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2 reasons cashless may be a bit overblown

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If you look up “cashless” on Google, you will inevitably find article after article both praising it and proclaiming it as the future. They are essentially saying “cash is old news.” But…that isn’t entirely true.

And before you write me off as just another old school traditionalist, I’m actually a millennial, also known as a digital native. As such, I have seen how technology has changed and disrupted so many industries, but I have also seen where experts’ predictions of what industries technology will destroy have fallen short.

There are two main reasons why I think the cashless trend may be a bit overblown.

First, there is the underbanked issue. Vast swaths of the population of the world simply do not have access to a bank account or they have very limited access. These financially underserved populations simply aren’t going to be able to function in a cashless economy.

Many state and local governments also know this, which is why certain cashless stores have gotten in trouble. After all, many local governments believe that refusing to take cash is a form of discrimination.

While fintechs have been lowering the barrier of entry for the financially underserved to have a bank account, they still have a long way to go before such solutions are ubiquitous.

Secondly, the idea that cash will disappear ignores the fact that while customers want digital experiences, they have not abandoned physical experiences entirely.

For example, many analysts predicted that online retail giants like Amazon would sink brick-and-mortar stores. This ended up being a big exaggeration. Some stores did sink, but others rose to the occasion and delivered phygital (digital and physical mixed together) experiences that kept customers coming back.

I have a hunch that this same thing will happen with cash. While stores will continually offer more cashless options, cash will still be included in those offerings, because there is something about taking out something physical and counting it out. It feels more real to some.

Of course, the form cash might take may change. We may see in the future a kind of blend of a debit card and paper money or perhaps a physical form of “loyalty dollars” for store chains.

Whatever the future holds, ATM Marketplace will continue to keep an eye on how cashless and cash usage trends develop.

PlatoAi. Web3 Reimagined. Data Intelligence Amplified.
Click here to access.

Source: https://www.fintechnews.org/2-reasons-cashless-may-be-a-bit-overblown/

Blockchain

The Future of Blockchain Gaming

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blockchain gaming

Blockchain is a fundamental aspect of the future of financial technology. The incorruptible ledger system is gaining attention beyond the realm of cryptocurrency discussions. Though fundamental for hosting a decentralized banking system, blockchain can also be used by developers looking to incorporate detailed public records.

Unsurprisingly, some of blockchain’s most lucrative and popular iterations involve gaming. Though typically associated with Bitcoin and Ethereum, blockchain is now the backbone of the NFT trade. One of its key applications is in creating digital assets and facilitating their trade and collection.

Reuters’ latest report on the first half of 2021 tallied the global NFT market worth to be $2.5 billion—that’s up from $13.7 million in the first half of 2020. Now that NFTs have entered the market, more companies are looking to expand blockchain gaming enterprises.

Already, blockchain has been used to track in-game items, such as weapons, skins, and experience points. That way, these assets can’t be hacked and altered. Currently, most of these assets only have value in the game but could one day be bought and sold in an external marketplace like an NFT.

Another realm set for a blockchain overhaul is online gaming. PR News Wire reports that the market will reach a worth of over $72 billion by the end of the year. With big money and a growing incentive based on public demand, blockchain looks likely to become a standard feature among online gambling promotions from various sites in the future.

In addition to interest from gamers, casinos themselves would benefit from blockchain. Gaming companies are required to provide detailed reports to local regulatory and financial authorities. An incorruptible ledger would simplify this process, while also adding extra safeguards related to sensitive information of users and companies alike.

Building on CryptoKitties Success

One of the biggest players in blockchain gaming is Dapper Labs. The NFT company has helped produce some of the most successful blockchain enterprises, including CryptoKitties and the NBA’s Top Shot NFT business.

Back in 2017, Dapper Labs was new to the scene. The premise of the online game is simple: users spend Ethereum to purchase NFT cartoon cats. Each cat is unique and can be bred with other characters to create new, unique cats.

What began as a cult hit amongst Ethereum holders transformed into solid proof that NFTs were the future of digital collectibles. One of the first major NFT sales came from CryptoKitties, when a user shelled out $170,000, leaving Dapper Labs to collect a small cut related to transaction fees.

In February of this year, Dapp Radar reports that CryptoKitties had raked in $1.2 million in transaction volume since the year began.

Credits: unsplash.com

Creating Organic Value from Blockchain

NFTs are sure to be a major player in the future of blockchain gaming. However, NFTs are largely collectible items; CryptoKitties require minimal attention from gamers—and not everyone found the experience of raising and breeding CryptoKitties to be enjoyable.

The value blockchain brings to gaming revolves around creating a micro-economy within the game itself. This economy is driven by player interest. In other words, the value of a skin or a weapon is based on demand from other users, not what game creators have assigned.

The future of blockchain gaming will rely heavily on this internal economy. However, the precise implications of these economies aren’t yet clear—will it provide more power amongst gamers to influence how and why the game is played? Will creators spend more time integrating collectibles into games, and at what point do they evolve from a standard NFT collectible?

