Chingari, which is a game platform for short videos and live streaming, has now also entered Web3 with the launch of Chingari Game Zone. Through Aptos blockchain, their platform wants to combine its strengths in social media, entertainment, and blockchain technologies to create an exciting and immersive gaming environment.
The Chingari Game Zone will have on show a handpicked series of the most popular mobile games meant to provide end-users with an exhilarating experience. Ludo is the first offering, which is presented in a format of communication through voice in Web3.
Users will be rewarded with the tokens Gari that continuously evolve the social experience within Chingari. Going forward, Chingari intends to broaden its Web3 gaming offerings by adding other games that correspond to various preferences and needs.
Sumit Ghosh, Co-founder and CEO of Chingari, Chingari envisions a game seamless that can make use the blockchain technology at its fullest. He suggests that Web3 can innovate the games industry by bringing new supremacy and tension around the world.
Underpinned by a strong base of social media, entertainment, and blockchain knowledge, Chingari is committed to changing the game. Launched in 2018, users can upload videos, communicate with friends, and browse different content categories.
Chingari’s Game Zone, released not long ago, is a strategic change implementing the platform’s NSFW content. Conversely, current events mark a realignment towards gaming and blockchain space.
Notwithstanding the staff sackings, the company had a reduction in the net loss from the previous fiscal year by 2023. This is also a result of improvement in revenue and cost-cutting measures. Chingari with Web3 gaming begins a new chapter for the platform that uncovers new gaming models and fully takes advantage of all the opportunities offered by blockchain.
Can They Ignore the SEC? Hong Kong Launches ETFs as Ethereum Faces Security Scrutiny
Hong Kong’s ETF issuers have not been put off by the recent crypto regulations in America, particularly the decision in the U.S. to see Ethereum (ETH) as a security. Wayne Huang, CEO of OSL Digital Securities, stressed that Ethereum already has a separate definition from other digital assets which is not classified as a security in Hong Kong.
It is against this backdrop that major players in the digital asset management business like Zhu Haokang of China Asset Management and Wayne Huang will be tackling some questions that are related to the new institutional investment products to be launched later this week in Hong Kong.
Huang sent out a statement that the classification of Ethereum as a security by the United States might not disrupt the Chinese independent decision-making process referring to crypto assets. He maintained that the Hong Kong Securities and Futures Commission is the independent body to decide on the asset classification and access of individual investors to its market which is not dependent on the decisions of the US authorities.
Furthermore, he pointed out why Hong Kong was starting with spot Ethereum ETF as compared to the US. He noted that cryptocurrency regulation in the US is multi-departmental and has some conflicting opinions while in Hong Kong Ethereum, is given a straight definition as a non-security asset as well as Bitcoin.
The US Securities and Exchange Commission is still investigating the Ethereum Foundation. However, Huang makes it known that, as far as Ethereum is concerned, it will not fall under the category of security.
Many popular fund management companies in China, like China Asset Management, Bosera Asset Management, and Harvest Global Investments, have begun the development of crypto ETFs in Hong Kong. OSL Digital Securities, the main partner, has chosen China Asset Management (Hong Kong) as the first pair of virtual assets trading and sub-custody providers.
China Asset Management that is registered in 1998 and headquartered in Beijing belongs to the top fund families and is a state-owned bank. The launch of ETFs in Hong Kong amidst US regulatory uncertainties reflects the region’s commitment to embracing digital assets while maintaining regulatory clarity and independence.
Free Crypto, Big Disappointment? Eigenlayer’s Airdrop Sparks User Outrage
EigenLayer, one of the biggest DeFi projects rolled out last year, introduced its own native crypto, a total of 1.67 billion, to generate its ecosystem. The Eigen Foundation, a non-profit, ring-fenced the remaining 45% of the tokens as community machinery, for example, stake drops and community work projects.
On the other hand, community favor started to decline once they came to know that just 15% of the tokens dispersed as stakes dropped. The first distribution phase comprised only 5% of the total token distribution and was based on the users who were staking as of March 15, 2024.
Besides that, there will also be a considerable percentage that will not be claimable until the last day of extension which will not be transferable at once hence adding to the everyday user’s dissatisfaction.
The unequal distribution, where 55% of it relates to the project funds and early investors, has caused a lot of indignation from the community. The supporters of this argument assert that such inaccuracy in possible distribution leads to an unfair market.
CoinMamba, an experienced crypto investor, expressed the problem of unequal distribution. The situation is that the project team and investors receive rewards that are way higher than the ones received by the stakers which gives the investors a major advantage.
Similarly, analyst CryptoTelugu also addresses the issue of a more equitable distribution, which he refers to as the creation of token rewards allocated to the participants in a way that all are given equal chances.
By the plan of EigenLayer, the crypto community has been active in discussing extensively the subject of fairness and transparency in token sales. As the project progresses and stakeholders speak up, the advocacy of the citizens for practices that are more inclusive and fair will keep on growing in the crypto space.
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