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Demystifying Metaverse, NFTs and other crypto assets

Did you know that the term “Metaverse” was first used by author Neal Stephenson in his dystopian novel ‘Snow Crash’ (1992) to portray a virtual world? Cut to 2022, India saw its first-ever wedding reception in the metaverse on January 11. Punjabi pop singer Daler Mehndi performed live in the metaverse, making it the world’s largest concert by drawing 20 million spectators globally.

That is the power of Metaverse, a universal virtual world consisting of 3D virtual spaces based on social connection. The technology interests millennials and generation Z, who are bored with static internet pages and social media platforms.

Having experienced AR (Augmented Reality), VR (Virtual Reality), and MR (Mixed Reality), they are more excited about the 3D virtual world that provides real interactions and interesting visuals. Metaverse transports them to an entirely live and interconnected world.

Recently, Facebook rebranded itself as Meta and brought the technology to the mainstream by hiring 10,000 people. By creating a metaverse infrastructure, the company intends to transform itself into something futuristic.

Through the immersive world of Metaverse, users spend time socializing, learning, working, and entertaining, among other things. It is a blend of AR, VR, and MR. It has components of gaming, crypto, and social media embedded into it. For example, Metaverse allows its users to play online games on various avatars. Through VR headsets, they can enjoy an immersive experience that is delightful visually.

Non-FungibleTokens (NFTs)

NFTs are digital products such as art, music, and videos that can be traded by utilizing blockchain technology. Because they are non-fungible, unlike crypto tokens, there exists only one original of an NFT.

NFTs are distinct, having exclusive identifying codes. This is in contrast with most digital items, which are usually unlimited in supply. Removing the stock should ideally raise the worth of a given resource because of its popularity. But in the early days, numerous NFTs were digital creations that existed elsewhere. For example, famous video cuts from NBA games or securitized variants of digital art circulated on Instagram.

Although NFTs have been there since 2014, they started making news in 2021 when an online auction site Christie’s, saw an NFT of $69 million for a digital creation titled “The First 5,000 Days” by artist Mike Winkelmann aka Beeple. They also started making a buzz in the music world when artists such as Kings of Leon, Shawn Mendes, and Grimes released songs in the NFT format.

Since then, NFTs are making their presence felt everywhere, including in the gaming industry. Even something as intangible as a tweet by Twitter co-founder, Jack Dorsey, was sold for over $2.9 million in 2021.

It was his first-ever tweet posted on March 21, 2006. Dolce & Gabbana and Nike have designed apparel and footwear that come with their own NFTs.

The global NFT market size is expected to grow from $3.0 billion in 2022 to $13.6 billion by 2027, at a compound Annual Growth Rate (CAGR) of 35% from 2022 to 2027, according to ReportLinker.com.

But the question arises: Why are people eager to shell out millions of creations they could easily take a screenshot of or download? That is because an NFT allows the shopper to own the unique item. Moreover, the creation also holds an in-built authentication that provides ownership validation.

Crypto assets

These are digital assets that utilize blockchain ledgers to facilitate transactions. They use cryptography, shared networks, and distributed ledger technology (DLT). They can have various roles and features, including being utilized as a mechanism of trade, a method to store value, or for other business uses. When it comes to operations, crypto assets have no dependency on a national/central bank or government.


Common crypto assets include:

Crypto Coins:

This is a digital unit of value and a popular kind of crypto asset that is used to send and receive payments as well as international money transfers easily. They are extremely low-cost, effective, and faster than traditional methods.

India is gradually opening up to the idea of accepting cryptocurrency as a legit payment method. A Bitcoin trading site Unocoin, allows users to buy vouchers from over 90 brands via Bitcoins.

Unocoin’s registered users can use Bitcoin worth anywhere, between Rs 100 to Rs 5,000, to avail of these vouchers and buy anything from brands such as Domino’s Pizza, Baskin Robbins, Himalaya, and Prestige.

Digital currencies such as Monero, Zcash, and PIVX allow their users to make financial transactions that are 100% private and anonymous. This implies that individuals have the freedom to maintain privacy without having to reveal the reason for sending or receiving money.

Utility Tokens

Utility tokens allow users to perform transactions within a certain ecosystem. For example, the BAT token is a utility token that allows users to perform transactions on the Brave Browser.

Like all crypto transactions, Utility token transactions are verified on blockchain ledgers. The supplier of the products or services provides tokens that must be utilized within the supplier’s network.

