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Play-to-earn gaming adoption to nearly double in the US

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Play-to-earn (P2E) gaming adoption is set to nearly double in the US this year, according to Finder’s NFT Gaming Adoption Report.

Finder.com polled 43,312 people across 26 countries to reveal 9.4% of American internet users have used a play-to-earn game.

However an additional 7.1% say they plan to try a platform this year, meaning adoption could soon reach 16.5%.

The US ranks 18th for P2E gaming adoption, ahead of Canada and the UK (8% each), but behind countries like Colombia (13%), Brazil (18%), and Hong Kong (29%) and below the global average of 14%.

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Men are the biggest adopters of NFT gaming. 13% of American men say they’ve played a P2E game and this is set to grow to 22% by the end of the year. Meanwhile just 6% of women say the same and this figure will grow to just 11% this year.

Finder.com’s cryptocurrency editor Keegan Francis says game developers are increasingly using NFTs and cryptocurrency to build more enticing monetary incentives into their games.

“P2E games have their own digital asset-powered economies, allowing gamers to earn rewards.

“Gamers can potentially earn two types of cryptocurrency – native cryptocurrency in the form of tokens, or existing cryptocurrency like Bitcoin or Ethereum.

“These games have already taken off in countries like India and the Philippines where people are reportedly quitting their jobs to earn money on P2E platforms.

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“Adoption will likely grow in the US as more developers build crypto mechanics into their ecosystems.”

Francis noted that adoption tends to be higher in countries with a lower cost of living.

“Before Americans quit their day-job to play games, it’s worth considering adoption is particularly high in countries where living expenses are much lower.

“It’s also worth noting that the mechanics in each game are different – some are free to play while others like Axie Infinity require an initial investment.

“It might not be a feasible option for people living in the US to earn a living-wage playing P2E NFT games, but it does allow them to earn an income for what would otherwise be a hobby.”

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NFT gaming adoption by country

  1. India – 33.79%
  2. Hong Kong – 28.75%
  3. The UAE – 27.27%
  4. The Philippines -25.01%
  5. Vietnam – 22.96%
  6. Singapore – 22.68%
  7. Malaysia – 19.43%
  8. Brazil – 17.55%
  9. Nigeria – 16.05%
  10. Venezuela – 14.11%
  11. Peru – 13.15%
  12. Colombia – 12.68%
  13. Argentina – 12.06%
  14. Chile – 11.36%
  15. Ireland – 11.31%
  16. Mexico – 11.11%
  17. South Africa – 10.20%
  18. The US – 9.37%
  19. Canada – 8.38%
  20. Switzerland – 8.37%
  21. New Zealand – 8.19%
  22. Spain – 8.05%
  23. The UK – 7.55%
  24. Germany – 7.40%
  25. France – 5.75%
  26. Sweden – 4.33%

You can find the full report here: https://www.finder.com/statistics-nft-games

Blockchain

Legal Luminary Sarah Brennan Champions Pioneering Crypto Regulation Approaches

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Sarah Brennan, an accomplished figure in corporate and securities law, serves as General Counsel at Delphi Ventures, focusing on investments in the Web3 space. With over 14 years of experience in securities law and a deep involvement in digital assets since 2017, Brennan also co-leads LeXpunK, a collective dedicated to establishing legal frameworks for decentralized digital communities.

In a candid interview with a prominent cryptocurrency news outlet, Brennan discussed various critical topics. She addressed the emergence of crypto super PACs, funded significantly by major firms like Ripple and Circle, to counter strict SEC regulations. Brennan viewed the SAB 121 bill, backed by the US administration, as potentially isolating the crypto community from broader financial integration.

While acknowledging the influence of centralized entities in advocating for crypto interests, Brennan cautioned against replicating traditional financial hierarchies within the crypto sphere, which contradicts its revolutionary ethos. She expressed concerns about monopolistic scenarios that could dominate the crypto landscape, exerting excessive control over essential industry components and traditional financial operations.

