How to create mass adoption of crypto?

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The Blends Briefs
TL’DR: Here’s a sneak peek into today’s newsletter

• How to create mass adoption of crypto?

• Over 100 game developers to join Fasttoken

• Elon Musk Blasts NFTs.

• New Web3 Project Meme Kombat Raises $1 Million

• Web3 gaming investors more ‘choosy’ in crypto winter

• Hong Kong’s Largest Virtual Bank Opens OKX Operating Account

• WalletConnect restricts service in Russia

• Dictionomics: Digital Assets Sandbox

A must-have
How to create mass adoption of crypto?

One of the main challenges for the crypto industry is to achieve mass adoption by the general public. as mass adoption means that a large number of people use crypto as a form of payment, investment, or utility and that crypto becomes widely accepted and integrated into various sectors of the economy and society. To create mass adoption for crypto, there are several factors that need to be addressed, such as:

- Accessibility: Crypto should be easy to access, use, and understand for anyone, regardless of their location, income, or education level. This means that crypto platforms and services should provide user-friendly interfaces, low fees, fast transactions, and educational resources to help users learn about the benefits and risks of crypto.

- Security: Crypto should be secure and trustworthy, both in terms of the technology and the regulation. This means that crypto platforms and services should implement robust security measures, such as encryption, authentication, and backup systems, to protect users' funds and data from hackers, fraudsters, and malicious actors. It also means that crypto platforms and services should comply with relevant laws and regulations, such as anti-money laundering (AML) and consumer protection rules, to ensure users' rights and interests are respected and protected.

- Innovation: Crypto should be innovative and adaptable, both in terms of the technology and the use cases. This means that crypto platforms and services should constantly develop new features, products, and solutions that cater to the needs and preferences of different users and markets. It also means that crypto platforms and services should explore new ways to apply crypto to various domains and sectors, such as finance, commerce, gaming, social media, healthcare, education, and more.

- Funding: Crypto should be well-funded and supported by various sources of capital, both public and private. This means that crypto platforms and services should have access to sufficient funding to cover their operational costs, research and development expenses, marketing campaigns, and expansion plans. It also means that crypto platforms and services should attract investors, donors, sponsors, partners, and customers willing to support their vision and mission.

- Regulation and compliance: Crypto should be regulated and compliant with the existing and emerging rules and standards of the global financial system. This means that crypto platforms and services should cooperate with regulators, policymakers, auditors, tax authorities, and other stakeholders to ensure their activities are legal, ethical, transparent, and accountable. It also means that crypto platforms and services should adapt to the changing regulatory environment and comply with the new requirements and expectations of the authorities.

- Derisking structures: Crypto should be derisked and insured by various mechanisms and instruments that reduce the uncertainty and volatility of the market. This means that crypto platforms and services should offer risk management tools, such as hedging strategies, stop-loss orders, margin trading, futures contracts, options contracts, etc., to help users mitigate their exposure to price fluctuations. It also means that crypto platforms and services should provide insurance policies or funds that cover potential losses or damages caused by technical failures or malicious attacks. So that’s it in a nutshell. In our upcoming issue, we will deep dive into the hedging strategies. 

Global Biscuits

Over 100 game developers to join Fasttoken.
Fasttoken is a blockchain-based platform that enables game developers to create and distribute Web3 games. Web3 games are decentralized, transparent, and fair, allowing players to own and trade their in-game assets. Fasttoken has announced that over 100 game developers have joined its network and are using its tools and services to build Web3 games. Some of the games include Crypto Wars, Blockchain Cuties, and Ether Kingdoms. Fasttoken aims to become the leading platform for Web3 gaming, offering scalability, security, and interoperability.

Elon Musk Blasts NFTs.
In a recent Joe Rogan podcast appearance, Elon Musk criticized the storage of many NFTs off the blockchain, which resonated with Bitcoin supporters. Musk's comment highlighted a common issue where NFTs merely reference an external server, potentially risking asset loss if the hosting company fails. While not universally true, some projects store art on Ethereum's blockchain. However, Bitcoin's Ordinals protocol ensures all artwork is inscribed directly onto the Bitcoin blockchain, prompting advocates to uphold Ordinals as a superior alternative. Musk's statements reignited the debate around NFT storage methods and advocated for Bitcoin's fully on-chain solution.