Security Tokens

These are digital, liquid contracts for parts of any asset that have value, for example, real estate, a vehicle, or corporate stock. Using security tokens implies that investors’ ownership stake is safely preserved on the blockchain ledger.

Some examples of security tokens include Siafunds (used on the Sia Network for revenue sharing) and BCAP Tokens (these are Ethereum-based smart contract digital tokens launched in 2017).

Security tokens are usually sold or auctioned in an Initial Coin Offering (ICO) or an Initial Token Offering (ITO) that permits organizations to fund-raise to finance an idea. The business offers security tokens in return for government-issued currency or other crypto assets.

The security token also provides added advantages such as casting ballot rights, benefit-sharing, or profits.

Web3 is another technology that has evolved over a period of time. Born due to a lack of trust in the internet, Web3 is your answer to unfaithful social media platforms where you cannot keep anything private.

This next-generation internet allows its users to create, control and own their identity. With better tools, Web3 will allow its users and firms to create unique content. It will enable intelligent creation that is tailored to every user.

This would give rise to content distribution platforms that help in making Web3 profitable.

Moreover, personalization would make way for more content interaction, thus, allowing brands and their audiences to ideate new co-creation tools. As these new-age technologies continue to transform various industry sectors, it is an exciting time to see their impact on the future of businesses.

(The author is CEO, Zebpay. Recommendations, suggestions, views and opinions are his own. These do not represent the views of Economic Times)


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6 best IEO crypto tokens in 2022

The popularity of initial coin offerings (ICOs) has provided a platform for several other innovative fundraising mechanisms to emerge.
One of these mechanisms is initial exchange offerings (IEOs), which provide a way for crypto projects to sell tokens while benefiting from the reputation of an established crypto trading platform.
This article discusses six of the best IEO cryptos for 2022, evaluating which tokens are creating buzz within the market before presenting a quick guide on how to invest in a high-potential crypto today.
The six best IEO cryptos to buy in August 2022
Listed below are six exciting crypto projects set to be listed on exchanges in 2022. We’ll explore each of these projects in detail in the section below.
1) Lucky Block (LBLOCK)– overall best IEO crypto for 2022
2) BlaBlaGame (BLA) – crypto-gaming IEO with an interesting concept
3) Engage2Earn (E2E) – exciting web3 engagement project
4) CNX-Network (CNX) – sustainable blockchain network with various use cases
5) Centurion Invest (CIX) – an innovative trading platform with useful token
6) Celer (CELR) – valuable blockchain interoperability protocol
A closer look at the best IEO cryptocurrencies
IEOs can be an excellent way for projects to raise capital whilst also adding a significant degree of credibility. This is of major importance to investors, as they’re much more likely to invest in a project with a level of legitimacy. With that in mind, let’s dive in and discuss the best IEO crypto projects of the year:
1. Lucky Block (LBLOCK) – overall best IEO crypto for 2022
Topping this list of the best IEO cryptocurrencies is Lucky Block. Lucky Block is an NFT competitions platform that offers daily competitions hosted on the Binance Smart Chain. These competitions are fully-decentralized, significantly boosting their fairness and transparency.
LBLOCK is the native BEP-20 token of the Lucky Block ecosystem and has several important use cases. This token was also purchased by speculative investors earlier in 2022 to gain exposure to Lucky Block’s growth. Ultimately, this proved to be a wise move, as LBLOCK’s price surged by over 3,000% after the token went live on PancakeSwap.

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Although the token has been consolidating for the past few weeks, the price could be set for a rebound thanks to the release of ‘LBLOCK v2’. Rather than using the BEP-20 standard, LBLOCK v2 is an ERC-20 token, which is compatible with the Ethereum blockchain.
Not only does this mean LBLOCK v2 has the potential to be integrated into the vast universe of dApps constructed on Ethereum, but it also provides a clear pathway toward centralized exchange (CEX) listings. Several listings have already gone live, as LBank has been offering the token from July 26th onwards and offered MECX on August 1st.

