GM Readers!📪 It's BitDegree Insider, and let's get this Friday started... up in heeeere...
⭐️Today's selection:
- ✨Coinbase To Restore Lost ERC-20 Tokens
- 🎮GameFi 2023 Perspectives
- 🧩Answer To Yesterday's Puzzle
- 👌Selected Meme of The Day
- 📰Bite-Sized News
COINBASE TO RESTORE LOST ERC-20 TOKENS
Cryptocurrency exchange Coinbase has introduced a tool to recover ERC-20 tokens that customers sent to the platform by mistake.
It will allow to "resurrect" 4,000 of these coins.
Previously, customers mistakenly sent unsupported tokens to their Coinbase address. When this happens, the result is that these funds don't get registered on the Coinbase ledger.
Historically, these assets have been unrecoverable, in part because Coinbase employees and support channels don't have access to the private keys needed to reverse these transactions.
Understandably, this has created frustrations, where assets are locked away with no timeline for recovery.
"The problem was really serious for customers. They were sending ERC-20 coins to Coinbase and didn't know the platform didn't support them. As a result, the assets actually got stuck," Will Robinson, Coinbase's vice president of development, commented.
The customer will be able to use the new tool on their own.
It's a simple and step-by-step process, the company assures. They also guarantee the protection of private keys when transferring to customers' deposit addresses.
Restored coins can be sent to Coinbase Wallet or any other address. The client will only need a transaction ID and a wallet address.
Recovery will become available in the upcoming weeks. Moreover, for amounts up to $100 the service will cost no fees (if exceeded - 5% fee).
Hey - you're still reading. You're a champ. Here's a cool fact for you:
Coinbase recently revealed that law enforcement in different countries has been really interested in the crypto-assets of their citizens.
In a year, they sent 2,320 requests to the platform with inquiries about different users' assets.
TL;DR: Coinbase has introduced a special tool which will allow a step-by-step recovery of tokens - those that were sent to the platform by mistake but are not supported by Coinbase.
GAMEFI VS TRADITIONAL GAMING IN 2023
The Pacific Ocean may be large, but you know what's even larger? The gaming industry.
Many forecast that the global gaming industry will be worth over $320 billion by the year 2026.
Today, it's estimated that there are around 3 billion active gamers worldwide. That's almost half of the planet.
So, quite naturally, the question arises. What will the future of gaming look like? And if blockchain is about to take over most of the industries… What about the gaming one?
It's a tough one. But nevertheless, they're already working on a solution.
So if you take Gaming and Defi, put them both into a blender, and press 'on'... You end up with GameFi, which stands for Gaming and decentralized finance.
GameFi, as a new industry, faces quite a lot of challenges.
First of all, blockchain games are difficult to develop.
Developed by teams who don't have infinite resources, most games stay behind traditional games in many aspects, such as graphics, storytelling, and immersion.
But GameFi has something that traditional games don't. The word 'Finance' in its definition.
You see, gaming costs. Meanwhile, GameFi allows people not only to spend money… But to earn as well.
Simple example. Imagine playing a GameFi game. While playing, you earn NFTs. Now you can sell them.
But despite that, many more problems remain unsolved. For example - GameFi community.
As for now, it consists of two types of people. Gamers and business men. Gamers seek fun, businessmen seek profit.
It kills the entertaining value for both of them. Neither of the groups end up satisfied.
Moreover - GameFi is not accessible for everyone.
Simply purchasing a traditional game was enough. With GameFi projects, it can get tricky. Investing in NFTs (skins, weapons, land) is often a necessary condition to play.
And they can get expensive.
But things are changing. The current stage could be described as a testing period. Because more money, more attention, and more talent are entering this field.
Here's an example. In 2021, the GameFi market grew from $382 million to $1.9 billion. But wait, there's more.
Blockchain games raised almost $7 billion in 2022. Experts say that by 2025 these numbers could double.
We'll keep our eye on this sleeping giant of an industry. And whenever something pops up, we'll let you know. But it's probably safe to say that GameFi is not GameFinished.
TL;DR: GameFi continues to grow, and we'll only see it change, adapt and overcome its current challenges to attract new players.
ANSWER TO YESTERDAY'S PUZZLE
Yesterday the SBF album received a lot of attention. AND there was a tie between two contestants!
Straight Outta Bahamas and 115 Years of Grief received equal amount of votes!
BTW: some amazing, beautiful, and creative readers suggested their own ideas. Among them were such gems as:
- Jailtime baby
- Jam'n and Scam'n
- Damn it's easy to embezzle crypto
We salute you dear, witty readers!
Nevertheless, there can't be two 2 winners. Let's see who's the best of the best.
SELECTED MEME OF THE DAY
BITE-SIZED NEWS
- The Netherlands is The Most Metaverse-Ready Country in the World. One way ticket to Metamsterdam please!
- MetaMask Customers to Purchase Ethereum via PayPal. More doors open, more guests invited.
- Maple Finance Rolls Out New Protocol Upgrade. DeFi maple syrup anyone?
With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.
Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.
Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.