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Key Points to Keep in Mind while Creating an Initial Coin Offering

Posted on by Shipra

 

Key Points to Keep in Mind while Creating an Initial Coin Offering

You’ve certainly heard of an ICO by now and are aware that it’s a cutting-edge method for blockchain firms to generate money by creating a new digital asset or “token.” It has also gained a lot of attention; according to Fabric Ventures and TokenData, ICOs raised $5.6 billion in total in 2017.

You may also be aware that the Securities and Exchange Commission is actively looking into ICOs that it believes may have broken federal securities laws and has lately issued dozens, if not hundreds, of subpoenas.

Here are a few things to think about if you’re launching coin as a fundraising approach for your company in 2022. 

Key Points to Keep in Mind while Creating an Initial Coin Offering

1: Securities and Exchange Commission

Jay Clayton, the chairman of the Securities and Exchange Commission, has made it very obvious that all tokens are securities, making the offer and sale of tokens subject to federal securities regulations. Therefore, ICOs must either meet the conditions for an appropriate exemption from the registration requirements or register with the Securities and Exchange Commission.

Your token should be viewed as a security even if it has a “utility” purpose. Your next move after writing your White Paper and organizing your token economics should be to employ a seasoned securities lawyer with a mix of experience in capital markets and cryptocurrencies.

2: Reg D 506(c) and Reg A+

Reg D 506(c) grants you the authority to broadly solicit or market your transaction and permits accredited investors to lawfully invest in your ICO. The advantages of Reg D include the fact that there is no cap on raises, it is quick and simple, and legal fees typically range from $25,000 to $50,000. The drawbacks include a one-year lockup on tokens, a cap on affluent investors, and the requirement that your investors provide proof of accreditation.

Anyone over the age of 18 can invest anywhere in the world, and Reg A+ gives you the opportunity to publicize your ICO and has a $50 million raise limit. The main benefit is that anyone can invest, which fits well with the crypto community’s concept. The drawback is that Reg A+ takes three to six months to complete, involves two years of audited financials (assuming you have operating experience), and can cost anywhere between $250,000 and $500,000 in marketing, legal, and accounting services.

3. Figure out how much capital you really need.

There are too many ICO issuers raising too much money. It may seem contradictory, but your three-person blockchain firm doesn’t really require $50 million, does it? ICOs that raise too much money risk being risky and irresponsible at the very least, and limit the upside value to their investors at the best. Plus, raising too much money can have other detrimental effects including cultural deterioration, as renowned investor and entrepreneur Marc Andreessen famously warned. According to Andreessen, such firms are susceptible to becoming “infected with a culture of complacency, laziness, and hubris.”

Read more: What are Some of the Benefits of an ICO?

4. Evaluate your Advisors carefully.

LinkedIn is now overrun with people identifying themselves as “ICO Advisors.” Even while some people might have relevant experience, the great majority do not. Here are some inquiries you ought to put to your potential advisors: What ICOs have you worked on recently and in the past? What role did you play exactly? Do you still have time to work on the project? Was there any evidence of your involvement in the White Paper or elsewhere? How did you get paid for the work you did? Is it legal? What were the results of the ICOs you participated in?

Additionally, it’s essential to request references and request that the advisor arrange calls with their current and previous ICO clients. Two to three recommendations should be no problem for an experienced advisor.

5. Online Reputation Management

Once your coin has been posted on various listing services, you may observe some users writing queries or remarks about your ICO. Anybody, from a YouTube blockchain blogger to an ICO platform reviewer, could participate in these online discussions about your token sale. Similarly to this, not all reviews or feedback are positive, but this content still ranks highly when potential investors search for terms like “Your ICO name + review,” which means that if a negative review is left unanswered, those potential investors will be less likely to participate in your token sales. The profiles of certain dapp entrepreneurs on the various ICO listing platforms are not verified. Investors get doubtful as a result of such factors. 

You must monitor what is said about your ICO to resolve this problem. Creating numerous Google alerts will be quite beneficial. You will be notified through Google alerts each time someone mentions your initial coin offering (ICO) online.

6. Organic Reach

Search engine optimization (SEO) enables you to reach a larger audience of people looking for the blockchain solution you are developing. SEO not only draws in investors, but it also increases your exposure. If your ICO website is optimized for the term “blockchain KYC,” anyone looking for information on it can reach your solution through Google searches.

7. Only registered broker-dealers can charge success fees.

Federal broker-dealer rules have been broken by both you and the marketing business if you pay them a percentage of your raise but they are not registered broker-dealers. Offering success- or incentive-based pay to a company that isn’t a FINRA-registered broker-dealer is against the law.

Paying in cash is a secure method of doing business. You can even offer a combination of cash and tokens, but before putting forth or accepting any such proposal, make sure to speak with your securities attorney.

Conclusion

The bottom line is that ICOs demand a very challenging legal procedure. They serve as the cornerstone of a developing digital currency market. But that sector of the economy is no longer the lawless Wild West. In addition to China and South Korea’s explicit bans, US officials have also warned about ICOs. Your ICO must be appropriately planned, thoroughly researched, and based on a basis of compliance with securities regulations in its jurisdiction if you want to guarantee long-term success.

Understanding Blockchain Fundraising — Initial Coin Offering (ICO)

Posted on by Shipra

Understanding Blockchain Fundraising — Initial Coin Offering (ICO)

Blockchain technology has many use cases in the fundraising world. It is one of the most innovative technologies of recent times, as it provides a decentralized way for projects to raise donations, record transactions, and track how donations are spent.

Blockchain fundraising is a new trend in the fundraising world. It is a type of crowdfunding that allows people to donate money to a cause without any middlemen.

While crowdfunding through online platforms such as Kickstarter or Gofundme has exploded in popularity, blockchain’s decentralized nature allows organizations to raise funds from people directly without any middleman taking a percentage or commission.

What is Initial Coin Offering (ICO)

An Initial Coin Offering (ICO) is a type of crowdfunding that has emerged as an alternate way to raise money for start-ups. The term ICO refers to the process of releasing newly created cryptocurrencies, tokens, or other digital assets.

Startups may use an ICO to bypass rigorous and regulated capital-raising processes required by venture capitalists or banks. It can also be seen as a way for organizations to avoid the rigorous and regulated capital-raising process required by venture capitalists or banks.

Read also: Initial Coin Offering (ICO): Everything You Need To Know!

An initial Coin Offering (ICO) is similar to an IPO (Initial Public Offering), which raises funds when a new company ventures into the stock market.

Types of Token Fundraising

There are several ways people categorize the types of token fundraising. One of the easiest ways to understand crypto fundraising is to break it into Private Placements and Public Offerings.

Private Placement: Before launching a public offering, a project owner may decide to conduct a Private Placement in which tokens are offered to a select group of investors. This is called a “token presale,” which occurs when a startup or project sells tokens while the project is still in development. The token presale’s goal is to either raise funds for the project’s early development or business growth accretion leading up to the ico launch platform.

Public Offerings: There have been three main types of public offerings. It includes Initial Coin Offering (ICO), Initial Exchange Offering (IEO), and Initial Decentralised Exchange Offering (IDO).

FAQs About Initial Coin Offering (ICO)

What Happens If the Initial Coin Offering (ICO) Fails? If the ICO fails to raise enough funds, the new cryptocurrency is usually not created (or completed), and backers receive their money back.

What is the largest initial coin offering (ICO)? Ethereum’s initial coin offering (ICO) in 2014 had to be the most successful ICO of all time, at least to date. Over 42 days, the Ethereum ICO raised $18 million.