For now, it’s likely video game developers will avoid blockchain. Not only are most studios conservative in approach, but recent concerns about blockchain’s environmental effects have stalled many groups’ interest in the technology.

PlatoAi. Web3 Reimagined. Data Intelligence Amplified.
Click here to access.

Source: https://www.fintechnews.org/the-future-of-blockchain-gaming/

Continue Reading

Blockchain

The Future of Blockchain Gaming

Published

on

blockchain gaming

Blockchain is a fundamental aspect of the future of financial technology. The incorruptible ledger system is gaining attention beyond the realm of cryptocurrency discussions. Though fundamental for hosting a decentralized banking system, blockchain can also be used by developers looking to incorporate detailed public records.

Unsurprisingly, some of blockchain’s most lucrative and popular iterations involve gaming. Though typically associated with Bitcoin and Ethereum, blockchain is now the backbone of the NFT trade. One of its key applications is in creating digital assets and facilitating their trade and collection.

Reuters’ latest report on the first half of 2021 tallied the global NFT market worth to be $2.5 billion—that’s up from $13.7 million in the first half of 2020. Now that NFTs have entered the market, more companies are looking to expand blockchain gaming enterprises.

Already, blockchain has been used to track in-game items, such as weapons, skins, and experience points. That way, these assets can’t be hacked and altered. Currently, most of these assets only have value in the game but could one day be bought and sold in an external marketplace like an NFT.

Another realm set for a blockchain overhaul is online gaming. PR News Wire reports that the market will reach a worth of over $72 billion by the end of the year. With big money and a growing incentive based on public demand, blockchain looks likely to become a standard feature among online gambling promotions from various sites in the future.

In addition to interest from gamers, casinos themselves would benefit from blockchain. Gaming companies are required to provide detailed reports to local regulatory and financial authorities. An incorruptible ledger would simplify this process, while also adding extra safeguards related to sensitive information of users and companies alike.

Building on CryptoKitties Success

One of the biggest players in blockchain gaming is Dapper Labs. The NFT company has helped produce some of the most successful blockchain enterprises, including CryptoKitties and the NBA’s Top Shot NFT business.

Back in 2017, Dapper Labs was new to the scene. The premise of the online game is simple: users spend Ethereum to purchase NFT cartoon cats. Each cat is unique and can be bred with other characters to create new, unique cats.

What began as a cult hit amongst Ethereum holders transformed into solid proof that NFTs were the future of digital collectibles. One of the first major NFT sales came from CryptoKitties, when a user shelled out $170,000, leaving Dapper Labs to collect a small cut related to transaction fees.

In February of this year, Dapp Radar reports that CryptoKitties had raked in $1.2 million in transaction volume since the year began.

Credits: unsplash.com

Creating Organic Value from Blockchain

NFTs are sure to be a major player in the future of blockchain gaming. However, NFTs are largely collectible items; CryptoKitties require minimal attention from gamers—and not everyone found the experience of raising and breeding CryptoKitties to be enjoyable.

The value blockchain brings to gaming revolves around creating a micro-economy within the game itself. This economy is driven by player interest. In other words, the value of a skin or a weapon is based on demand from other users, not what game creators have assigned.

The future of blockchain gaming will rely heavily on this internal economy. However, the precise implications of these economies aren’t yet clear—will it provide more power amongst gamers to influence how and why the game is played? Will creators spend more time integrating collectibles into games, and at what point do they evolve from a standard NFT collectible?

For now, it’s likely video game developers will avoid blockchain. Not only are most studios conservative in approach, but recent concerns about blockchain’s environmental effects have stalled many groups’ interest in the technology.

PlatoAi. Web3 Reimagined. Data Intelligence Amplified.
Click here to access.

Source: https://www.fintechnews.org/the-future-of-blockchain-gaming/

Continue Reading

Fintech

Blackstone bolsters senior team by bringing in ex-Goldman Sachs exec Petrelli for new head of innovations Investments role

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Global buyout giant Blackstone hired Stevi Petrelli as head of Blackstone Innovations Investments (BXI Investments). The

PlatoAi. Web3 Reimagined. Data Intelligence Amplified.
Click here to access.

Source: https://www.altassets.net/private-equity-news/blackstone-bolsters-senior-team-by-bringing-in-ex-goldman-sachs-exec-petrelli-for-new-head-of-innovations-investments-role.html

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Fintech

Blackstone bolsters senior team by bringing in ex-Goldman Sachs exec Petrelli for new head of innovations Investments role

Published

on

Global buyout giant Blackstone hired Stevi Petrelli as head of Blackstone Innovations Investments (BXI Investments). The

PlatoAi. Web3 Reimagined. Data Intelligence Amplified.
Click here to access.

Source: https://www.altassets.net/private-equity-news/blackstone-bolsters-senior-team-by-bringing-in-ex-goldman-sachs-exec-petrelli-for-new-head-of-innovations-investments-role.html

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