Blockchain startup Harbor has officially launched its security token compliance platform and is moving to offer digitized shares in a high-rise building located in in South Carolina.

Announced Tuesday at CoinDesk’s Consensus: Invest event, Harbor is now allowing investors to register to buy shares in apartment block called The Hub at Columbia, owned by the real-estate wing of DRW Holdings, Convexity Properties. There are 955 shares – represented by 955 tokens – available at a cost of $21,000 apiece.

The company, which raised $28 million earlier this year, develops ERC-20 tokens, an ethereum standard, for companies that want to put up equity or other forms of interest by way of a tokenized offering.

Harbor CEO Josh Stein told CoinDesk that the company’s platform allows it to track security token trading and investors’ real-world identity in real-time, ensuring that token sales are “compliant every time, everywhere.”

Offerings on Harbor’s security token platform operate similarly to a normal private placement sale, he explained. The key difference comes from the platform’s use of a blockchain protocol and structure, which allow companies to tap into a wider pool of investors.

Typically, an offering like Convexity’s might be sold to 10 or 20 investors, each of whom would have to contribute a significantly larger chunk of the total funding. Harbor’s platform makes it easier for anywhere from 100 to 2,000 accredited investors to participate, allowing each a $21,000 minimum stake, which is smaller than the norm.

The 2,000 investor limit is a regulatory one as well – companies with a higher number of investors must go public.

How it works

An interested investor can sign up on a dedicated website, where they’ll be redirected to Harbor to fill out a know-your-customer (KYC) form. The portal will require investors to share identifying information and upload a copy of a driver’s license, as well as upload documents proving income and assets for accreditation, Stein said, adding:

“The KYC happens in just a couple of minutes. The accreditation, verification of assets and income, takes … 1–3 days for an individual and 2–12 days for an entity and the reason why is you have to peel back the layers and [verify accreditation for individuals in the entity].”

Once an investor is approved, they can sign the documents purchasing the tokens electronically.

On the token side, an external security firm audits the smart contract and a “Big Four” accounting firm will monitor the payment flows, Stein said.

Unlike other private placement sales, investors can use bitcoin or ethereum to purchase tokens too. Harbor will escrow the cryptocurrencies without converting them unless necessary, allowing for refunds without requiring conversion fees, Stein added.

To that end, the company is working with BitGo to custody any crypto assets received.

The offering means that investors are able to participate in sales alongside major operators. In Convexity’s case, its parent company DRW owns a little more than 50 percent of the interest in The Hub.

Should investors wish to trade or sell their shares, they can do so after 90 days – another departure from traditional private placement sales, which locks them in for a greater period of time. Stein said, “You can pull your investment if you feel like it.”

He further likened the shift from traditional securities trading to the shift from writing letters to writing email. Using the internet to send messages proved to be far more efficient than writing and posting letters, he noted, saying:

“Now blockchain, like email, offers us a world that’s faster, cheaper and easier by an order of magnitude.”

This post is credited to coindesk

Regulation within the cryptocurrency community has been a hot button topic for years. Now some researchers are claiming a few countries’ property laws do not apply to digital assets, causing confusion regarding how they’d be handled by the courts.


I Thought I Was My Own Bank?

One of the most attractive qualities of Bitcoin and other cryptocurrencies is that they allow you to be in complete control of your own funds. Instead of giving your money to a bank and let them hold on to it for you, bitcoins can be stored very securely in your own home. Only you have the private key needed to spend the coins.

In that sense, you do own your coins. If ownership was defined by having control over an object, then you’d be golden.

LBN Bitcoin Dominance Index Altcoin Liquidity

However, bitcoins and other digital assets are an entirely new asset class that doesn’t exactly fit in our existing legal framework. In England and Wales, the law does not recognize the possession of intangible items. Meaning if you can’t hold it, you can’t own it.

Cryptocurrencies exist only on the blockchain, a public ledger that records everyone’s balances and transactions. So, while your coins are completely cryptographically secure, they are not protected from legal measures. But then again, could the government enforce you giving up your coins if you’re the only one with the private key?

