This Week In Crypto | 29th July 2022

Hello everyone!

Welcome to another episode of crypto weekly, where you get updated on the significant events shaking the cryptoverse over the past few days.

In today’s episode of crypto stories and happenings, we bring you the following:

  • Fans of Sudoku and Solitaire to earn Bitcoin as a reward.
  • Nigerians rush to buy Bitcoin amid the economy collapse
  • Step-Counter App Sweatcoin Raises $13M to Fund Leap Into Web3

Let’s jump right in;


1. Fans of Sudoku and Solitaire to Earn Bitcoin as Reward

Bitcoin, the world’s largest cryptocurrency by market capitalization has been added as a benefit for fans of all-time classic games such as Solitaire and Sudoku to enjoy.

The extended partnership between Bitcoin-centric gaming startup Zebedee and London-based mobile games studio Viker made this possible.

According to Dan Beasley,  cofounder of Viker, it has the largest play-and-earn portfolio of casual games, with as many as 500,000 players earning Bitcoin every month.

The requirement from players is to write their Zebedee Gamertag (a profile username within the Zebedee ecosystem) into Viker’s app, where the gameplay is happening, and press withdraw to see the earned coins appear in the Zebedee app.

They do not need technical setup or prior crypto knowledge.

2. Artist Damien Hirst Chooses NFTs, Will Burn all 1,000 of His Physical Fiat Purchased Art Pieces

The artwork created by Damien Hirst as an NFT project named Currency, is made up of 10,000 unique art pieces made up of colored spots on an A4 sheet of paper.

It is signed, numbered, and includes a hologram watermark similar to that of a banknote to prevent forgery.

Hirst, in an exciting spin decided that owners would have the choice to either keep the NFT or trade it in for the physical version; no one would be able to keep both.

He tweeted on Wednesday evening that “the final numbers are 5,149 physical and 4,851 NFTs”.

This means that 4,851 of Damien Hirst signed physical art pieces will now be burned and gone forever.

The artist commended the NFT community, comparing it to the “bollox” he has seen in the physical art world over the years.

He remarked that he has “learnt so much” in the year he has been involved in this NFT project.

The Twitter community response has been overwhelmingly positive, with collectors asking for the burning to be preserved as an NFT and declaring it “the most legitimate innovative integration of trade, art and crypto.”

3. Nigerians Rush to Buy Bitcoin Amid Economy Collapse

Many residents of Nigeria have been pushed to turn to alternative assets such as bitcoin and stablecoins to preserve their wealth due to the crash of Nigeria’s national currency (naira).

A 258% increase in BTC purchases has been noted by  peer-to-peer exchange LocalBitcoins compared to last week’s figures.

Popular P2P trading platform – Paxful – also confirmed that citizens of Nigeria have displayed a growing appetite for crypto during the first half of the year:

“Narrowing in on Nigeria, trade volume was over $760M last year, and Nigerian users have climbed over the two million mark.

And despite the global financial crisis, Paxful is seeing that peer-to-peer and interest in bitcoin is not slowing down.

In the first half of 2022, trade volume in Nigeria reached nearly $400M, showing us that the emerging markets are still hungry for bitcoin.”

4. GameFi Industry to See $2.8 billion Valuation in Six Years

According to a recent report from Absolute Reports, projects massive growth within the next six years for the GameFi industry.

The research has put the play-to-earn nonfungible token (NFT) game industry at an estimated value of $2.8 billion within the time span from 2022–2028.

However, the compound annual growth rate of the industry is 20.4% in the same six-year period.

Asides this  report, research from Cointelegraph also highlights interest from venture capitalist investors during the down season.

Although,  as Web3 continues its development, experts have highlighted that GameFi will need to adapt as well.

In a recent conversation with the founders of Crypto Raiders, they urged developers to prioritize fun over “financialization” when continuing to develop platforms.

5. Step-Counter App Sweatcoin Raises $13M to Fund Leap Into Web3

Sweatcoin, the popular health and fitness app will be making a major transition from its Web2 surroundings into the world of Web3 by expanding its existing “Sweat Economy” ecosystem to offer crypto rewards for user engagement.

This leap is fueled by a $13 million in funding backed by several prominent blockchain investors, including Electric Capital, Spartan Capital, Jump, GSR, the NEAR Foundation, Polkadot co-founder Bjorn Wagner, Polygon co-founder Sandeep Nailwal, and Vinny Lingham, the founder of Civic.

The Sweatcoin’s Web2 incarnation,  gave users a Sweatcoin for every 1,000 steps they took (which is redeemable as branded products, digital services, and charitable donations), has over 100 million users who already use the app to bring value to their daily movement.

With this fresh funding at hand, the team hopes that more users will be attracted coupled with its existing step-counting model and the launch of a new cryptocurrency called SWEAT.


Heads up!

If you want to learn how to trade cryptocurrencies profitably, then enrol in our Crypto Trading Mastery Course by going to www.ctmastery.com

You can also join us on Telegram to get more details


Conclusion

This week has seen some massive bullish movement, especially from ethereum which seems to be doing better than BTC on the BTC/ETH pair.

BTC weekly chart

BTC has also finally crossed the 200-day moving average in what seems to be a calm week on the charts.

HODL On!

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