Daily Archives: April 15, 2022

By Faryar Shirzad, Chief Policy Officer

The digital economy is permanently changing the nature of financial services globally and digital assets are at the center of much of this rapid change. This is something clearly understood by the UK Government. John Glen, Economic Secretary to the Treasury, used his recent keynote speech at Fintech Week to highlight the opportunities crypto presents to the UK economy — and that the country is keen to embrace them. Noting that the UK is second only to the US in the global league table of fintech hubs, Mr Glen was clear in his message that “the UK is open for business, open for crypto companies… we want this country to be a global hub, the very best place to start and scale crypto companies.”

Coinbase welcomes Economic Secretary Glen’s statement and commends the vision of the UK Government that stands behind it. The UK’s depth and strength in capital markets, fintech leadership, its globally respected regulators, its deep talent pool, and the innovative dynamism of the country’s economy combine to present an opportunity for the UK to be a leader in the next technology revolution and to become a global powerhouse for web3.

There is no question that fintech in the UK is growing rapidly and that the broader financial industry will increasingly be built on crypto rails. Mr Glen himself referenced the 200% year-on-year rise in fintech investment. He’s not a lone voice seeing the potential. Some of finance’s most influential voices are waking up to crypto’s economic and transformational power. From funds and VCs to the real economy investor, the UK is increasingly embracing crypto and recognizing its social, cultural, and economic utility.

This is a continuation of a global trend. Larry Fink, chairman of BlackRock, the world’s largest asset manager, for example, revealed in his latest letter to CEOs that BlackRock is investigating how digital currencies, stablecoins and underlying technologies “can help serve” clients of the $10 trillion firm. At the retail level, Coinbase’s own research reveals that about a third of people in the UK who are aware of crypto own or have owned digital currency, and twice that amount intend to increase their holdings. We’re at an inflection point in the adoption curve.

But increased adoption is only the tip of the iceberg. As the possibilities of how crypto can revolutionize traditional finance reveal themselves, there will be so much more innovation at the core of this movement. Whether that’s existing payment systems being streamlined through digitalization or complex contracts being hosted on the blockchain, whole new economic frontiers will open up, bringing new employment with them.

As Mr Glen himself said, these developments create an opportunity for the UK to leverage its existing and formidable advantages to be a leader in digital innovation. He says that if crypto is going to be a “big part of the future, then the UK wants in, and in on the ground floor.” We believe the country can do this by taking steps to build a more free and open financial system, bridging the gap between traditional financial services and the crypto industry, and supporting economic growth and jobs.

Get it wrong and there’s a risk the UK cedes a critical dimension of its financial and technological leadership, and signals to the next generation of entrepreneurs to look elsewhere to build, hire, and grow. Coinbase believes and has advocated for thoughtful regulation for digital assets around the world. We applaud the work and deep thinking that the UK Government is doing to address consumer risk, market integrity, and competition in the financial sector — these are critical issues and require careful analysis.

But what is also critical now is continuing this positive reframing of the debate to focus on the opportunities from digital assets, as opposed to just the perceived risks. Without such clarity, there is a danger the UK is left behind, particularly as more and more entrepreneurs and businesses seek to use crypto rails to build their new ventures. For example, we are concerned that the proposed changes to the existing Financial Promotions Regime to cover crypto will, unless carefully recalibrated, render a de facto ban on the marketing of crypto services in the UK.

Looking ahead, we want to highlight some key principles for consideration by the Government as it considers how to best put the UK on the path to be a web3 leader:

Creation of a tailored framework for digital assets

Digital assets — and in particular blockchain technology — allow for increased efficiency in the financial sector and offer a transformational level of financial empowerment for everyday people. That is why the UK Government’s decision to bring the cryptoeconomy into a central focus of its policymaking is so important. The cryptoeconomy, however, is rapidly evolving, and policy should adapt with it through a regulatory regime that is flexible enough to cope with current and future needs as they emerge — all informed by input by stakeholders and the public.