What Makes an ICO Successful? A company holding an ICO, similar to an initial public offering, should clearly state the maximum coin supply and the number of tokens allocated to founders, early investors, partners, and the company itself.

Conclusion

Finding funding to launch new ventures has long been challenging for entrepreneurs, even those with great business ideas because the traditional fundraising process requires significantly more effort, time, and money.

On the other hand, Blockchain technology provides an alternative fundraising method best suited for blockchain-related projects.

Blog Credits: Medium

How to Choose The Right Software Development Methodology For Your Business

Posted on by Akash Guha

 

When it comes to software development, veteran developers, quality testing, and bug removal, these three steps decide whether the software will succeed or not. Proper market segmentation is also an important task, and in modern days, internet marketing is something that can be a contributing factor. However, another factor resides in the software development field and must be clarified before starting any development-related activities. 

We’re talking about software development methodologies. Since the first software was developed in the world, some rules, regulations, and formulas have existed to make the development work more efficiently. Not only that, but development strategies are also effective in removing counter-productivity from the project. Cost efficiency can also be obtained from a suitable software development methodology; that’s why choosing the right software development strategy is crucial for gaining success. 

Steps To Choose The Right Software Development Methodology

Measure The Scope Of Development 

Adobe, Microsoft Office and CAD are some softwares with broader scope and large audience base that includes different market segments and are used for other real-life use cases. Similarly, micro-scoped softwares available in the market serves a small target audience. 

Your project might need specific developers, quality analysts and marketing professionals dependent on the scope; also, they require time and resources to show up the best of them. 

Based on the scope of development, the software requires different features, development strategies and all the above, a suitable software development methodology which can justify project needs. 

So, measuring the scope of development is very important when choosing the best software development methodology. 

Understand The Software Development Culture

Whether your developers are working from the office or they’re working from home, the working and development culture also requires the best suitable software development framework. 

For working from-home developers, coordination and accountability are most needed. Likewise, motivational and intrapersonal factors can heavily affect software development, so the software development framework is different for working-from-home professionals. 

In contrast, office workers are naturally capable of generating good coordination between them. Software development strategies like Agile and Spiral require frequent connection and rapport. 

Set Up With The Project Timeframe & Flexibility

Depending on any project deadline, you should choose a software development plan for yourself. Usually, heavy software projects require a steady and rigid development strategy, and the opposite is with smaller projects. 

Flexibility is also an important contributing factor in a software development project. As software evaluates, many things related to feature and scalability change, and flexibility factors change. 

Read Also: A 5-Step Guide To Successful Software Development Outsourcing

So, the Waterfall software development strategy is considered best for complex and heavy software, where everything is based on a rigorous but simple evaluation. However, implementing a ‘halt and inspect’ strategy also works, as complex things can become messy if unchecked. So, implementing a combined approach can also be done. 

Consider A Financial Inspection

Financial things also matter when choosing a software development methodology. Depending upon the scope of the project, you’ll be appointing developers and other workers for your software. The higher the number of project workers, the higher the cost is going to be. 

Similarly, complex software development methodologies require the best strategists, as the majority of the requirements and strategies must be settled before starting out. Also, complex projects are bound to make mistakes, so you’ll be requiring veteran developers to complete all tasks without potential errors.

All-over financial inspection is also required and a must before choosing the right software development methodology for your business. 

3 Software Development Methodology For Business

Let’s check 3 software development strategies available that you might find valuable for your project. They are – 

1.  Waterfall

Like the water stream flows downwards and never goes up, the Waterfall software development methodology maintains a good and simple method like a water stream. 

As explained before, the waterfall is the best strategy for complex and huge development projects. Developers break down the whole development into parts and manage them sequentially. Each step must be completed fully before moving to the next project. 

Also, participants in a project have a very distinct and fixed role in development, and nothing is going to change after the development process starts. 

2.  Lean Development

Lean development is a productivity-based software development program for minimizing wastage and building productivity. 

This development strategy from the automotive manufacturing farm Toyota implements an open-mind approach while developing tasks. Through the course of development, managers curate strategies to avoid potential counter-productive things. Also, developers are asked to identify the things that can hamper the development stages. 

However, the lean development process requires high-end connection and frequent communication among the participants. So, you must evaluate your development team before choosing this software development methodology. 

3.  Prototype Model

The prototype model is heavily based on customer testing, feedback and evaluation. Instead of building full-fledged software, this software development methodology allows for making a prototype version of the expected final product. 

After creating a prototype model, developers allow a few users for testing and bug-identifying factors. One of the advantages of this model is less failure risk. As users participate in the software-enhancing process, the software is going to get enhanced step-by-step. 

Choosing a perfect software development methodology requires a mind capable of strategizing the best strategies; consider booking a consultation service. Also, methods work best with the best developers; hire software developers usa with a full spectrum of experiences. Altogether, make your software development project a success by choosing the right software development methodology. 

Read Also: Top 9 Software Development Methodologies 

Author Bio

Akash Guha is a content writer with a grasp of different web content creation. He has an interest towards writing website content for multiple industries like blockchain, mental health and finance. Also, he is aimed to write simple and easy-to-understand content. 

NFT Games in the Metaverse

Posted on by Shipra

NFT Games in Metaverse

The metaverse market, currently valued at over $38.5 billion, is projected to grow significantly. Analysts predict an annual expansion rate of 13.1%, driven by the willingness of individuals to invest in advanced VR equipment and the increasing popularity of metaverse real estate, with investors purchasing over $500 million worth so far.

The Metaverse, a revolutionary concept, merges the best of virtual and physical reality, allowing users to interact in real time. It offers vast potential in various sectors, including virtual education, immersive shopping experiences, and transformative entertainment. Beyond its immersive experience, the Metaverse represents the evolutionary leap of the internet, transcending traditional screens and keyboards. However, privacy concerns, ethical considerations, and its impact on mental health require careful attention. The Metaverse has the power to reshape society, redefining work, education, entertainment, and communication, but its development must be guided by ethical, social, and technological considerations to ensure a positive and sustainable impact on humanity.

What is Metaverse Gaming?

Metaverse gaming, empowered by Blockchain technology, has revolutionized the gaming industry by offering immersive experiences beyond mere entertainment. Players can earn in-game rewards, trade assets, and interact with each other in a virtual world. The unique blend of gaming, social interaction, and education makes Metaverse gaming a multifaceted platform. Its potential to generate revenue streams through NFTs and virtual land ownership further enhances its appeal. As technology advances, Metaverse gaming is poised to become a multi-billion dollar industry, reshaping the way we play, interact, and explore virtual worlds.

Elements of Metaverse gaming 

In Metaverse gaming, where immersive experiences and technological advancements converge, a multitude of components come together to shape this revolutionary gaming domain. While our list may not encompass all, it delves into the fundamental elements that define Metaverse games:

  • 3D Virtual Worlds:

Accessible and expansive 3D environments are the foundation of Metaverse gaming, allowing players to interact, explore, and immerse themselves in the game’s universe.

  • Virtual Characters and In-Game Interactions:

Players assume the role of virtual characters, facilitating communication and collaboration with others. These interactions extend beyond the game environment, fostering socialization and teamwork among players.

  • In-Game Items and Assets:

Ownership of in-game items is crucial, often utilizing blockchain technology for secure and transparent transactions, including asset trading and sales.

  • Gameplay Principles and Goals:

Metaverse games feature underlying principles and objectives that guide the player experience, albeit in a more immersive setting compared to traditional games.

  • VR and AR Technologies:

Virtual Reality (VR) and Augmented Reality (AR) technologies are pivotal to Metaverse gaming, blending digital and physical realities for an immersive experience.

