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What Are Meme Coins? And Are They Worth Investing In?
Cryptocurrencies are digital or virtual coins that use cryptography to secure or validate transactions. Cryptocurrencies are bought, sold and traded on decentralized exchanges (DeFi exchanges) as well as being used to purchase goods and services.
Meme coins are a type of cryptocurrency that are created to commemorate or parody well-known memes. For example, the Dogecoin cryptocurrency was created in 2013 in honor of the Doge meme. Meme coins are often traded on decentralized exchanges and can also sometimes be used to purchase goods and services. They have grown in popularity in recent years for a number of reasons.
## What Is a Meme Coin?
The first step to understanding whether meme coins are worth investing in, is to answer the question, "what are meme coins?" A meme coin is a type of altcoin that is created through a process of crowdfunding or minting by its users. Meme coins are often created as a joke or to parody other coins or memes, and their value is often based on their novelty rather than their underlying technology or utility.
Meme coins are not designed to be used in the same way as utility tokens such as staking coins or using the coins to make purchases. Instead, meme coins are primarily traded on exchanges.
There are almost 200 meme coins currently in circulation. You can buy meme coins, sell and trade them much like with any other cryptocurrency.
And you can find popular meme coins on platforms like Crypto.com where they can be purchased with cryptocurrency such as Bitcoin or Ethereum.
## Why Are Meme Coins Popular?
Meme coins are popular among retail investors because they parody current events. With so many serious things going on in the world, meme coins also offer a means to lighten the mood.
But one of the main reasons meme coins tend to be so popular among retail investors is because their value per unit is very low. This makes it easy for people to purchase large volumes of the coins without having to worry about breaking the bank.
Some consider meme coins' rise in popularity to be due in part to the pandemic. People spent more time online and memes in themselves grew in popularity, so creating a cryptocurrency coin around this concept was a clever idea.
Meme coins' success and popularity are driven by community buzz. As such, buying a certain meme coin can be a way of demonstrating your solidarity or membership of a community.
A number of businesses have begun accepting meme coins as payment. Tesla was amongst the first to accept Dogecoin for the purchase of certain items. Nordstrom and GameStop followed suit by accepting meme coins as payment. AMC announced they too will accept meme coins down the line.
## How Did Meme Coins Get Started?
Meme coins are coins that are created in response to a particular event or trend. They are often created as a joke, and may not have any real value. Meme coins typically have a very small circulating supply, and may not be listed on any exchange at all.
The first meme coin was created in November 2013, when Dogecoin was launched. Dogecoin was created by Billy Markus, who wanted to create a fun cryptocurrency that could reach a broader audience than Bitcoin.
Dogecoin became popular on social media sites such as Reddit and 4chan, where users shared images of Doge, a Shiba Inu dog, with humorous captions. As Dogecoin became more popular, its value increased, and it started being listed on several online exchanges.
Other meme coins, such as Pepecoin and Potcoin, were created in response to the success of Dogecoin. These coins are intended to be used as a means of exchange, and their values are based on the popularity of the memes that they feature.
## Is It Worth Investing In Meme Coins?
Despite their reputation for being highly volatile, meme coins may still be worth investing in for short-term profits. Many of these coins have seen significant price increases in recent months, and it is likely that the trend will continue as long as the coins remain popular. For example, investors could purchase Shiba Inu for $1 in March 2021 with their value skyrocketing to almost $8000 per coin months later. If you'd bought in March and sold later, you could have made an impressive profit.
Here's the secret to making money with meme coins. You've got to keep your finger on the pulse and anticipate which memes are on the brink of going viral so you can jump onto new coins as they become available. You can join online forums and groups to keep track of what is going on in the meme coins community to strike when the iron is hot.
Yes, it is no secret that meme coins are not a stable investment. But with great risk comes great reward. If you get the timing right, you could be in the running to make some good money.
## Common Characteristics of Meme Coins
### Unlimited Supply: Meme coins often have a very high or even unlimited supply. This means there can be billions of meme coins in circulation with no mechanism in place to remove them from circulation down the line. As a result of this, their value is often low and they're cheap to buy. ### Volatile: Meme coins are notoriously volatile, largely due to them not having a true purpose other than being traded. Their fluctuations can be quite dramatic because of their unlimited supply so there is no way to cap the number of meme coins in circulation. The value of a meme coin can also be heavily influenced by the sentiment of the community around it. If a meme coin goes viral, its value will skyrocket. However, when a new meme coin comes along, it's value can be displaced. They can fall just as quickly as they rise. Some other common characteristics of meme coins are: - They are not designed to be used in the same way as a utility token but rather to be traded - Most meme coins have an unlimited supply - Their value is influenced by community sentiment - Low worth per coin ## Risks of Investing in Meme Coins There are a few risks associated with investing in meme coins, much like with any other investment. ### Volatility: One is that the meme may lose popularity and the coin will lose value. As we mentioned before, meme coins are highly volatile so their value can fall just as quickly as it rises.
### Technology: Another risk is that the developers of the coin may not be reputable or may not be able to continue developing the coin. Meme coins are rarely backed by the same technology as mainstream cryptocurrencies so tend to be more fragile.
### Security: There is also a risk that the coin may be hacked or that there may be a problem with the underlying blockchain technology.
### Scams: There have been incidences of scammers creating viral cryptocurrencies to swindle people out of money. For example, the Squid Game meme coin was selling at over $2000 a coin when suddenly the creators took the coins out of circulation and disappeared with users' money. Yikes!
### Lifecycle: Because their value is based on short-term hype, the likelihood of them retaining any value years down the line is low. They have very short life cycles. Meme coins are best to be viewed as short-term investments to buy and sell while they're still popular. Many people ask whether meme coins are safe? While not every risk can be mitigated, looking out for the following features can help you avoid a scam: 1. Lack of transparency: If the team behind the coin is not transparent about their goals, plans, and how the coin works, it is likely a scam. 2. Fake team members: If the team members are not real, or if they are not who they say they are, it is likely a scam. Developers of a meme coin are often linked to other projects and known within the community. If the team is shady or can't demonstrate their track record of work in the community, it is best to avoid investing. 3. Pump and dump schemes: If the coin is being marketed to investors with the promise of high returns, and then the value of the coin is suddenly dropped, it is likely a scam. 4. No real-world use case: If the coin does not have a real-world use case, it is likely a scam. Keep in mind most meme coins are used primarily for trading and not for staking etc. 5. No blockchain: If the coin is not based on blockchain technology, it is likely a scam. Although there are exceptions to this where DAG technology is concerned. 6. Burn Addresses: It is important to verify whether the liquidity pools are held by burn addresses. This way you protect yourself from investing in a project that disappears with your money. 7. Auditing: Verify whether the project has been audited by a third-party firm. 8. Holdings: As a rule of thumb, no developer should hold more than 5% of the total number of tokens in circulation. If they do, consider this a serious red flag. ## Famous Meme Coins There are a number of meme coins currently in circulation, some more popular than others. ### Shiba Inu
### Unlimited Supply: Meme coins often have a very high or even unlimited supply. This means there can be billions of meme coins in circulation with no mechanism in place to remove them from circulation down the line. As a result of this, their value is often low and they're cheap to buy. ### Volatile: Meme coins are notoriously volatile, largely due to them not having a true purpose other than being traded. Their fluctuations can be quite dramatic because of their unlimited supply so there is no way to cap the number of meme coins in circulation. The value of a meme coin can also be heavily influenced by the sentiment of the community around it. If a meme coin goes viral, its value will skyrocket. However, when a new meme coin comes along, it's value can be displaced. They can fall just as quickly as they rise. Some other common characteristics of meme coins are: - They are not designed to be used in the same way as a utility token but rather to be traded - Most meme coins have an unlimited supply - Their value is influenced by community sentiment - Low worth per coin ## Risks of Investing in Meme Coins There are a few risks associated with investing in meme coins, much like with any other investment. ### Volatility: One is that the meme may lose popularity and the coin will lose value. As we mentioned before, meme coins are highly volatile so their value can fall just as quickly as it rises.
### Technology: Another risk is that the developers of the coin may not be reputable or may not be able to continue developing the coin. Meme coins are rarely backed by the same technology as mainstream cryptocurrencies so tend to be more fragile.
### Security: There is also a risk that the coin may be hacked or that there may be a problem with the underlying blockchain technology.
### Scams: There have been incidences of scammers creating viral cryptocurrencies to swindle people out of money. For example, the Squid Game meme coin was selling at over $2000 a coin when suddenly the creators took the coins out of circulation and disappeared with users' money. Yikes!
### Lifecycle: Because their value is based on short-term hype, the likelihood of them retaining any value years down the line is low. They have very short life cycles. Meme coins are best to be viewed as short-term investments to buy and sell while they're still popular. Many people ask whether meme coins are safe? While not every risk can be mitigated, looking out for the following features can help you avoid a scam: 1. Lack of transparency: If the team behind the coin is not transparent about their goals, plans, and how the coin works, it is likely a scam. 2. Fake team members: If the team members are not real, or if they are not who they say they are, it is likely a scam. Developers of a meme coin are often linked to other projects and known within the community. If the team is shady or can't demonstrate their track record of work in the community, it is best to avoid investing. 3. Pump and dump schemes: If the coin is being marketed to investors with the promise of high returns, and then the value of the coin is suddenly dropped, it is likely a scam. 4. No real-world use case: If the coin does not have a real-world use case, it is likely a scam. Keep in mind most meme coins are used primarily for trading and not for staking etc. 5. No blockchain: If the coin is not based on blockchain technology, it is likely a scam. Although there are exceptions to this where DAG technology is concerned. 6. Burn Addresses: It is important to verify whether the liquidity pools are held by burn addresses. This way you protect yourself from investing in a project that disappears with your money. 7. Auditing: Verify whether the project has been audited by a third-party firm. 8. Holdings: As a rule of thumb, no developer should hold more than 5% of the total number of tokens in circulation. If they do, consider this a serious red flag. ## Famous Meme Coins There are a number of meme coins currently in circulation, some more popular than others. ### Shiba Inu
What is Tokenomics?
If you're new to the crypto space you may have heard the term "tokenomics'' and you're probably wondering, "What is tokenomics?" .
Tokenomics is the study of digital tokens and their economic behaviors. It encompasses all aspects of a token's life cycle, from its issuance to its eventual destruction. Tokenomics is a relatively new field, but it is already providing valuable insights into the world of crypto tokens.
