Blockchain gaming industry concerned over TerraUSD, Luna crash

Advertisement



Game with products featuring virtual coins and other blockchain functionalities remain on heightened alert over adverse effects from the recent collapse of the TerraUSD and Luna cryptocurrencies, industry officials said on Monday.

Cryptocurrencies operated by South Korean gaming for in-game purchases and trading have undergone volatile trading since May 10, when TerraUSD and Luna started showing signs of trouble.



According to CoinMarketCap, a virtual asset info website, C2X, a blockchain platform created by game company Com2uS Corp., once plunged to the 500 won ($0.39) range between May 11 and May 12, compared with its price range between 2,100 won and 2,300 won on May 10.

C2X, which previously used TerraUSD as its main platform through a partnership with Terraform Labs, the company behind TerraUSD now depegged from the US dollar, was seen changing hands at around 1,000 won as of Monday morning, reports Yonhap agency.

Virtual coins by other unrelated to TerraUSD have also gone through tumultuous trading.

Wemix, a operated by Wemade Co., the developer of the play-to-earn game “MIR4 Global,” once fell 28 percent in value throughout the course of the TerraUSD debacle before bouncing back to the 2,700 won range Monday.

Advertisement

MBX, the virtual coin operated by Netmarble Corp, also plunged more than 80 percent to the 11,000 won level as of Monday, compared with its price at around 64,000 won on May 6.

The value of Klaytn, a blockchain platform developed by internet giant Kakao Corp., also fell to around 500 won as of Monday, compared with its price at around 650 won on May 10.

Companies are keeping close tabs on the latest developments and concerns surrounding the market-at-large, as a fallout in user and investor confidence could potentially undermine the gaming industry’s Blockchain ecosystem, in which many companies have already invested heavily.

Advertisement

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practice the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard,

Digital Editor





Source link

Leave a Comment

Your email address will not be published.