https://dappradar.com/nft">DappRadar</a>, Axie Infinity has racked up lifetime trading volumes of over $3.81 billion since its launch in 2018. Its 30-day trading volumes account of $563 million also show how popular the game, and the P2E segment has become. To be sure, the GMC isn’t banning blockchain games in general. It is only banning those that use the P2E model. In November, Kim Gyu-cheol, the chairman of the GMC, had clarified the same during a video game trade show. “It is a misconception that the game committee blocks new technology such as blockchain and NFTs. The game industry promotion act, unlike other laws promoting culture, is established to prevent speculation,” he said, according to a <a href="https://forkast.news/south-korea-nft-play-to-earn-games-still-banned/">report</a> by Forkfast. SEE ALSO: <a href="https://www.businessinsider.in/investment/news/biggest-crypto-hacks-of-2021-over-4-billion-stolen/slidelist/88560280.cms">Hackers stole over $4 billion in cryptocurrencies this year — Here’s a full list of the biggest crypto heists in 2021</a> <a href="https://www.businessinsider.in/investment/news/15-most-expensive-nfts-of-2021-by-pak-beeple-cryptopunks-and-others/slidelist/88540923.cms">Pak, Beeple, CryptoPunks, the Internet’s source code – these are the 15 most expensive NFTs sold in 2021</a>