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Ultimately, this token has many exciting benefits since it doesn’t feature the 12% sales tax that LBLOCK v1 has. This makes LBLOCK v2 much more appealing to day traders and speculators, helping increase demand and boost liquidity.
With five or six more CEX listings planned for the coming months, now could be a great time to consider adding LBLOCK to your portfolio. Potential investors can learn more by joining Lucky Block’s or participating in the Discord server. Potential investors can learn more by joining Lucky Block’s Telegram group or participating in the Discord server.
BUY LUCKYBLOCK ON MEXC
2. BlaBlaGame (BLA) – crypto-gaming IEO with an interesting concept

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BlaBlaGame is a crypto-gaming platform that transitions the popular ‘rock, paper, scissors’ game to the blockchain. The concept of this platform is simple – users play a game of rock, paper, scissors, and the winner receives rewards in the form of BLA tokens.
Over 32,000 games have been played already by more than 1.500 users. BlaBlaGame also features a built-in referral system, whereby users who invite their friends will receive a bonus of up to 14% on their next BLA purchase.
BlaBlaGame is currently going through ‘Round 1’ of its IEO, with tokens priced at $0.10. Subsequent rounds will increase the token price, with the end goal being listings on major CEXs and DEXs by Q4 2022.
3. Engage2Earn (E2E) – exciting Web3 engagement project

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Engage2Earn is defined as a ‘Web3 community engagement tracker’ featuring GameFi elements that aim to foster a strong community. The main feature of Engage2Earn is the ability for users to launch crypto project campaigns, which are paid for in E2E.
Community members can earn E2E by engaging with the campaigns listed on the Engage2Earn dashboard. These campaigns will have specific tasks that need to be completed, once they’re finished and validated, the users will earn rewards.
Engage2Earn will also feature NFTs, which act as users’ ‘entry tickets’ to participate in the campaign/task system. Finally, Engage2Earn is currently in the presale phase of its life cycle, where investors can purchase E2E tokens for only $0.05 each – although the supply is capped at 15,000,000 E2E for this phase.
4. CNX-Network (CNX) – sustainable blockchain network with various use cases

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CNX-Network aims to be the world’s first sustainable blockchain technology network. Described as the ‘future of blockchain technology’, this project offers encrypted and interconnected dApps running on CNX-Network’s blockchain and using the CNX digital currency.
CNX-Network already boasts a community of over 200,000 users and lists several high-profile names as partners on their website, such as Visa, Mastercard, and Mabuhay International. There’s also a dedicated investor program designed to foster innovation within the network.
This crypto IEO is ongoing, with phase one scheduled to end on September 1st, 2022. Tokens can be purchased for $0.008, with CNX-Network’s team aiming to raise over $28 million through this process.
5. Centurion Invest (CIX) – an innovative trading platform with useful token

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Centurion Invest is an ‘all-in-one’ crypto trading platform, offering every service an investor might need. Services include the ability to purchase cryptocurrencies, customizable ETFs, and even trading options related to assets like equities and indices.
Centurion Invest also offers several yield farming options – with the ‘Whale’ tier providing an APR of up to 30% (with a $50,000 minimum deposit). The platform’s native token is CIX, used in Centurion Invest’s referral program and as a way to reduce trading fees.
Over $7 million has already been raised through the CIX sale, giving this project a market cap of $31 million. Given the token’s valuable use cases, this IEO is undoubtedly one of the most popular on our list.
6. Celer (CELR) – valuable blockchain interoperability protocol

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Rounding off this list of the best IEO cryptos is Celer. Celer is a blockchain interoperability protocol designed to simplify the process of accessing dApps. Using Celer’s SDK, dApp developers can create platforms operating on various chains, making them accessible to a more extensive user base.
CELR is the Celer network’s native token, used for staking within the Proof of Stake (PoS) consensus algorithm. However, over 130 alternative tokens are supported by the Celer ecosystem, including AAVE, DAI, and AVAX.
Celer is primed for an IEO this year, although no date has been set as of yet. However, given that the project has over 127,000 followers on Twitter, any token launch will undoubtedly be popular.
How to buy Lucky Block
As the sections above highlight, Lucky Block leads the way regarding the best crypto IEOs for 2022. LBLOCK v2 was listed on the leading crypto exchange LBank on July 25th, providing an easy way for investors to buy tokens with low trading fees. Those interested in acquiring some LBLOCK can do so by following the steps below once the token goes live:
* Step 1 – sign up for an LBank account: head to LBank’s homepage, click ‘Register’ and follow the instructions to sign-up for an account.
* Step 2 – complete verification: complete LBank’s verification process by entering the details necessary for the platform’s KYC checks, then upload proof of ID (e.g. passport).
* Step 3 – deposit: go to the ‘Wallets’ section of LBank’s dashboard, click ‘Deposit’, and choose which cryptocurrency you’d like to fund your account with. A wallet address will appear on-screen, which you must use to manually send the funds from your crypto wallet.
* Step 4 – buy LBLOCK: type ‘LBLOCK’ into the search bar and click on the token in the listings panel. In the order box at the bottom of the screen, enter your investment size, choose your order type, and confirm the transaction.
Best IEO crypto – conclusion
To summarize, this article has taken an in-depth look at some of the top IEO cryptos for 2022, highlighting why they are creating so much buzz within the market.
The number one pick in this area is Lucky Block, thanks to the release of the ‘LBLOCK v2’ token. This token release has already caught the attention of major exchanges like LBank and MEXC, which have listed it, and more exchange listings are likely on the horizon.
Disclaimer: The above content is non-editorial, and TIL hereby disclaims any and all warranties, expressed or implied, relating to the same. TIL does not guarantee, vouch for or necessarily endorse any of the above content, nor is it responsible for them in any manner whatsoever. The article does not constitute investment advice. Please take all steps necessary to ascertain that any information and content provided is correct, updated and verified.




