Need to know what happened in crypto today? Here is the latest news on daily trends and events impacting Bitcoin price, blockchain, DeFi, NFTs, Web3 and crypto regulation.
Notcoin has announced that it will launch a story-driven Web3 game in a bid to transition into a community movement. Bitwise Chief Investment Officer Matt Hougan doesn’t think the industry is bullish enough, considering the recent political shift in support of crypto. Meanwhile, stablecoin issuer Tether reported record profits in the first half of 2024.
Notcoin to launch story-driven Web3 game with Lost Dogs and Getgems
Web3 game Notcoin announced that it will launch a story-driven Web3 game in collaboration with non-fungible token (NFT) collection Lost Dogs and The Open Network (TON)-based NFT marketplace Getgems.
Notcoin, a viral clicker game that onboarded over 30 million users in less than two months, is shifting its gears into a more sustainable ecosystem. It aims to engage users on a “deeper, more meaningful” level and transition into a community movement rather than just a cryptocurrency.
Notcoin will launch a game where users can play with Lost Dogs NFTs as characters and evolve by completing various tasks and making choices.
Notcoin recognized that its tap-to-earn model could not sustain long-term engagement and growth. Even though the game attracted a massive player base, the project decided to end its mining phase during its peak on April 1.
Mad Tail, the chief barking officer of the Lost Dogs collection in a statement about the importance of having story-driven games. Mad Tail explained:
“Because everything in our lives is a form of narrative. Life itself is a narrative concept. Therefore, we aimed to establish this synchronicity in our game — as above, so below.”
Meanwhile, Mad Tail also argued that NFTs are a technology that exists whether people believe in them. When asked why they incorporated it in their game with Notcoin, the executive said it can enhance the user experience.
“We see NFTs as a tool that can enrich the gaming experience by enhancing the sense of ownership within the game. This is why we’ve chosen to incorporate NFTs into our playground.”
Bitwise says “we’re not bullish enough” amid political sway to crypto
After hearing several influential United States politicians embrace Bitcoin at a recent Bitcoin conference in Nashville, Bitwise’s chief investment officer Matt Hougan says he left with one big takeaway: “We’re not bullish enough.”
In a July 31 post, Hougan said several recent promises made by these US politicians have prompted him to “rethink what’s possible” with Bitcoin (BTC)
Among those promises were Republican candidate Donald Trump’s plan to build a strategic national Bitcoin stockpile, Wyoming Senator Cynthia Lummis’ announcement of a Bitcoin reserve bill to clean up the country’s $35 trillion debt crisis and independent candidate Robert F. Kennedy Jr.’s promise to make the US Treasury buy 500 Bitcoin per day until at least 4 million Bitcoin is reached.
“These ideas would have been the stuff of daydreams a year ago. But after what I witnessed last week, they look more likely than not,” said Hougan:
Tether profits hit $5.2 billion
Stablecoin issuer Tether reported that its profits soared to $5.2 billion in the first half of the year, thanks to a massive reserve of US Treasury assets collecting interest.
Tether, which operates the largest stablecoin by market capitalization, reported that its US Treasury portfolio has reached $97.6 billion. Its total reserves exceed $118 billion, while the Tether USDT $1.00 stablecoin has a $114 billion market capitalization.
The company said its Treasury reserves are now larger than all but 17 of the world’s governments. Its portfolio is bigger than countries such as Germany, Australia and the United Arab Emirates.
Tether’s growing balance sheet allows it to “continue leading the stablecoin industry in stability and liquidity as well as to bring its expertise across different areas such as Artificial Intelligence, Biotech, and Telecommunications,” said CEO Paolo Ardoino.
To read article in Arabic, please visit the website Crypto Mena
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