Blockchain news

PlayFi, an AI-powered data network and blockchain tailored for the gaming industry, has announced new partnerships with four industry leaders. These partnerships aim to strengthen the gaming ecosystem through enhanced technology integrations.

Positioned at the intersection of gaming, web3, and AI, PlayFi will collaborate with Aethir, MultiversX, Squid, and Matter Labs. This reflects PlayFi’s commitment to advancing the gaming industry with cutting-edge blockchain solutions.

“We are thrilled to be working with industry leaders like Aethir, MultiversX, Squid, and MatterLabs on a shared mission to push the boundaries of what’s possible in gaming,” said Ben Beath, founder and CEO of PlayFi. “Together, we share a goal in creating a more interconnected, efficient, and immersive gaming ecosystem that will benefit developers and players alike.”

PlayFi aims to improve its web3 offerings by integrating advanced blockchain technology into the gaming ecosystem. This will enhance cross-chain interactions, improve data security and accessibility, and provide seamless, cost-efficient experiences for developers and gamers.

To optimize GPU cloud computing resource use and enhance technological capabilities across gaming and AI, PlayFi, and Aethir are collaborating to bring mass-market gaming to the blockchain. They aim to support a robust gaming ecosystem and enable developers to create seamless Web3 experiences on top of Web2 IP.

PlayFi has partnered with MultiversX to allow the MultiversX ecosystem to utilize the PlayBase network, the AI-driven core of the PlayFi ecosystem, to securely store data from blockchain-powered games and sovereign chains. PlayFi will collaborate with MultiversX to develop specialized oracles compatible with the MultiversX infrastructure, providing seamless access to the rich data of PlayBase.

Additionally, PlayFi and Squid have teamed up to enhance interactivity and accessibility within the PlayFi ecosystem. With this collaboration, users can easily swap tokens across different blockchains. PlayFi uSquid’sn seamlessly swap any token type through Squid’s innovative API and SDK integration, connecting diverse blockchain environments such as Ethereum, zkSync, and Polygon. This integration allows in-game items, rewards, and other digital assets to be won in one game and redeemed in another.

Furthermore, Matter LLabs’ ZK Stack is the powerful Layer-2 solution that powers PPlayFi’s PlayBase blockchain. By integrating ZK Stack, PlayFi benefits from ultra-low gas fees. It combines the efficiencies of ZK Rollups and Validiums, significantly reducing costs while increasing transaction throughput.

A recent study found that over 80% of gamers have not played a blockchain game.

The study, conducted by the London-based market research firm OnePoll and involving over 2,000 respondents, discovered that 52% of gamers have never heard of blockchain games, and an additional 32% are aware of blockchain but have not played any game that utilizes decentralized technology.

These gamers face common challenges that could potentially be addressed by blockchain technology, even though they have not yet tried blockchain games.

One common issue in gaming is the potential loss of in-game items. As the gaming industry is centralized, players typically have no control over their in-game purchases. Two-thirds of respondents believe that gaming studios should refund players for their purchases if they choose to shut down a game, while a third think that a vote among the players should determine the decision to shut down games.

Blockchain technology addresses this issue by permanently allowing players to own their in-game items. This ownership enables them to transfer their items between different games or even sell them. If a game shuts down, they can still retain and use their items in other games.

Additionally, blockchain introduces new revenue streams for gamers. The current centralized model tends to benefit a few major gaming studios that generate significant annual profits. However, with blockchain’s play-to-earn gaming, anyone can earn money while enjoying gaming experiences.

According to a recent OnePoll study, the future of the gaming industry looks bleak. However, blockchain gaming has experienced rapid growth in recent years. In fact, a December study predicts that the market will reach $70 billion by the end of 2024, and another report estimates that it will be worth $600 billion by 2030.

A new report from DappRadar revealed that in April, the sector attracted $1 billion, its highest since 2021, due to renewed interest in some popular games. Additionally, daily unique active wallets reached a new record at 2.9 million.

The Qatar Central Bank (QCB) has completed the infrastructure for a central bank digital currency (CBDC) project and launched the first phase of an experimental project. The QCB will focus on settlements of large payments among large local and international banks.

The project will leverage distributed ledger technology and and artificial intelligence to enhance liquidity and transactions with securities. The project will run until October. The QCB started studying CBDC technology in March 2022 and confirmed the project’s launch in June of the same year.

According to a press report, QCB governor Sheikh Bandar bin Mohamed bin Saoud al-Thani said at the Qatar Economic Forum in May, “We are in the foundation stage and evaluating the pros and cons of issuing the CBDC.”

The United Arab Emirates (UAE) was among the founding members of the mBridge project, alongside China, Hong Kong, and Thailand. The UAE has already utilized mBridge to transfer remittance payments to India and for wholesale transfers among the project members. Additionally, the UAE participated in a Central Bank Digital Currency (CBDC) proof-of-concept named Project Aber with Saudi Arabia, which concluded in 2020.

Shortly before the CBDC project announcement, the QCB introduced a new fintech sandbox called Express Sandbox. This sandbox offers a reduced testing period, rapid testing cycles, and a streamlined overall evaluation process for eligible participants. Although neither of the national development strategies explicitly mentions CBDC, the CBDC project, like the new sandbox, was described as part of official national development strategies.

The Qatar Financial Centre Regulatory Authority, a business development jurisdiction in the country, banned virtual asset services from operating in 2020. In 2023, the Financial Action Task Force criticized Qatar for not enforcing the ban and for lacking an understanding of “more complex forms of money laundering and terrorist financing.”

There were rumors in the crypto community in March that the Qatar Investment Authority would invest heavily in Bitcoin, but there are doubts about the likelihood.

A survey conducted by Preply revealed a significant knowledge gap among US citizens regarding blockchain technology. Despite the increasing popularity of cryptocurrencies, 60% of respondents admitted needing a clearer understanding of blockchain. 

Interestingly, the survey revealed a nuanced picture of confidence levels among different generations and genders. Millennials emerged as the most confident generation, with men generally feeling more knowledgeable than women.

However, the survey also highlighted a significant level of uncertainty, with 35% of crypto investors expressing doubts about their understanding. This uncertainty was particularly notable among Gen Z investors, with 40% unsure of their grasp on the subject. On the other hand, Gen Xers who had not yet invested in cryptocurrencies showed the highest interest in potentially doing so in the future.

The survey also revealed a significant knowledge gap regarding NFTs and the metaverse. Only 42% of respondents expressed confidence in their understanding, indicating a need for educational initiatives. This lack of knowledge was found to have a direct impact on investment enthusiasm, with just 11% excited about putting money into NFTs. However, the metaverse sparked greater curiosity, with 32% expressing interest in participating. This underscores the potential impact of educational initiatives in shaping investment trends. 

Preply’s study also showed a surge in interest in crypto terminology across the US. Florida, Washington, and California led the pack in state-level searches for crypto terms. Similarly, Orlando, Miami, Florida, and Atlanta, Georgia, emerged as cities with the most curious residents actively searching for crypto slang. Interestingly, DAO, DEX, and ICO were the crypto-related phrases people were most likely to search for, suggesting these terms might be confusing for many.

The Federal Reserve’s annual Survey of Household Economics and Decisionmaking (SHED) reveals a significant decrease in the use of cryptocurrencies in the US compared to previous years. In 2023, approximately 18 million US adults reported using cryptocurrencies, according to the survey. This marks a significant decrease from 10% in 2022 and 12% in 2021. These findings contradict Coinbase’s claim that 52 million Americans own cryptocurrency.