Daily Crypto, Finance and Tech News Summary – April 13, 2023

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Razer Ventures into Web3 Gaming with New Incubator

Gaming hardware titan Razer has announced the launch of a Web3 incubator within its venture arm aimed at funding blockchain-based games. This move highlights the increasing interest in integrating blockchain technology and tokens into the video gaming industry. Razer’s Web3 incubator will offer resources and guidance to early-stage projects, fostering the growth of a thriving ecosystem of Web3 games and cementing its position as a key player in this emerging market. Read more here

Razer’s foray into the world of Web3 gaming signifies a new chapter for the gaming industry as blockchain technology continues gaining traction and reshaping how we experience virtual worlds. It remains to be seen how this bold move will impact the future of gaming, but one thing is certain: the fusion of gaming and blockchain technology is an exciting space to watch.

NFT-Backed Loans Reach $1 Billion Milestone: What’s in Store?

The rapidly growing industry of borrowing against non-fungible tokens (NFTs) has recently surpassed the $1 billion mark. As more people use their digital assets as collateral, questions arise about the individuals participating in this market and the future of NFT-backed loans. This development emphasises the secondary value of NFTs, showcasing their utility beyond mere speculation and online artwork. As the crypto lending industry evolves, the potential applications of NFTs continue to expand. Read more here

According to a report by ConsenSys, the market for non-fungible tokens (NFTs) has had a rough few months alongside this year’s wider drop in asset prices. A distressed macro environment has significantly reduced on-chain activity across the crypto ecosystem, bringing down prices across the board from their 2020-21 highs as investors move down the risk curve and unwind positions. However, according to another report by the Academy of Animated Art, the NFT market is worth over $22 billion and has grown 220x since 2021. NFT sales hit $25 billion in 2021 and are predicted to grow over 30% this year. At this rate, the market is expected to hit an incremental growth of 30.72%, to an estimated size of $147.24B by 2026.

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