The cryptocurrency market had a good weekend! The cryptocurrency business is thriving, as seen by the fact that Bitcoin Valley in Honduras is attracting crypto investors, Israel is banning cash to encourage digital payments, and the GameFi sector will be valued at $2.8 billion in six years. Recent weeks have been very hectic. (Punk NFT jewellery)
In this issue:
- Honduras’ Bitcoin Valley draws crypto investment visitors.
- Tiffany & Co. is transforming CryptoPunk NFTs into $50,000 customized jewellery. (Punk NFT jewellery)
- New social applications aim to allow Bitcoin users to meet in person.
- Israel restricts cash to promote digital payments.
- GameFi sector will be valued at $2.8 billion in six years.
- Hong Kong university will inaugurate Metaverse mixed reality classroom.
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Honduras’ Bitcoin Valley draws crypto investment visitors.
A tiny tourist town in Honduras now accepts Bitcoin as part of the “Bitcoin Valley” project to boost tourism earnings for 60 local companies.
Some Santa Lucians, like mall owner Cesar Andino, anticipate the campaign to provide additional options for retailers and “draw more individuals who wish to use this money.”
The initiative began on July 28, enabling shoppers to pay in USD, HNL, or Bitcoin (BTC).
Santa Lucia’s municipal government created Bitcoin Valley alongside Coincaex, Blockchain Honduras, and TUH.
Coincaex provides the equipment and services required for crypto payments, and Blockchain Honduras educates about crypto wallets.
La Prensa said that although clients may pay in BTC, they would transmit the currency to Coincaex. The exchange quickly transfers the merchant BTC in Lempira to prevent price fluctuation. In this method, company owners don’t get BTC directly.
Local business owners expect Bitcoin Valley will boost tourism following the COVID-19 epidemic. According to Macrotrends, a worldwide economic tracker, Honduras’ tourist expenditure will drop 66% in 2020 to $189 million.
Honduras joins a handful of regional nations that have legalised bitcoin payments.
Tiffany & Co. is transforming CryptoPunk NFTs into $50,000 customized jewellery. (Punk NFT jewellery)
Tiffany & Co. has announced the sale of 250 diamond and gem-encrusted pendants to holders of CryptoPunk non-fungible tokens (NFT).
The handmade CryptoPunk pendants are priced at 30 ETH, or about $50,600, as revealed by the jewellery firm on Twitter on July 31.
According to the NFTiffs Frequently Asked Questions page, the NFTiff token sale will begin on August 5 at 9:00 a.m. (CST), and NFTiff tokens will only be available for purchase on its website.
Each CryptoPunk has a maximum of three NFTiff tokens, which they may use to mint a bespoke necklace. There are 87 distinct qualities and 159 colours that may be utilised to customise the pendants, which will be made of 18-karat rose or yellow gold (based on the colour palette of the NFT).
Tiffany & Co stands to earn 7,500 ETH (now $12.7 million) should all limited edition pendants be sold.
In April, Tiffany & Co vice president Alexandre Arnault, who owns CryptoPunk #3167, was the first to support the campaign. In a tweet, Arnault presented his new rose gold and enamel CryptoPunk, which included a new sapphire and Mozambique-colored pair of spectacles and a yellow diamond circular earring.
New social applications aim to allow Bitcoin users to meet in person.
Finding true love starts with Bitcoin (BTC). According to the creators of the Bitcoiner dating service The Orange Pill App and LoveisBitcoin, this is the case. The services add to the expanding number of ways Bitcoin aficionados may meet, speak, and even find love “in real life” (in real life).
But first, why do Bitcoin enthusiasts need to engage with “orange-pilled” individuals? Bitcoin users, according to George Saoulidis, co-founder of LoveisBitcoin, need a dating service since money influences our lives more than we know.
“Issues can and do arise if time preferences diverge a lot. Part of the orange-pilling process makes you see through the marketing and the propaganda to distinguish what is truly valuable: Experiences, family, friendships.”
Part of the Bitcoin ethos is having a low preference for time and avoiding rapid pleasure. Saoulidis argues that he could not be with a partner who adheres to “fiat spending habits” since it conflicts with the key ideals of Bitcoin culture: long-term thinking and emphasising saving over spending.
Matteo Pellegrini, the creator of the Orange Pill App, sought to socialise with Bitcoiners when he relocated to a new area in Santa Monica. However, it was difficult for him to find individuals who shared his enthusiasm for Satoshi Nakamoto’s idea.
