Tag: blockchain operating system

NEAR Protocol Expands Gaming Ecosystem with Vortex Gaming Partnership, Strengthening Web3 Integration

NEAR Protocol has expanded its gaming ecosystem by partnering with Vortex Gaming, a Web3 subsidiary of INVEN, Korea’s largest game media and community. This collaboration aims to attract more users and companies to the NEAR ecosystem while strengthening the NEAR game ecosystem. INVEN, with a monthly active user count of 7.2 million, brings valuable expertise and content to the partnership.

In addition to onboarding Vortex Gaming’s content onto NEAR Protocol, the NEAR Foundation and INVEN plan to support the growth of Vortex Gaming and enhance brand awareness through active collaboration, including offline hackathons and events to foster developer talent.

INVEN has been a leading company in the game industry for over 20 years, driving development as a top online game media platform. Vortex Gaming, a content-based game community optimized for Web3 games, aims to break stereotypes by offering specialized content, such as in-depth analysis of in-game economies. Leveraging their experience in building Web2 communities, Vortex Gaming plans to establish a strong user base by incorporating high-quality content and INVEN’s existing wide pool of users.

NEAR Protocol, a global Layer 1 blockchain, focuses on usability and scalability. It also serves as a Blockchain Operating System (BOS), allowing Web2 companies and developers to easily build decentralized apps and experiences for the open web. With features like FastAuth, NEAR Protocol reduces entry barriers in the Web3 gaming industry and works alongside Vortex Gaming to popularize the NEAR ecosystem.

The CEO of Vortex Gaming, Hoon Jai Lee, aims to build an integrated gamer community encompassing both Web3 and traditional Web2 gamers by providing high-quality content for both. This community-driven approach includes incentivizing gamers to create content such as character builds and game guides.

Marieke Flament, CEO of NEAR Foundation, expects the partnership with INVEN to further enhance NEAR’s sustainable game ecosystem, following the success of leading companies in the gaming industry. Scott Lee, Co-CEO of NEAR Korea, highlights the importance of community in maintaining content competitiveness and believes that onboarding Vortex Gaming will strengthen NEAR’s position as the optimal mainnet in the Web3 game ecosystem, accelerating its development.

NEAR Protocol's Q2 Market Cap Holds at $1.25 Billion, Experiences 25% QoQ Decline

According to Mesari, NEAR Protocol, a leading smart contract platform, demonstrated resilience and growth in Q2 2023, despite being listed in the SEC’s complaint against Coinbase. The platform’s financial and network fundamentals remained stable, with strategic partnerships and grassroots initiatives driving user adoption.

The introduction of the Blockchain Operating System (BOS) in March 2023 marked a significant milestone for NEAR. Within four months, NEAR Social, the social layer of the BOS, attracted over 15,000 user accounts and saw the creation of nearly 6,000 widgets. The BOS, an open-source platform, allows developers to build on any blockchain using familiar languages and a broad set of community-built components.

The Sweat Economy, a leading application on NEAR, continued to thrive. Within a year, it accumulated a total of 19 million Sweat wallets and recently conducted one of the largest governance votes in DAO history, attracting over 350,000 participants.

NEAR’s circulating market capitalization stood at $1.25 billion at the end of Q2, reflecting a 25% decrease QoQ. However, the platform’s market cap quickly recovered following the SEC news, and NEAR ranked as the 40th largest crypto project by market cap at the end of the quarter.

NEAR’s native token (NEAR) is used for staking, transaction fees, and storage fees. As of Q2, approximately 81% of the total NEAR supply is currently in circulation. Stakers on the NEAR network are earning an annual staking yield of 9.4%, resulting in a real yield of 4.4%.

The NEAR Foundation’s treasury totaled $0.9 billion at the end of Q2 2023, which included $349 million in fiat reserves, 315 million NEAR ($435 million at a closing price of $1.38), and $90 million in loans and investments.

In terms of decentralization, the NEAR Foundation announced in early January that it is actively working towards a more decentralized model of capital allocation by handing over decision-making to community DAOs. The first community DAOs have already been created, each with a specific focus and mandate.

The second quarter witnessed significant developments, including high-profile lawsuits by the Securities and Exchange Commission (SEC) against major players like Binance and Coinbase. Despite regulatory uncertainty in the United States, the NEAR network remained resilient, with financial and network metrics showing stability throughout the quarter.

In conclusion, despite regulatory challenges, NEAR Protocol continues to make significant strides in its mission to drive adoption and attract more users to its platform. The introduction of the BOS and the continued growth of applications like the Sweat Economy are testaments to the platform’s resilience and innovative approach.

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