Odd Asset-Class Out

Most legal systems split “real property,” such as land, and “personal property,” which includes everything else.

Within personal property, you have “things in possession.” These are the items you physically possess, such as the cash in your pocket. There’s also “things in action,” which are things claimed only using legal action, such as contractual obligations and intellectual property.

If you deposited that cash you had earlier in a bank, it would become a “thing in action” as the bank owes you a debt of $20. The debt isn’t tangible, you can’t “hold” a debt, but you can definitely get the courts involved if the bank doesn’t pay you back.

Bitmain Seeks Justice

You can start to see how Bitcoin fits in this sort of gray area when it comes to property. You don’t really have possession of the coins, only the private key.

On top of that, having a bitcoin in your wallet does not give you any rights to move from any other party. Even purchasing tokens, which require a central token issuer, does not necessarily give you any rights as well.

Does Bitcoin Need the Law?

A significant amount of traffic on the early Bitcoin network performed by people who needed to send money anonymously, often for illegal purposes. It was heavily used on the darknet, most famously on the Silk Road.

When you pass away, all your real property is passed down to your heirs. With Bitcoin, however, the only way to move the coins is by using the private key. If you die without having written down your wallet password or seed, your family would never be able to access your coins. They’d stay in your wallet until the end of time.

That’s just one example, but there are dozens of problems that could arise when cryptocurrency meets legislation. The price volatility has attracted some investors and kept others away. However, many institutional investors have their eye on Bitcoin ever since the 2017 bull run. The lack of regulation and legal protection surrounding digital assets may be the very thing holding investors back.

Do you think we need more regulation in the cryptocurrency space, or less? Have you had any legal issues while using cryptocurrencies? Let us know in the comments below!

This post is credited to livebitcoinnews

Half of Sweden’s retailers predict that the country will stop accepting cash by the end of 2025, the New York Times reported. Sveriges Riksbank, the central bank of the country, is already testing a digital currency called the e-krona. Could the declining usage of cash in Sweden lead to a potent market for crypto?

Preparing For a Cashless Society

Commercial banks, businesses, and individuals in Sweden are preparing for the creation of a completely cashless society within the next decade.

Stefan Ingves, the governor of Riksbank, said:

“When you are where we are, it would be wrong to sit back with our arms crossed, doing nothing, and then just take note of the fact that cash has disappeared. You can’t turn back time, but you do have to find a way to deal with change.”

The country and its government are well aware that cash is disappearing from society and the trend is irreversible. The inefficiency of cash has led the majority of the businesses and individuals in the region to switch to digital alternatives.

A few thousand people went as far as to implant microchips in their hands to pay for food and transportation with a gesture.

The declining usage of cash in Sweden represents a positive trend that the government has encouraged for many years. But, local authorities did not expect the general population to move on from cash to more practical alternatives at such a rapid rate.

Mats Dillén, the head of a Swedish Parliament committee, told the New York Times that the disappearance of cash from the society will inevitably cause major implications for the economy and the country has to be ready for what comes next.

“We need to pause and think about whether this is good or bad, and not just sit back and let it happen If cash disappears, that would be a big change, with major implications for society and the economy.”

Countries in Asia including Japan, South Korea, and China are undergoing a similar trend. China, in particular, has seen a surge in the usage of digital payment networks as a growing number of individuals have started to rely on mobile applications like AliPay, which is now valued at over $150 billion, to pay for necessities and receive monthly compensation from companies.

Japan and South Korea are Examples

The declining usage of cash in Japan and South Korea has naturally translated to an increase in demand for decentralized currencies like Bitcoin and Ethereum.

The two countries became the second and third largest cryptocurrency markets in the world behind the U.S., with large-scale cryptocurrency exchanges like Upbit, Bithumb, and bitFlyer dominating the global digital asset market.

Sweden remains a relatively small market for crypto, possibly because centralized payment networks are more efficient and practical for daily use. Merchant adoption remains as one of the weaknesses of decentralized currencies and centralized alternatives are still easier to utilize to deal with both offline and online merchants.

