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Emerging VR blockchain game 5th Scape sees strong ICO support

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The new VR blockchain project 5th Scape (5SCAPE) surpasses $3.5 million in ICO funding, fueling speculation about its potential to reshape gaming.

Crypto investors are growing excited about a new project called 5th Scape (5SCAPE) that combines VR gaming with blockchain tech. With its ongoing ICO raising over $3.5 million already, many are wondering if this crypto could be poised for an explosive breakout.

AAA VR gaming meets blockchain utilities with 5th Scape
5th Scape is building out an entire ecosystem combining AAA gaming experiences with the limitless potential of the blockchain. At the project’s core is a library of realistic sports simulations, combat games, and racing experiences – all optimized to transport players into immersive VR worlds.

However, 5th Scape’s developers intend to take the immersion factor to new heights through cutting-edge hardware offerings. These offerings will include a VR headset called VR Ultra, offering crisp visuals and motion tracking. VR Ultra will pair with 5th Scape’s custom-designed gaming chairs, which maximize ergonomics for long sessions. Powering this whole ecosystem is 5th Scape’s native token, 5SCAPE, which has a fixed supply of 5.21 billion.

As outlined in the project’s whitepaper, 5SCAPE holders will receive perks like free lifetime access to 5th Scape’s gaming library and enticing staking yields. There will even be a decentralized creator marketplace that uses 5SCAPE as the native transactional currency. From the immersive games and hardware to its multi-utility token model, 5th Scape’s team has a vision of combining VR with Web3 in a unique way. That ambition sees to be a key driver behind the colossal ICO demand so far.

5th Scape ICO raises over $3.5m ahead of exchange listings
Earlier today, the 5SCAPE ICO blew past the $3.5 million milestone as buyers continue to pile in. For those getting involved in the ICO now, 5SCAPE tokens can be acquired for $0.00248 each.

Given the token’s intended listing price of $0.01, those taking part in 5th Scape’s ICO currently have access to a 303% lower cost compared to what the token is slated to open at. With exchange listings expected shortly after the ICO concludes, this arbitrage potential is proving attractive for speculative investors.

Importantly, 5th Scape’s team plans to set aside 521 million 5SCAPE tokens to provide liquidity once the 5SCAPE token is listed on exchanges. The token is also expected to have an initial market cap of $15 million. However, some members of 5th Scape’s Telegram channel believe this market cap projection will prove conservative, given the strong hype around the project.

Why 5th Scape’s metaverse ambitions are generating mainstream buzz
What seems to be separating 5th Scape from the sea of other crypto projects vying for investors’ capital is its sheer ambition and scope. Rather than focusing on just one product or use case, 5th Scape aims to build a full ecosystem that includes games, hardware, marketplaces, and more.

This comprehensive approach has already started resonating with big names in the crypto world. Major mainstream content creators like Oscar Ramos and Matthew Perry – boasting a combined YouTube audience of over 290,000 people – have produced breakdowns hyping up 5th Scape’s plans. For them, the project’s value proposition lies in its potential within the metaverse sector.

According to a recent report from SkyQuest Technology, the global metaverse market is expected to reach a value of $803 billion by 2031. This represents a CAGR of 39% between now and then. If 5th Scape can capture a slice of this rapidly growing market, and the development team manages to achieve their strategic goals, 5SCAPE’s potential for appreciation could be immense.

Source: crypto.news

The post Emerging VR blockchain game 5th Scape sees strong ICO support appeared first on HIPTHER Alerts.

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Blockchain

Supply Chain Finance Market Forecast to Reach $9.4 Billion by 2029: Increasing Emphasis on Sustainable Sourcing

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Global Supply Chain Finance Market

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Blockchain

Web3 Startups Raise Nearly $1.9B in Q1 2024 Despite Overall Downtrend in Crypto VC Interest

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Venture capital funding for cryptocurrency and blockchain projects has seen a notable resurgence in the first quarter of 2024, marking its first quarterly rise since 2021. Crunchbase data released today indicates that Web3 startups secured nearly $1.9 billion in funding across 346 deals during this period. This represents a substantial 58% increase from the previous quarter, offering a glimmer of hope amidst the ongoing downward trend in overall crypto VC interest.