  • Blockchain and Cryptocurrency:

Blockchain provides a secure framework for in-game economies, enabling real-world value transactions and digital asset ownership through cryptocurrencies and Non-Fungible Tokens (NFTs).

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  • Internet of Things (IoT):

IoT technology integrates real-world objects into the Metaverse, enhancing the gaming experience by incorporating real-time data and physical world interactions.

  • 3D Reconstruction and Mixed Reality:

3D models of real environments and mixed reality experiences enhance immersion, allowing seamless navigation between various virtual experiences.

  • Brain-Computer Interfaces:

Emerging technologies such as brain-computer interfaces are being explored to enable players to control their avatars through their thoughts, creating a more intuitive gaming experience.

These elements collectively drive the Metaverse gaming industry toward a more immersive, socially interactive, and economically vibrant ecosystem, shaping the future of gaming and entertainment.

Metaverse Coins

Metaverse games are gaining popularity and offer immersive virtual worlds for players to explore. A list of top Metaverse games has been compiled based on specific criteria. Player engagement is a key factor, achieved through engaging gameplay mechanics, immersive storytelling, and meaningful player choices. Graphics and gameplay are crucial, with high-quality visuals, smooth mechanics, and a sense of progression. Community is important for enhancing the overall experience and ensuring the game’s longevity. Ultimately, a top Metaverse game provides a rich and rewarding experience that keeps players engaged and coming back for more.

“DO YOU KNOW?”

Notably, 53% of companies investing in the metaverse also invest in cryptocurrencies. With over 400 million active monthly users and the potential to contribute an additional five trillion US dollars to the world economy by 2030, the metaverse holds immense promise.

Top Metaverse Games and Company

Top Metaverse Games

1. Decentraland

Decentraland, a virtual metaverse platform, was introduced to the public in the early 2020s. It enables players to use MANA to create avatars, purchase items, and acquire virtual land parcels, which can be rented out or used to host events and sell virtual artwork. The platform’s unique feature is LAND, non-fungible tokens representing virtual land parcels. Players can use LAND and MANA to develop immersive experiences and games that can be shared with others. Decentraland’s popularity stems from its immersive gameplay, user-generated content, and partnerships with brands and organizations. In 2021, the launch of the In-World Builder further enhanced user-generated content and experiences within the platform.

2. Axie Infinity

Axie Infinity is a Vietnamese company founded in 2018 that allows players to breed, raise, collect, and trade fictional creatures called Axies in a Pokemon-inspired computer game. Axies have interchangeable body parts that determine their appearance and abilities, and players can acquire land and houses for them to live in. Simulated creatures and other in-game items are represented as non-fungible tokens (NFTs) controlled by blockchain technology. Players can earn Small Love Potion (SLP) tokens by winning battles, which can be exchanged for Ethereum or other cryptocurrencies. Axie Infinity’s popularity is attributed to its innovative gameplay and the ability for players to earn real money while playing. User-generated content has played a significant role in the game’s success, and players have been able to create their mini-games within the Axie Infinity universe. Axie Infinity has had a positive impact on communities in developing countries, where players have been able to earn a living wage by playing the game.

3. The Sandbox

The Sandbox is a user-generated infrastructure where individuals can create and share content using Metaverse Blockchain technologies and smart contracts. It encompasses three main elements: VoxEdit for designing avatars and objects, a marketplace for trading creations, and Game Maker for building 3D games without coding. Unique to Sandbox is its use of NFTs to represent virtual assets, enabling players to monetize their creations and trade them on the game’s marketplace. SAND is the native token used for purchasing virtual properties on the Sandbox map, which can also be sold on the Open Sea NFT marketplace. The Sandbox’s thriving community of creators and players is a major factor in its success. Players can create games, virtual real estate, and in-game items, contributing to a vibrant user-generated content ecosystem. The Creator Fund provides financial support to creators making innovative and engaging content on the platform.

4. Alien Worlds

Alien Worlds is a play-to-earn game where players mine Trilium, the in-game currency, on six different planets. Players can own and trade in-game assets represented by non-fungible tokens (NFTs) and create and participate in organizations called Decentralized Autonomous Organizations (DAOs). The game’s popularity stems from its engaging gameplay, unique features, and the potential to earn cryptocurrency. The game’s thriving community contributes to its success by creating user-generated content, such as planets, quests, and mini-games, enhancing the gaming experience and attracting new players.

5. Illuvium

Illuvium, a recently launched video game, has gained significant popularity by offering a unique blend of gameplay features and blockchain technology. The game allows players to explore a strange world, capture and cure mythical creatures called Illuvials, and use them in battles. Illuvial NFTs are tradable, and their value increases with their strength and rarity. Players can earn Illuvium cryptocurrency (ILV) by completing challenges and assignments, which can be traded on the IlluviDEX. Illuvium’s appeal to both gamers and NFT collectors, its community-driven approach, and user-generated content have contributed to its success. The game’s recognition by the Blockchain and gaming industries further solidifies its status as a game-changer in the Blockchain gaming landscape.

6. Roblox

Roblox, a Metaverse gaming platform, has gained immense popularity among young gamers since its inception in 2006. With millions of active players daily, Roblox offers a vast array of user-generated games and experiences. Its accessibility, social aspect, and endless possibilities for creativity and customization have made it a favorite among children and young adults. The supportive and creative community fosters a sense of loyalty and engagement among players. The platform’s focus on user-generated content ensures constant new offerings, while its social and interactive features allow players to connect and play with friends globally. Roblox’s public offering highlights its potential for developers and investors, attracting big-name brands and generating significant revenue.

7. My Neighbor Alice

My Neighbor Alice is a popular Metaverse game built on the Ethereum Blockchain. It allows players to explore a virtual world, create and customize their islands, and interact with other players. The game’s popularity is attributed to its immersive gameplay, earning potential through cryptocurrency, and unique experiences created by user-generated content. Players can design their islands, participate in community events, and buy, sell, and trade virtual assets. The game’s focus on user-generated content has led to a thriving economy, with some players earning significant money from trading NFTs. My Neighbor Alice offers a strong social aspect, allowing players to interact with each other and collaborate on projects within the game world.

Related: Blockchain-Based Gaming Companies in 2024

8. Minecraft

Minecraft, developed by Mojang Studios, is a popular Metaverse game known for its endless possibilities for creativity, exploration, and adventure. Its open-world gameplay, procedurally generated 3D world, and simple mechanics make it accessible to players of all ages and skill levels. Minecraft’s appeal extends beyond gameplay, with educational value and inclusivity features. Its emphasis on player creativity and imagination, along with user-generated content, mods, and multiplayer mode, contribute to its popularity and longevity. Minecraft continues to captivate players by providing a platform for building, designing, and collaborating, fostering a vibrant community that shares creations and experiences.

9. Voxels

Voxels, previously known as Cryptovoxels, is a Metaverse platform built on the Ethereum Blockchain. It allows users to buy, sell, and build on land parcels using voxels, small cubes used to create three-dimensional structures. The game’s simplicity and accessibility, combined with its use of Blockchain technology, have made it popular in the NFT space. Voxels emphasizes community and collaboration, fostering a sense of engagement and creativity among players. The game’s appeal extends beyond the Blockchain community, attracting gamers, artists, and even educational institutions.

10. Battle Infinity

Battle Infinity is a Metaverse-focused gaming platform that offers an immersive gaming experience in a virtual world. It uses Blockchain technology to create a decentralized ecosystem where players have complete ownership of their in-game assets. The platform allows players to create their own games and share them with others, making it a platform for gamers, by gamers. Battle Infinity has gained immense popularity due to its unique features such as PVE and PVP battles and sports games. It has attracted over 20,000 players and generated over $200,000 in its presale. The platform’s success is attributed to its focus on user-generated content, allowing players to create and monetize their games. The use of NFTs further enhances the platform’s appeal by providing complete ownership of in-game assets. Battle Infinity has fostered a strong community, with players sharing tips and experiences, making it one of the most successful Metaverse-focused gaming platforms.