Tokenomics is important because it can help us understand the true value of a crypto token. By understanding the economics behind a token, we can better assess its potential worth. Additionally, by studying the behavior of tokens, we can learn about the overall health of crypto projects. Tokenomics can also help us predict future trends in the world of digital tokens.
So far, token economics has been mostly used to study utility tokens, which are tokens that are used to access a specific service or product. However, there are other types of tokens out there, such as security tokens and currency tokens. Security tokens represent ownership in a company or asset, while currency tokens are used as a form of payment. It will be interesting to see how tokenomics evolves as more types of tokens are created in years to come.
## Pillars of Tokenomics
There are a number of key pillars to tokenomics, which we will break down below.
### Token Supply
Token supply is the total number of tokens that will ever be created. This is similar to the concept of supply and demand characteristics in traditional economics. The higher the demand for a token, the higher the price will be. The total supply of a token can be divided into three categories: circulating supply, total supply, and maximum supply.
The circulating supply is the number of tokens that are currently in circulation and can be traded on exchanges. The total supply is the number of tokens that have been created, including those that are not in circulation. The maximum token supply is the number of tokens that can ever be created, which is usually capped at a certain number.
The total supply of a token can have a big impact on its price. If there is high demand for a token but only a small total supply, the price will go up. On the other hand, if there is low demand for a token but a large total supply, the price will go down.
### Token Utility
Token utility is the key to a successful token economy. A token’s value is derived from its use case and how it can be exchanged for goods and services. The following are five important factors to consider when designing a token’s utility:
1. Frequency of Use. How often will users need to exchange their tokens for something valuable? This determines how often the token will need to be minted or mined.
2. Cost of Acquiring Tokens. How much will it cost to acquire a sufficient number of tokens? This affects the market price of the token.
3. Demand for Tokens. Will there be a demand for the tokens? If not, they may become worthless over time.
4. Supply of Tokens. How many tokens will be created and available for purchase? This affects the price of the token.
5. Interaction with Other Coins/Tokens. How does this token interact with other coins or tokens in the ecosystem? This affects how valuable the token could be in comparison to others in the market.
### Token Distribution
Tokenomics is the science of how a token’s distribution affects its value. Tokenomics is important because it dictates how valuable a token will be and how many people will be able to own it. The token’s distribution is also important because it determines who can spend the token and for what purpose. And finally, the token’s distribution affects the overall ecosystem of the project.
When designing a token, it is important to consider its distribution. A poorly designed token may have a low circulating supply, which would make the tokens more valuable. Conversely, a well-designed token with a high circulating supply would make them less valuable. The ideal balance depends on the project and its goals.
The three primary considerations when distributing a token are: 1) how many tokens will be created; 2) where those tokens will go; and 3) what will happen to unsold tokens.
Most projects create a fixed number of tokens and give them away to investors or users in exchange for money or other assets. This approach is called an initial coin offering (ICO). Many ICOs are controversial because they allow people to buy tokens without actually owning them.
## Incentive Mechanisms
When it comes to cryptocurrency, one of the most important things to consider is the incentive mechanisms used to reward early adopters, miners and token holders. This is because it’s these mechanisms that will determine how many people continue to hold a particular coin or token in the long run.
Some common incentive mechanisms used in cryptocurrencies include:
- Redemption rates: How often a given token can be redeemed for fiat currency or other tokens on the platform.
- Peg systems: This allows holders of a native token to exchange them for other currencies or assets on a fixed basis.
- Rewards for participation: Many platforms offer rewards (usually in the form of coins or tokens) to users who participate in various activities such as voting, commenting, and being a member of an active community.
## Features of Tokenomics
There are a number of features that define tokenomics which we will detail below.
### Token burns
Burning tokens is a process of getting rid of them from circulation. When a token is burned, it means that one or more tokens are destroyed and no longer have any monetary value. This is done in order to reduce the number of tokens in circulation, and thereby increase the value of each remaining token.
### Token mining
Token mining is the process of generating new tokens from an existing blockchain. The process of token mining can be broken down into three main steps:
1. Obtaining the required resources.
2. Generating a new token.
3. Distributing the new token to miners.
### Token staking
Token staking is a way of getting rewarded for holding tokens. The more tokens you hold, the greater your reward. This is different from mining, which is how new tokens are created.
Supply type: limited vs. unlimited
Tokens can either have a limited or unlimited supply. If the supply is limited, then the number of tokens available will be capped at a certain number. Once that number has been reached, no new tokens will be created, and existing tokens will be unusable.
If the supply is unlimited, then the number of tokens available will never be capped. This means that the token may become increasingly difficult to obtain over time, as there are more and more people who want to use it.
### Token allocation and vesting
Token allocation and vesting are important considerations in any blockchain-based project. The right mix of tokens and their associated mechanics can help to reinforce a project’s legitimacy and encourage widespread adoption.
Some projects may issue a fixed number of tokens, with each token representing an equivalent share in the company. This type of model can help to ensure that all token holders are fairly rewarded for their investment. Other projects may issue a greater number of tokens, which allows holders to participate in the project’s growth and rewards them for their support. Vesting periods can also be important, as they should ensure that tokens are available to contributors on a consistent basis.
### Token governance: centralized or decentralized
With centralized governance, the authority for issuing new tokens resides with a single entity or group of entities. These entities can be a company or organization, such as a foundation, or a government body, such as the SEC. This type of governance is often seen as more secure because it's less vulnerable to fraud or attack. However, centralized governance is also more difficult to implement because it relies on a single entity to oversee everything.
With decentralized governance, the authority for issuing new tokens resides with the users themselves. This means that anyone can create a new token and distribute it among themselves. This type of governance is often seen as more democratic because it's open to all participants. However, decentralized governance is also more difficult to implement because it requires a community of users to co-exist peacefully. If not managed properly, a decentralized network can become chaotic and unruly.
## Tokenomics analysis
In the world of cryptocurrency, tokenomics is a critical component that determines the success or failure of a project. Tokenomics analysis is the process of determining the economics and token usage of a project, and it’s an important tool in determining whether or not a cryptocurrency is worth investing in.
Tokenomics analysis can help to answer questions such as:
-How many tokens will be issued?
-How will the tokens be used?
-What are the costs associated with holding and using the tokens?
-How will the value of tokens change over time?
Tokenomics analysis can also help to identify potential problems with a project, such as excessive inflation or token pricing that doesn’t reflect the real value of the network.
### Supply-side
Understanding the supply and demand for currency is at the heart of economics and tokenomics is no different. Examining the supply-side of a token helps to understand how many tokens will be created, and how much of the total supply is available for purchase. The scales of economy suggest the less tokens are in circulation, the higher the value of the token will be. When there are too many tokens in circulation, their value will decrease.
### Demand-side
The demand for a token is what determines its value in addition to its utility. The more valuable a token is, the more incentive there is for people to hold it and use it in transactions.
In order for a token to have value, it needs to be scarce and it needs to have a functional use case. If there are too many tokens in circulation, their value will decline because there is not enough incentive for people to hold them. If there are no functional uses for the token, its value will also decline because no one will want to buy it.
### ROI
Tokenomics helps to create a clear financial model for a new token, as well as ensuring that the token is worth investing in. ROI can be calculated by calculating the percentage of return on investment (ROI) over a certain timeframe. This could include a specific number of months, or even years.
### Community
Believe it or not, the community that supports a token has a big impact on its value. An active and engaged community who are passionate about the token are key to the success of the token. The community also drives future demand for the token.
### Game Theory
Game theory refers to the branch of mathematics and computer science that deals with the mathematical modeling of strategic situations, particularly games where two or more players compete. In general, game theory can be used to analyze any situation where two or more actors are trying to optimize their joint gain.
Game theory can help us to understand how individuals will behave in situations where they are faced with competing interests. This can be useful when we want to know how best to allocate resources in order to achieve our objectives, or when we want to know how people will react when they are put into a position where they have to make a decision that affects the whole group. For token developers, game theory can help them analyze the decision-making processes of stakeholders.
## Conclusion
We hope we answered the question of "what is tokenomics," but why should you understand crypto tokenomics? Having a good understanding of tokenomics can help you to better evaluate crypto projects and whether to invest in their crypto token or not. These skills can help you analyze the supply and demand for a token, community support and how the project is marketing the token to project its future prospects.
For example, if you are considering investing in a token, understanding the crypto tokenomics can help you to understand how much demand there is for that particular token and whether it is worth investing in. If the project doesn’t have good tokenomics, it may not be a good investment, so you can confidently invest and avoid duds.
Chat With An AI Avatar And Win A Share Of The 3000 SENSO Prize Pool
Chatting for hours on end, taking AR for a spin to create incredible dance moves, and unlocking next-level companionships with AI avatars… You already know that our Sensorium mobile app packs quite the punch, but now we’re excited to be launching a contest to reward our most dedicated users - and those wanting to join us, too.
Excited to know more? Great. Let’s get right down to it.
## How Do I Participate?
It’s super simple, we promise!
### Step #1
Download the Sensorium mobile App:
iOS
Android *If you have our app already installed, make sure you're up to date with the latest version released.
** Discover all the features you can explore with the Sensorium mobile app (AI text chat, video talk, AR mode, dancing and much more). ### Step #2 Register, create your avatar and go to the “Chat” mode. ### Step #3 Ask a question or experiment with a creative prompt, in English, via the text chat. Your new friend will surely have fun talking to you no matter what, but try to be as imaginative as possible. You can use emojis! Examples:
Android *If you have our app already installed, make sure you're up to date with the latest version released.
** Discover all the features you can explore with the Sensorium mobile app (AI text chat, video talk, AR mode, dancing and much more). ### Step #2 Register, create your avatar and go to the “Chat” mode. ### Step #3 Ask a question or experiment with a creative prompt, in English, via the text chat. Your new friend will surely have fun talking to you no matter what, but try to be as imaginative as possible. You can use emojis! Examples:
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Sensorium Releases World’s First Metaverse Streaming Channel In Run-Up To Global VR Launch
Today, Sensorium is premiering the world's first in-engine metaverse streaming channel. Designed to introduce people to the vastness of the Sensorium Galaxy metaverse, now only accessible in Beta mode, this 24/7 livestream experience showcases a series of exclusive Empyreal Parties featuring the company's original AI artists.
Accessible from any web browser, the first Empyreal Parties take viewers on tour to the Meteor Vortex, a far-off location in the metaverse where AI-driven DJs Natisa Sitar, Kàra Màr, and Ninalis host original performances.