Regarding regulatory challenges, Brennan advocated for tailored regulations to manage systemic risks posed by large centralized crypto institutions. She criticized the current regulatory opacity and inconsistency, which she believes have fostered suboptimal business practices. Through LeXpunK, Brennan endeavors to pioneer experimental legal structures that could redefine regulatory compliance for token issuances, though reception from policymakers has been lukewarm.

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Looking ahead, Brennan emphasizes the need for proactive regulatory approaches using antitrust measures to prevent crypto monopolies, promote decentralization, and target bad actors. However, she highlighted the persistent communication gap between crypto-literate legal advocates and hesitant regulators as a significant obstacle.

Brennan continues to drive forward her mission through new advocacy platforms aimed at shaping the future of cryptographic regulation, navigating complexities to ensure balanced and effective regulatory frameworks in the evolving crypto landscape.

Source: shakirabrasil.info

The post Legal Luminary Sarah Brennan Champions Pioneering Crypto Regulation Approaches appeared first on HIPTHER Alerts.

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Blockchain

Italy Ramps Up Crypto Oversight in Line with MiCA

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Italy is preparing to strengthen its oversight of cryptocurrency markets to align with the European Union’s Markets in Crypto-Assets (MiCA) regulatory framework. This initiative, initially enacted in 2022, aims to impose stricter monitoring of digital asset markets, particularly targeting insider trading and market manipulation. Under the new decree, fines ranging from 5,000 to 5 million euros ($5,400 to $5.4 million) will be imposed based on the severity of violations, reinforcing compliance and market integrity.

For blockchain firms and decentralized finance (DeFi) protocols, MiCA presents significant challenges. These entities must decide between fully decentralizing their networks or complying with MiCA’s Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations. Fully decentralized networks are exempt from reporting requirements but risk non-compliance if they employ foundations or intermediaries moderating communities.

Centralized exchanges like Binance are adapting to MiCA by categorizing stablecoins as authorized or unauthorized, aligning with regulatory requirements without delisting these assets from spot markets. Uphold has similarly adjusted by delisting certain stablecoins for compliance purposes.

Despite regulatory pressures, experts are optimistic about stablecoins’ future. Figures like Jeremy Allaire, CEO of Circle, predict stablecoins could represent 10% of the money supply within a decade. They anticipate widespread adoption driven by benefits such as financial inclusion, lower remittance costs, and seamless cross-border commerce via public blockchains.

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This regulatory framework underscores the transformative potential of stablecoins and blockchain technology within the global financial system.

Source: coinfomania.com

The post Italy Ramps Up Crypto Oversight in Line with MiCA appeared first on HIPTHER Alerts.

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1inch Network Teams Up with Blockaid for Shield API

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1inch Network has collaborated with Blockaid to introduce the 1inch Shield API, a pioneering advancement in Web3 security. This collaboration aims to enhance user protection within decentralized finance (DeFi) by bolstering defenses against fraudulent tokens. Blockaid, renowned for its expertise in Web3 security solutions, utilizes advanced data analytics and machine learning to swiftly identify and flag scam tokens, safeguarding users from potential financial risks.

The 1inch Shield API also addresses compliance with Anti-Money Laundering (AML) regulations through continuous screenings of blockchain addresses. Powered by TRM Labs, this feature scrutinizes addresses for associations with sanctioned entities and illicit activities, preemptively restricting suspect addresses to prevent regulatory infractions.

Additionally, 1inch integrates Etherscan Pro’s blocklisting capabilities to proactively blacklist suspicious addresses, further fortifying its security measures.

This initiative marks a significant milestone in DeFi security, promising unparalleled levels of security and compliance. As 1inch continues to deploy this technology across its platform, it aims to provide developers and users with enhanced protection and confidence in navigating the Web3 landscape.

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Source: cryptotimes.io

The post 1inch Network Teams Up with Blockaid for Shield API appeared first on HIPTHER Alerts.

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