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Demand for Zilliqa Blockchain in Play-to-Earn Games Gains Steam

by Blockchain NewsMarch 24, 2022

Zilliqa, a public blockchain that offers solutions to decentralized applications (dapps) and enterprises, is emerging as one of the sought-after networks in the esports industry based on notable partnerships.

Zilliqa recently collaborated with three large esports brands, namely RRQ, Ninja in Pyjamas, and MAD Lions, to aid in non-fungible tokens (NFTs), play-to-earn (P2E) gaming models and Web3-enabled fan engagement. As a result, bridge the gap between gaming communities and crypto.

Ben Livshits, Zilliqa’s CEO, believes these collaborations cement the fact that blockchain technology is shifting from the fringes of traditional finance to the centre of people’s lives.

He added:

“Being associated with the top, most-watched esports entities in the world is an honour. With millions of followers worldwide and a passionate fan culture, the creation of borderless gaming communities is inevitable. Thanks to AR and VR-powered technology, we’ve created possibilities for gamers, influencers and fans to engage, earn and entertain as crypto and gaming join forces.”

Zilliqa’s secure-by-design language, Scilla, coupled with its sharding protocol, enables high transaction volumes, making the blockchain network one of the sought-after in the gaming arena.

Tom Fleetham, Zilliqa’s head of gaming and sports, stated:

“I firmly believe that gaming will be the sector that drives the next exponential growth in blockchain users. These types of partnerships can accelerate that adoption.”

Blockchain gaming continues to gain traction, with different networks trying to outdo each other.

For instance, AmioTalio, the founder of game development platform Paradox Studios, recently disclosed that Solana was getting a competitive edge compared to Ethereum in creating P2E games based on its easy programming language.

With blockchain gaming continuously accelerating the metaverse narrative, AmioTalio noted that the huge funding that Solana was offering developers was intended to woo them from the Ethereum network, and it was starting to take shape.

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OECD Calls for Public Comments on Impacts of Crypto Tax Reporting

by Blockchain NewsMarch 24, 2022

The Organisation for Economic Cooperation and Development (OECD) has called for additional requirements to the current model for which cryptocurrency-focused transactions are reported to the appropriate tax authorities.

In a consultation paper published on Tuesday, the OECD argued that tax authorities around the world do not have the right visibility to monitor transactions involved in the crypto space going by the currently approved standards.

The subject of crypto taxation comes off as one of the most polarizing in the nascent digital assets ecosystem. While many countries have failed to legalize the engagement in cryptocurrencies, it has not deterred tax authorities to demand investors and traders in the space to pay what is due when the tax season comes calling.

Per the proposal demanding additional reporting standards on crypto transactions, the OECD is proposing a maximum term of 12 months to prepare licensed trading platforms to develop the capacity to comply with the new rules when or if eventually implemented.

The proposal is seeking the public to help comment on the scope of the requirements, on what digital assets, including Non-Fungible Tokens (NFTs) it is set to impart, and other key areas of consideration.

“Unlike traditional financial products, crypto-assets can be transferred and held without the intervention of traditional financial intermediaries and without any central administrator having full visibility on either the transactions carried out or crypto-asset holdings,” said a summary of the report. “Therefore, crypto-assets could be exploited to undermine existing international tax transparency initiatives.”

Many tax bodies, including the United States Internal Revenue Service (IRS), are well on their toes with respect to crypto tax reporting. As part of its measures to monitor crypto transactions aright, the regulator has in times past hired the services of private crypto tax contractors to help track down potential tax evaders.

The OECD proposal is open for comments up until April 29 with the organization slated to report on the amended reporting rules during the G20 Bali summit in October.

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Tagged : Crypto / News / OECD / Tax

Nexo Ventures Emerges With $150M Funding for Web3.0

by Blockchain NewsMarch 24, 2022

Digital assets lending platform Nexo has launched Nexo Ventures, its incubation fund bootstrapped with $150 million to fund a variety of Web3.0 initiatives.

As announced by the platform, Nexo Ventures will focus on five key areas for investment including Web3, DeFi Innovation, Metaverse, NFTs and GameFi, Payments and Trading Infrastructure, and Compliance Solutions.

The Nexo venture arm will be headed by Tatiana Metodieva, CFA, Nexo Head of Corporate Finance and Investments.

“At Nexo, we believe that blockchain technology will transform the way we connect and use financial services,” said Metodieva. “Our mission is to elevate entrepreneurs who help push the crypto revolution forward. Nexo Ventures aims to drive the continued adoption of digital assets and the expansion of the Web3 ecosystem.”

It is becoming a very prominent trend amongst top companies in the crypto ecosystem today to launch their own venture capital arm. The primary aim is not to leave the actions to big venture firms like Andreessen Horowitz (a16z) and Paradigm Capital with billions in funds to back innovative protocols in the blockchain ecosystem.

Nexo Ventures’ debut is borne out of the digital currency ecosystem as the parent company is one of the leading crypto platforms around today. Startups funded by Nexo Ventures will gain a good headstart with exposure to the platform’s broad network of partners and receive extensive marketing and community support.

Just as many prominent blockchain service providers are known to invest in the ecosystem, so has Nexo been funding innovative protocols prior to the launch of its venture capital arm. Amongst the protocols it has backed in the past include but are not limited to 1inch, BCB Group, BlockFills, Bware Labs, Interlay, Mizar, Qredo, Rain, Texture Capital, Yield Protocol, and The TIE.

Amongst the most prominent startups that have launched a venture capital arm in recent times include Luno and QualCOMM amongst others.

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Tagged : Finance / Nexo / NEXO VENTURES / Venture-Capital