In other instances, he knocked on people’s doors in California to inquire whether they loved Bitcoin. A lighting illuminated his thoughts “Why am I doing this action? This should be a mobile application.” The app Orange Pill was created. Using geolocation, the software enables Bitcoin users to connect with others in close proximity. Similar to Tinder, it may be used for connection, friendship, post-conference catch-ups, and even employment.
Israel restricts cash to promote digital payments.
Israel’s government imposed more limitations on cash transfers on Monday in an effort to curb criminal activities and promote digital payments in the nation.
In accordance with the Law for the Reduction in the Use of Cash, Israeli companies and customers have been subject to limitations on cash payments since January 2019. It aims to move consumers and companies toward digital payments, enabling authorities to trace tax evasion, black market activities, and money laundering more efficiently.
Beginning on August 1, the restrictions on cash payments have been reduced to 6,000 Israeli Shekel (NIS) for commercial transactions and 15,000 Israeli Shekel ($4,400 USD) for personal purchases.
The accumulation of more than NIS 200,000 shekels ($58,660 USD) in cash in private houses is anticipated to be prohibited in the near future.
Tamar Bracha, purportedly in head of law enforcement for the Israel Tax Authority (ITA), recently told Media Line that restricting the usage of cash would make criminal activities more difficult.
Some have seen the additional restrictions on cash transactions as a positive indication for the future acceptance of cryptocurrencies in the nation.
On July 30, Crypto influencer Lark Davis tweeted to his one million followers that Israel is not the first nor the last nation to implement such limitations, and he used the chance to mention Bitcoin.
Meanwhile, Lyn Alden, the creator of Lyn Alden Investment Strategy and a strategic investor, said that the tendency “will likely spread to other nations over time.”
GameFi sector will be valued at $2.8 billion in six years.
A new analysis from Absolute Reports predicts that the GameFi business will see explosive growth over the next six years.
The report estimates that the play-to-earn nonfungible token (NFT) gaming business would be worth $2.8 billion between 2022 and 2028. In addition, the industry’s compound annual growth rate over the same six-year period is 20,4%.
This prediction is made in the middle of a raging crypto bear market, which leaves little opportunity for insubstantial ideas and companies. The research identifies Sky Mavis, Dapper Labs, Decentraland, Immutable, and The Sandbox as the leaders in the play-to-earn game development industry.
In addition, it categorises GameFi by kind, system, and market area.
Despite market constraints, a second study reveals an increase in the number of players of blockchain-based games. The number of WAX and Binance Smart Chain users remained stable at 2.94 million and 2.50 million, respectively.
During market downturns, remaining projects have a degree of perceived usefulness. This may be shown in a simple, accessible, and entertaining manner using blockchain-based games. For this reason, gaming has traditionally served as an entry point for new people to enter the crypto sector.
However, as Web3 continues to evolve, analysts note that GameFi will also need to adapt. In a recent talk with the creators of Crypto Raiders, they pushed developers to put “fun” ahead of “financialization” while continuing to build platforms.
Hong Kong university will inaugurate Metaverse mixed reality classroom.
On September 1, the Hong Kong University of Science and Technology (HKUST) will throw a Metaverse launch celebration for a virtual reality classroom. The unveiling signifies the beginning of HKUST’s aim to encourage immersive learning by constructing a Metaverse campus dubbed MetaHKUST.
A professor from the Hong Kong University of Science and Technology (HKUST) informed the South China Morning Post that the introduction of the mixed reality classroom signifies the inauguration of a new campus in Guangzhou, Hong Kong. Professor Pan Hui, head of computational media and arts at the Guangzhou campus, stated:
“A lot of guests might be overseas and can’t attend [the opening], so we will host it in the metaverse.”
By constructing MetaHKUST, the university intends to establish a virtual learning environment connecting the two campuses, Hong Kong and Guangzhou. By electronically linking the campuses, HKUST seeks to assist students in overcoming geographical barriers to class attendance.
During the COVID-19 epidemic, colleges throughout the world switched to services like Zoom to offer online lessons. However, Hui feels that studying in the Metaverse is a better alternative for students since it encourages a higher degree of connection.
“Through virtual reality, you may have the feeling of being there. The manner in which you engage with other pupils will affect your learning result.”
Wang Yang, vice president for institutional development at HKUST, said that the Metaverse was “here to stay” despite the immaturity of the technology.
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