Current Market Status of Metaverse Gaming

The Metaverse gaming market is rapidly growing, reaching $13.84 billion in 2023 and predicted to hit $710.21 billion by 2027. This growth is driven by advancements in VR and AR, which enhance gaming experiences. The Metaverse is also being used for education and training, with game-based learning expected to reach $52.3 billion by 2030. Sandbox games are popular and growing fastest, offering players limitless environments. North America leads, but Asia Pacific is expected to experience the highest growth. Challenges include high equipment costs and privacy concerns. Companies are focusing on alliances and partnerships to stay competitive.

“DO YOU KNOW?”

Roblox stands as the largest virtual world within the metaverse, catering to a predominantly young audience, with 51% of users under the age of 13. In the United States, 74% of adults have considered or joined the metaverse, and by 2026, it is estimated that 25% of Americans will spend at least an hour a day immersed in this virtual reality. 

Challenges in Metaverse Gaming

The Metaverse gaming industry’s rapid growth and evolution present various challenges that must be addressed for its long-term success. Here are key challenges in Metaverse gaming:

1. Technical Infrastructure Limitations:

  • Developing Metaverse games requires advanced technological infrastructure, including high-speed internet and powerful computing resources.
  • This can pose a significant barrier, especially in regions with limited infrastructure.

2. Expensive Equipment Costs:

  • Accessing the full Metaverse experience often requires costly equipment such as VR headsets and gaming consoles.
  • This high-cost limits accessibility for many potential users, reducing the market reach of these games.

3. Privacy and Data Security Concerns:

  • The increasing amount of personal data shared in the Metaverse raises concerns about privacy and data security.
  • Protecting user data against cyber threats is a significant challenge for game developers and platform providers.

4. User Experience and Inclusivity:

  • Creating an immersive and engaging user experience accessible to a broad audience is crucial.
  • This includes designing intuitive interfaces and ensuring the Metaverse is inclusive for users with different abilities and preferences.

5. Content Moderation and Ethical Considerations:

  • The Metaverse opens up new realms for content creation, leading to concerns about content moderation.
  • Ensuring appropriate content and preventing harmful behavior in virtual worlds is a critical challenge.

6. Integration of Blockchain and NFT Technologies:

  • While blockchain and NFTs offer new possibilities for in-game economies and asset ownership, integrating these technologies securely and user-friendly is complex and challenging.

7. Interplatform Interoperability:

  • Seamless interoperability between different Metaverse platforms and games is essential for a unified user experience.
  • Achieving this interoperability is technologically challenging and requires coordination among various stakeholders.

8. Regulatory and Legal Frameworks:

  • The Metaverse gaming industry operates in a relatively new and rapidly evolving space, often lacking clear regulatory and legal frameworks.
  • Navigating these uncharted waters and ensuring compliance with different jurisdictions is a major challenge.

9. Sustainable Business Models:

  • Developing sustainable business models that balance profitability with user experience is crucial.
  • This includes finding the right balance between monetization strategies and providing value to users.

10 Adoption and User Base Growth:

  • Despite its potential, the Metaverse gaming sector faces challenges in attracting and retaining a large and active user base.
  • Overcoming skepticism and building a community of engaged users is essential for the success of Metaverse gaming platforms.

Addressing these challenges requires collaboration among developers, investors, regulatory bodies, and the gaming community. A collaborative approach is necessary to ensure the Metaverse gaming industry reaches its full potential and positively impacts the digital entertainment landscape.

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Future of Metaverse gaming

The metaverse revolutionizes the NFT in gaming industry by offering immersive experiences through advanced technologies like VR and AR. It introduces economic ecosystems where players can create and trade virtual assets, fostering a vibrant in-game economy. The metaverse serves as a social platform where players can connect, interact, and build communities, facilitated by features like voice chat and multiplayer experiences. Unlike traditional games, the metaverse offers persistent worlds that continuously evolve even when players are offline. AI integration enhances gameplay experiences and creates dynamic virtual environments. Beyond entertainment, the metaverse has potential applications in education, training, collaboration, and social gatherings. It redefines how we interact with virtual environments and opens up new possibilities for the future.

Conclusion

In conclusion, NFT Games in the Metaverse represent an exciting intersection of digital innovation and interactive entertainment. Understanding What is NFT game and exploring the best NFT games in the metaverse can provide unparalleled experiences and opportunities. As Metaverse games evolve, the integration of NFTs in the Metaverse will shape the future of NFTs and the broader Metaverse future. Metaverse NFT games are not only redefining gameplay but also creating new economic models through NFT token economies. Companies like SoluLab are at the forefront of this transformation, offering expertise in Metaverse game development. Embrace the future of the metaverse and gaming NFT tokens with SoluLab’s innovative solutions to stay ahead in this dynamic landscape.

FAQs

1. What is an NFT game?

An NFT game integrates non-fungible tokens (NFTs) into its gameplay, allowing players to own, trade, and earn unique digital assets within the game.

2. What are NFTs in the Metaverse?

NFTs in the Metaverse are digital assets that represent ownership of virtual items, such as avatars, properties, and collectibles, within a metaverse environment.

3. What are the best NFT games in the Metaverse?

The best NFT games in the Metaverse offer immersive experiences, unique NFTs, and robust in-game economies. These games leverage blockchain technology to enhance player ownership and interactivity.

4. How do Metaverse NFT Games work?

Metaverse NFT games work by integrating blockchain technology to create and manage NFTs, which players can use, trade, or sell within the metaverse. These games often feature decentralized economies and player-driven marketplaces.

5. What is the future of NFTs in the Metaverse?

The future of NFTs in the Metaverse looks promising, with increasing adoption, technological advancements, and innovative use cases driving growth and creating new opportunities for players and developers.

6. Why is SoluLab important for the future of the Metaverse and NFT games?

SoluLab is a leading developer in the NFT and Metaverse space, providing cutting-edge solutions for NFT Metaverse game development. Their expertise ensures high-quality, innovative games that leverage the full potential of NFTs and blockchain technology for the future of the metaverse.

Real Estate Tokenization: The Future of Real Estate Business

Posted on by Shipra

 

Real Estate Tokenization: The Future of Real Estate Business

The real estate industry is one of the largest business sectors in the global market. It is growing at the rate of 5%, with China holding the largest share in the market’s capitalization.

The market slowed down during the 2019 pandemic, but it has since begun to regain traction due to the interest and participation of global investors.

The business sector is vast, with the involvement of international affiliates. But, it lacks in the processing or transferring of ownership from one member to another. The transaction process takes a lot of time, and it is complex.

The introduction of blockchain technology has been revolutionizing many business sectors across the globe, and real estate is one of them. It has simplified the transaction process and has eliminated the need for intermediaries through real estate tokenization.

Let’s get to know about tokenization before getting into real estate tokenization.

Tokenization — Brief Introduction Of Assets To NFTs

Tokenization is the latest technique of converting real-world assets into digital forms, i.e., NFTs using blockchain technology. Tokenizing an asset increases its global visibility and makes it easier for purchasers to buy them.

Tokenization helps sellers list their assets on a digital marketplace, where interested buyers and investors can buy them directly using cryptocurrencies or other monetary forms.

It eliminates the need for a centralized party to oversee the transactions and reduces the fees associated with the transaction. It provides complete control over the assets to the buyers.