As cryptocurrency secures mainstream awareness and eventually adoption, Sweden could become a prime market for cryptocurrency users and investors, if supported by the government and favorable regulations.

This post is credited to ccn

Cryptocurrency data and research company Messari is launching a disclosures registry for basic cryptoasset information, according to a press release published Nov. 27.

Messari is a New York-based startup, which provides insights, markets data, and research tools in the crypto industry for investors, regulators, and the general public. In March, Messari secured between $1–$5 million in early-stage funding to launch its disclosure database, according to Forbes.

Per the recent Messari announcement, the company has launched the open-source disclosures registry, that aims to become “a single source” for basic cryptoasset information. Twelve initial partners have also joined the project, including such industry players as secure identity ecosystem firm Civic and blockchain protocol Aion.

While forming the database, Messari will purportedly collect basic information voluntarily disclosed by the participating parties about their token design, supply details, technical issues, as well as investors and advisors. The profiles will reportedly be free of access within the industry. The release further explains:

“With the launch of the Messari registry, token projects will finally have a common platform that helps them better communicate material updates with both their existing communities and external stakeholders…”

Ryan Selkis, the CEO of Messari, stated that transparency is critical for the development of the crypto economy. He noted that participating projects “share our vision that the information they provide should remain freely accessible to all market participants, rather than locked behind the paywall of any single data provider.”

Other organizations in the cryptocurrency space have also formed self-regulatory and development bodies. In April, sixteen Japanese licensed exchange operators took steps to launch the Japanese Cryptocurrency Exchange Association (JCEA). Plans began surfacing in February from two industry entities whose members now make up the JCEA — the Japan Blockchain Association (JBA) and Japan Cryptocurrency Business Association (JCBA).

A study by international law firm Foley & Lardner LLP published in June revealed that 86 percent of cryptocurrency firms’ executives and investors want the industry to self-regulate. A total of 89 percent of respondents saw the need for “formalized” self-regulation, with a slightly lower majority considering that these formalized standards should have regulatory oversight from authorities.

This post is credit to cointelegraph

The Copay wallet from U.S.-based bitcoin payments processor BitPay has been compromised by a hacker, the firm says.

Bitpay announced Monday that it learned about the issue from a Copay GitHub report indicating that a third-party JavaScript library used by the apps had been modified to load malicious code.

The malware was deployed on versions 5.0.2 through 5.1.0 of its Copay and BitPay wallet apps, and could potentially be used to capture private keys to steal bitcoin and bitcoin cash.

BitPay said:

“However, the BitPay app was not vulnerable to the malicious code. We are still investigating whether this code vulnerability was ever exploited against Copay users,”

The firm is asking users to not run or open the Copay wallet if they are using versions from 5.0.2 to 5.1.0. It has now released an updated version (5.2.0) without the malicious code for all Copay and BitPay wallet users that will be available in app stores “momentarily.”

BitPay stressed: “Users should assume that private keys on affected wallets may have been compromised, so they should move funds to new wallets (v5.2.0) immediately.”

Bitpay has also advised users to not move any funds to new wallets by importing their 12-word backup phrases, since they correspond to “potentially compromised private keys.”

“Users should first update their affected wallets (5.0.2-5.1.0) and then send all funds from affected wallets to a brand new wallet on version 5.2.0, using the Send Max feature to initiate transactions of all funds,” it explained.

The attack appears to have been carried out by a supposed developer called Right9ctrl who took over maintenance of the NodeJS library from its author who no longer had time for the work, ZDNet reports. The social engineering attack occurred about three months ago when Right9ctrl was granted access to the repository, at which point they injected the malware.