New Web3 Project Meme Kombat Raises $1 Million.
Meme Kombat, a blockchain-based game inspired by the popular Pepe the Frog meme, has raised over 1 million USD in its presale. The game allows players to collect, trade and battle with unique digital characters called Pepes, which are minted as non-fungible tokens (NFTs). The game also features a governance token called Pepe Coin, which can be used to vote on the development and direction of the project. Meme Kombat aims to create a fun and engaging experience for meme lovers and NFT enthusiasts while also supporting various charitable causes related to environmental and social issues.

Web3 gaming investors more ‘choosy’ in crypto winter.
Animoca Brands, a leading Web3 gaming company, has a broad portfolio of blockchain games, many of which are based on popular global brands, such as Disney, WWE, Snoop Dogg, Power Rangers, MotoGP™️, and Formula E.  The company is also an active investor in NFT-related blockchain companies, such as Axie Infinity, OpenSea, Dapper Labs (NBA Top Shot), Yield Guild Games, Alien Worlds, and Star Atlas. According to its CEO, Robby Yung, the quality and innovation of the games are more important than the hype and speculation in attracting investors, especially in the current market downturn. He also said that Web3 gaming is still in its early stages and that there is a lot of room for growth and experimentation. Some of the top games developed by Animoca Brands include The Sandbox, REVV Motorsport, Phantom Galaxies, Benji Bananas, Crazy Defense Heroes, and Life Beyond. These games aim to provide fun, engaging and rewarding experiences for players, as well as create value for the wider Web3 ecosystem. One of the top games developed by Animoca Brands is The Sandbox, a virtual world where players can build, own, and monetize their gaming experiences and assets inside an immense virtual world. The Sandbox is powered by the Ethereum blockchain and uses $SAND, the main utility token of the platform. The Sandbox offers a suite of tools tailor-made to empower players to come together and create engaging experiences across the metaverse.  Players can also explore the metaverse of The Sandbox and discover game experiences created by other players or partners, such as Hackatao, Shinytures, Viking Fjord, Dethrone, and more.  The Sandbox is one of the most anticipated blockchain games, with over 40 million downloads and 1,500 games created by its community.

Tastes of the regions

Hong Kong’s Largest Virtual Bank Opens OKX Operating Account.
ZA Bank, the largest virtual bank in Hong Kong, has opened an operating account for OKX, a leading cryptocurrency exchange. This is a significant milestone for both parties, as it marks the first time a virtual bank has partnered with a crypto platform in Hong Kong. The collaboration will enable OKX to offer more convenient and secure services to its customers, such as faster deposits and withdrawals, lower fees, and enhanced compliance. ZA Bank, which was launched in 2020, aims to provide innovative and inclusive banking solutions to the Hong Kong market. It has over 400,000 users and offers a range of products, such as savings accounts, personal loans, insurance, and investment services. OKX, which was founded in 2017, is one of the world's largest and most trusted crypto exchanges, with over 20 million users and over $1 billion in daily trading volume. It supports over 400 trading pairs, including spot, margin, futures, perpetual swaps, options, and DeFi products. The partnership between ZA Bank and OKX is expected to boost the adoption of digital assets in Hong Kong and beyond, as well as foster greater collaboration between the traditional and crypto sectors.

WalletConnect restricts service in Russia.
WalletConnect, a protocol that allows users to connect their wallets to decentralized applications (dApps), has announced that it will block access to its service from Russian IP addresses. The decision was made in response to the guidance from the US Office of Foreign Assets Control (OFAC), which prohibits US persons and entities from providing services to sanctioned countries and individuals. WalletConnect said that it would implement the restriction starting from November 1, 2023, and that it will monitor the situation closely. WalletConnect is one of the most popular protocols for connecting wallets to dApps, supporting over 200 projects and 50 wallets. The protocol enables users to interact with dApps without exposing their private keys or installing browser extensions. However, the protocol also relies on a centralized server infrastructure, which makes it vulnerable to regulatory pressure and censorship. WalletConnect's move has sparked criticism and disappointment from some users and developers, who argue that it goes against the ethos of decentralization and censorship resistance that underpins the crypto space. 

Dictionomics
Digital Assets Sandbox

A digital assets sandbox is a regulatory framework that allows innovators to test new products, services, or business models involving digital assets in a controlled environment with relaxed rules and oversight. The purpose of a digital assets sandbox is to foster innovation and experimentation in the emerging field of digital assets, such as cryptocurrencies, tokens, or smart contracts while protecting the interests of consumers and investors. A digital assets sandbox may also provide feedback and guidance to the innovators on how to comply with existing or future regulations.

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