Real Estate Tokenization: NFTs and Real Estate Properties

The advent of NFTs has impacted the real estate business sector. NFTs have simplified and reliably improved how the real estate sector operates. By attracting investors and traders to the market, the combination of NFT with real estate has created new opportunities.

Transaction of property ownership is one of the biggest problems with real estate investment. Buying a real estate property through the traditional method requires a tonne of paperwork; real estate tokenization, on the other hand, is more streamlined and effective.

Due to the inclusion of NFTs in the real estate market, buyers can rapidly trace asset ownership. The benefits of using non-fungible tokens with credible, transparent, and immutable ownership proof are the key factors for the increase in the popularity of real estate tokenization.

Real estate purchasing has become digital and liquid due to blockchain technology. Real estate tokenization has allowed the selling of real-world assets into smaller pieces. A few years ago, the idea of owning portions of assets and frequently transferring them without incurring major transaction expenses seemed unfathomable. Real estate tokenization has been made possible by the adoption of blockchain technology in the real estate business sector.

Functioning of Real Estate Tokenization

Any real estate asset, including retail, residential, and exhibition properties, can be tokenized using blockchains. Real estate tokenization uses a smart contract, i.e., automated software integrated into a blockchain ecosystem to manage all the real estate tokens in the digital platform.

Anyone who purchases or possesses a real estate token has a claim in the underlying real estate property. Real estate token owners are in control of the underlying asset and any associated profits. Real estate owners can easily digitize their assets and raise money for projects on a global scale by tokenizing their real estate properties such as houses, plots, complexes, etc. It makes commerce easier and allows valuable commercial real estate, such as malls, and shopping centers, to be divided into smaller units for easier sales.

Real Estate Tokenization Categories

Real Estate Tokenization for Commercial properties

Commercial tokenization is the process of applying legal protocols to tokenize commercial real estate for enterprises. Commercial property owners, such as office buildings, retail stores, etc., can sell their assets worldwide utilizing blockchain technology.

Real Estate Tokenization of Household properties

For investors and asset buyers, household tokenization divides residential real estate holdings into fractional ownerships. Digitizing these assets in the blockchain space enables small-time sellers to profit from the global market with a large number of buyers and investors.

Benefits of Real Estate Tokenization

Blockchain transactions are best suited for the real estate sector since they are transparent, safe, and irrevocable. They have also eliminated third parties and complex procedures during transactions. Smart contracts automate the complete process, thus reducing the fees and time duration for ownership transfer.

By presenting the asset to a global audience through a digital platform, tokenization has made it possible to raise the value of assets and eliminate their lack of liquidity. When real estate is fractionalized and sold using tokens, its liquidity increases. By selling their tokens, owners of tokenized goods can instantaneously transfer divided ownership without selling the full asset.

Small-scale buyers and individual investors can now purchase real estate due to tokenization which has revolutionized the industry. Through tokenization, large assets are divided into tiny parts, making them accessible and affordable to all potential buyers.

Read also: What You Need to Know About Investing in Tokenized Real Estate

The real estate sector establishes a reliable, open, and highly secure financial system using blockchain technology. Every stakeholder is in charge, and every network participant votes on any updates. The real estate market has been streamlined by removing time-consuming limitations, and everyone now has an equal opportunity to grow and earn.

Final Thoughts

The future of the real estate business is brighter with real estate tokenization. The popularity of tokenization has increased due to the global reach of assets with blockchain technology. Property owners can now sell their assets quickly without any hassles. The world is looking towards tokenization for its heap of benefits. The digital market is revolutionizing the world with innovations, and real estate tokenization has been an enormous boon for property owners worldwide.

Blog Credits: Medium

What is White Label NFT Marketplace, and How Does it Work?

Posted on by Shipra

What is White Label NFT Marketplace, and How Does it Work

White Label NFT Marketplace

An exclusive, customizable NFT marketplace called “white label” was created to list & exchange digital assets in the shape of NFTs. Any digital asset, including artwork, films, photos, metaverse, and other digital collectibles, may be one of the NFTs listed. In other words, the Whitelabel NFT marketplace serves as a ready-to-use NFT marketplace for the exchange of goods and services. The platform could be modified to meet the specific needs of each client’s business. Users swap NFTs for cryptocurrencies in the marketplace after creators offer their NFTs in an auction as well as open bids based on their demands. To increase traffic and establish a name for their marketplace, clients can develop a white label NFT marketplace based on their business needs.

In the cryptocurrency industry, white-label NFT Marketplace Development has emerged as the go-to method for making millions of dollars. Because there are financial advantages to developing a white label NFT Marketplace, entrepreneurs choose to opt for its creation.

White Label NFT Marketplace Development

NFT market for white labels Most development can be obtained in two ways:

(i) NFT Marketplace development from scratch.

(ii) Opt for a multi-tested White-label NFT marketplace.

To deliver a fully functional white-label NFT marketplace, developers can work on the developed NFT marketplace platform in accordance with the needs of their clients. The majority of the White Label NFT marketplaces are constructed on well-known blockchain networks, including Ethereum, Binance Smart Chain, Solana, Cardano, Polygon, as well as other blockchain networks that are currently popular.

Investors favor the white-label NFT marketplace since it is completely customizable and offers advantages like minimal development costs and short development times:

  • UI development
  • Smart Contract development
  • Storage Setup
  • Integrating backend & frontend
  • On Testnet
  • Deployment

UI development: The developers create the greatest user interface for the Marketplace with the most appealing theme to highlight its features. By creating an appealing user interface that offers the finest platform information, they will initially increase traffic to the marketplace.

Read more: How to Create your own NFT Marketplace: Step-by-Step Guide

Smart Contract development: 

Since the NFT marketplaces are decentralized platforms, no admin or third party is in charge of keeping an eye on them. But these markets must be watched over to prevent spam and deceptive transactions, to ensure that smart contracts are implemented and that all market operations are controlled by these smart contracts.

Storage Setup: 

Additionally, the NFTs offered on the marketplace must be stored along with the platform’s transaction information, user information, and user data. To store the NFTs, developers create IPFS storage, and to store user data, they create DB.

Integrating backend & frontend: 

Developers link the frontend UI with the backend functionalities by setting up buttons as well as other elements when the frontend and backend development processes are complete. Once clients approve the UI design, developers begin the integration phase.

On Testnet: 

When the platform is finished being constructed, the developers launch the entire white-label NFT marketplace on the testnet to find any flaws and fix them. Experts work on the testnet till the market is flawless.

Deployment: 

When the platform is completely functional, developers install the white-label NFT marketplace on the client’s server, which is then made live so that anyone in the world may access it and trade NFTs for cryptocurrencies.

Highlighted Features of White Label NFT Marketplace Development

Highlighted Features of White Label NFT Marketplace Development

Storefront 

With the initial impression of your marketplace, the passing users turn into active users. Creating the most user-friendly, eye-catching storefront with all the features would increase traffic to your marketplace.

Auction 

Putting the NFT up for auction & selling it for the highest bid is the key feature that most users prefer. This would keep your current users for a very long time and bring in new users for NFTs up for sale.

Security 

The most important one is when the market needs to win users’ faith. Building a safe market using DDOS, CSRF, SSRF, as well as other features to stop intrusive hack assaults will win your trust and ensure that the market is free from cyberattacks.

Dashboard 

A very informative dashboard for both administrators and users. Users will be able to access all of the NFTs’ details, including their transaction history, via the listings and transactions for each individual NFT.

Benefits of White Label NFT Marketplace Development

Effective data 

You would gain from creating a white-label NFT marketplace if you had access to user history and data on each NFT.