Jackson Palmer, the creator of the dogecoin cryptocurrency, tweeted in response to the news: “This is one of the major issues with JavaScript-based cryptocurrency wallets with heavy up-stream dependencies coming from NPM. BitPay essentially trusted all the up-stream developers to never inject malicious code into their wallet. ”

This post is credited to coindesk

A 27-year-old woman from New York has pleaded guilty of supporting the Islamic terror group ISIS using Bitcoin and other digital currencies. She admitted to wiring more than $150,000 to different shell entities and individuals overseas, which acted as a facade for the ISIS groups in Turkey, Pakistan, and China. The money was transferred in 2017 and involved bank fraud as well as digital currency payments.

Laundering Money Off to ISIS

The Brentwood, Long Island-based Zoobia Shahnaz admitted that she had wired over $150,000 to individuals and shell entities connected with ISIS. The scam involved bank frauds, the use of Bitcoin and several other digital currencies, according to the US Attorney’s Office for the Eastern District of New York.

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In 2017, when these payments were made, she was also intercepted trying to go to Syria, where ISIS has been the most active. She was arrested last December and has been in custody since. She will face punishment of up to 20 years for providing material support to a foreign terrorist organization. Her lawyers have not commented on the situation yet.

Shahnaz’s Introduction to ISIS

According to the court documents, Shahnaz was working as a lab technician in Manhattan, making about $71,000 per year before June 2017. She traveled to Jordan in January 2016 as a volunteer with the Syrian American Medical Society. Prosecutors wrote in their court filings:

“For two weeks, she assisted in providing medical aid to Syrian refugees in Amman [Jordan] and in the Zaatari Refugee camp, where ISIS exercises significant influence.”

However, before coming in direct contact with the ISIS activities, Shahnaz was doing extensive research about joining ISIS on the internet.

In March 2017, she conducted a bank fraud scheme where she scammed Chase Bank, American Express, Discover and TD bank by obtaining six credit cards fraudulently. These six cards, with another ten cards in her name, were used to buy Bitcoin and other cryptos worth $62,703. The cryptos were then converted into US dollars and transferred to her checking account. She then went on to receive a $22,500 fraudulently obtained loan from a Manhattan bank.

The money was wired to overseas entities in a manner designed to avoid financial reporting requirements and hide the source as well as the destination of the cash. She then obtained a Pakistani passport and planned to travel to Syria after quitting her job.

This post is credited to blokt

A new bill which will impact electronic wallets and digital payment tokens such as bitcoin has been tabled in Singapore’s parliament.

The Payment Services Bill will place the providers of payment services that are not under the regulatory oversight of Money-Changing and Remittance Businesses Act and the Payment Systems Oversight Act under the umbrella of Singapore’s central bank, the Monetary Authority of Singapore (MAS).

This has come about following the growing usage of cryptocurrencies and the realization that the existing legislation does not cover them adequately.

Scope of Payment Services

Besides regulating cryptocurrencies, other activities that are set to be covered by the Payment Services Bill include both domestic and international money transfers and foreign exchange transactions.

“The payment services regulated under the Bill are: a) account issuance service; b) domestic money transfer service; c) cross border money transfer service; d) merchant acquisition services; e) e-money issuance service; f) digital payment token service; g) money-changing service,” said a statement from the MAS.

To offer the listed payment services, providers will be required to acquire licenses which will correspond to the risks that the payment services offered pose. Payment services will be classified as major payment institutions, standard payment institutions or money-changing institutions. The difference between a major payment institution and a standard payment institution is transaction volumes with the latter limited to transaction amounts not exceeding $3 million per month and electronic money float not exceeding $5 million.

Business Presence in Singapore

Among other conditions, applicants of the above licenses will be required to be companies (either incorporated overseas or in Singapore) that have a permanent place of business in the Southeast Asian country or at least a registered office.

With regards to the grace period offered to ensure compliance, the MAS will be stricter with payment services dealing in cryptocurrencies. While other payment service providers will have up to 12 months to comply once the bill is signed into law, providers of digital payment tokens will only have six months to ensure compliance.

As previously reported by CCN, the second consultation on the Payment Services Bill was launched last year in November by the MAS.

https://twitter.com/CryptoCoinsNews/status/933259165257961473

Then, the MAS hoped that the bill would cover more payment service providers while offering regulatory clarity to the sector:

“The new framework will expand the scope of regulation to include domestic money transfers, merchant acquisition and the purchase and sale of virtual currencies. Only payment activities that face customers or merchants, process funds or acquire transactions, and pose relevant regulatory concerns will need to be licensed.”

This post is credited to ccn

Crypto industry investor Anthony Pompliano says Bitcoin (BTC) will likely fall to 85 percent below its all-time-highs – around $3,000. Pompliano gave his forecast during an interview on CNBC’s Squawk Box Nov. 26.

The partner at crypto investment firm Morgan Creek Digital Assets argued that while “Bitcoin was overvalued in Dec. 2017” – with selling pressure this year subsequently driving its price downwards – there are several important factors related to the asset’s long-term value that are important to remember:

“First, [Bitcoin] is the most secure transaction settlement layer in the world, so it’s got to be worth something […] it’s the best performing asset class over the past ten years – it’s outperformed S&P, DOW, NASDAQ, etc. during the longest bull run. It experienced two 85 percent drops during that time, but [it’s] still up over 400 percent in the last two years.”

Third, he added, all of Bitcoin’s price action in past years has been driven by retail investors – ahead of any meaningful involvement from major institutional players such as those now poised to enter the crypto space next year. Big players include Fidelity and New York Stock Exchange (NYSE) operator Intercontinental Exchange (ICE).

Pompliano argued that the recent “wash-out” on the crypto markets is a barometer of retail investor patterns; throughout its retail-driven history in 2017, the cryptocurrency traded as a “highly volatile speculative asset.” By contrast, he continued, more recent institutional involvement is primarily conducted via less transparent over-the-counter (OTC) trades, where trends are not immediately apparent and harder to gain insight into.

Pompliano was lastly asked about dwindling profit margins for cryptocurrency miners as the asset’s value tumbles. He conceded that outside of regions with abundant low cost power, such as China – where he claimed miners can mint Bitcoin for as little as $2,000-2,500 – we are seeing a similar “wash out” of miners in areas where electricity costs push expenses closer to $6,000 or $6,500. These latter, he said, “are underwater now.”

As previously reported, Morgan Creek Digital assets is backed by the institutional investment house Morgan Creek Capital, which has $1.5 billion in assets under management. The firm launched a Digital Asset Index Fund in late August, which gives accredited investors indirect exposure to Bitcoin, Ethereum and eight other large market cap assets, although not pre-mined cryptos such as Ripple (XRP) and Stellar (XLM).

Speaking yesterday, Vinny Lingham, CEO of identity management startup Civic, predicted Bitcoin will trade range-bound between $3,000 and $5,000 for at least three to six months; if the coin fails to then break higher, it could lose the $3,000 support as well.

Bitcoin is currently trading at $3,730 by press time, down just over 6 percent over the past 24 hours.

This post is credit to cointelegraph

There’s nothing particularly special about a bitcoin transaction. Every day, 300,000 of them occur on the BTC and BCH networks without fanfare. But occasionally, a perfunctory transaction will attain historical significance. These bitcoin transfers can be viewed in any blockchain explorer, where they have been immortalized by the public ledger and mythologized by the public.

Bitcoin History Begins on the Blockchain

Eight Historic Bitcoin TransactionsAll bitcoin transactions are equal in the eyes of miners. Provided there’s a sufficient fee attached, it makes no difference to them who sender or recipient may be or how many BTC are transferred. It’s only once hindsight and context are applied that significance can be attached to a transaction like an opcode. With over 360 million BTC transactions to date, the following article details just 0.0000022 percent. But within this slender selection lurks a trove of Bitcoin history. There’s magic and mystery encoded in the blockchain if you know where to look.

First Bitcoin Transaction

We might as well start at the start, with the first BTC transaction sent between two people and the only one known to have been sent by Satoshi. It occurred on Jan. 12, 2009 when Satoshi Nakamoto sent 50 BTC to Hal Finney in block 170. The cost of the transaction, like so many in the early days, was 0 BTC.

Eight Historic Bitcoin Transactions
The first BTC transaction

First Bitcoin to Fiat Sale

The first known sale of BTC in exchange for fiat occurred on Oct. 12 2009 when Finnish developer Martti Malmi sold 5,050 BTC for $5.02, with the fiat amount transferred via Paypal. The number of BTC sent corresponds with the fact that the only way bitcoin could be obtained back then was by mining it, when the coinbase reward was set at 50 BTC.

That Pizza Purchase

Laszlo Hanyecz’s 10,000 BTC pizza purchase is so famous that even nocoiners know about it. The details don’t bear retelling again: we’re only interested in the blockchain record for the legendary transaction. It resides here, in block 57043, which records the dispatch of 10,000.99 BTC on May 22, 2010. The 0.99 BTC on top, incidentally, was to cover the miner’s fee. That works out at a cool 4,191 sats per byte.

Mt. Gox Mega Transaction

Eight Historic Bitcoin TransactionsWhen most whales wish to show that they own a particular bitcoin address, they’ll send a microtransaction from it. A few satoshis is all it takes to demonstrate proof of funds. Mt. Gox CEO Mark Karpeles had a different idea though when pressed to prove the funds under his custody, sending a massive tranche of BTC from one wallet he controlled to another in a show of strength.

Leaked IRC logs allegedly show Karpeles offering to send 442K BTC, and blockchain records attest to this transaction taking place. On June 23, 2011, 442,000 bitcoins were indeed sent to two addresses in a single transaction, including 424K to one. It remained the largest amount of BTC ever sent at one time until November of that year, when 550,000 BTC was moved in one go.

Monster Transaction Fee

Eight Historic Bitcoin Transactions“Hi, I entered a transaction fee that was way too high…is there anyway that I can stop the transaction from confirming?” asked a distressed Redditor back in 2013. Help was forthcoming, but not before the 98 BTC transaction went throughon May 16 with a whopping 30 BTC fee attached. That worked out at 6.8 million sats per byte.

In the end, the mining pool that confirmed the block refunded 7.5 BTC, granting the generous fee payer some consolation. This was by no means the highest fee to be attached to a bitcoin transaction, by the way. In August of 2013, someone sent a 200 BTC fee, which was benevolently returned by the mining pool that collected it, and then in 2016 a transaction for 0.0001 BTC was sent with 291 BTC attached.

Bitcoin Fake Murder

On March 31, 2013, Silk Road operator Dread Pirate Roberts (DPR) sent 1,607 BTC to user ‘redandwhite’ to perform a hit on an individual who was extorting the deep web marketplace. The hit didn’t go through (it appears likely that redandwhite was both the assassin and blackmailer) but the transaction, for an agreed price of $150,000, did. With 322,639 confirmations, there will be no rolling back this BTC transaction.

US Marshals Silk Road Auction

Eight Historic Bitcoin Transactions
Tim Draper

On July 1, 2014, close to 30,000 BTC was sent to the winning bidder in an auction held by US Marshals offloading assets seized from Silk Road. The auction was split into 10 blocks, and in the end one individual won every single tranche. That bidder proved to be Tim Draper, and that acquisition, for approximately $18 million, proved to be a very shrewd investment.

Bitstamp Hack

There’s numerous bitcoin transactions that can be connected to hacks. One of the most notorious is the near-20,000 BTC stolen from Bitstamp in 2015. This includes a 3,100 BTC transaction that kickstarted the attack.

With bitcoin’s value worth multitudes more than it was in the period spanning 2009-2015, headline-grabbing transactions are less common, but still newsworthy when they occur. In the past fortnight, Binance sending over 100,000 BTC between wallets has caught people’s attention, as has a BCH address moving a total of 1 million bitcoin cash on the eve of the Nov. 15 hard fork. For so long as transactions occur onchain and without the veil of privacy, bitcoiners will continue to derive fascination from unusual blockchain movements.

What other historic bitcoin transactions deserve inclusion in this list? Let us know in the comments section below.

This post is credited to altcointoday

The game will feature an in-game marketplace built on the Ethereum platform.