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Bitcoin, ethereum, Ripple XRP, Solana and Cardano prices plunge in $250 billion crypto crash

Crypto investors were lulled into a false sense of security after a steady three weeks, but now cryptocurrency has plunged again.

A major cryptocurrency crash has wiped away the gains made in the last three weeks, sending the values of the digital tokens plummeting to dangerously low levels.

Crypto prices tanked overnight, with the most popular ones falling by as much 13 per cent.

In total, cryptocurrency’s market cap dropped by eight per cent, from US$2 trillion (A$2.7t) to U$1.84 trillion (A$2.5t).

That represents an eye-watering loss of US$160 billion. (A$215b).

Terra’s LUNA coin slid the most out of the top 10 crypto tokens, plunging 13 per cent in the past 24 hours, and 28 per cent over the past week.

Avalanche fell by 12.6 per cent, Solana by 13 per cent and Cardano by 12 per cent.

Bitcoin and ethereum, the two most valuable crypto tokens, also took a serious battering.

Ethereum was down 9.7 per cent, worth just US$2,989 at time of writing.

Bitcoin has also massively declined, down eight per cent to come in at US$39,578.

For the past three weeks, cryptocurrency has held steady, particularly bitcoin, so the latest drop has sent shockwaves around the industry.

BTC’s price peaked for the year at $48,200 on March 28 but now, just a few weeks later, it is once again tragic.

Analysts believe crypto investors are spooked as markets around the world lose their steam.

In Asia, the Hang Seng closed down three per cent on the day in Hong Kong, while the Shanghai Composite Index finished 2.6 per cent lower.

Germany’s DAX traded 0.77 per cent in the red at the time of writing, as did London’s stock market.

Australia’s ASX is expected to dip when it opens this morning.

Tony Sycamore, senior market analyst at City Index, said in a note to news.com.au: “Bitcoin has cratered to be trading at $39,446 (-6.36 per cent) in line with the sharp fall in US equities.

“As we continue to note, Bitcoin is a risk asset, tightly linked to the performance of US equities and, in particular, the Nasdaq.

“Both have benefitted from an extended period of ultra-easy monetary policy and excessive liquidity, which is now being hastily removed.”

Another explanation for the drop could be new bans imposed on cryptocurrency as Russia continues to try to evade economic sanctions amid its illegal invasion of Ukraine.

Just before the weekend, the European Union banned the use of cryptocurrency services to Russia.

The new rule blocks deposits to Russian crypto wallets — including popular cryptocurrencies like bitcoin, ethereum, BNB, XRP, cardano, solana and luna.

It came after the European Central Bank president Christine Lagarde warned that cryptocurrencies posed a “threat” to efforts to curb Russia’s economy.

The EU will put “a prohibition on providing high-value crypto-asset services to Russia,” the European Commission announced.

They added: “this will contribute to closing potential loopholes.”

India’s cryptocurrency industry could also be dragging down the overall market.

Crypto research firm Crebaco found trade volumes had dropped massively in the country ever since a new tax rule was introduced on April 1.

India now requires a 30 per cent tax on any profits generated from cryptocurrency transactions and doesn’t allow offsetting gains with losses, according to CoinDesk.

Read related topics:Cryptocurrency

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