Smart contract audited 

The marketplace’s smart contracts are audited, and all of the problems and weaknesses are resolved there.

Quick deployment 

Because developing and correcting issues takes less time, the marketplace could be launched faster.

Scalability 

Even with 50,000+ active users, the created white-label NFT marketplace can function properly and without any interruptions.

Why should someone launch a White Label NFT Marketplace?

Entrepreneurs and businessmen thinking to start a business in the crypto sphere can think of launching a white-label NFT marketplace. As the youngsters show interest in cryptos and NFTs, all the digital assets will be as NFTs in the future. Most prefer NFT marketplace to develop an NFT Marketplace from scratch because of the time and cost involved in developing an NFT marketplace.

Conclusion

You only need to select the best provider because everything is handled by the white label NFT market. This suggests that you must search for them if you want a trustworthy and high-quality NFT marketplace. You must select the top seller out of the many that are offered. If you find the perfect partner, launching your white-label NFT marketplace will open the door to a new chapter in your professional life.

Future predictions indicate that the whitelabel NFT marketplace proposition will prosper and become a hegemonic force in the digital sphere. It has become a profitable business opportunity for everyone to launch their own white-label NFT marketplace. There are many development companies dedicated to providing white-label solutions, but some development companies provide superior white-label services that are intended to generate substantial economic momentum.

 

Digital Collectibles: How to Share & Sell NFTs on Instagram

Posted on by Shipra

Digital Collectibles How to Share & Sell NFTs on Instagram (1)

Did you know that NFTs are coming to Instagram? The Digital Collectibles feature will allow users to not only showcase NFTs on Instagram, but also mint, buy, and sell NFTs.

Here’s what we know so far.

Will NFTs Become Mainstream?

Even though there was a big hype around NFTs, they’re still very niche. Bringing NFTs to the masses will take time and more mainstream platforms will need to get involved for that to happen.

After the announcement that Meta platforms, Instagram and Facebook, will embrace NFTs, there was hope this move would legitimate and introduce NFTs to the masses.

The new Instagram feature is called Digital Collectibles and is still being tested. That means it’s not fully available to everybody at this moment. Testing in the US started in May 2022 and it was expanded to 100 countries in August 2022.

Here’s what you need to know about it.

What Are Digital Collectibles on Instagram?

Digital Collectibles is a new feature on Instagram that will allow its users to view, share, mint, buy and sell NFTs. Instagram will provide users with an “end-to-end toolkit” to achieve that. The feature is also available on Facebook, but users can only view and share NFTs, but not mint, buy or sell them.

According to Misshattan, a photographer, “NFTs have opened the doors to new opportunities for me and other artists around the world. This new technology provides us with another outlet to make a living and to connect with our fans and collectors.”

Sharing NFTs

By connecting their crypto wallets, users will be able to showcase the NFTs they’ve bought and created as posts on their feeds. What makes these NFT posts unique is the shimmery effect, which indicates their authenticity. The type of NFT collectibles users can showcase on Instagram will extend to videos as well.

When users share an NFT, the post will be tagged to show who’s the owner and creator of that particular NFT.

Minting NFTs

Another interesting feature is the ability to mint, i.e., create, NFTs directly on Instagram. Polygon blockchain will provide the infrastructure for it.

Users who mint on this platform have two options — add NFTs to their wallet or sell them on Instagram. After adding an NFT to their wallet, users won’t be able to sell it on Instagram anymore, but only on third-party marketplaces.

Instagram NFT Marketplace

Because it will allow users to directly buy and sell NFTs, Instagram will become an NFT marketplace. This is an interesting move that will certainly impact the NFT market and popular marketplaces like OpenSea, as it’ll become a direct competitor.

However, it’s still too early to tell how big the impact will be, as that depends on many factors. Primarily, will the crypto and NFT community embrace Instagram, and how successful will Instagram be in bringing NFTs to the masses?

Read more: How to Get Started with Digital Collectibles?

How to Post an NFT on Instagram?

If you meet all the requirements, here’s how to post an NFT on Instagram.

Connect Your Wallet to Instagram

The first step is connecting your crypto wallet to Instagram.

The supported wallets on Instagram include Rainbow, MetaMask, Trust Wallet, Coinbase Wallet, Phantom Wallet, and Dapper. Facebook supports MetaMask, Rainbow, Trust Wallet, and Dapper. According to Meta, users can connect multiple wallets.

Note that all of these wallets are supported for posting NFTs, but for minting, you’ll need a Polygon-compatible wallet.

To connect your wallet for posting NFTs on Instagram, follow these steps.

  1. Go to settings in the Instagram app
  2. Choose Digital Collectibles from the menu (if you can’t find it, that means this feature is still not available to you)
  3. Choose the wallet you want to connect
  4. Depending on the wallet, you might need to enter a wallet password
  5. Click “Sign” to sign in and connect your wallet

If you want to, you can also add another wallet.

Add NFTs to Your Wallet

To share an NFT on Instagram, you need to first have it in your wallet. There are three different ways to do that — mint it on Instagram, buy it on Instagram, or buy it on a third-party marketplace and add it to your wallet.

Post NFT on Instagram

When you have NFTs in your wallet, sharing them on Instagram is very simple and takes just a few taps, just like a regular post.

  1. Tap the triple bar icon in the top right in the Instagram app
  2. Choose Digital Collectibles (if you can’t find it, that means this feature is still now available to you)
  3. Select your wallet and the NFT you want to share
  4. Tap share to feed and add a description to your NFT post

And that’s it, your NFT post will appear on your feed with a cool shimmery effect! This is a great way for collectors to show off their collections as well as an awesome promotional tool for NFT creators. You can also cross-post on Instagram and Facebook.

Who Can Create NFTs on Instagram?

This is another feature that is gradually being rolled out to users. As of now, it’s only available to some users. But even if you’re one of those selected people, you still need to meet certain requirements.

To mint NFTs on Instagram, you need to have a crypto wallet that’s compatible with Polygon and it’s supported by Instagram. Naturally, you also need to connect it to Instagram.

Furthermore, a regular Instagram won’t cut it — you need to set up a professional account and enable two-factor authentication.

Additionally, you need to meet Instagram Terms of Use, Digital Collectible Terms of Use, Community Standards, and Partner Monetization Policies.

How to Create NFTs on Instagram?

If this feature is available to you, you’ll need to connect your wallet by following the aforementioned steps and meet all the requirements.

Here are the steps for creating an NFT on Instagram.

  1. Tap the create button on Instagram
  2. Choose Digital Collectible
  3. Choose an image
  4. Write a name and description for your NFT
  5. Choose a quantity (up to 100)
  6. If you want to list your NFT for sale, tap Sell. (If you choose this option, you’ll also need to set a price for your NFT, and to activate your sale, you’ll need to post it on Instagram)
  7. If you want to add NFT to your account, tap Add Collectibles to Your Wallet

When you create your first NFT, you’ll also create your first NFT collection and you’ll be able to add more NFTs to that collection.

Is It Free to Create an NFT on Instagram?

Users will be able to create and post NFTs on Instagram free of charge until 2024. This initiative will likely popularize digital collectibles as it simplifies entry into the web3 world.

However, users who make a purchase through the Instagram Android and iOS apps may need to pay app store fees.

NFTs on Instagram: A Summary

This is what we know so far about NFTs on Instagram. Keep in mind that Instagram is still testing this feature and new updates are coming out each month. It’ll be interesting to follow how this project evolves.