This is a point the UK authorities clearly appreciate and understand. Mr Glen said that crypto will bring dynamism to finance and that regulation must therefore be dynamic too, “rather than a static, rigid thing.” His analogy of envisioning regulation as “computer code, which can be refined and rewritten when needed” is well-stated and absolutely correct. Marrying this vision of dynamism with the work of regulators who have achieved their international status by being reliable and predictable is clearly something that will require some effort.

For example, industry eagerly awaited the publication of the UK Government’s Stablecoin Consultation response and broadly supported the proposal to bring stablecoins — where used as a means of payment — under a clear regulatory framework. However, success will be determined by how well and quickly this is implemented. The UK Government’s planned consultation and implementation of tailored digital asset regulation will need to be a fast follow to ensure that the UK does not fall behind.

Oversight by a dedicated policy & supervisory unit

Creating a dedicated policy unit and an equivalent supervisory unit with the resources to oversee digital assets would be a worthwhile investment, potentially with a cross-regulatory function much like the Digital Economy Taskforce as proposed by the Kalifa Review. It would need to be staffed by those with specialist knowledge of the sector and could also act as a single point of contact for the industry and present clarity for new and emerging businesses who are considering the UK as their home.

Again the UK Government shows its foresight, with Mr Glen sketching out a new world for both the “newly regulated and the regulators,” with a Government Minister driving the process, including the establishment of the Crypto Engagement Group. For him to imagine a policy of industry and authorities “working together and learning from each other” while maintaining high standards, yet being flexible and working at the pace that the speed of innovation needs” sets the UK as an inviting home for web3 entrepreneurs Mr Glen’s challenge is to make sure that he delivers on his promise to create “robust and effective innovation that won’t hinder innovation, but will boost it.”

International harmonization & Industry coordination

With digital assets rapidly becoming a worldwide phenomenon, countries around the world are competing to establish themselves as leaders and to embrace the potential of the new, decentralized web. As the UK emerges as a leader in crypto and digital assets, it has a unique opportunity to work with other like-minded countries to create a workable international framework for regulation. All this needs to be done together with the industry and other stakeholders in a consultative and transparent manner. True innovation means engaging with the people working with those who have important perspectives on how the best policy outcomes are achieved. A fresh focus on digital assets does not mean leaving established institutions behind — they will unquestionably play an important role in the future and in many cases, will adopt blockchain technology as a critical component of their infrastructure.

To conclude, we must recognize that digital assets are a technological breakthrough that allows us to increase economic freedom for everyone. The UK Government certainly recognizes this, though Mr Glen rightly says that “no one knows for sure what the future of crypto looks like in the UK.” But what he has shown is that the UK clearly sees that the future can only be embraced by not focusing exclusively on perceived risks, but instead also seeing the opportunities.

Mr Glen finished his address by saying “we’re on the cusp of something important, we have the opportunity to shape and lead it.” By following through on this vision and by implementing consistent, proportionate and appropriate regulation as soon as possible, the UK can not only help bring about a better, safer, more resilient and fairer system for everyone, but also help unlock broader innovation. The UK government — and Mr. Glen specifically — deserve enormous credit for setting the stage for the UK to play an important role in the future of innovation.

Universe Island has announced the listing of its $UIM tokens on PancakeSwap which would provide its users with an avenue to trade. The listing is scheduled for the 18^th of April 2022, shortly after which the first beta version of the game would be launched.

$UIM is a BEP-20 token hosted on the Binance Smart Chain and serves as the official in-game token of Universe Island– a classic 1vs1 shooting game that will take the Play-to-Earn gaming experience of users to a whole new level with its NFT integration and crypto rewards. These tokens will be rewarded to players upon winning the 5 minute long matches and can also be claimed from loot boxes.

When it comes to the versatility of these $UIM tokens, the team of Universe Island has done a splendid job at providing players with options on how they wish to use the tokens.