Apple and Google asked to axe crypto ‘money-making’ games by South Korea

<ul><li><keyword id="2721952" type="General" weightage="20" keywordseo="crypto" source="Orion">Crypto</keyword> investors in India may be able to use net banking and debit cards to buy cryptocurrencies again.</li><li><keyword id="6368751" type="General" weightage="20" keywordseo="banks" source="Orion">Banks</keyword> in India had withdrawn services from crypto exchanges earlier this year, after an informal warning from the Reserve Bank of India (RBI).</li><li>According to a report by the Economic Times, most customers switched over to using UPI to buy crypto — a channel that falls outside the purview of banks.</li></ul>After months of uncertainty, <keyword id="36838" type="General" weightage="20" keywordseo="indian-banks" source="Orion">Indian banks</keyword> seem to be relaxing their stance on cryptocurrencies. According to a report by the Economic Times (<a href="https://economictimes.indiatimes.com/industry/banking/finance/banking/crypto-gains-currency-again-as-banks-ease-curbs-on-purchases/articleshow/85813536.cms">ET</a>), the country’s top crypto exchange <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite&amp;is_retargeting=false&amp;shortlink=BI&amp;c=site&amp;pid=Business%20Insider&amp;af_click_lookback=7d&amp;af_channel=Business%20Insider&amp;af_adset=article&amp;af_force_deeplink=true">WazirX</a> has listed Internet banking payment options from noted public and private banks in the country. The development comes even as the Indian government yet to make up its mind about how to govern cryptocurrencies in the country. According to Finance Minister <a href="https://www.businessinsider.in/cryptocurrency/news/indias-new-crypto-regulations-are-ready-for-the-monsoon-session-of-parliament-according-to-sitharaman/articleshow/84168068.cms">Nirmala Sitharaman</a>, India’s crypto bill is waiting on approval from the cabinet. However, sources told Business Insider that a <a href="https://www.businessinsider.in/cryptocurrency/news/indias-crypto-bill-is-unlikely-to-be-up-for-discussion-this-month-and-it-may-be-a-while-before-we-see-it-in-parliament/articleshow/84401863.cms">new committee</a> may be formed to reword the bill. The government may be softening its stance on cryptocurrencies in the face of surging popularity in <a href="https://www.businessinsider.in/cryptocurrency/news/wazirx-user-growth-2648-in-2021-so-far/articleshow/85264028.cms">Tier II and Tier III towns</a>. Banks allowing for crypto transactions may not entirely have to do with them becoming crypto friendly, following in the government’s footsteps. According to the report by ET, banks can only monitor transactions going through net banking or debit cards. Those using the Unified Payments Interface (UPI) channels to buy crypto are outside the purview of the banks. “We were not allowing any transaction up until recently, and that is still our official stance. But it’s difficult to monitor so many transactions and some do get through,” a banker told the publication. <cmsannotation type="cmsannotation" annotationid="Banks open up to crypto exchanges" comment="subhead" text="Banks open up to crypto exchanges">Banks open up to crypto exchanges</cmsannotation> WazirX listed top banks like Punjab National Bank, Union Bank of India and Industrial Development Bank of India (IDBI), Deutsche Bank, Federal Bank and more as eligible for net banking. This is in stark contrast to May when Indian banks had stopped doing business with exchanges after an informal communication from the country’s central bank, the Reserve Bank of India (RBI), warned them against working with these firms. Many banks started <a href="https://www.businesstoday.in/crypto/story/zebpay-wazirx-other-indian-crypto-exchanges-flounder-as-banks-cut-ties-after-rbi-frown-300183-2021-07-01">shutting down</a> the accounts of <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite&amp;is_retargeting=false&amp;shortlink=BI&amp;c=site&amp;pid=Business%20Insider&amp;af_click_lookback=7d&amp;af_channel=Business%20Insider&amp;af_adset=article&amp;af_force_deeplink=true">crypto exchanges</a> almost overnight, forcing many to stop taking rupee deposits from their users. Further, in a letter to users on May 31, a couple of banks from India started warning their users against dealing with crypto firms. In its <a href="https://www.livemint.com/market/cryptocurrency/indian-banks-warn-indian-investors-against-dealing-in-cryptocurrencies-11622458257496.html">letter</a>, HDFC Bank, the largest private sector bank in India, told customers that virtual currency transactions weren’t permitted, citing a 2018 letter from the RBI, which banned such transactions. This led to widespread concerns about banks’ relationships with crypto exchanges. Interestingly, the RBI letter cited by HDFC Bank and some others, had been struck down by the Supreme Court of India (SC) in May 2020. The SC’s decision was hailed by the crypto industry, which in turn was able to take advantage of the bull run cryptocurrencies like Bitcoin and Ethereum underwent late last year. The RBI also issued a notice on May 31, revoking the letters sent by these banks. Sharan Nair, chief business officer (CBO) of CoinSwitch Kuber, one of the top four crypto exchanges in India, explained that the move from banks comes after a circular from India’s central bank, the Reserve Bank of India (RBI). <div type="twitter" handle="NairSharan" handlename="Sharan Nair (CoinSwitch Kuber)" image="http://pbs.twimg.com/profile_images/1431964167510974475/3V3wym-g_normal.jpg" favoritecount="433" retweetcount="117" status="Good news coming out from the RBI. Banks can no longer caution customers against dealing in #cryptocurrencies citin… https://t.co/U7hdmO9A0O" createdat="1622470220000" id="1399367645888090117"></div> That said, things aren’t fully back on track just yet. “We offer multiple payment modes for Indian investors, such as UPI, Paytm UPI, IMPS, NEFT and RTGS. We also allow users to buy/sell cryptocurrency using their credit/debit cards but we see most of these transactions getting declined by the credit/debit card providers,” Jay Hao, CEO of cryptocurrency exchange OKEx.com told ET. Alternatively, crypto exchanges in India can use multiple transaction channels, including Net Banking, RTGS and UPI. While banks can control the net banking and RTGS channels, they have no control on UPI, which is a digital payments platform built by the government. As long as banks allow crypto firms to hold bank accounts in their establishments, users can use UPI to deposit money on exchanges. <a href="https://forum.businessinsider.in/">For a more in-depth discussion, come on over to Business Insider Cryptosphere</a> — a forum where users can deep dive into all things crypto, engage in interesting discussions and stay ahead of the curve. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/protests-are-breaking-out-against-el-salvadors-planned-bitcoin-adoption-with-demonstrators-decrying-the-tokens-volatility-and-potential-for-corruption/articleshow/85803487.cms">Protests are breaking out against El Salvador's planned bitcoin adoption, with demonstrators decrying the token's volatility and potential for corruption</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/nft-based-game-mir4-is-all-the-rage-despite-mostly-negative-reviews/articleshow/85799785.cms">NFT-based game MIR4 is all the rage despite ‘mostly negative’ reviews</a>

Banks in India are reportedly softening their stance on crypto trading

<ul><li>The future of the web is <keyword id="692030" type="General" weightage="20" keywordseo="web-3-0" source="Orion">Web 3.0</keyword> – with <keyword id="10387" type="General" weightage="20" keywordseo="microsoft" source="Orion">Microsoft</keyword>, <keyword id="6354576" type="General" weightage="20" keywordseo="facebook" source="Orion">Facebook</keyword> and <keyword id="6354427" type="General" weightage="20" keywordseo="apple" source="Orion">Apple</keyword>, all interested in shaping it.</li><li>According to crypto investment firm Grayscale, the industry is a $1 trillion opportunity.</li><li>However, the philosophy behind Web 3.0 is for developers to take back control of their content from these tech giants.</li></ul>Just as cloud technology revolutionised data storage, Web 3.0 is looking to change the way the internet functions — only in a much bigger way. Most leading digital companies and industries, including the world of blockchain. has a laundry list of what they expect Web 3.0 to mean for them. “The <keyword id="11121339" type="General" weightage="20" keywordseo="metaverse" source="Orion">metaverse</keyword> is still emerging, but many key components have started to take shape and are revolutionising everything from e-commerce to media and entertainment, even real estate,” said crypto investment firm Grayscale's November report. Today’s Web 3.0 promises to be more reliable, decentralised — with control in the user’s hands — enables socialising for work and play through <a href="https://www.businessinsider.in/investment/news/the-metaverse-may-change-the-way-you-earn-money-shop-or-even-chill-with-friends-in-the-future/slidelist/86677906.cms">the metaverse</a>, and makes it cheaper as well as easier to make payments. At <a href="https://www.facebookconnect.com/en-us/session/70f2a060-08ef-4aba-a500-3c0495e5519a/">Facebook</a>’s developer conference this year, founder Mark Zuckerberg laid out his vision for Web 3.0 and the metaverse. He even changed the name of his company to ‘Meta’ to signal a new age of development. “I believe the metaverse is the next chapter for the internet,” he said in October. <cmsannotation type="cmsannotation" annotationid="The OGs — Web 1.0 and 2.0" comment="subhead" text="The OGs — Web 1.0 and 2.0">The OGs — Web 1.0 and 2.0</cmsannotation> To start with, let us differentiate between the ‘internet’ and the ‘worldwide web’. The Internet is the physical infrastructure of cables, satellites, <a href="https://www.businessinsider.in/tech/how-to/what-is-an-isp-the-companies-that-provide-you-with-access-to-the-internet-explained/articleshow/83449663.cms">Internet Service Provider</a> (ISP) networks and routers, through which all data traffic passes. The web is one of the types of data traffic that flows across the Internet. It’s the highway you travel when browsing the internet, making a video call, surfing social media or sending data from your computer to the cloud. The first iteration of the web, Web 1.0, is thirty years old. Think company home pages, curated website directories, static web pages and flash banner ads. Very few people were creating content and a large part of the population was only reading what they had to say. You have moved well past that stage, and are at the<a href="https://ethereum.org/en/developers/docs/web2-vs-web3/"> transition between</a> Web 2.0 and Web 3.0. As compared to Web 1.0, Web 2.0 brought in a lot more interactivity between people – think comments, blogs, wikis, social media, government websites for citizen services, streaming video, and so on. Although these services are accessible to everyone including those with small smartphone screens, they’re mostly hosted on centralised platforms. This Achilles Heel left Web 2.0 susceptible to cyber-attacks, user <a href="https://www.businessinsider.in/slideshows/biggest-data-breaches-of-2019/slidelist/72465909.cms">data breaches</a>, server outages and government <a href="https://www.businessinsider.in/slideshows/miscellaneous/here-are-all-the-major-us-tech-companies-blocked-behind-chinas-great-firewall/slidelist/69472904.cms">censoring</a> as seen with <a href="https://www.businessinsider.in/tech/news/533-million-facebook-users-phone-numbers-and-personal-data-have-been-leaked-online/articleshow/81889315.cms">Facebook</a>, <a href="https://www.businessinsider.in/tech/news/twitter-sorry-for-data-breach-involving-business-clients/articleshow/76543588.cms">Twitter</a>, <a href="https://www.businessinsider.in/tech/news/over-100-million-debit-and-credit-card-users-data-has-been-leaked-online-from-payments-processor-juspay-amazon-and-swiggy/articleshow/80096472.cms">Amazon</a> and the big tech giants of today. <cmsannotation type="cmsannotation" annotationid="The shift to Web 3.0" comment="subhead" text="The shift to Web 3.0">The shift to Web 3.0</cmsannotation> The pandemic of 2020 accelerated every building block of Web 3.0. Starting from making it viable for large groups of people to hangout together online for long time periods — a social and workplace requirement — to the resulting large virtual economies of scale, aspects of Web 3.0 led many companies to accelerate their <a