Connect with us

News

Ripple to leverage Xpring to support Forte’s idea of converting in-game goodies to assets

Namrata Shukla

Published

on

Ripple's Xpring leverages from Forte's idea to convert in-game goodies to assets
Source: Pixabay

Blockchain technology has been widely recognized among the masses and in a new application of the tech, developers want to change the investment made by players to buy in-game items into assets. Wired reported:

“Companies like Andreessen Horowitz–backed Forte and Hong Kong’s Animoca, which invested in CryptoKitties last year, want to use blockchain technology to turn these ephemeral items into assets.”

Forte’s CEO Kevin Chou recently introduced the gaming community to the ‘freemium model’ and hopes to provide gamers with ‘real value on their virtual experience’. Chou said:

“Imagine a person who’s spending three or four hours a day playing a game and is plugged into the community, talking about what’s going on in their lives with their friends.”

The gaming industry enables players to buy in-game goods, however, they vanish as one leaves the game. Ripple had previously announced their support to Forte with Xpring, and now the company has announced their support for the new venture. Ripple’s official Twitter handle posted:



“There’s an exciting opportunity to leverage blockchain technology in the gaming world and we’re thrilled to support @forteplatform through #Xpring.”

Xpring has been working with Forte to embed interledger, Codius, and XRP in the platform and to maximize cross-chain interoperability, security, and liquidity. Xpring’s lead Ethan Beard, in a tweet, elucidated this new step taken by Forte and the massive opportunity for blockchain in the gaming space.

XRPL Labs has been providing developers like Wietse Wind and his team an opportunity to develop products for their ecosystem. Wind’s team recently launched XRP Payments and the team currently is working on other projects as well. Thus, it is not new for Ripple to support developers and lead the change.





Subscribe to AMBCrypto’s Newsletter


News

JP Morgan: Big banks stand corrected as Bitcoin rally past intrinsic value; admits current surge mirrors 2017 rise

Avatar

Published

on

JP Morgan: Big bank stands corrected at Bitcoin rally past intrinsic value; admits current surge mirrors 2017 rise
Source: Pixabay

Big banks are riding a FOMO wave as the Bitcoin bull-run is just beginning. Spearheaded by the changing colors of JP Morgan, which recently forayed into the digital assets world, the banking elite is now suggesting that their initial stance on Bitcoin and the larger cryptocurrency world might have been off.

A recent chart by JP Morgan shows the current BTC price veer upwards chiding the “intrinsic value” the big bank placed on the virtual currency.

Based on the article by Bloomberg, the price of the coin would reverse towards the end of December 2018 and then make marginal gains until May 2019, all under the $5,000 mark. In reality, the BTC price, after dropping to “rock bottom” at just above $3,100 in early December 2018, edged upwards.

Several spurts of growth were seen in early January and February, prior to a massive April ascendance. On April 2, Bitcoin did away with the bank’s value mode and amassed a daily gain of over 15 percent, fuelling its current rise. Breaking the $5,000 ceiling in the process, which was pegged to remain intact well into May 2019, the king coin is now almost $3,000 ahead of the mark and is not looking to stop.

Source: Bloomberg

It should be noted that JP Morgan’s “intrinsic value” is calculated on the basis of the marginal cost of production, electricity prices, and hash rates. This model does not take into account, at least on absolute terms, the anticipatory effect of the 2020 halving, which, according to a slew of analysts is the behind the price rise.

Nikolaos Panigirtzoglou, the MD in the Global Market Strategy team at JP Morgan stated that Bitcoin breaking through its “intrinsic value” showed signs of mirroring its 2017 bull run. He evidenced this move by comparing the pre-December 2017 slump to the one seen prior to the current bullish swing.

The analyst added:

“Over the past few days, the actual price has moved sharply over marginal cost. This divergence between actual and intrinsic values carries some echoes of the spike higher in late 2017, and at the time this divergence was resolved mostly by a reduction in actual prices.”

With the analyst admitting that the imparting of an “intrinsic or fair value” to a cryptocurrency, much less a volatile one like Bitcoin, is a “challenging” ordeal, a mere JP Morgan acknowledgement of a Bitcoin bull-run is a remarkable sign for the digital assets industry, especially given the bank’s and its CEO Jamie Dimon’s Bitcoin-bashing in the past.

Mati Greenspan, senior market analyst at eToro attested to the same, adding a key point that JP Morgan failed to take into account in their calculation. He stated:



“Great to see JPM finally admitting that Bitcoin has intrinsic value.
Now wait till they understand that miners who run a surplus tend to begin hording.”

Despite Bitcoin slumping at press time, recording a 1.23 percent decline against the dollar, the prospects look positive. After recording a massive gain on 19 May, briefly surging past $8,000 for the second time in a week, Bitcoin created a High-Low [HL] at $7,100, which many analysts look at with glee.

This HL immediately following last week’s pull-back caused due to post-Consensus bears, a Bitstamp sell-order and market correction showed the king coin’s bullish persistence and can even be a foundation for a $9,000 ascendance, defying any “intrinsic value” expectations.





Subscribe to AMBCrypto’s Newsletter


Continue Reading

Trending