The $UIM tokens could be used by token holders to avail several in-game benefits. The tokens could also be used to trade in-game NFT collectibles on the NFT Marketplace provided by Universe Island with no additional fees while using UIM tokens as the currency. However, an additional 5% fee will have to be paid while trading with BNB.

Rewards could also be staked by users by staking their $UIM Tokens at the NFT marketplace. Staking would open a host of gateways for rewards such as monthly special airdrop, and better NFT rewards in terms of rarity for those who stake for a longer time while also having the lootbox rewards activated along with NFT equipment reward straight after staking that would be claimable at the market. In fact, six months takers will receive NFT that will give them right to the Whitelist, thereby, enabling them to buy land and much more. Furthermore, the token holders would have a say in the governance of the game and ecosystem of Universe Island.

These NFT cards also would provide power-ups that could make all the difference between victory and defeat when put in the mix of skills and efforts of players. Apart from providing unique boosts, these NFT cards could also be put on display at the Metaverse gallery as a badge of honour of how much the player has evolved, and could also be viewed on characters using our AR Technology!

The key to better NFT rewards for players is fairly simple- the bigger you hold, the better the rewards!

Another thing to note is that the UIM tokens also have the option of being withdrawn on-chain by putting up a claim request that is followed by a week-long verification period. This verification period exists to ensure the detection of potential unfair means that players could have resorted to during games.

Promising a limitless metaverse with several features and maps, Universe Island is geared to provide players with a P2E experience of a kind with its story-driven narrative, action-packed matches, NFT incorporation and crypto rewards. All you need is a mobile phone and you are good to go!

Disclaimer: The content for this article is provided by Universe Island. The statements, views and opinions expressed in this column are solely those of the content provider and do not necessarily represent those of Bitcoinist. Bitcoinist does not guarantee the accuracy or timeliness of information available in such content. Do your research and invest at your own risk.

You’ve probably already heard of the nonfungible tokens (NFTs) craze as these colorful, almost cartoon-like pictures. And, when you think of the Metaverse, you already see a bright and virtual world viewed from your avatar. 

With NFTs, most people think of Bored Ape Yacht Club or the famous CryptoPunks. But, what we all want to know: How to get metaverse photos? Or, maybe you’re wondering how to get NFT images? Here’s how to brighten up your virtual life.

Do you want to buy, download or create metaverse images?

First of all, you need to decide if you want to download the colorful images or create them yourself. Let’s start with the easy part: downloading the graphics for a virtual lifestyle. Think about pictures for your platform or maybe even a fancy metaverse wallpaper in 4k resolution.

Download free metaverse images

When you’re not in the creating mood but want to enter the metaverse, you can use metaverse pictures created by someone else. There are, of course, legal boundaries, because when someone else’s blood, sweat and tears are in the graphics, it wouldn’t be morally or legally right to take it and call it your own.

There are certain licenses that are recommended to follow if you want to avoid financial or legal ramifications of infringement. When you want to use metaverse photos or metaverse graphics for free, you should be looking for the ones with a Public Domain of Creative Commons (CC) license.

The details in practice vary between countries because art may be subject to copyright in one country and be in the public domain in another country. In Australia, for example, the parliament enforces copyright laws, but in the Netherlands, copyright is governed by Dutch copyright law.

It’s important to look for trusted sources so you can use the images with a fitting license with confidence. Some of these sources are FreeImages, Wikipedia Commons, Google LIFE photo, Adobe Stock, Pixabay, Pexels and Unsplash.

Sometimes platforms offer free metaverse and NFT images, but they are, in fact, licensed incorrectly. You may still run into trouble despite paying close attention to the licenses. There are two options for those who want to protect themselves:

• Buy image rights
• Create your own NFT images and metaverse photos

Buy metaverse graphics

Buying metaverse graphics is actually the easiest way to be sure about your rights. When you want to buy the rights to an image, you have to pay attention to your budget. These costs can add up considerably, ranging from one dollar to hundreds of dollars per image.