href="https://www.businessinsider.in/tech/news/how-the-importance-of-digital-has-changed-post-pandemic/articleshow/87363470.cms">digital transformation</a> plans. However, the hunger for schooling and <a href="https://www.businessinsider.in/thelife/news/zerodha-nithin-kamath-says-its-time-to-pack-up-and-move-from-indias-large-cities-and-permanently-work-from-home/articleshow/82230947.cms">working from</a> any physical location, also led to popularity of decentralised digital communities and virtual worlds that mesh with the real world, especially those which were previously unheard of from the blockchain space. Looking forward to Web 3.0 has begun a scramble for both, identifying and defining the future of the web. During the era of Web 1.0, Netscape connected users to the online world. During 2.0, Facebook sparked a revolution by connecting people to online communities. Now, during the nascent stages of Web 3.0, platforms like Decentraland are creating community owned virtual worlds. <div type="javascript" title="Custom" contenttype=""><cdata><![CDATA[]]></cdata></div> <cmsannotation type="cmsannotation" annotationid="The birth of the creator economy — why developers favour Web 3.0 and tech giants are trying to keep up" comment="subhead" text="The birth of the creator economy — why developers favour Web 3.0 and tech giants are trying to keep up">The birth of the creator economy — why developers favour Web 3.0 and tech giants are trying to keep up</cmsannotation> This year, Microsoft, Meta — Facebook’s new name, which many have speculated is Zuckerberg’s comical attempt to shed the bad press associated with the social network — and Apple have<a href="https://medium.com/building-the-metaverse/clash-of-the-metaverse-titans-microsoft-meta-and-apple-ce505b010376"> all announced</a> their interest in the metaverse. Rather than get disrupted by other players, these tech giants are attempting to disrupt themselves with the shift in <a href="https://www.growth.gs.com/content/dam/GSGrowth/pdf/GS-Growth-Equity.pdf">how users spend their free time</a>. Millennials and the generations that have come after, spend less time watching TV, preferring social media and video games instead. With convergence of social lives and gaming, the revenue of virtual gaming worlds is expected to grow to $400 billion in 2025, according to <a href="https://research.ark-invest.com/hubfs/1_Download_Files_ARK-Invest/White_Papers/ARK%E2%80%93Invest_BigIdeas_2021.pdf">Ark Invest’s</a> estimates. <div type="javascript" title="Custom" contenttype="Image"><cdata><![CDATA[<div class="flourish-embed flourish-chart" data-src="visualisation/7942287"></div>]]></cdata></div> Moreover, game developers<a href="https://research.ark-invest.com/hubfs/1_Download_Files_ARK-Invest/White_Papers/ARK%E2%80%93Invest_BigIdeas_2021.pdf"> are seeing a trend</a> where players are moving away from paying to buy a game — also called premium games — towards free games that are monetised over the course of play. Games like Fortnite and PlayerUnknown’s Battlegrounds (PUBG) are two of the most popular games in the online universe today. While the games themselves are free, players spend money on in-game items to improve gameplay and ‘bragging rights’ — enhancing their social status within the virtual world. And, that’s where the idea of play-to-earn (P2E) emerges, which is enabled by Web 3.0’s open crypto metaverse networks. P2E means that players can monetise the time and effort they spend in building digital assets within a metaverse. Players can own their creations as non-fungible tokens (NFT). These NFTs can then either be traded within the game or sold to other players in exchange for token than can be exchanged for fiat money, like the US dollar or the rupee. The two most powerful platforms driving that change right now are Decentraland and <a href="https://www.businessinsider.in/cryptocurrency/news/axie-infinity-players-in-the-philippines-may-have-to-start-paying-tax-on-trading-pets/articleshow/85618940.cms">Axie Infinity</a>. Even games like MIR4, which have been <a href="https://www.businessinsider.in/cryptocurrency/news/nft-based-game-mir4-is-all-the-rage-despite-mostly-negative-reviews/articleshow/85799785.cms">criticised</a> for their tokenomics and game-play in general, have thousands of users because of the earning potential — <a href="https://www.businessinsider.in/investment/news/axie-infinity-has-an-inflation-problem-and-without-more-players-its-going-to-be-a-tough-fix/articleshow/87840750.cms">however small.</a> By contrast, a Web 2.0 based closed corporate metaverse doesn’t support the P2E model. For example, players may slowly collect digital assets in Fortnite or Grand Theft Auto, and use them for playing, but they cannot sell them in-game to earn money. According to Bloomberg Intelligence, the market opportunity for the metaverse can reach $800 billion by 2024. <div type="image" title="figure5" msid="87959856" hostid="261" caption="&amp;lt;p&amp;gt;Game in the metaverse are both open and provide earning potential&amp;lt;/p&amp;gt;"></div> Currently, Web 3.0 virtual worlds are estimated to have gained 50,000 users which leaves plenty of room for growth – crypto users globally are estimated at 220 million. Chasing that growth was $1.8 billion of funds<a href="https://docsend.com/view/t2c92yuefkmwnajf"> raised in 2021 Q3</a> alone, towards