Blog Credits: Medium

How to Create your own NFT Marketplace: Step-by-Step Guide

Posted on by Shipra

How to Create your own NFT Marketplace Step-by-Step Guide (1)

Almost nobody left in the world hasn’t heard of the non-fungible tokens by this point. In a wide range of businesses & domains, such as digital art, entertainment, fashion, sports, gaming, journalism, and real estate, this blockchain-powered phenomenon has reinvented what is possible. The DappRadar Market Report says that in 2021, trading volume for non-fungible tokens increased dramatically and reached roughly $23 billion. Additionally, the term NFT marketplace was chosen by Collins Dictionary as its word of the year for 2021, beating out other terms associated with the digital revolution and pandemics.

However, it’s not only NFTs that are taking center stage. Additionally, NFT marketplaces are becoming more and more well-known every day. If you begin researching the fundamentals of NFT marketplace development once you’ve chosen to ride the NFT wave, you will have an advantage over others. In this post, we’ll explain why you should create an NFT marketplace, how to do it, the steps involved in the development process, and the qualities that a good NFT marketplace should have. Let’s start work!

What is an NFT marketplace?

A marketplace where users can store, display, trade, and even manufacture (mint) non-fungible tokens is known as an NFT marketplace. In order to confirm the provenance and legitimacy of the digital assets displayed on the NFT marketplace website, these platforms typically use blockchain technology.

The coolest thing about NFT marketplaces is that they make it possible for buyers and sellers to engage and work together practically. A buyer or investor receives a token when a transaction has been completed; this distinctive identifier serves as proof of ownership & contains information about the token’s origin, transaction history, creator, and legitimacy.

A vast range of digital goods, such as works of art, in-game purchases, memes, video clips, virtual land plots, etc, are currently available for purchase or sale. Opportunities are numerous and varied, and it’s probable that there will be additional opportunities in the future.

What types of NFT marketplace are out there?

The two main categories of the NFT marketplace are augmented and streamlined.

Streamlined NFT marketplaces support a variety of NFTs and give more basic, generic services to retailers. In essence, this kind of NFT platform allows users the choice to select the most practical form of payment, be it fiat or cryptocurrency.

Augmented NFT marketplaces, on the other hand, focus on providing specialized services to a particular type of non-fungible tokens and cater to the needs and expectations of specific, smaller niches. They are regarded as exclusive and typically levie transaction costs that are greater than those of more efficient NFT marketplaces.

Read more: What are the Key Features of the White-Label NFT Marketplace?

How does an NFT marketplace work?

How does an NFT marketplace work

Although there are many NFT marketplace websites, each one has a distinct algorithm and set of steps that enable users to generate and sell NFTs. However, the guiding ideas are essentially the same:

  1. Individuals register on an NFT platform, set up an account, & link their cryptocurrency wallet.
  2. Digital items are uploaded by sellers, who then put them for sale while they wait for moderation to complete.
  3. These NFTs are available for sale to buyers at a predetermined price or through an auction.
  4. The seller determines whether to accept the bid if an NFT is sold via an auction. If so, an NFT transfer between buyer and seller is made by the NFT marketplace.

How to create an NFT marketplace

After thoroughly examining each component of an NFT platform, it is essential to focus on the development process in particular and learn what processes are involved. Let’s outline the major phases and gain further details about each of them below.

Step one:

You must identify your target market before building an NFT marketplace. In order to do this, you must choose which market your NFT network will serve, such as music, video clips, artwork, sports collectibles & memorabilia, etc.

Keep in mind that your trading platform should be distinct from others and appealing to the particular audience that will utilize it. If you need assistance conceptualizing your NFT marketplace, consult a qualified team who can guide you toward the optimal course of action.

Step two:

The UI/UX component of your platform will surely affect both the first and, metaphorically speaking, second impression on your users, even if it is important to adhere to the “don’t judge a book by its cover” maxim.

An NFT marketplace must be simple to use and visually appealing. Make sure that everyone can easily comprehend how to utilize your platform by making sure that it is designed in an understandable manner.

Step three: 

You can begin development after you’ve accepted the design concept. You need to provide the tech stack & frameworks at this point. The choice of the blockchain on which your product will be built is a crucial step in this process.

There are several different blockchain platforms available today that can be used as the foundation for an NFT market. Determine which would be the most viable alternative by estimating the capabilities of each.

You will also have to take proper care of smart contract development at this time. Hiring skilled smart contract developers that can assist you in deploying flawless, high-quality smart contracts which will contribute to the smooth operation of your NFT marketplace is highly advised.

Step four: 

This step’s goal is to quickly identify any defects and emerging problems that could impair the platform’s performance. All platform components will need to be thoroughly tested with regard to their software in order to guarantee that everything functions as intended. Your NFT platform can be made available after the quality assurance procedure is finished.

Step five: 

Don’t overlook post-launch assistance after your project has been launched. As often as you can, try to enhance and refresh your NFT platform with fresh, cutting-edge features. Importantly, fix any problems and inefficiencies right away. You’ll assure consumer loyalty and satisfaction by doing this.

Conclusion

Today, there is a growing acceptance of the possibilities of non-fungible tokens. They have shown themselves to be adaptable and effective, able to inspire and determine the future of practically any business. We haven’t even begun to scratch the surface of NFTs’ remarkable superpowers, therefore it is reasonable to say that they will be with us for a very long time, possibly forever.

The necessity for as well as interest in the creation of more NFT marketplace to expedite transactions and unite NFT evangelists will also be sparked by the NFTs’ increasing popularity. Numerous factors need to be considered while developing an NFT platform, including the target market, key features, development stages, marketplace security, the details and potential of the underlying blockchain technology, etc.

 

Initial Coin Offerings (ICOs) Based on Blockchain Technology

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Initial Coin Offerings (ICOs) Based on Blockchain Technology

What is an ICO and how does it work?

Typically, start-ups find funding for their business through money from venture capital funds, banks, or crowdfunding, including business angels, but with many lending institutions reluctant to provide funding to start-ups, early-stage companies are looking for new ways to raise funds. Some start-ups are exploring ways to integrate new technologies (Distributed Ledger Technology, blockchain and smart contracts) into their business models. Initial coin offerings (ICOs), also called initial digital token offerings (ITOs), are currently in vogue, with blockchain technology offering the possibility of funding startups through these methods.

An ICO is a means of funding a company, similar to an initial public offering (“IPO”). However, unlike an IPO, through which a company issues shares or other securities to potential investors, through an ICO, a start-up issues digital tokens to investors, based on the start-up’s own cryptocurrency or cryptocurrencies such as ether or bitcoin, using blockchain technology.

How should I create a crypto ICO?

To understand how an ICO/ITO works, we need to start with the blockchain technology on which any ICO/ITO is based. Blockchain technology has the potential to be so revolutionary that it has been called the “new internet”.

The blockchain is a decentralised peer-to-peer electronic ledger that accurately transcribes and maintains records of transactions and is (almost) impossible to alter. Peer-to-peer in computer language means a direct connection between two computers on the same network, capable of sharing information with each other without the need for a third party to act as a server. SEO consulting. The decentralised and immutable nature of this registry is the real innovation, allowing for the first-time people who do not know each other to enter transactions with confidence without relying on a conventional intermediary (such as a bank, PayPal or platforms like Uber and Airbnb).

This has opened the door to a wide range of applications. At its core, a blockchain is open-source software that anyone can download for free, use and enhance to develop new tools to manage online transactions. Thus, it has the potential to unleash countless new applications and transform a lot of things. For example, multiple start-ups are working to develop apps that link a consumer’s digital wallet containing cryptocurrencies to credit card accounts, so that when the consumer swipes the mobile phone display in a coffee shop or restaurant, the merchant is paid in the local fiat currency and the user’s digital wallet is debited. Such an app would remove the banks and achieve the goal of particularly advantageous exchange rates for consumers.