Let’s take a look at the licensing process of a picture on the platform of Adobe. Start by searching for your favorite image by using the search tool. Use the keyword “metaverse” and “free to use” to see a couple of results.

Looking a little closer at the image, you will see the licensed label, as shown below. It’s free, but it’s licensed. What does this mean?

It means that even when you download something for free, even with the best intentions, you could use it wrong. In this case, Adobe applies for different licenses from standard (the one in the picture) to enhanced and extended versions.

The standard license is free and one can use the images at no cost, but they may not be used in merchandise, templates or other products for resale. The number of copies and views of these Metaverse premium high-resolution pictures is also limited to 500,000 times, which can be a stretch when running a successful platform.

Related: What is augmented reality and why is it important for the Metaverse?

Create your own metaverse and NFT graphics

But, what if you don’t want to take any risks and don’t want to buy these metaverse stock photos? Maybe creating them is just the challenge you’re looking for. When you want to start designing your own NFTs, metaverse profile pictures or metaverse background images, you can use apps and software programs such as Adobe. But, there are also ways to create content with your virtual reality (VR) goggles.

You may want to download the proper application to your device to start off. Android users can use Photo Sphere for free and iOS users can download Splash for free. Both of the apps are designed to help you make 360-degree videos or photos so you can hop on the virtual reality train.

Related: Project recognized as one of the top metaverses by Forbes releases business license NFTs

Tools to create metaverse graphics yourself

With some kind of design software, you can create the kind of graphic or even NFT images you want. There’s no difference between making a picture of a sleeping cat or a random avatar in a glowing and colorful futuristic world. It’s another style, but the techniques are the same.

If you want to go for a 3D design, that’s a different story. You can also use more specific software that is made for more immersive storytelling. For virtual reality or even augmented reality purposes there are lots of tools available like Adobe’s Aero. With this tool, you can “blur the lines between physical and digital experiences.”

Ethereum continues to trade close to its support level of $3,000 on Good Friday, as some financial markets were closed for the holiday weekend. Volatility has slightly eased as a result, with BTC also hovering near its floor around $40,000 during today’s session.

Bitcoin

Bitcoin was trading lower during Friday’s session, as volatility in crypto markets somewhat eased as a result of the Easter break.

Following a high of $41,245.49 on Thursday, BTC/USD is down by 2%, dropping to a low of $39,695.74 in the process.

Today’s drop pushed prices closer to the long-term floor of $39,600, however BTC bounced back, with the move now appearing to be a false breakout.

Now trading around $40,200, bulls remain set on keeping prices above $40,000, despite the momentum of the 10-day and 25-day moving averages mainly being bearish.

The 14-day RSI also continues to track in oversold territory, after failing to break out of the 42.65 resistance level earlier this week.

Looking at the chart, we may continue to see more price consolidation, until a breakout occurs on either the floor of 38, or ceiling of 42 on the RSI indicator.

Ethereum

Like bitcoin, ethereum also traded near its long-term support point of $3,000 on Friday, following a failed attempt to move past a key resistance level.

Thursday saw ETH/USD fail to break out of its ceiling at $3,150, which then resulted in prices falling back towards support of $3,000.

As a result of this, ETH dropped to an intraday low of $2,988.44 earlier in Friday’s session, and is currently down 1.5% on the day.

Since this bottom, bulls have helped to re-capture the $3,000 floor, and this comes as the 14-day RSI indicator seems to have also found support.

This floor is the 44 level, where price strength has remained since yesterday, as seen by the sideways trend on the chart.

Despite this, there are likely some traders that could look to take advantage of the relatively quiet session, by trying to swing momentum on either side of the current support levels.

Will we see any sustained price movement over the coming days? Leave your thoughts in the comments below.

Eliman Dambell

Eliman brings a diversified point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX.