Watch: Stacks Surges Following Push Into Bitcoin NFT Market (
Welcome to The Daily Forkast, October 11th, 2021, presented by Angie Lau. For the latest in blockchain & crypto news. On today's show:

00:00 Coming Up
00:36 Stacks surges following push into Bitcoin NFT market.
02:07 Samsung Next invests US$152 million in Sky Mavis despite Korean NFT gaming ban.
04:17 China crypto mining clampdown continues to bite.


Now, despite a rough start to crypto trading Monday morning Asia time, there were a few notable exceptions, with one token in particular making real ground that was the alt-coin Stacks. It gained over 70% in the past 24 hours to Sunday night. While Bitcoin traded steadily down less than 1% Monday morning, Asia time. Stacks recent push into Bitcoin NFTs has seen its price soar. Sunday night saw it hit a high of US$2.45 before it settled around the US$2.10 mark on Monday morning. Stacks is a smart contract layer built on top of the Bitcoin blockchain. That means it offers much of the functionality of smart contract enabled Ethereum with the added security of Bitcoin. It does this by running the smart contract application on its own network, but sells them on the Bitcoin network. This allows nonfungible tokens, which are largely been the domain of Ethereum to be run on Bitcoin, and that's generated a great deal of interest in Stack's own NFT marketplace. Last week, its Bitcoin Birds collection, created by a 12 year old, sold out within an hour, and it's allowing some Ethereum based assets, such as the NFT series Satoshibles to make the move to Bitcoin. But one expert warns.

Meanwhile, Samsung Next has invested over US$150 million in Sky Mavis's Series B funding round. While it may initially seem no surprise for big player like the investment arm of Korea's electronics giant to make such a move, what makes it interesting is the fact that Sky Mavis is best known as the developer of NFT based game Axie Infinity and NFT based games are currently banned in Korea. Samsung, the leading South Korean conglomerate, has shown a lot of interest in NFTs lately, and its latest move was placing US$152 million funding for Sky Mavis through Samsung Next. Prior to that, the investment subsidiary also invested in blockchain based game developers such as the DapperLabs and Hong Kong based Animoca Brands. Given the global surge in popularity of blockchain based games like Axie Infinity. Such investments are hardly a surprise, but things are quite different in Samsung's home base, South Korea. Korea's Game Rating and Administration Committee currently refuses to give age ratings to any game developed using blockchain technology, saying that the rewards gained, which may include NFTs, could encourage speculative behavior. But many gaming industry members argue that in-game rewards and items are already being liquidated and traded among users in non-blockchain games, so that's not a good enough reason to stop the sector's growth. One expert tells Forkast.News that he thinks the ban on blockchain based games will be lifted or at least eased in the future. However, he agrees with the regulators that the speculative elements which currently exist in blockchain games need to be eliminated for the industry to move forward.

And finally, today, China's clampdown on cryptocurrency mining continues to bite. The country's latest move could see crypto mining labeled as outdated, and that would mean ongoing, harsher restrictions for the industry. China's National Development and Reform Commission and the Ministry of Commerce have asked for comment on crypto mining in their latest draft market access negative list document. Now, if the document is passed by, the government policy support will be given to authorities to help further crackdowns. That means investment will be prohibited, no administrative approval will be given, and electricity prices for the industry will be increased. Now more than 20 cryptocurrency related companies have withdrawn from China since its further ban on cryptocurrency was announced on September 24th. The latest is Bitmain, which says it is halting shipment of its latest mining equipment to mainland Chinese customers. That includes orders already placed. In a statement, the company also says it strictly abides by the laws and regulations of the countries its entities are located in.


#Crypto #Blockchain #BlockchainTechnology #DigitalAssets #Cryptocurrency #DeFi #Stacks #Samsung #SkyMavis #AxieInfinity #Gaming #Bitcoin #PlayToEarn #CryptoMining #NFT



Word On The Block:

The Daily Forkast:
    • 1
    Francisco Gimeno - BC Analyst The NFT universe permeates the digital economy and DeFi. We just saw alt coins like Stacks soar because pushed the Bitcoin NFTS, while Samsung invests in another Korean company (Sky Mavis) dedicated to blockchain based games which use NFTs and other tokens. All while China continues closing all paths to everything crypto not based on the State blockchain.