Typically, ICOs become public knowledge after a start-up announces, through online channels such as cryptocurrency forums and websites, the launching digital token offering to raise funds to develop a product or service in the technology sector using a blockchain platform.

In an ICO, digital tokens can have different purposes and aims: (i) to provide voting rights or rights to a share of the issuing start-up’s future revenues, or (ii) to be used to access or purchase a service or product that the issuing start-up will develop (for example, in the case of the Filecoin ICO investors received digital tokens that they could use to acquire cloud storage from Filecoin once the decentralised cloud storage service is launched), or (iii) to be traded and exchanged into fiat or virtual currencies (ether, bitcoin, etc.). ) at different exchange rates after issuance.

The impetus for ICOs is driven by the enthusiasm for applications of the new blockchain technology, with ICOs being the fundraising vessel behind these new applications. In an ICO, issuing entities will offer digital tokens in exchange for payment with convertible cryptocurrencies (the most popular of which are bitcoin and ether), which can be converted into and out of fiat currencies (e.g., US dollar, euro).

These companies will usually display a set of information in the form of a white paper, a document that defines the business model and purpose of digital tokens, generally containing a detailed explanation of the business concept and the market need it targets, how the blockchain business solution will revolutionise the traditional product, what the digital token is, how the money resulting from the ICO will be spent to develop and implement the business solution. A white paper is one of the essential documents to inform any investor and at least a minimum research that investors need to do when deciding whether to buy a particular digital token.

Read more: How Much Does it Cost to Build your own ICO?

What is the size of the market?

ICOs have become very popular for start-ups in the cloud computing and social media sectors to raise capital as an alternative to venture capital and initial public offerings (IPOs). According to statistics, in 2017 alone, so far, ICOs have raised over $2.3 billion in capital worldwide. Such capital mobilisation is mainly due to a lack of regulatory regulation. Until recently, globally, all digital token issuers seem to have operated on the principle that the digital tokens they distribute are not securities and therefore not subject to the (traditional) legal requirements applicable to securities, such as the obligation to provide the investor with a detailed disclosure document (prospectus) that would incur the liability of the issuer if the information is not true.

Are ICOs regulated?

While most financial regulators and supervisors in Europe (with the exception of Germany’s Federal Financial Supervisory Authority), are silent on the many legal questions related to ICOs/ITOs, the US Securities and Exchange Commission (SEC) has taken the position that digital tokens are securities under certain circumstances, in which case their underwriting will have to be documented by a prospectus that will incur the liability of the issuer subject to registration and licensing requirements by the US Securities and Exchange Commission (SEC). For its part, the German Federal Financial Supervisory Authority has qualified them as financial instruments, making trading with digital tokens subject to MiFID II requirements.

Some of the ICOs have been promoted as an unregulated form of investment, on the grounds that digital tokens are not securities in the sense of the various investor protection laws and do not require compliance with the specific obligations of issuers of securities admitted to trading on a regulated market. However, depending on the nature of the rights deriving from the digital token, it is possible for a digital token to be a security, especially if the benefits deriving from the token entitle the investor to a share of the future profits of the issuer, profits which would arise from the management efforts of others, the investor not being involved in the management and control of the issuer. This view was recently adopted by the US Securities and Exchange Commission (SEC) in its investigation of digital tokens issued by the DAO, which raised over $150 million through an ICO.

What is an ICO? Let’s Digging

Similar to the U.S. regulator, the Canadian regulator believes that if a person purchases a digital token that, for example, allows them to play video games on a platform, the chances of that token qualifying as a security are reduced. However, if the rights deriving from the token are linked to the profits or success of a business, the digital token could qualify as a security (e.g. bonds, other debt securities).

Undoubtedly, issuers and investors of digital tokens will need to proceed with caution, as the dividing line between rights deriving from the token, and therefore the qualification of tokens as securities, is fine and differs according to the specifics of each ICO. In addition, how different EU countries will want to regulate the taxation of gains from digital tokens could also influence the nature attributed to digital tokens by regulators. In addition to the issues of how digital tokens are regulated, the legal aspects of consumer protection and anti-money laundering provisions must also be carefully considered in structuring any ICO.

Blog Credits: Medium

NFTs in Sports

Posted on by Shipra

NFTs in Sports

Why do people collect things? As humans, we regularly form attachments to objects connecting them to special memories and even people. We can even create a bond with items relating to artists, creators, sports figures, or authors because we find some element of ourselves in them. This explains a lot about the collector’s behavior but, how is it connected to NFTs?

Well, as it turns out NFTs are a great tool to complement fan culture. In fact, sports clubs and their fans have begun creating, collecting, and acquiring digital media as NFTs that represent all facets relating to the said sport, from teams to athletes, venues, and beyond. By doing, so they are collecting huge earnings coming from these NFTs. This nascent way of engaging with sports can potentially change the way fans live the sport themselves along with how they create a nuanced relationship with sports superstars.

TL;DR

  • For many years, people have collected sports cards to connect with their favorite teams and also to be able to interact with the community of said same teams.
  • NFTs act as proof of ownership to different items. In sports, they can represent exclusive items, sports-worthy moments, and all kinds of other sports memorabilia collectibles.
  • NFTs have the right attributes to upgrade the experience of sports and monetize the assets surrounding them.

Why are sports paying attention to NFTs?

In the past, collecting sports cards was a way for fans to connect with their teams. Back then, fans would take the activity of collecting sports cards quite seriously. Part of the success of sports in NFT is based on the idea of traditional card collection. This is because the concept remains the same, the only thing that changed is that now, fans can continue to collect in the virtual space. They may get their hands on collectibles from their favorite teams, players, or even their favorite coaches in a more interactive way. What’s more, collectible NFTs enable the space for fans to become the building blocks for community building around sports teams, players, and organizations or institutions.

The main difference with NFTs collectibles has to do with their scarcity and exclusivity. As we know, no NFT is similar to another, so depending on its inherent qualities, its value may vary dramatically.

There are plenty of examples of sports NFTs. Let’s have a look at some of the ways NFTs can relate to sports.

Read more: What are the Steps to creating an NFT?

What kind of sports NFTs are there?

There are many examples of tokenized sports items fans can acquire and collect or exchange. Let’s see some of them:

Clips

These are video clips of iconic sports moments. They can represent special moments in a game, a competition, or anything related to the sport that may call fans’ attention.

Memorabilia

These include tokenized trophies, awards, and even autographs stored on the blockchain. Instead of having an autograph on a piece of paper, a t-shirt, or a cap, you have the chance to collect it as an NFT.

Trading cards

Some baseball, football, and hockey teams are releasing tokenized cards. This way, fans can strive to complete their NFT collection and obtain benefits as well.

Sports Kits

They can include socks, boots, wristbands, and whatever related item you can imagine. They are minted into NFTs and stored in a blockchain. Some of them can even be part of an avatar’s custom skin.

What do sports NFTs bring to the table?

NFTs have several attributes to upgrade the sports experience and monetize assets. They can be classified in the following way:

Direct connection with sports idols

Fans can obtain a direct connection with their favorite athlete or sports figure, thus eliminating all types of intermediaries and enhancing the fan experience.

Liquidity

Users are offered the chance to earn profits by trading NFTs in different marketplaces. With thousands earned through sports NFTs, this phenomenon is far from over.

In a nutshell

It’s not easy to predict how sports NFTs will evolve in the future, but one thing is certain: they are here to stay. We could say this is due to the effect on fans and the enhancement of their engagement with the sports they love. Leagues and sports clubs are offering fans more and more unique experiences and, as a result, NFTs are poised to continue their relevancy.

Blog Credits: Medium

 

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