Last year, Sensorium pioneered the development of virtual artists powered by artificial intelligence with the debut of Kàra Màr's "Anthropic principle" music album — the first-ever created entirely by an AI-driven character and made available on Apple Music, Spotify, and SoundCloud. The generative music engine behind Sensorium Galaxy virtual artists allows them to create distinctive tracks combining 60+ genres.
Aside from their ability to generate high-quality music, all virtual performers combine genetic algorithms and reinforcement learning, enabling them to interact with the audience by establishing surprisingly natural, fully unscripted conversations through the Sensorium Galaxy Mobile App. The company's virtual beings are already regularly featured at some of the world's most influential conferences and festivals — from WebSummit to SXSW and Sonar — and were tested with intricate dialogs by journalists from VentureBeat and PC Gamer.
Following the Meteor Vortex event, two other Empyreal Parties will be released, displaying the volcanic surface of PRISM world and the visually appealing interiors of Sensorium Starship. Every new party is an opportunity for people to preview a full-fledged version of the metaverse without needing a VR headset. In addition to the browser version, the audience will soon be able to tune in to Empyreal Parties via Sensorium mobile app.
With the global launch of Sensorium Galaxy's VR mode, metaverse users will gain access to the shows of chart-topping artists like David Guetta, Black Coffee, Steve Aoki, and Armin van Buuren among others.
Sensorium Is Developing An Immersive Art Gallery To Elevate Digital Exhibitions In The Metaverse
Art should be accessible to everyone. Art can awaken in people the desire to discover hidden talents and become creators themselves. And the metaverse has the power to make it all possible, finally.
As a company that specializes in operating virtual environments, we are excited to confirm the ongoing development of a digital art gallery.
The goal of this project is to offer authors — both professionals and amateurs – new tools that endow their creations with immersive properties.
Unlike other digital galleries available on the market today, mostly limited to the transfer of physical objects into virtual environments, Sensorium's gallery moves towards understanding the nature of a person's creativity.
Sensorium Galaxy aims to contribute to the evolution of the entertainment industry. For example, our first virtual world PRISM, expected for release after the completion of the closed beta, is dedicated to electronic music. This digital space is constantly mutating based on the nature of music tracks.
The Sensorium Digital Art Gallery is integrated into our second virtual world — Motion, dedicated to the practices of self-development and self-discovery. The concept of our gallery is not built around the development of digital copies of existing artworks. As of today, there are world leaders in that specific field, and, if necessary, we could collaborate with one of them.
Our area of professional interest is englobed by the answers to the following questions: What new opportunities for Humanity could new technologies that allow us to integrate physical values into digital environments bring to the world? What is the meaning of this? What is fundamentally new and valuable that can be achieved by such integrations? Can the ideas of authors from different eras, with the help of digital technologies, become the catalyst for the development of new artistic processes?
Our main task is to promote the integration of physical and digital art into the virtual environments of the Sensorium Galaxy metaverse, turning existing art pieces into building materials for the creation of new art or unleashing the creative potential of all users.
Our concept for Sensorium's gallery relies on synthesizing several types of art. Visitors of the gallery not only dive deep into artworks but can also run independent experiments with them to create objects of their own, involving fragments of the creative heritage of famous authors.
As with every experiential project, we are currently going through a path of reflection and approaching the generation of new value.
The first exhibition will feature two internationally acclaimed contemporary artists.
Art gallery technologies will complement the exhibitions with immersiveness, bringing users closer to the discovery of the authors' intentions.
We will gradually reveal the details of our collaborations as we approach the expected opening date of the art gallery, scheduled for Q4 2022.
During the development of this project, we plan to involve our partners in a diverse range of initiatives related to the virtual environments of Sensorium Galaxy.
While our first exhibition will first focus on modern art, Sensorium's gallery is being designed for ultimate flexibility. The space will adapt to host any art and create compelling experiences around it.
Sensorium Signs Strategic Partnership with the Humanity 2.0 Foundation for Metaverse and Tech Initiatives
- The public-private partnership aims to extend the availability of the Vatican’s heritage – manuscripts, masterpieces, and academic initiatives – to people, who otherwise won’t be able to experience it.
- Sensorium will also become the first metaverse developer to participate in NGO’s NFT and Digital Assets sub-committees to support the creation of best practices for both Humanity 2.0 initiatives and industry ethical leadership.
Sensorium, a leading metaverse developer, leveraging the latest AI, VR, and NFT solutions, has announced a strategic partnership with the Humanity 2.0 Foundation. The parties will work on the development of the first-ever VR and NFT gallery hosting Vatican’s art, content, and academic initiatives.
Humanity 2.0 is a non-profit organization tackling obstacles to humanity's socio-economic and cultural development through leadership, media, and technology. This global project is chaired by Father Philip Larrey, Dean of Philosophy at the Pope’s University (Pontifical Lateran University) in Vatican City.
Sensorium is a global technology company, developing metaverse with the focus on high-quality immersive experiences ranging from ultra-realistic virtual shows performed by chart-topping artists, including David Guetta, Armin van Buuren, Steve Aoki, to interactive games and meditation practices. This vast digital environment is built by veterans of the gaming and VR industries in collaboration with entertainment powerhouses such as Jay-Z’s Roc Nation and Yann Pissenem’s The Night League.
The hope for the public-private partnership is to allow the development of NFT-gallery accessible in VR and desktop and featuring renowned masterpieces from the Vatican's collection.
> Father Philip Larrey, Chairman of Humanity 2.0: “We look forward to working with Sensorium to explore ways to democratize art, making it more widely available to people around the world regardless of their socio-economic and geographical limitations. The partnership with Sensorium brings this goal a step further and equips us with the latest tech solutions.
The Vatican is among the most visited art museums in the world, attracting over 6 million attendees a year. Its collection consists of nearly 800 artworks by 250 international artists, including Michelangelo, Raphael, Marc Chagall, Salvador Dalí, Paul Gauguin, Wassily Kandinsky, Vincent van Gogh, and Pablo Picasso. Founded in the 16th century, the museum hosts invaluable pieces of art history, ranging from renaissance and classicism to post-impressionism and surrealism.
Sensorium Galaxy is now in beta and is set to launch later this year. To ensure that it is a truly open experience, the platform will be accessible through the most widely available interfaces. Users can tune in using VR headsets to get a sense of true immersion, use a PC to access an augmented reality experience, or download the mobile application to watch streams, build unique NPCs and communicate with them.
About Humanity 2.0
Humanity 2.0 is a Non-Profit, NGO (Non-Government Organization) focused on identifying and removing impediments to human flourishing through the use of technology and human ingenuity. A vehicle for facilitating collaborative ventures between the traditionally siloed public, private and faith-based sectors. Its mission is to identify impediments to human flourishing and then work collaboratively across sectors to remove them by sourcing and scaling bold and innovative solutions. Developed in collaboration with the Dicastery of Promoting Integral Human Development at the Holy See and a consortium of leaders and luminaries, Humanity 2.0 seeks to unite humanity in the common cause of realizing a better world for our children.
SENSO
더 보기Chat With An AI Avatar And Win A Share Of The 3000 SENSO Prize Pool
Chatting for hours on end, taking AR for a spin to create incredible dance moves, and unlocking next-level companionships with AI avatars… You already know that our Sensorium mobile app packs quite the punch, but now we’re excited to be launching a contest to reward our most dedicated users - and those wanting to join us, too.
Excited to know more? Great. Let’s get right down to it.
## How Do I Participate?
It’s super simple, we promise!
### Step #1
Download the Sensorium mobile App:
iOS
Android *If you have our app already installed, make sure you're up to date with the latest version released.
** Discover all the features you can explore with the Sensorium mobile app (AI text chat, video talk, AR mode, dancing and much more). ### Step #2 Register, create your avatar and go to the “Chat” mode. ### Step #3 Ask a question or experiment with a creative prompt, in English, via the text chat. Your new friend will surely have fun talking to you no matter what, but try to be as imaginative as possible. You can use emojis! Examples:
Android *If you have our app already installed, make sure you're up to date with the latest version released.
** Discover all the features you can explore with the Sensorium mobile app (AI text chat, video talk, AR mode, dancing and much more). ### Step #2 Register, create your avatar and go to the “Chat” mode. ### Step #3 Ask a question or experiment with a creative prompt, in English, via the text chat. Your new friend will surely have fun talking to you no matter what, but try to be as imaginative as possible. You can use emojis! Examples:
How To Buy SENSO Tokens
Whether you are getting ready to enter the Sensorium Galaxy metaverse or to play and earn with SENSO DAPP, chances are you need SENSO tokens to make the most out of these digital experiences. In this quick guide, you’ll learn how to buy SENSO in a few simple steps.
First time you hear about SENSO? Worry not. Sensorium is a Web3 company and, as such, we are deep believers in decentralization. Blockchain technology is a core pillar of this new web paradigm as it enhances our ability to empower users in exciting ways.
SENSO fuels the Sensorium product ecosystem. From purchasing immersive experiences to minting unique AI-driven virtual beings and earning rewards in exciting intergalactic missions, SENSO is behind it all. Our tokens guarantee full transparency and true ownership in each of your interactions with our products. For more details, you can read our SENSO Whitepaper.
## How to buy SENSO tokens on KuCoin
### Step 1 - Log in or sign up on an exchange of your choice
### Step 1 - Log in or sign up on an exchange of your choice
Sensorium Enters Play-to-Earn Arena With SENSO DAPP
Sensorium, a pioneer in the development of Web3 products, is excited to present SENSO DAPP — a play-to-earn strategy card game enabling participants to explore and interact with the Sensorium Galaxy metaverse through a series of highly engaging intergalactic missions.
As the world accelerates its transition to Web3, our company is developing products that ensure users make the most out of the endless opportunities offered by this new paradigm. User centricity, gamification, and decentralization are the core pillars behind SENSO DAPP — a new way to experience the vast Sensorium Galaxy metaverse.
SENSO DAPP will begin with the minting of 10,000 generative NFT cards. The minting will be structured in multiple stages so that holders can start playing the game right after the first drop.
By collecting NFT cards, each representing space explorers, players can set up crews and embark on a trip across Sensorium Galaxy to accomplish a wide array of tasks. The rarity of NFTs is based on a combination of attributes impacting the strength of characters, including visuals, game-related features, and AI-generated music tracks.
## Key highlights
#### Free-to-Play and Play-to-earn with SENSO: SENSO DAPP will be available for everyone to enjoy. That’s right, even without NFTs you can play the game and dive into the exciting missions. Play-to-Earn mode allows players to earn $SENSO tokens in every round. Tokens are instantly available for them to withdraw, spend in the marketplace, or on other ecosystem products. #### Player-versus-Player or NPCs: Aside from playing against other real participants, users can challenge our NPCs and still earn SENSO rewards based on their performance. #### True ownership enabled by NFTs: All collectible cards in SENSO DAPP are minted as non-fungible tokens. This means that game assets truly belong to players who have full control over them. #### In-game NFT marketplace: An in-game blockchain marketplace ensures assets can be easily traded among players. The secondary market activity also enhances the game experience as players can get new characters and create diverse game experiences.
## Get pre-access to the drop Eager to play already? New details on the genesis drop and the gameplay will be released soon. In the meantime, register now and gain early access to our first minting event.
## Key highlights
#### Free-to-Play and Play-to-earn with SENSO: SENSO DAPP will be available for everyone to enjoy. That’s right, even without NFTs you can play the game and dive into the exciting missions. Play-to-Earn mode allows players to earn $SENSO tokens in every round. Tokens are instantly available for them to withdraw, spend in the marketplace, or on other ecosystem products. #### Player-versus-Player or NPCs: Aside from playing against other real participants, users can challenge our NPCs and still earn SENSO rewards based on their performance. #### True ownership enabled by NFTs: All collectible cards in SENSO DAPP are minted as non-fungible tokens. This means that game assets truly belong to players who have full control over them. #### In-game NFT marketplace: An in-game blockchain marketplace ensures assets can be easily traded among players. The secondary market activity also enhances the game experience as players can get new characters and create diverse game experiences.
## Get pre-access to the drop Eager to play already? New details on the genesis drop and the gameplay will be released soon. In the meantime, register now and gain early access to our first minting event.
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더 보기What Are Meme Coins? And Are They Worth Investing In?
Cryptocurrencies are digital or virtual coins that use cryptography to secure or validate transactions. Cryptocurrencies are bought, sold and traded on decentralized exchanges (DeFi exchanges) as well as being used to purchase goods and services.
Meme coins are a type of cryptocurrency that are created to commemorate or parody well-known memes. For example, the Dogecoin cryptocurrency was created in 2013 in honor of the Doge meme. Meme coins are often traded on decentralized exchanges and can also sometimes be used to purchase goods and services. They have grown in popularity in recent years for a number of reasons.
## What Is a Meme Coin?
The first step to understanding whether meme coins are worth investing in, is to answer the question, "what are meme coins?" A meme coin is a type of altcoin that is created through a process of crowdfunding or minting by its users. Meme coins are often created as a joke or to parody other coins or memes, and their value is often based on their novelty rather than their underlying technology or utility.
Meme coins are not designed to be used in the same way as utility tokens such as staking coins or using the coins to make purchases. Instead, meme coins are primarily traded on exchanges.
There are almost 200 meme coins currently in circulation. You can buy meme coins, sell and trade them much like with any other cryptocurrency.
And you can find popular meme coins on platforms like Crypto.com where they can be purchased with cryptocurrency such as Bitcoin or Ethereum.
## Why Are Meme Coins Popular?
Meme coins are popular among retail investors because they parody current events. With so many serious things going on in the world, meme coins also offer a means to lighten the mood.
But one of the main reasons meme coins tend to be so popular among retail investors is because their value per unit is very low. This makes it easy for people to purchase large volumes of the coins without having to worry about breaking the bank.
Some consider meme coins' rise in popularity to be due in part to the pandemic. People spent more time online and memes in themselves grew in popularity, so creating a cryptocurrency coin around this concept was a clever idea.
Meme coins' success and popularity are driven by community buzz. As such, buying a certain meme coin can be a way of demonstrating your solidarity or membership of a community.
A number of businesses have begun accepting meme coins as payment. Tesla was amongst the first to accept Dogecoin for the purchase of certain items. Nordstrom and GameStop followed suit by accepting meme coins as payment. AMC announced they too will accept meme coins down the line.
## How Did Meme Coins Get Started?
Meme coins are coins that are created in response to a particular event or trend. They are often created as a joke, and may not have any real value. Meme coins typically have a very small circulating supply, and may not be listed on any exchange at all.
The first meme coin was created in November 2013, when Dogecoin was launched. Dogecoin was created by Billy Markus, who wanted to create a fun cryptocurrency that could reach a broader audience than Bitcoin.
Dogecoin became popular on social media sites such as Reddit and 4chan, where users shared images of Doge, a Shiba Inu dog, with humorous captions. As Dogecoin became more popular, its value increased, and it started being listed on several online exchanges.
Other meme coins, such as Pepecoin and Potcoin, were created in response to the success of Dogecoin. These coins are intended to be used as a means of exchange, and their values are based on the popularity of the memes that they feature.
## Is It Worth Investing In Meme Coins?
Despite their reputation for being highly volatile, meme coins may still be worth investing in for short-term profits. Many of these coins have seen significant price increases in recent months, and it is likely that the trend will continue as long as the coins remain popular. For example, investors could purchase Shiba Inu for $1 in March 2021 with their value skyrocketing to almost $8000 per coin months later. If you'd bought in March and sold later, you could have made an impressive profit.
Here's the secret to making money with meme coins. You've got to keep your finger on the pulse and anticipate which memes are on the brink of going viral so you can jump onto new coins as they become available. You can join online forums and groups to keep track of what is going on in the meme coins community to strike when the iron is hot.
Yes, it is no secret that meme coins are not a stable investment. But with great risk comes great reward. If you get the timing right, you could be in the running to make some good money.
## Common Characteristics of Meme Coins
### Unlimited Supply: Meme coins often have a very high or even unlimited supply. This means there can be billions of meme coins in circulation with no mechanism in place to remove them from circulation down the line. As a result of this, their value is often low and they're cheap to buy. ### Volatile: Meme coins are notoriously volatile, largely due to them not having a true purpose other than being traded. Their fluctuations can be quite dramatic because of their unlimited supply so there is no way to cap the number of meme coins in circulation. The value of a meme coin can also be heavily influenced by the sentiment of the community around it. If a meme coin goes viral, its value will skyrocket. However, when a new meme coin comes along, it's value can be displaced. They can fall just as quickly as they rise. Some other common characteristics of meme coins are: - They are not designed to be used in the same way as a utility token but rather to be traded - Most meme coins have an unlimited supply - Their value is influenced by community sentiment - Low worth per coin ## Risks of Investing in Meme Coins There are a few risks associated with investing in meme coins, much like with any other investment. ### Volatility: One is that the meme may lose popularity and the coin will lose value. As we mentioned before, meme coins are highly volatile so their value can fall just as quickly as it rises.
### Technology: Another risk is that the developers of the coin may not be reputable or may not be able to continue developing the coin. Meme coins are rarely backed by the same technology as mainstream cryptocurrencies so tend to be more fragile.
### Security: There is also a risk that the coin may be hacked or that there may be a problem with the underlying blockchain technology.
### Scams: There have been incidences of scammers creating viral cryptocurrencies to swindle people out of money. For example, the Squid Game meme coin was selling at over $2000 a coin when suddenly the creators took the coins out of circulation and disappeared with users' money. Yikes!
### Lifecycle: Because their value is based on short-term hype, the likelihood of them retaining any value years down the line is low. They have very short life cycles. Meme coins are best to be viewed as short-term investments to buy and sell while they're still popular. Many people ask whether meme coins are safe? While not every risk can be mitigated, looking out for the following features can help you avoid a scam: 1. Lack of transparency: If the team behind the coin is not transparent about their goals, plans, and how the coin works, it is likely a scam. 2. Fake team members: If the team members are not real, or if they are not who they say they are, it is likely a scam. Developers of a meme coin are often linked to other projects and known within the community. If the team is shady or can't demonstrate their track record of work in the community, it is best to avoid investing. 3. Pump and dump schemes: If the coin is being marketed to investors with the promise of high returns, and then the value of the coin is suddenly dropped, it is likely a scam. 4. No real-world use case: If the coin does not have a real-world use case, it is likely a scam. Keep in mind most meme coins are used primarily for trading and not for staking etc. 5. No blockchain: If the coin is not based on blockchain technology, it is likely a scam. Although there are exceptions to this where DAG technology is concerned. 6. Burn Addresses: It is important to verify whether the liquidity pools are held by burn addresses. This way you protect yourself from investing in a project that disappears with your money. 7. Auditing: Verify whether the project has been audited by a third-party firm. 8. Holdings: As a rule of thumb, no developer should hold more than 5% of the total number of tokens in circulation. If they do, consider this a serious red flag. ## Famous Meme Coins There are a number of meme coins currently in circulation, some more popular than others. ### Shiba Inu
### Unlimited Supply: Meme coins often have a very high or even unlimited supply. This means there can be billions of meme coins in circulation with no mechanism in place to remove them from circulation down the line. As a result of this, their value is often low and they're cheap to buy. ### Volatile: Meme coins are notoriously volatile, largely due to them not having a true purpose other than being traded. Their fluctuations can be quite dramatic because of their unlimited supply so there is no way to cap the number of meme coins in circulation. The value of a meme coin can also be heavily influenced by the sentiment of the community around it. If a meme coin goes viral, its value will skyrocket. However, when a new meme coin comes along, it's value can be displaced. They can fall just as quickly as they rise. Some other common characteristics of meme coins are: - They are not designed to be used in the same way as a utility token but rather to be traded - Most meme coins have an unlimited supply - Their value is influenced by community sentiment - Low worth per coin ## Risks of Investing in Meme Coins There are a few risks associated with investing in meme coins, much like with any other investment. ### Volatility: One is that the meme may lose popularity and the coin will lose value. As we mentioned before, meme coins are highly volatile so their value can fall just as quickly as it rises.
### Technology: Another risk is that the developers of the coin may not be reputable or may not be able to continue developing the coin. Meme coins are rarely backed by the same technology as mainstream cryptocurrencies so tend to be more fragile.
### Security: There is also a risk that the coin may be hacked or that there may be a problem with the underlying blockchain technology.
### Scams: There have been incidences of scammers creating viral cryptocurrencies to swindle people out of money. For example, the Squid Game meme coin was selling at over $2000 a coin when suddenly the creators took the coins out of circulation and disappeared with users' money. Yikes!
### Lifecycle: Because their value is based on short-term hype, the likelihood of them retaining any value years down the line is low. They have very short life cycles. Meme coins are best to be viewed as short-term investments to buy and sell while they're still popular. Many people ask whether meme coins are safe? While not every risk can be mitigated, looking out for the following features can help you avoid a scam: 1. Lack of transparency: If the team behind the coin is not transparent about their goals, plans, and how the coin works, it is likely a scam. 2. Fake team members: If the team members are not real, or if they are not who they say they are, it is likely a scam. Developers of a meme coin are often linked to other projects and known within the community. If the team is shady or can't demonstrate their track record of work in the community, it is best to avoid investing. 3. Pump and dump schemes: If the coin is being marketed to investors with the promise of high returns, and then the value of the coin is suddenly dropped, it is likely a scam. 4. No real-world use case: If the coin does not have a real-world use case, it is likely a scam. Keep in mind most meme coins are used primarily for trading and not for staking etc. 5. No blockchain: If the coin is not based on blockchain technology, it is likely a scam. Although there are exceptions to this where DAG technology is concerned. 6. Burn Addresses: It is important to verify whether the liquidity pools are held by burn addresses. This way you protect yourself from investing in a project that disappears with your money. 7. Auditing: Verify whether the project has been audited by a third-party firm. 8. Holdings: As a rule of thumb, no developer should hold more than 5% of the total number of tokens in circulation. If they do, consider this a serious red flag. ## Famous Meme Coins There are a number of meme coins currently in circulation, some more popular than others. ### Shiba Inu
What is Tokenomics?
If you're new to the crypto space you may have heard the term "tokenomics'' and you're probably wondering, "What is tokenomics?" .
Tokenomics is the study of digital tokens and their economic behaviors. It encompasses all aspects of a token's life cycle, from its issuance to its eventual destruction. Tokenomics is a relatively new field, but it is already providing valuable insights into the world of crypto tokens.
Tokenomics is important because it can help us understand the true value of a crypto token. By understanding the economics behind a token, we can better assess its potential worth. Additionally, by studying the behavior of tokens, we can learn about the overall health of crypto projects. Tokenomics can also help us predict future trends in the world of digital tokens.
So far, token economics has been mostly used to study utility tokens, which are tokens that are used to access a specific service or product. However, there are other types of tokens out there, such as security tokens and currency tokens. Security tokens represent ownership in a company or asset, while currency tokens are used as a form of payment. It will be interesting to see how tokenomics evolves as more types of tokens are created in years to come.
## Pillars of Tokenomics
There are a number of key pillars to tokenomics, which we will break down below.
### Token Supply
Token supply is the total number of tokens that will ever be created. This is similar to the concept of supply and demand characteristics in traditional economics. The higher the demand for a token, the higher the price will be. The total supply of a token can be divided into three categories: circulating supply, total supply, and maximum supply.
The circulating supply is the number of tokens that are currently in circulation and can be traded on exchanges. The total supply is the number of tokens that have been created, including those that are not in circulation. The maximum token supply is the number of tokens that can ever be created, which is usually capped at a certain number.
The total supply of a token can have a big impact on its price. If there is high demand for a token but only a small total supply, the price will go up. On the other hand, if there is low demand for a token but a large total supply, the price will go down.
### Token Utility
Token utility is the key to a successful token economy. A token’s value is derived from its use case and how it can be exchanged for goods and services. The following are five important factors to consider when designing a token’s utility:
1. Frequency of Use. How often will users need to exchange their tokens for something valuable? This determines how often the token will need to be minted or mined.
2. Cost of Acquiring Tokens. How much will it cost to acquire a sufficient number of tokens? This affects the market price of the token.
3. Demand for Tokens. Will there be a demand for the tokens? If not, they may become worthless over time.
4. Supply of Tokens. How many tokens will be created and available for purchase? This affects the price of the token.
5. Interaction with Other Coins/Tokens. How does this token interact with other coins or tokens in the ecosystem? This affects how valuable the token could be in comparison to others in the market.
### Token Distribution
Tokenomics is the science of how a token’s distribution affects its value. Tokenomics is important because it dictates how valuable a token will be and how many people will be able to own it. The token’s distribution is also important because it determines who can spend the token and for what purpose. And finally, the token’s distribution affects the overall ecosystem of the project.
When designing a token, it is important to consider its distribution. A poorly designed token may have a low circulating supply, which would make the tokens more valuable. Conversely, a well-designed token with a high circulating supply would make them less valuable. The ideal balance depends on the project and its goals.
The three primary considerations when distributing a token are: 1) how many tokens will be created; 2) where those tokens will go; and 3) what will happen to unsold tokens.
Most projects create a fixed number of tokens and give them away to investors or users in exchange for money or other assets. This approach is called an initial coin offering (ICO). Many ICOs are controversial because they allow people to buy tokens without actually owning them.
## Incentive Mechanisms
When it comes to cryptocurrency, one of the most important things to consider is the incentive mechanisms used to reward early adopters, miners and token holders. This is because it’s these mechanisms that will determine how many people continue to hold a particular coin or token in the long run.
Some common incentive mechanisms used in cryptocurrencies include:
- Redemption rates: How often a given token can be redeemed for fiat currency or other tokens on the platform.
- Peg systems: This allows holders of a native token to exchange them for other currencies or assets on a fixed basis.
- Rewards for participation: Many platforms offer rewards (usually in the form of coins or tokens) to users who participate in various activities such as voting, commenting, and being a member of an active community.
## Features of Tokenomics
There are a number of features that define tokenomics which we will detail below.
### Token burns
Burning tokens is a process of getting rid of them from circulation. When a token is burned, it means that one or more tokens are destroyed and no longer have any monetary value. This is done in order to reduce the number of tokens in circulation, and thereby increase the value of each remaining token.
### Token mining
Token mining is the process of generating new tokens from an existing blockchain. The process of token mining can be broken down into three main steps:
1. Obtaining the required resources.
2. Generating a new token.
3. Distributing the new token to miners.
### Token staking
Token staking is a way of getting rewarded for holding tokens. The more tokens you hold, the greater your reward. This is different from mining, which is how new tokens are created.
Supply type: limited vs. unlimited
Tokens can either have a limited or unlimited supply. If the supply is limited, then the number of tokens available will be capped at a certain number. Once that number has been reached, no new tokens will be created, and existing tokens will be unusable.
If the supply is unlimited, then the number of tokens available will never be capped. This means that the token may become increasingly difficult to obtain over time, as there are more and more people who want to use it.
### Token allocation and vesting
Token allocation and vesting are important considerations in any blockchain-based project. The right mix of tokens and their associated mechanics can help to reinforce a project’s legitimacy and encourage widespread adoption.
Some projects may issue a fixed number of tokens, with each token representing an equivalent share in the company. This type of model can help to ensure that all token holders are fairly rewarded for their investment. Other projects may issue a greater number of tokens, which allows holders to participate in the project’s growth and rewards them for their support. Vesting periods can also be important, as they should ensure that tokens are available to contributors on a consistent basis.
### Token governance: centralized or decentralized
With centralized governance, the authority for issuing new tokens resides with a single entity or group of entities. These entities can be a company or organization, such as a foundation, or a government body, such as the SEC. This type of governance is often seen as more secure because it's less vulnerable to fraud or attack. However, centralized governance is also more difficult to implement because it relies on a single entity to oversee everything.
With decentralized governance, the authority for issuing new tokens resides with the users themselves. This means that anyone can create a new token and distribute it among themselves. This type of governance is often seen as more democratic because it's open to all participants. However, decentralized governance is also more difficult to implement because it requires a community of users to co-exist peacefully. If not managed properly, a decentralized network can become chaotic and unruly.
## Tokenomics analysis
In the world of cryptocurrency, tokenomics is a critical component that determines the success or failure of a project. Tokenomics analysis is the process of determining the economics and token usage of a project, and it’s an important tool in determining whether or not a cryptocurrency is worth investing in.
Tokenomics analysis can help to answer questions such as:
-How many tokens will be issued?
-How will the tokens be used?
-What are the costs associated with holding and using the tokens?
-How will the value of tokens change over time?
Tokenomics analysis can also help to identify potential problems with a project, such as excessive inflation or token pricing that doesn’t reflect the real value of the network.
### Supply-side
Understanding the supply and demand for currency is at the heart of economics and tokenomics is no different. Examining the supply-side of a token helps to understand how many tokens will be created, and how much of the total supply is available for purchase. The scales of economy suggest the less tokens are in circulation, the higher the value of the token will be. When there are too many tokens in circulation, their value will decrease.
### Demand-side
The demand for a token is what determines its value in addition to its utility. The more valuable a token is, the more incentive there is for people to hold it and use it in transactions.
In order for a token to have value, it needs to be scarce and it needs to have a functional use case. If there are too many tokens in circulation, their value will decline because there is not enough incentive for people to hold them. If there are no functional uses for the token, its value will also decline because no one will want to buy it.
### ROI
Tokenomics helps to create a clear financial model for a new token, as well as ensuring that the token is worth investing in. ROI can be calculated by calculating the percentage of return on investment (ROI) over a certain timeframe. This could include a specific number of months, or even years.
### Community
Believe it or not, the community that supports a token has a big impact on its value. An active and engaged community who are passionate about the token are key to the success of the token. The community also drives future demand for the token.
### Game Theory
Game theory refers to the branch of mathematics and computer science that deals with the mathematical modeling of strategic situations, particularly games where two or more players compete. In general, game theory can be used to analyze any situation where two or more actors are trying to optimize their joint gain.
Game theory can help us to understand how individuals will behave in situations where they are faced with competing interests. This can be useful when we want to know how best to allocate resources in order to achieve our objectives, or when we want to know how people will react when they are put into a position where they have to make a decision that affects the whole group. For token developers, game theory can help them analyze the decision-making processes of stakeholders.
## Conclusion
We hope we answered the question of "what is tokenomics," but why should you understand crypto tokenomics? Having a good understanding of tokenomics can help you to better evaluate crypto projects and whether to invest in their crypto token or not. These skills can help you analyze the supply and demand for a token, community support and how the project is marketing the token to project its future prospects.
For example, if you are considering investing in a token, understanding the crypto tokenomics can help you to understand how much demand there is for that particular token and whether it is worth investing in. If the project doesn’t have good tokenomics, it may not be a good investment, so you can confidently invest and avoid duds.
How To Choose a Crypto Exchange: A Selection Guide
A few years ago, the thought of dabbling in crypto was not for the faint of heart. But fortunately, as blockchain technology keeps maturing, so too have cryptocurrency platforms. That means that trading and investing in digital assets is becoming increasingly easier, even for the uninitiated.
As digital assets continue seeing an increasing adoption, they’ve become an asset class to take note of, especially given the decentralized nature of the underlying blockchain technology which sets this industry apart from the tightly regulated traditional financial markets.
This has given rise to a number of crypto exchanges that aim to help buyers and sellers trade a wide variety of crypto currencies. Amidst this, a recent report by Crypto.com has put an optimist target on the number of expected crypto users at one billion by the end of 2022, further underscoring the vast potential held by these digital assets.
However, since crypto remains a relatively new market, finding a reliable and trustworthy exchange is more important than ever.
To help you choose the right crypto exchange for you, we’ve put together a short selection guide, with all the nooks and crannies you should be aware of.
## What Is a Crypto Exchange?
Extended Reality
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What Is Augmented Reality?
Augmented reality is one of the most exciting technologies that have been introduced to the market in recent years. And though we’re very far off from how useful AR could actually be, it’s already making impressive progress as it is being adopted by several high-profile industries such as healthcare, entertainment, tourism, retail, and more.
If you don’t know what AR is, how it works, what benefits it brings to the table, and its applications in the real world, this article is for you. We’ll go into great detail and explain all the core information about AR so that even if you’ve never heard of it before, by the end of this read, you’ll have a crystal clear idea of what AR is and what it means for the future.
## What Is Augmented Reality (AR)?
AR or also known as augmented reality is a technology that fuses the virtual and the real world together for a more immersive, engaging, and interactive mixed reality. An AR system allows virtual and real objects to overlap within an existing real world environment in real time.
One of the most familiar examples of augmented reality is social media selfie filters. Remember the famous dog filter on Snapchat? That is augmented reality taking place in real time.
With that being said, this type of AR is very basic and doesn’t even scratch the surface in terms of what is possible currently and what will be possible in the future should AR continue to develop at the rate that it does.
## Definition of Augmented Reality
A more technical definition of the term augmented reality is that it’s a technology that involves overlaying different sensory information onto the world we live in. For example, adding a CGI element to a video in real-time, adding filters to an image on your camera, or even changing a person’s voice as it’s being recorded, whether as a video or a single audio file.
Unlike virtual reality, AR is very different. Virtual reality creates a whole new digital world in which people can immerse themselves. Augmented reality, on the other hand, fuses the digital and physical together to create a unique experience.
Types of Augmented Reality
There are many different types of augmented reality and below, we’ll talk about each one of them.
### Marker-based A
This type of AR is based on using different markers in the camera’s frame as a reference point for placing the AR image. This is the most common type of AR and the one that’s most widely used today.
This type of AR works through a computer or AR device recognizing different points and real and virtual objects within the frame. Most of the time, these points and objects have been pre-programmed for the AR device to recognize. The device can recognize points in many ways, but once it finds the marker, it uses the marker as a reference point so that it can superimpose the AR image in the right place.
### Marker-less AR
This is a more complicated type of AR. Augmented reality technology works with the AR device to recognize objects as they pass through the screen through an algorithm. The device uses different parameters like size, color, shape, and texture to determine what an object is then uses an accelerometer, GPS, and compass as a reference to ensure the AR image is in the right place.
### Project-based AR
This type of AR superimposes a 3D image within the user’s physical space. With this type of AR, the user freely walks around the real environment where there is a fixed projector and a camera to produce the AR. This is great for producing illusions by projecting light onto flat surfaces, which produces a very unique result.
An example of this is using projection-based AR to present instructions for certain tasks that people perform in a specific space. This makes communication much easier and ensures that everyone understands what they need to be doing.
### Superimposition-based AR
Superimposition-based AR is typically used in the medical field. A great example is when doctors project and superimpose an X-ray on the patient’s body, giving them more context and a clearer view of the patient’s condition.
This AR works with the camera or AR device recognizing a certain object, then superimposing an image on top of that. This is done to either fully or partially replace the object in the frame.
## The Origins of AR Technology
Some people trace the birth of augmented reality back to 1957 when a cinematographer named Morgan Heilig invented a device known as the Sensorama that can add visual, auditory, and even olfactory stimuli to the viewer. This isn’t the same as the computer-driven AR we know of today, but it’s one of the first instances of someone enhancing an experience by introducing new stimuli and data.
However, most people consider the first functional AR device to be the one that USAF produced in 1992. This system used superimposition to overlay more sensory information in a workplace in an effort to speed up productivity.
But nowadays, AR is very different. The system back in 1992 was huge and very robotic. This is very different from modern AR devices which are very compact by comparison.
Modern AR incorporates various technologies and devices to add different stimuli to our physical world. And we’re only beginning to discover the potential and possibilities with the technology, which paints a really exciting image of what’s to come in the future.
## How Does AR Work
Before we discuss how AR works, let’s talk about what technology you need for AR to work. AR starts and ends with a camera-equipped device such as a tablet, laptop, mobile phone, or as of late, even smart glasses. Do note that for these to work, they need to have AR software installed.
Once the technology is set up, all AR basically does is use the camera of your device to project what’s in front of you, and using AR, it can bring in virtual objects and layer them on top of the content the camera is capturing.
In its most simple form, an example of AR would be using the dog filter on Snapchat or adding a pink set of glasses to a selfie. In more complex cases, AR can be used to display crucial information for pilots, surgeons, and other professionals so they can do their job better and in a more safe manner.
## AR Devices
There are quite a few types of AR devices available on the market today. All of them aim to achieve the same unique experience and can be used in many different industries and for various applications. In fact, you might even have some of these devices at home without even knowing about them.
So, here are a couple of the prominent types of AR devices and how they work.
### Kinect Cameras
Top 11 Augmented Reality Games
Six years ago, the world was introduced to Pokémon GO - and we’ve been gripped by the AR gaming fever ever since.
Side by side with the VR greats like Beat Saber and Half-Life: Alyx, augmented reality titles are also making waves of their own, with immersive experiences that players can instantly step into with just their smartphones quickly becoming a fan favorite.
As AR technology continues making strides, augmented reality gaming is poised to become an even bigger phenomenon in the mobile gaming industry.
They’re immersive and interactive, but what else makes augmented reality games an awesome playing experience?
Let’s dive right into the top best AR games for Android and iOS users to find out.
## Best 11 Augmented Reality Games In 2022
### Pokémon Go (Android, iOS)
### Pokémon Go (Android, iOS)
The Sandbox Review
Blockchain-fueled metaverses are soaring in success and have attracted millions from around the globe. Mainly, to invite them to create a more robust and dominant virtual reputation and set foot in the digital age. Major brands from all over the world are also jumping on the bandwagon of the Web3-powered future where virtual worlds will be forming new realities.
Over the years, blockchain game developers gave birth to many metaverses, and The Sandbox is one of the most prominent ones. Aimed toward offering a decentralized virtual space for its users to freely use their imagination to build immersive gaming experiences, The Sandbox is revolutionizing the gaming spheres forever.
In the massive and immersive virtual world, players are equipped with the tools required to build exciting gaming projects and deploy them on the owned land parcels. This concept not only allows artists to make their ideas possible, but also opens up alleyways for them to earn monetary gains through their imaginative projects.
In this in-depth The Sandbox review, we’ll cover all the essentials that players must keep in mind for a successful campaign.
## What is The Sandbox
NFTs
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NFT Types: 10 Original Categories You Didn't Know About
NFTs have taken quite the beating as of late.
After a stellar 2021, hopes that the market would reach new highs this year are somewhat fading amidst repeated scandals, digital heists, regulatory crackdowns and a downturn in the crypto market. But despite all the bad rap, blockchain technology has continued gripping investors, collectors and newcomers.
Non-fungible tokens are slowly emerging as a central element of digital projects across a number of industries, from fashion and music to gaming and finance.
Soon, we might be using this technology in our daily lives, so we’ve decided to put together the list of the different types of NFTs - and NFT projects - you might want to get familiar with today.
## 10 Types Of NFTs You Need To Know About
### Digital Artwork NFTs
### Digital Artwork NFTs
Best NFT Wallets: Top 11 Options in 2022
Non fungible tokens (NFTs) have grown in popularity in the past year. They provide NFT users with verifiable proof of authenticity and ownership within blockchains. NFTs are representative of both real-world and digital assets such as artwork and property.
Before you jump into investing in or collecting non fungible tokens, you will need to set yourself up with an NFT wallet. Then you’re all set to become a bonafide NFT collector. In fact, NFT wallets are a crucial part of the investment process as they keep your NFT collection and cryptocurrency in one convenient and secure location. So before you invest in NFTs from your NFT marketplace of choice, you should gain an overview of the various NFT wallets available to you.
NFTs have become so popular due to the growing interest in crypto collectibles. This reasoning behind this trend is two-fold: firstly, many NFT collectors like to be able to say they own something rare; secondly, people enjoy owning a digital asset that will grow in value over time, making NFTs valuable investments. While they can certainly be considered a “new-age” investment, they hold a number of advantages over other cryptocurrencies. They can be traded with other collectors on exchanges and are therefore good for long-term investment. NFT collectors can also store their tokens in a wallet like they would do for any other crypto asset.
## What is an NFT wallet?
An NFT wallet is a type of cryptocurrency wallet that supports the blockchain the NFTs have been built on. Your NFT wallet will need to also support the cryptocurrency you will use to purchase NFTs, for example, Ether. They provide a safe gateway to managing, buying and selling NFTs. Top NFT wallets serve as your crypto portfolio tracker to keep your NFTs safe.
An NFT wallet doesn’t actually store your crypto and NFTs. They give you access to your digital assets that are stored on a blockchain. The wallet provides you with a private key that allows you to authorize transactions.
A crypto wallet with NFT support removes the need to worry about any of the technicalities of buying and selling NFTs by providing an easy-to-use user interface. With two-factor authentication the norm with most NFT wallets, they provide enhanced security and a convenient way to keep track of your crypto assets.
NFTs are built on various blockchains, so NFT wallets support certain or all blockchains. Here is an overview of the most common blockchains:
- Ethereum: you will find this is the most common blockchain for NFTs. It has an active community who are continuously working on developing new features and bug fixes.
- Solana: this is a very user-friendly blockchain and one of the fastest-growing NFT and cryptocurrency development platforms. Solana hosts a number of Web3 sites, NFTs and Defi applications on a few NFT wallets.
- Polygon: this blockchain provides an affordable platform for users to launch NFT projects on. It is suitable for users looking to establish a large portfolio in the best NFT wallets.
- Cardano: this blockchain uses a proof-of-stake system. This feature makes Cardano a top NFT wallet provider. Users are able to create NFTs and other highly-scalable DeFi applications.
- Tezos: this blockchain uses a proof-of-stake system for NFT wallets. It is an affordable blockchain network which makes it suitable for creators of NFT projects and for the storage of NFTs.
- Binance Smart Chain: this is a simple blockchain network that allows developers to design and launch projects quickly as well as to securely store NFTs. BSC also offers very fast and affordable NFT transactions in some of the best NFT wallets.
## Types of NFT wallets
You will need to decide whether you prefer using a custodial NFT wallet or non-custodial NFT wallet. Here is the difference between the two.
### Custodial NFT wallets
When you select a custodial wallet, a third-party controls the private key and essentially acts as the custodian. They will guard your key and keep your NFTs secure. These wallets tend to be easier to set up as you do not have to remember a complicated private key. Custodial NFT wallets normally require the completion of a KYC process, which can compromise anonymity.
### Non-custodial NFT wallets
A non-custodial NFT wallet allows NFT users to trade and access NFTs on their own. In this case, you are responsible for storing and remembering your private key. Should you lose the private key, you will lose access to the NFT assets forever.
## What can you do with an NFT wallet?
NFT wallets take care of all the complicated tasks that come with trading NFTs to make the user experience seamless. However, despite all this happening in the background it is still helpful to know exactly what is going on.
### Store NFT private keys
Despite being called NFT wallets, your NFTs are not actually stored in a wallet. They are always stored on the blockchain so you never actually have them in your possession. An NFT wallet will store your private key which gives you access to your NFTs so you can easily manage, buy or sell your NFT assets. Whoever has the private key has access to your NFTs so it is imperative to keep your key safe at all times.
### Transfer NFTs to other wallets
In order to purchase most NFTs, you will need to hold cryptocurrency. The best NFT wallets will allow you to hold crypto in your wallet in order to facilitate purchases.
#### Connect to dapps and marketplaces
The best NFT wallets will be able to connect you to NFT marketplaces. Some of these decentralized marketplaces may require you to link your NFT wallet to the marketplace in order to purchase NFTs. It is important to use an NFT wallet that supports the marketplaces you wish to purchase NFTs from.
## Choosing an NFT Wallet: Things To Consider
There are a few important considerations to make when selecting an NFT wallet.
### Multichain compatibility
Your NFT wallet should be compatible with as many blockchains as possible. While the majority of NFTs are supported and built on Ethereum, there are an increasing number of blockchains which also support NFTs. Therefore it is important to select a wallet that allows you to easily access NFTs across a number of blockchains.
### Security
Selecting a secure NFT wallet is of the utmost importance. Your wallet of choice should offer excellent security to safely protect your NFTs and other digital assets. The best NFT wallets will offer two-factor authentication as a standard security protocol, which adds a layer of security to your account, preventing hackers from gaining access. Your NFT wallet should have secure encryption technology to protect your assets from malicious attacks.
### Anonymity
It is important to keep in mind the level of anonymity and privacy the NFT wallet can provide. For example you may find that certain wallets have weak privacy settings that allow anybody to see transactions made. The ones with stricter privacy policies, however, can have a less user-friendly interface because they do not have integrated exchanges. Do keep in mind that personal data is highly sought-after in the current market so selecting an NFT wallet that protects your personal information is a fairly important consideration.
### User experience
User experience is an important consideration when selecting an NFT wallet. When the user interface is easy to use and understand, it makes buying and selling NFTs much simpler.
### Pricing
Price is another consideration as it can affect the profitability of trades. You need to look into the conversion fees your NFT wallet charges. If you buy cryptocurrency with fiat currency, you may be charged for the currency conversion. Pay close attention to fees related to withdrawing and depositing NFTs as well.
## Best NFT Wallets
We have selected the most popular NFT wallets, each with their own set of features. We will highlight their best features and some of their pros and cons below.
### Metamask Wallet
Top LGBTQ-Inspired NFT Collections
LGBT Pride Month might be behind us now, but there’s no reason not to celebrate the movement all year round.
There’s always an opportunity to shine light on the community and help advance the work of queer creators, many of whom are behind some of our culture’s most iconic art.
The rise of non-fungible tokens (NFTs) and blockchain technology has been yet another valuable platform to showcase the talent and pay tribute to the members of the LGBTQI+ community.
In addition, a great number of NFT projects are now also dedicated to raising funds for organizations championing the rights of lesbian, gay, bisexual, transgender and intersex people.
Today, we’re looking at some of the best LGBTQ-inspired NFT collections you might want to know - and stand behind.
Metaverse
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10 Best Metaverse Games To Play In 2022
The race for the metaverse is only heating up as 2022 continues seeing major digital projects come to life. And just how valuable could it all be? Short answer: very. Global consulting firm McKinsey is forecasting that virtual worlds can generate up to $5 trillion by 2030. In addition, the firm also says that it’s plausible that we will live more than 50 percent of live events could be held in the metaverse.
You might be wondering then what it is that we will be doing in the metaverse that could possibly be that exciting.
Gaming, for starters, is already attracting millions of users to virtual worlds. And this is just the prelude to something even greater ahead. With that in mind, we'll be looking at the 20 best metaverse games in 2022 that you’ll surely want to keep in mind or even try out today.
Metaverse Banking: An Opportunity Too Big To Miss
Out of breath. That’s probably the first association that comes to my mind when I hear the word ‘bank’. And who can judge me? After all, that’s exactly what my seven-year-old eyes saw when waiting for my parents to cash out their paychecks. People limited by the banks’ inconvenient schedule, trying to catch their breath as they waited for hours (seated if lucky) to get hold of their salaries or pensions, send money to relatives, or simply get a statement. By that time, my interests weren’t much besides playing video games and watching cartoons. I knew nothing about banking, marketing, or customer satisfaction. Yet, it didn’t take a degree to sense something was off about the whole experience. Today, I can assert that instinct was right.
Metaverse Gear You Should Know About
The metaverse has gone from being just another tech buzzword to becoming a massive investment for companies around the world looking to be at the forefront of the race to develop virtual worlds where people can interact, attend events, work and play.
Many have come to see it as the next iteration of the digital infrastructures we have in place today. But realizing the metaverse requires gear that can allow users to enter virtual environments and have immersive experiences within it.
From VR headsets to haptic gloves, big investment is pouring into the metaverse. And with so many breakthroughs being experienced lately, engaging with the metaverse is on track to becoming a seamless and compelling experience that attracts more users to digital worlds.
With that in mind, today we are focusing on the metaverse gear that you might be looking into having to make the best out of this technology.
AI
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What Are AI Avatars: A Guide to Intelligent Virtual Beings
From virtual goods to burgeoning new digital worlds, technology is again pushing the boundaries of human experience into unchartered territory.
Many of us have recently faced a deluge of buzzwords like Web 3.0, blockchain, cryptocurrencies and, of course, the metaverse. And while much of it might seem incomprehensible for now, they’re not to be discarded as another tech fad.
In particular, the recent progress in the field of artificial intelligence is opening up new opportunities that are sure to greatly impact human experience in the upcoming era of virtual worlds, also known as the metaverse.
While in the past, AI helped machines carry out routine manual tasks, the technology can now also perform certain cognitive work thanks to its ability to learn, improve through experience and ultimately mimic human behaviors.
Not only that, but the rapid expansion of cheap and powerful computing power has seen the massive digitalization of world objects and processes. More recently, humans themselves are being digitized in the form of virtual avatars.
And artificial intelligence is giving a new meaning to the creation of virtual people by pushing the boundaries of technology to yet again a new frontier - AI lifeforms.
AI-powered avatars can serve endless purposes, from being hired out by real-world companies to teach new employees, to serving as trusted confidantes in the metaverse, to name just a few use cases.
Emerging virtual worlds, and their profitable economies, already encompass some 2.5 billion people, according to market research company L'Atelier.
Moving forward, the world will only become more virtual and humans are increasingly going to live in the metaverse, side by side with AI-driven virtual beings.
With that in mind, we’ll be having a closer look at what sharing our online experiences with artificial intelligent avatars will look like and how it could change the world as we know it.
Best Artificial Intelligence Books
Artificial Intelligence, also referred to as AI, is no longer simply something that used to be the stuff of science fiction movies. Nowadays almost every business is using AI in some way to streamline and improve their processes. In fact artificial intelligence and machine learning influence everything from politics to the economy, with algorithms often being central to decision-making.
As you can imagine, artificial intelligence is a very complex subject and can be hard to grapple with, particularly for beginners seeking to understand the world of machine learning and automation. It raises so many questions… will machines replace jobs only experts could once do? Will a superintelligent machine one day outsmart us all? Can AI be weaponized by global leaders to gain power and control? Luckily, the world's leading experts on AI can answer some of those questions.
There are plenty of resources available to help you learn more about artificial intelligence and some of the best resources are books on artificial intelligence.
Explore all there is to know about artificial intelligence, machine learning and automation, and how they’re shaping the future with 31 of the best artificial intelligence books.
Top 10 Artificial Intelligence Stocks In 2022
Artificial intelligence (AI) is growing at an astonishing pace and as it continues unveiling new promises for the future, AI is also becoming an attractive investment proposition.
The first uses of AI can be seen in today's technology, with interactive apps, voice-driven personal virtual assistants like Siri and Alexa, automated cars, and suggested search ideas seen on search engines like Google.
In the future, artificial intelligence will extend to devices that can autonomously learn and evolve, enhance and create new experiences and offer solutions that one day can match human intelligence. AI supercomputers are also being built to solve complex humankind problems and find solutions to issues like incurable forms of cancer, which will not only make today’s technology obsolete but will open the doors for an even bigger growth of the AI sector as a whole.
Over the next two years, the global artificial intelligence industry is expected to grow to $554 billion in total revenue by 2024, according to market research firm IDC.
And with virtually every major industry being disrupted by this technology, the opportunities for investors are becoming hard to ignore. With that in mind, here are the best artificial intelligence stocks to keep track of in 2022.
Gaming
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VR Gaming: What Are the Best Puzzle VR Games?
VR games are a revolutionary way to experience your favorite games by bringing them to life like never before. From exploring open-worlds to heart-thumping horror experiences, the opportunities are endless. But the VR game that sounds out the most is by far VR puzzle games.
VR puzzle games are the perfect blend of a challenging mental workout with the immersion of VR.
They can take many different forms, from physics-based puzzles to logic puzzles, and can be enjoyed by players of all ages and skill levels. Puzzle games are by far one of the most interactive virtual reality games and are often a lot more intense and exhilarating than other VR games.
