Web3

Immortal – Chess app ceases play-to-earn functionality due to significant cheating incidents.

Immortal, a play-to-earn chess app with cryptocurrency integration, ceased its financialized crypto features due to rampant cheating. Despite a successful funding round and NFT marketplace, NFT values plummeted post-closure. The platform will continue using Web3 tech for anti-cheat measures. This setback underscores the challenges faced by the “play-to-earn” model. Arbitrum, an Ethereum layer-2 scaling solution, also experienced a significant outage due to transaction volume overload.

READ MORE
News

The Rise of Web3: Transforming Consumer Loyalty Programs

Consumer retail spending remains strong, with online Black Friday sales hitting $10 billion, amid inflation. The rise of web3 technology is reshaping loyalty programs, with brands utilizing blockchain to offer NFT-based rewards. This enables customers to own, transfer, and even sell their loyalty rewards, fostering deeper engagement and driving brand profitability in 2024.

READ MORE