The lowdown this week...
- Alibaba Cloud launches service to build NFT marketplaces
- Singapore warms up to crypto - with a catch
- Has India finally arrived at a decision when it comes to crypto?
- Warner Bros. tag teams with Nifty for Looney Tunes NFT
- A move-to-earn app allows you to collect crypto while you exercise
Alibaba Cloud launches service to build NFT marketplaces
Alibaba Cloud, founded in 2009 - is a subsidiary of Alibaba group, that offers an integrated suite of cloud products, and services for global businesses. They recently announced via Twitter that they'll be delivering content to help their users build NFT marketplaces in a quick and efficient manner. The solution was primarily intended for customers outside of mainland China, according to a newspaper owned by Alibaba.
The aforementioned solution includes mobile phone message sending, web hosting, and a global content delivery network (CDN) service - a new feature that will allow for data distribution through Alibaba Cloud's service nodes internationally. With more than 3 million customers in 200+ countries and regions worldwide, Alibaba Cloud is quickly reshaping the way individuals and organizations use technology.
Order in the Court!
The Reserve Bank of India is set to launch its CBDC in the current financial year
India's relationship with crypto for the most part has been turbulent. In recent news, it's been revealed that India's finally taking a side. The Reserve Bank of India (RBI) mentioned that the government's views are in sync with the RBI's stance on cryptocurrency.
“The consultation paper is fairly ready. We have gone through a deep dive and consulted not just domestic stakeholders but also multilateral institutions like IMF and World Bank. We hope we’ll soon be in a position to finalize and submit it,”
Ajay Seth, Economic Affairs Secretary
Amidst a strong RBI opposition to cryptocurrencies, a consultation paper is nearly prepared and ready to bring to court. Its release was noted by a top Indian finance ministry official on May 31st. Experts are still doubtful about the digital version of national fiat currencies, but this move for India could finally put an end to their turbulent relationship.
Talk of the Town
Singapore warms up to crypto, but only on their grounds
The Monetary Authority of Singapore (MAS), the city-state’s central bank - gave a report this week about Project Guardian. This project will be used to test risk management in blockchain asset tokenization and DeFi initiatives. Project Guardian will zone in on four major areas - open, interoperable networks; trust anchors; asset tokenization; and institutional-grade DeFi protocols.
The MAS cited its potential to enhance the accessibility, affordability of financial services, and efficiency of economic inclusion. They value inclusion, and encourage interested parties to submit proposals to the FinTech Regulatory Sandbox for live experimentation. Project Guardian's main goal is to answer real market issues such as high costs, inefficiencies and fragmented liquidity. It's interesting and promising to see how this initiative will affect the wider crypto market.
Warner Bros announces NFT series "Looney Tunes: What’s Up Block?"
Warner Bros. 80th anniversary is coming up, and what better way to celebrate it than by launching their own NFTs? The partnership is set to sail at the end of this month, and the series will focus on the unique storyline of Looney Tunes. The players' goals will include collecting and taking part in the diverse range of projects while earning exclusive rewards. For Looney Tunes and Space jam fans, you're in for an even bigger surprise as the NFTs will also feature films based on the cartoons. Virtual meet-and-greets are in the works, as well as exclusive unreleased content - count us in!
A move-to-earn app that pays you in crypto to work out
StepN is a move-to-earn app that incentivizes users to go for walk or run, and awards points in the form of crypto. The very first step in the app is to purchase a sneaker NFT. How much a player earns is directly tied to their shoes, which is why some of the sneaker NFTs can cost up to a whopping $600!
After purchasing the shoes, you'll need to upgrade them to maximize up to five different characteristics: resilience, comfort, luck, efficiency, and energy. Each characteristic has a unique benefit and requirement. For example, to obtain more energy - you'll have to purchase more sneakers. And with the luck statistic, you can increase the chances of winning random prizes during a session and so on.
The StepN app is built on Ethereum competitor Solana, and was created by FindSatoshi Lab. They currently only accept three tokens: SOL, GST (a token earned through running or walking), and GMT - StepN's governance token. This GPS-based game is great for people who want to track and profit off their exercise - but with a crypto twist.
Food for thought:
- Do you think that other sports will follow suit in the move-to-earn sphere? Which ones?
- Which countries would you like to see accepting cryptocurrencies in the near future?
- Would you be more inclined to exercise if you were paid in crypto?
- Which cartoons would you like to see inhabiting the NFT realm?
This content is provided for informational purposes only, and should not be relied upon as legal, business, investment, or tax advice. You should consult your own advisers as to those matters. Charts, graphs and references to any digital assets are for informational and illustrative purposes only.
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