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Shanghai Proceeds for $1.5B Metaverse Fundings

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Shanghai Proceeds For $1.5B Metaverse Fundings
  • China gets hit hard by different COVID variants. 
  • Shanghai plans to invest largely into the metaverse, smart terminals, and energy resources.
  • Numerous subsidiaries to be allotted for Metaverse firms in Shanghai.

Shanghai, the largest city of China, has now made up new plans to somehow regain the lost economy. Now, the plans are purely focused towards the future, and the current technology.

 In such aspects, the city of Shanghai has announced diversified allotments, and fundings towards various technological sources. This includes, the metaverse, the alternative energy sources, and smart technologies such as smart homes, smart gadgets, smart vehicles, robots, and much more. 

The South China Morning Post magazine officially revealed the news that Shanghai has already made up plans for the development of the nations on three primarily major future tech bridges. Accordingly, the Shanghai government will be investing about 10 Billion Yuan into the metaverse completely. This amounts to about $1.5 Billion approximately. 

The overall plan is to develop the metaverse industry on the whole. And so, the Shanghai government has declared that this $1.5 Billion fundings will proceed to top ten metaverse firms in Shanghai, and also for about nearly 100 small new startup firms based on metaverse. This includes products, services, maintenance and all related to metaverse. 

In spite of all this, the head of Shanghai’s Economy and Information Technology Committee, Wu Jincheng states that the development of metaverse will indirectly lead, and promote the development of many other major vital sectors and industries. Also, Wu Jincheng states that this will directly enable efficient economic growth for the nation on the whole. 

In spite of all this, Wu Jincheng adds that the developments upon the metaverse, efficient energy resources, and smart tech attributes combined together will amount to a growth of $224 Billion by the year 2025.

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Nakamoto Games Host Tank Battle Tournament on UpOnly Platform

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Nakamoto Games Host Tank Battle Tournament On Uponly Platform
  • Tank Battle competition announced by UpOnly and Nakamoto Games.
  • It is planned for the competition to begin on August 22 and last for three days.

The debut of the upcoming tournament, which will include the blockchain gaming studio Nakamoto Games most recent game, Battle Tank, has been revealed. The Battle Tank competition will be held on UpOnly, a platform for Tournament as a Service (TaaS).

UpOnly, a pioneering data directory, provides in-depth and practical knowledge on the move-to-earn, play-to-earn, and Metaverse gaming businesses. To maximize their performance and locate the greatest play-to-earn opportunities, UpOnly wants to be the go-to resource for gamers worldwide.

With blockchain-based games, Nakamoto Games provides players all around the world with significant earning opportunities. The dynamic ecosystem provides a wide selection of cutting-edge games and frequently holds international championships.  

Insights From the Contest 

The competition is slated to start on August 22 and last for three days. Players who want to access Tank Battle must first connect their Web3 wallet to the Nakamoto Games platform. Then, to complete the tournament registration, players must connect the same wallet to UpOnly. The total prize pool is about 2250 $USDT, and there is also a further 60,000 $UPO up for grabs.

The suggested price for game players is substantial, and the ultimate winner will get $1,000. The second-place finisher in the tournament will receive $750 in prizes, while the third-place finisher will receive $500.  And also the native token $UPO of UpOnly can be used by participants and spectators to wager on the results of the competition.

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How Much Risk Will the Upcoming Ethereum Merge?

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How Much Risk Will The Upcoming Ethereum Merge?
  • Ethereum’s much-awaited ‘merge’ is set for around mid-September.
  • In the upcoming days, the ETH price may experience severe short-term volatility.

The most widely used blockchain platform, Ethereum, is currently going through a significant transformation. Ethereum’s much-awaited ‘merge’ is set for around mid-September, and will shift from PoW (proof-of-work) to PoS (proof-of-stake). The upcoming functionality will provide more security, speed and scalability, and low energy consumption. However, the Ethereum merge will have its possible risks and flaws. 

Risk Factors Regarding the Merge

The Merge is a significant update to a very complicated system. Based on this merger, Ethereum may operate slowly or possibly stop altogether. In this process, other unanticipated mistakes also might arise. Also, Ethereum’s overall security may change, as a result of the Merge. When transferred to proof-of-stake, new technical challenges and unexpected problems might occur. 

Based on the merging process, in the upcoming days, Ethereum’s price may experience severe short-term volatility. In the long run, there is also a possibility that Ethereum could lose its dominance as the cryptocurrency of choice for smart contracts. The most likely outcome is that several programmable cryptocurrencies will take the lead rather than just one. 

There’s a potential that the fork will become more popular than Ethereum itself. However, if you own ETH or an ERC-20 token on Ethereum, you will most likely own them in any Ethereum fork because these forks are simply replicas of the network. It is up to each user to pick which fork to support and what to do with their assets.

While Ethereum supporters and developers would argue that the move to PoS makes Ethereum significantly more decentralized and resistant to hostile assault, the actual data shows that staking centralization is growing, which can cause some significant issues.

 Additionally, the merger has already seen numerous delays. So, there is also a chance for further delay in the merge. 

Disclaimer: 

TheNewsCrypto does not endorse any content on this page. The content depicted in this press release does not represent any investment advice. TheNewsCrypto recommends our readers to make decisions based on their own research. TheNewsCrypto is not accountable for any damage or loss related to content, products, or services stated in this article.

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Ethereum Uptrend Vulnerable Unless It Surges Past $1,900

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Ethereum

Ethereum extended losses below the $1,820 support against the US Dollar. ETH could decline further if it fails to start a recovery wave above the $1,900 level.

  • Ethereum started a fresh decline and traded below the $1,900 level.
  • The price is now trading below $1,880 and the 100 hourly simple moving average.
  • There is a key bearish trend line forming with resistance near $1,880 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could continue to move down if there is a clear move below the $1,800 level.

Ethereum Price Turns Red

Ethereum followed a bearish path after it settled below the $1,900 level. ETH traded below the $1,850 support zone and increased pressure on the bulls.

The bears even pushed the price below the $1,820 level, but the price stayed above the $1,800 level. A low is formed near $1,806 and the price is now consolidating losses. Ether price is now trading below $1,880 and the 100 hourly simple moving average.

An immediate resistance on the upside is near the $1,840 level. It is near the 23.6% Fib retracement level of the recent drop from the $1,955 swing high to $1,806 low.

The first major resistance is now forming near the $1,880 level and the 100 hourly simple moving average. There is also a key bearish trend line forming with resistance near $1,880 on the hourly chart of ETH/USD. The trend line is near the 50% Fib retracement level of the recent drop from the $1,955 swing high to $1,806 low.

Source: ETHUSD on TradingView.com

A clear move above the $1,880 resistance could even push the price above the $1,900 resistance. The next major resistance is near the $1,920 level, above which the price may perhaps move into a positive zone.

More Losses in ETH?

If ethereum fails to rise above the $1,880 resistance, it could continue to move down. An initial support on the downside is near the $1,800 zone.

The next major support is near $1,780, below which ether price might accelerate lower. In the stated case, the price may perhaps decline towards the $1,750 level. Any more losses may perhaps open the doors for a move towards the $1,650 level.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is now gaining momentum in the bearish zone.

Hourly RSIThe RSI for ETH/USD is now below the 50 level.

Major Support Level – $1,800

Major Resistance Level – $1,880

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Crypto Exchanges in Ontario Have a $30K Annual Cap on Buying Altcoins

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Crypto Exchanges In Ontario Have A $30K Annual Cap On Buying Altcoins