Blockchain gaming industry concerned over TerraUSD, Luna crash

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Seoul, May 16 | Game companies 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 companies 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 cryptocurrency 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 U.S. dollar, was seen changing hands at around 1,000 won as of Monday morning, reports Yonhap news agency.

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

Wemix, a cryptocurrency 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.

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 cryptocurrency 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.

Source: IANS

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Weekly Fundamental Market Outlook

Weekly Fundamental Market Outlook

Indian share market posted its first weekly gain in Jun by rising 2.7%.

This week, the Indian Stock Market rebounded strongly and ended with first weekly gain of 2.7% in June as a drop in commodity prices offered some relief from broadening inflationary pressures. Copper prices, which are often seen as a bellwether for economic output due to their wide range of industrial and construction uses, are heading for their worst week in a year, while oil prices have dropped over concerns of slumping demand.

While the US recessionary fears are still at the forefront, but the slide in commodity prices has lifted the mood of stock market.Cheaper oil is usually beneficial for oil-importing countries such as India.

Domestically, on sectorial basis, Auto and FMCG are the top gainers, while Metal index is the top losers. On stock basis, Hero MotoCorp, Eicher Motors, Hindustan Unilever, Maruti Suzuki and M&M were the top gainers and Tata steel, UPL, Reliance Industries, hindalco Inds and Coal India were the top losers.

In the next week, investors will keep a close eye on crude oil price movement, commodity prices, US economic activity and the geopolitical development.

 

Post Disclaimer by BhaskarLive.in

The information contained in this post is source form the news agency or PR agency. We do not take any responsibility of accuracy of information. We have not made any modification or changes in original source content. This information only for general information purposes only. The information is provided by BhaskarLive.in and while we Endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the post for any purpose.

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