crypto

• Microsoft’s top-ranking executive has touted Ethereum to be the de facto app store in the future.
• He says the timeline for this to happen is 2023 and will occur after Ethereum scales up.
• Ethereum network plays a key role in NFTs, DApps, and decentralized finance.

According to Microsoft’s Director, the Ethereum network could gain even more adoption in the future. The network’s offerings and capabilities will make it the ground-zero for apps in 2023.

Ethereum – The Mothership

Yorke Rhodes, the Director of Digital Transformation at Microsoft has hailed Ethereum’s stellar features and has predicted the network to be the go-to hub for apps by 2023. As the world inexorably marches towards a decentralized future, DApps are beginning to rise in popularity and according to Dapps Radar, there are over 9,000 decentralized applications in existence.

“Prediction: Ethereum becomes the Decentralized Appstore by 2023,” said Rhodes against the backdrop of falling revenues from traditional app stores like Google and Apple. 

Rhodes’ prediction of 2023 might be tied to the Ethereum network’s transition from Proof-of-Work to Proof-of-Stake that will usher in a new era for the network. The transition is viewed as a major solution to the nagging problem of scaling and the high gas fees associated with Ethereum in recent months. Already, Ethereum’s co-founder Vitalik Buterin has proposed some short-term scaling solutions for the network.

While Ethereum has the pedigree of being the first mover with decentralized applications like CryptoKitties gaining traction in 2017, it has come under threat from newer blockchains like Solana and Polkadot. It is widely expected that after Ethereum transitions, the network will be able to muscle the competition from other blockchains.

Ethereum’s switch to Proof-of-Stake is billed to be completed sometime in 2022. The network has well over 3,000 DApps built on it and is the undisputed leader in the nascent fields of NFTs and DeFi.

DApps Will Play A Huge Role

Web 3 is the new rallying cry of cryptocurrency enthusiasts, signaling a shift away from the traditional internet as we know it. This iteration of the internet focuses on decentralization which is in contrast with the current regime of centralization of data by big tech companies. 

DApps have their backend code running on decentralized peer-to-peer networks, unlike traditional applications that run their codes on centralized servers. According to proponents, DApps, NFTs, DeFi, and DAOs will serve as the building blocks for a new future of the internet.

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The cryptocurrency industry is steadily roping in Wall Streets giants. In its year-end letter, LionTree’s Chairman and CEO Aryeh Bourkoff highlighted the exponential growth and potential of the budding sector. Thus, citing the recent quest by the ConstitutionDAO to buy the American Constitution’s NFT. He said,

“It epitomizes the potential of the new economy: cutting-edge technology at the service of communities who can act upon their shared ideas not only recreationally, but in ways that create lasting value.”

He also argued that cryptocurrencies could fulfill the internet’s goal of empowering individuals. According to him, the crypto sector has now become “impossible to ignore” with the industry’s market cap sitting at over $2 trillion.

Furthermore, he noted that cryptocurrencies are also helping those with excess cash to guard their funds against inflation while also getting higher yields and returns.

Expanding upon LionTree’s future crypto plans, the banker noted,

“We’re currently exploring ways to start accepting crypto as payment for our services, and in the not-so-distant future, as our ecosystem grows and our relationships continue to mature, we might even create our own LionTree token of trust.”

However, Bourkoff’s high praise was accompanied by issues that he feels need to be addressed before cryptocurrencies truly become mainstream. He noted that the industry needs to become more energy efficient to be widely accepted.

Thereby, adding that a single transaction on the Ethereum network utilizes more energy than an average U.S. household does in a week. Notably, he also mentioned the need to adopt friendly user interfaces by crypto platforms so that their user base can expand further from a predominantly male and tech-savvy population.

The biggest issue perhaps would be meaningful regulation, according to Bourkoff, as it would include governing cryptocurrencies that are explicitly marketed as alternatives to fiat currencies. He said,

“Globally, countries will have to balance regulation and innovation, and weigh their desire to attract the next generation of entrepreneurs against their urge for control through centralized currencies.”

LionTree has had a successful 2021, having brokered some large media acquisition deals including those between WarnerMedia with Discovery Inc. along with Amazon’s acquisition of MGM Studios.

Bourkoff and his firm are one of the proponents of traditional finance that are now dipping their toes into the cryptocurrency industry. Just recently, billionaire investor Ray Dalio revealed that he owns “bits” of Bitcoin and Ethereum, adding that,

“It has been an amazing accomplishment for bitcoin to have achieved what it has done, from writing that program, not being hacked, having it work, and having it adopted the way it has been.”

In fact, a recent survey by EY found that one-in-four hedge fund managers are expecting to increase their exposure to cryptocurrencies in the next one to two years. Besides, 20% of the surveyed institutional investors claiming the same.

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Every mobile game developer wants to create an excellent game with a monetization mechanism to maximize their advertising revenue. Currently, most crypto games require players to use real money to purchase virtual reality goods, after which they can unlock advanced content. Using cryptocurrencies instead of money would make the process a lot easier for NFT gamers and the developers if applied. And now, slowly, many developers are catching up to it and can tag their digital collectibles.

But, what does this mean? Game developers realize that an in-game economy based on blockchain networks rather than on real currency can give them their rights in value and existence rather than just an in-game currency. As a result, NFT gamers can purchase, use, sell, and trade the currencies they have amassed outside of the crypto gaming industry.

With NFT games growing in awareness and popularity, we thought now is the right time to list the best NFT games and where to find them. We reviewed different genres of NFT games so anyone might find a game they will enjoy. We are looking at these play-to-earn games from a gameplay perspective and financial advice. These are the games we suggest you buy into. The best way to stay updated with the upcoming NFT games & cryptocurrencies, join the Crypto Gaming Bulls telegram channel!

Top 5 Best NFT & Crypto Games to Invest & Explore in 2022: 

• Battle of Guardians – Play-To-Earn NFT Fighting Game on Solana Blockchain
• RaceFI – Newly Launched Metaverse Platform, Earn Crypto Prizes
• Rainmaker – Stock Fantasy Gaming Platform based on Cryptocurrency
• Polygonum – Cross-Platform DeFi Game With Crypto & NFT Marketplace

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