If you’re looking for a new VR game to try out, or are just curious about what VR puzzle games are all about, then look no further! Here are 22 of the best puzzle VR games available right now.
## Top 22 Puzzle VR Games
### Superhot VR
### Superhot VR
Top 11 Augmented Reality Games
Six years ago, the world was introduced to Pokémon GO - and we’ve been gripped by the AR gaming fever ever since.
Side by side with the VR greats like Beat Saber and Half-Life: Alyx, augmented reality titles are also making waves of their own, with immersive experiences that players can instantly step into with just their smartphones quickly becoming a fan favorite.
As AR technology continues making strides, augmented reality gaming is poised to become an even bigger phenomenon in the mobile gaming industry.
They’re immersive and interactive, but what else makes augmented reality games an awesome playing experience?
Let’s dive right into the top best AR games for Android and iOS users to find out.
## Best 11 Augmented Reality Games In 2022
### Pokémon Go (Android, iOS)
### Pokémon Go (Android, iOS)
What Is GameFi? Explaining Gaming On The Blockchain
Lying at the intersection of gaming and decentralized finance, GameFi is attracting widespread attention from the crypto world.
For both players and investors, the appealing themes brought together by GameFi are re-shaping the way in which we interact with digital experiences and online games, from owning assets to making money for simply enjoying our favorite game.
And as GameFi continues leading the race of technological innovations re-shaping the gaming industry, you might want to dive deeper into it.
## What Is GameFi?
GameFi stands as the combination of the words “game” and “finance”. In doing so, GameFi brings together blockchain technology, including NFTs, cryptocurrencies and decentralization, and advanced gaming mechanics to create virtual environments where players can generate income from simply playing and enjoying their gaming experience.
GameFi powers blockchain games where players are financially rewarded for the time and effort they put into playing. This model is better known as Play-to-Earn. Economic incentives might include tokens, upgrades, avatars, virtual land and much more. Typically, players are rewarded for completing game-related tasks like creating original content, mining resources, progressing through different levels and battling other gamers.
Unlike traditional video games, GameFi allows players to not only earn and collect in-platform assets, but also transfer them across different games and platforms. In doing so, gamers can also monetize their experience by selling or trading their items. In other words, beyond the economic rewards, GameFi presents the players with the chance of owning digital assets that can be part of transactions across different platforms.
This is made possible thanks to decentralization and NFTs, which bring a brand new type of digital ownership to the table.
Until recently, games took place within a siloed, centralized ecosystem, controlled solely by developers. No matter how much time and dedication you’d put into playing your favorite title, at the end of the day your treasured collection of coins, prizes, avatars, weapons and other assets was never really yours and ultimately had no real world value. By letting players have real ownership over their gaming items, GameFi and play-to-earn have paved the way for an economy based on player empowerment.
This trend is hardly something to be scoffed at. After all, the blockchain gaming industry saw a staggering 2000% growth between last year and the first quarter of 2022, with billions pouring into this segment of the market. The adoption of blockchain technology by developers is also driving a wider market expansion, with projections showing a double-digit growth over the next decade, to $545.98 billion by 2028.
So, now that you know what GameFi is, let’s take a closer look at how it all works.
## How Does GameFi Work?
While the concept is still fairly new, GameFi holds the promise of driving massive expansion across the entire industry by integrating gameplay, NFTs, play-to-earn and decentralized finance.
As we explained earlier, in GameFi, digital assets like plots of land, avatars, virtual clothing, special powers and weaponry are represented by non-fungible tokens, allowing players to take ownership over them. Through gameplay, you’re able to earn more items and have the option of trading them via an NFT marketplace both inside a game and outside, thus opening up new monetization avenues.
The specifics - and rewards - differ depending on the game, ranging from completing tasks, developing mini-games and building virtual infrastructures to designing wearables and battling other players. In addition, players are also increasingly drawn to GameFi and P2E because of the potential to earn passive income through renting, lending or staking assets.
Before we more forward, let’s break down the main components of GameFi:
### Blockchain
Blockchain technology is the foundation of GameFi platforms. The majority of blockchain games are built on the Ethereum network, although GameFi protocols like Polygon, Polkadot and Solana are increasingly being used as they have higher-capacity and speed features. Running a game on a blockchain’s distributed ledger not only enables player ownership but it also ensures that all transactions are transparent, fair and open.
### Non-fungible Tokens (NFTs)
In P2E games, NFTs are used to represent assets and enable transactions in the marketplace. In- game NFTs can be exchanged for other NFTs, cryptocurrency of fiat money. Unlike traditional online games, P2E NFTs ensure that all in-game assets are unique and that they cannot be duplicated or fake in any way. A great number of P2E games are focused on encouraging players to pass through different game levels while monetizing virtual land and improving their digital characters (or avatars).
### Play-to-Earn Model
In contrast to play-to-win games where players have to pay their way into and through gameplay, GameFi will reward you for just playing. As you keep progressing, you’ll amass digital collectibles, in the form of NFTs, and cryptocurrency. In return, players usually have to complete tasks, including winning battles and daily quests. These assets hold value and can be traded and exchanged in the marketplace.
### DeFi Components
Many GameFi projects also integrate decentralized finance (DeFi) elements. Some of the top GameFi games will let players generate passive income through staking tokens, while others might let you earn in-game rewards in return for locking your in-game assets and cryptocurrency in smart contracts as part of a yield farming feature.
When it comes to GameFi, Axie Infinity stands as one of the most successful games available and the title that helped pave the way for others in the industry.
Launched in 2018, Axie is a monster-battling blockchain game through which users purchase NFTs of cute digital creatures that can be pitted against others in battles and challenges in return for the native token AXS. Axies can be traded on the marketplace for real money - and the value of these monsters has gone as high as $1.5 million. Adding to that, virtual land in this game has also attracted widespread attention, with a land sale last year reaching $2.3 million.
By collecting, raising, breeding and battling Axies, players can increase their chances of getting more rewards. AXS tokens can also be staked to earn interest. Given that the majority of blockchain games have little to no entry fees, becoming a dedicated player can turn out to be extremely rewarding.
A recent report released by Binance has highlighted GameFi as one of the major reasons why more game developers are embracing blockchain technology, citing the example of companies like Ubisoft, EA (Electronic Arts) and Tencent who’ve recently entered the blockchain gaming space. The report also shows that despite a downturn in the crypto market, the number of GameFi projects has continued to rise, reaching 1,551 games as of June 2022.
## Benefits of GameFi
The cryptocurrency world is buzzing about GameFi, no doubt thanks to the many advantages brought by this new model. While you might already feel convinced, here are a few more benefits of GameFi to consider:
### Earn by Playing
Let’s face it - doing what you enjoy the most and getting paid for it is a winning combo. And even more so in gaming. After all, the average gamer spends on average 8 hours and 27 minutes per week playing, so that’s a lot of time that could be easily monetized with GameFi.
The world of video games has long been dominated by the “play-to-play” model, meaning that players have traditionally been forced to pay with real money for in-game items, including avatars, accessories and upgrades.
However, this system is a one-way street since only developers make money in the gaming ecosystem, shutting out players and offering no opportunity for shared profits.
With GameFi, players no longer have to be taken advantage of as money-making becomes accessible to everyone.
Financial inclusion is then a major advantage of the GameFi model.
### Asset Ownership
The integration of non-fungible tokens enables ownership of in-game digital assets. In reality, what this means is that unlike legacy games, game developers aren’t the sole authority having a say over gameplay and the scope of the assets within it. Once the legitimate owner of an NFT, you can rest assured that it’s you who gets to decide what to do with it, inside and outside the game. Another benefit from integrating NFTs into gaming is that, even if the game fails or the developers make modifications to a game, your assets won’t be worthless as you’ll be able to move them elsewhere.
### Compelling Gaming Incentives
Under the GameFi model, the emergence of the first PE2 titles marked a major transformation in the industry, putting the traditional gaming revenue model into question. As we explained earlier, up until recently it was impossible for players to transfer and use their in-game assets outside the ecosystem of a particular game. Blockchain gaming upends that structure by enabling virtual tokens to be used across different environments and exchanged for cryptocurrency or fiat money.
### Participation At a Low Cost
Gaming has historically required that players pay a number of fees, from purchasing the actual game to paying for upgrades. By comparison, the vast majority of titles in GameFi are entirely free to play, making it an accessible activity for more people. On the other hand, P2E games offer compelling rewards that keep playing costs close to zero.
### Taking Control Over Gaming Experience
We’ve spoken about how NFTs help establish asset ownership, authenticity and control over in-game items. And while that is an undisputed upside of GameFi, this model ultimately translates into an improved experience across the board thanks to enabling players to take control over their entire gaming experience. That is particularly true in P2E games that offer governance tokens, allowing holders to have a direct say in product-related decisions and the future direction of the game.
## How To Get Started With GameFi Games
As GameFi keeps flourishing, hundreds of new titles are emerging every month. We can expect every game to have its own mechanics requirements and gameplay. However, to get started with GameFi, there are typically a few common steps you’ll have to follow such as purchasing cryptocurrency and a crypto wallet to store and manage in-game assets.
Here is how it normally works:
### 1. Set up a crypto wallet
Before you try your first GameFi game, you’ll likely be asked to get yourself a crypto wallet, such as MetaMask or Trust Wallet. Feel free to explore our latest guide to the top NFT wallets available in 2022. However, one aspect to keep in mind is that your wallet must be supported by the blockchain in which the game is running, such as Ethereum and Binance Smart Chain. Depending on the game, you might also be required to use more than one wallet and blockchain network. We recommend that you check the game’s official website to make sure you have all these details worked out.
### 2. Connect your wallet to the game
Before you start playing a blockchain game you need to connect your wallet to the actual game. This should be a fairly simple step, especially if you use an intuitive wallet such as MetaMask, helping you store and manage your game tokens and interact with different blockchain applications.
### 3. Check the game requirements
In order to make the best out of your experience and maximize your earnings, it’s always best to get familiar with the ins and outs of a P2E game. For example, Axie Infinity will ask you to purchase three Axies before starting to play while other projects might have other prerequisites like the types of wallets they accept or cryptocurrency you can use across the network.
## Top GameFi Games
Now that you know how to get started with GameFi, perhaps you’re interested in knowing what are the best blockchain games you can give a go today. We’re previously put together a list with 11 top options, but here’s a quick recap:
### Axie Infinity