the segments of Web 3.0-NFT-blockchain gaming, out of a total of $8.2 billion raised by all crypto in the same quarter. A shift to P2E is a leap of faith and challenging, because keeping digital assets locked into the game can be good commercially for the company, while allowing conversion of in-game wealth into real money in player pockets leaves the game open to reduction of value in the future. For this reason, the Web 3.0 P2E trailblazers tend to be relatively new companies who started with little to lose. <div type="javascript" title="Custom" contenttype="Image"><cdata><![CDATA[<div class="flourish-embed flourish-chart" data-src="visualisation/7942448"></div>]]></cdata></div> <cmsannotation type="cmsannotation" annotationid="Examples of Web 3.0’s value are already emerging" comment="subhead" text="Examples of Web 3.0’s value are already emerging">Examples of Web 3.0’s value are already emerging</cmsannotation> Even as efforts are ongoing to bring benefits of the metaverse to virtual education and office, this year saw it shining in other areas that could bring an experience home to a person. In a high-value opportunity,<a href="https://www.theartnewspaper.com/2021/06/07/crypto-crazed-sothebys-launches-first-virtual-gallery-in-digital-metaverse-decentraland"> Sotheby’s</a> is present on Decentraland now as a virtual art gallery where digital NFT art can be showcased by owners, and auctioned to bidders. Audiences can attend large-format events safely with virtual music venues, such as the concert that rapper Snoop Dogg recently threw in his mansion recreated on The Sandbox metaverse. Employees can collaborate and hang out together at their digital office, like the metaverse HQ setup by crypto exchange Binance. Advertisers such as<a href="https://www.exchange4media.com/digital-news/metaverse-a-new-terrain-for-brands-to-play-digital-marketing-game-116666.html"> Coke and Dell</a> have metaverse advertising campaigns too, fostering brand awareness of game players for a price, using digital billboards and other methods involving NFTs. Casinos have gone virtual too, such as the<a href="https://finance.yahoo.com/news/atari-casino-launches-virtual-party-133000509.html"> Atari Casino</a> on Decentraland where players can win in-game currency (MANA) and sell it on crypto exchanges for cash. <cmsannotation type="cmsannotation" annotationid="The ‘metaverse’ is about more than just gaming" comment="subhead" text="The ‘metaverse’ is about more than just gaming">The ‘metaverse’ is about more than just gaming</cmsannotation> Going beyond virtual presence and experiences, being at the crossroads of Web 3.0, crypto and metaverse allows for much wider applications. Self-sovereign identity You could have a digital counterpart to an Aadhaar, birth certificate or driving license, but present it virtually while having full control over who gets to see your data and when. It could also be used for credit scoring. Decentralised cloud If you were wary of cloud storage due to privacy, how about a solution like Filecoin whose data storage infrastructure is decentralised for an extra layer of safety? While using this data in your virtual meetings virtually accessing this storage in your virtual office, services like Livepeer allow for decentralised video transcoding for your virtual office. Decentralised governance Web 3.0 metaverse users can collectively decide on the rules of their virtual space, with the help of frameworks, staking value, voting and auditing. In a community of like-minded users then, there would be no de-platforming or cancellation from centralised corporations. Sovereign virtual goods The Web 3.0 metaverse could allow for NFTs to ‘travel’ between virtual worlds, for display at virtual museums or for sale. It could even be used for physically redeemable NFTs, such as purchasing a digital work of art for use virtually while you have the physical art piece secured in your locker. Decentralised finance DeFi allows a metaverse’s economy to expand beyond simple payment transactions in a digital currency. For instance, lending platforms allow for loans upon virtual land, and decentralised exchanges (DEX) allow players to trade one in-game item for another or for currency instead. While those described above have already cropped up, there may be other killer applications for Web 3.0 that are just a gleam in the eye of a developer who is about to take the metaverse world by storm. SEE ALSO: <a href="https://www.businessinsider.in/investment/news/the-metaverse-may-change-the-way-you-earn-money-shop-or-even-chill-with-friends-in-the-future/slidelist/86677906.cms">The metaverse may change the way you earn money, shop or even chill with friends in the future</a>

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NFT-based game MIR4 is all the rage despite ‘mostly negative’ reviews

BI India Bureau

Apple and Google asked to axe crypto ‘money-making’ games by South Korea

BI India Bureau

Banks in India are reportedly softening their stance on crypto trading

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Facebook, Microsoft and others look towards the $1 trillion dollar ‘metaverse’ opportunity — but that contradicts the base philosophy behind Web 3.0

Madana Prathap

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