Tag: play to earn

  • PUBG developer collaborates with blockchain for NFT-based games

    The South Korean gaming studio ‘Krafton’, who is also the developer of PUBG, has recently announced a partnership with a blockchain company ‘Solana Labs’ for the development, design, and marketing of NFT-based games and services.

    Solana Labs is also the developer of Solana blockchain, an Ethereum-competitor designed to offer fast transaction speeds at a lower cost.

    The partnership comes a month after Krafton announced its plans to step into the world of blockchain gaming and said that it would be working with Naver Z to launch a new Web 3.0 and non-fungible token (NFT) project aimed at building a proper NFT metaverse platform.

    The important context for these deals can be Krafton’s share price, which have considerably dropped in 2022 due to tough competition from Chinese rivals, who are pouring into South Korea following a crackdown from regulators in Beijing.

    As a result, Korean developers are reportedly racing to develop ‘play-to-earn’ games, comprising blockchain technology to shore up revenue.

    The South Korean studio has not announced which of its games might see the addition of blockchain functionality or whether it will be offered in the PUBG series. Undoubtedly, the addition of NFTs in PUBG can double its popularity and earnings with attracting more players.

  • Crypto companies at risk of closure in the United Kingdom

    A number of cryptocurrency businesses in the United Kingdom (UK) may be forced to shut down if they fail to register with the financial watchdog before a major deadline next week.

    Firms providing crypto services in the UK must register with the Financial Conduct Authority (FCA) by 31 March, 2022. The FCA is in charge of supervising how digital asset firms tackle money laundering.

    In 2021, the authority stretched the deadline for businesses on a temporary register to continue trading while seeking full license. Once the deadline passes, the temporary register will be closed.

    Many crypto businesses have withdrew their applications, according to the FCA, since they did not match the required anti-money laundering criteria.

    With only days until the deadline, the status of companies on the temporary register including Revolut, a $33 billion fintech business, and Copper, a crypto start-up is in trouble which counts on UK Finance Minister, Philip Hammond as its advisor.  

    Read More: Pakistan decides to make cryptocurrency illegal

    Some businesses are now withdrawing their applications, including B2C2, a London-based crypto trading firm, just removed itself from the FCA’s provisional registry.

    B2C2’s spot trading activity has been relocated to the company’s U.S. Entity from this week. The firm’s business is now unaffected as it is handled by an FCA-authorized subsidiary.