A new video game utilizing blockchain technology is coming to the PlayStation 4 console.

Video game development is one of the most interesting use cases for blockchain technology. Games such as CryptoKitties, 0xUniverse, and Gods Unchained have demonstrated that blockchain technology is able to handle some types of video games. These games have also shown that gamers like to have true ownership of their digital assets.

Although CryptoKitties and Gods Unchained are consistently the most trafficked games on Ethereum, according to DappRadar, many gamers who prefer console games over those played on a PC may not even know they exist. Additionally, console gamers may even be unaware of the benefits blockchain technology can bring and how the technology could enhance their experience.

Early last week, video game developer studio Arcade Distillery announced that its new game, Plague Hunters, passed the Sony review process and all of PlayStation’s terms and conditions to be what it says is the first console game to utilize blockchain technology.

ETHNews spoke with several representatives from Arcade Distillery to learn about the new game and how they see blockchain technology affecting the video game industry in the future.

According to Liam Glennon, one of Arcade Distillery’s chief creative officers, Plague Hunters is the sequel to the game Plague Road, which according to Arcade Distillery has been very successful on the PlayStation platform and has helped Arcade Distillery create a strong base of fans who game on the Sony console.

In the game – which will be free to play – players will create characters with customized abilities and form parties with other players as they navigate their way across a barren wasteland acquiring different assets, abilities, and skills.

Because of the well-known scaling issues associated with blockchain technology, the entire game was not developed on a blockchain platform. However, it will feature an online marketplace built on the Ethereum platform that will utilize non-fungible tokens (NFTs) – tokens that represent a certain digital asset and are owned by the gamer instead of the developer – allowing players to buy, sell, and trade different in-game assets and even fully developed characters.

Glennon told ETHNews why the Ethereum-based marketplace is important:

“NFTs will allow for players to take the in-game assets which they acquire, withdraw them from the game and sell them in our marketplace. This gives players the opportunity to have decentralized ownership of their assets and monetize their game-play. Players will be able to see the full transaction history of each item on a blockchain to verify its authenticity, scarcity and value.”

Looking into the future and how blockchain technology is going to affect the video game industry, one intriguing aspect is the monetization of game-play. Many console games take hours upon hours to master, and while the non-fungible tokens used in games such as “Plague Hunters” will have no value in the real world, gamers will be incentivized to continue to play games they have mastered in order to gain access to in-game assets they can use to their benefit.

According to Luc Bernard, another chief creative officer at Arcade Distillery, “Tokenizing the game assets themselves is a new way to capture value instead of reselling the physical game itself.” This is especially helpful when a gamer has mastered a game they downloaded yet unable to sell or trade in their game at a store.

But the folks at Arcade Distillery do not see blockchain technology stopping here. CEO Jan Roessner believes blockchain technology will be the catalyst that will entice Nintendo, Sony, and Microsoft to developed cross-play games. These are games that would allow Nintendo users to play alongside gamers using a PlayStation or Xbox console in real time. Roessner also believes that blockchain technology will allow game developers to create “a vast variety of different games and universes being connected by interchangeable game assets and marketplaces that will cater to the supply and demand of the different stakeholders.” He also believes that tokens and digital currency will “supersede fiat and create a new economy in the gaming space.”

Although demonstrating how blockchain technology can be used in console games is a very important step, Roessner says Arcade Distillery also hopes to “inspire other developers to follow us on this journey and allow the players to own the assets they paid for and spent so much time scaling up. It is our true [belief] that player ownership of game assets is the future and there is no way around it. It makes sense and is fair.”

Although Arcade Distillery might be the first studio to utilize blockchain technology to pass Sony’s requirements, it is not the only one interested in blockchain technology. In July of this year, ETHNews interviewed a representative at gaming giant Ubisoft about the future of blockchain technology in the video game industry. And, earlier this month we spoke with representatives from independent game developers 8 Circuit Studios and Enjin to learn about how they are utilizing blockchain technology to create the metaverse.

This post is credited to ethnews