The recent surge in funding can be attributed to investors adopting a more long-term perspective on Web3, as opposed to the hype-driven “tourist investors” predominant in recent years. Chris Metinko, the author of the report, notes that investors are shifting their focus to the AI sector, indicating a change in investment strategy. There is a growing interest in supporting the foundational infrastructure of the decentralized internet, rather than solely concentrating on crypto wallets and lending platforms, which attracted significant investments during the peak period of 2021 to 2022.

While large funding rounds were relatively uncommon in Q1, several notable investments stood out. Exohood Labs, a company integrating AI, quantum computing, and blockchain, secured a remarkable $112 million seed round at a valuation of $1.4 billion. EigenLabs, an Ether token “restaking” platform, raised $100 million in a Series B round led by a16z crypto. Additionally, Freechat, a decentralized social network leveraging blockchain technology, secured $80 million in a Series A round. These investments, among others, contributed to the increase in valuations and the emergence of four new Web3 unicorns in Q1.

Despite the recent progress, the future trajectory of Web3 remains uncertain. Metinko suggests that the next few quarters will be pivotal in determining the industry’s direction. While investors anticipate a rebound in investment as the decentralized internet evolves, it may take another year for venture capital activity to stabilize after the exuberance of 2021. Factors such as the approval of U.S. spot Bitcoin exchange-traded funds and the upcoming Bitcoin halving could also influence the market, given the rising prices of Bitcoin and Ether.

A noteworthy example of significant funding in the Web3 space is Monad Labs’ recent successful funding round, which secured $225 million led by Paradigm. Monad Labs is a layer-1 blockchain compatible with Ethereum, offering faster transaction processing. This funding round harkens back to the golden era of crypto funding in 2021-2022, when L1 solutions attracted substantial investments.

Earlier this year, Balance, a digital asset custodian based in Canada, announced that it had once again reached $2 billion in assets under custody (AUC) amidst the recent market recovery. Similarly, Korea Digital Asset (KODA), the largest institutional crypto custody service in South Korea, has experienced remarkable growth in crypto assets under its custody, expanding by nearly 248% in the second half of 2023.

Analysts at Bernstein Research project that crypto funds could reach an impressive $500 billion to $650 billion within the next five years, representing a significant leap from the current valuation of approximately $50 billion. This forecast underscores the growing optimism and potential for substantial growth within the crypto industry in the coming years.

Source: cryptonews.com

The post Web3 Startups Raise Nearly $1.9B in Q1 2024 Despite Overall Downtrend in Crypto VC Interest appeared first on HIPTHER Alerts.

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ASIC cracks down on blockchain mining firms

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Three blockchain mining companies – NGS Crypto, NGS Digital, and NGS Group – along with their directors, Brett Mendham, Ryan Brown, and Mark Ten Caten, are facing legal action from the Australian Securities and Investments Commission (ASIC) for allegedly operating without a license, in violation of Australia’s Corporations Act. ASIC initiated legal proceedings against these entities on April 9, citing concerns about their non-compliance with financial regulations and their solicitation of Australian investors.

According to ASIC, the NGS companies promoted blockchain mining packages with fixed-rate returns to Australian investors, encouraging the transfer of funds from regulated superannuation funds to self-managed superannuation funds (SMSFs) for conversion into cryptocurrency. Approximately 450 Australians invested a total of around USD 41 million in these packages, raising concerns about potential financial losses.

The legal action filed by ASIC alleges that the companies violated section 911A of the Corporations Act, which prohibits companies from providing financial services without a valid Australian Financial Services Licence (AFSL). ASIC is seeking interim and final court orders to prohibit the NGS companies from offering financial services in Australia without an AFSL.

ASIC Chair Joe Longo emphasized the importance of investors carefully considering the risks before investing in crypto-related products through their SMSFs. Longo stated that ASIC’s actions send a message to the crypto industry about the regulator’s commitment to ensuring compliance with regulations and protecting consumers.

In a separate development, the Federal Court appointed receivers for the digital currency assets associated with the NGS companies and their directors to safeguard these assets amid concerns about the risk of dissipation. Mendham was also issued a travel restriction order, preventing him from leaving Australia.

While a court date for the proceedings has not been set, ASIC’s investigation is ongoing, with the regulator continuing to gather evidence and build its case. It is worth noting that the investigated companies share a similar name with NGS Super, a legitimate Australian pensions provider, leading to potential confusion among investors. NGS Super clarified that it is not involved in selling cryptocurrency or related products and has taken legal action to protect its trademark and members’ interests.

Source: iclg.com

The post ASIC cracks down on blockchain mining firms appeared first on HIPTHER Alerts.

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