what is Web3

Here’s what happened in crypto today

Need to know what happened in crypto today? Here is the latest news on daily trends and events impacting Bitcoin price, blockchain, DeFi, NFTs, Web3 and crypto regulation.

A U.S. federal court has approved the settlement between Binance and the Commodities Future and Trading Commission (CFTC), which will see Binance pay $2.7 billion in penalties. Meanwhile, Lido DAO is the center of a class-action lawsuit claiming the it duped the public into investing in an unregistered securities offering,and spot Bitcoin (BTC) exchange-traded funds (ETFs) could trigger unwanted consequences for crypto exchanges like Coinbase.

A United States court has entered an order against crypto exchange Binance and its former CEO, Changpeng “CZ” Zhao, that will see Binance pay $2.7 billion and CZ pay $150 million to the Commodity Futures Trading Commission (CFTC).

In a Dec. 18 statement, the CFTC announced that the U.S. District Court for the Northern District of Illinois had approved the previously announced settlement and concluded the enforcement action first issued by the CFTC in November.

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NFT Steez and Cryptoys CEO discuss the future of toys within Web3 environments

NFT Steez chats with Cryptoys CEO Will Weinraub about the future of toys, entertainment and play in blockchain-based games.

On Oct. 14, NFT Steez, a bi-weekly Twitter Spaces hosted by Alyssa Expósito and Ray Salmond, met with the founder of Cryptoys, Will Weinraub to discuss the current role of play and toys in regard to their integration with nonfungible tokens and Web3 as a whole. 

Weinraub believes that the act of play is “not restricted to children” and believes that as adults, “we still crave the element of play throughout life.” According to Weinraub, through the development of technology, “play has evolved.” Nonfungible tokens, especially in gaming, have highlighted this layer of ownership through play.

Technology will continue to evolve “play”

Weinraub and Cryptoys theorize that “adults are just looking for ways to feel like kids again.” Keeping the question of “how does play evolve” at the forefront, Weinraub says this is a core tenet of his experience with the evolution of play. 

From action figures to watching his children build virtual worlds in Roblox, Weinraub emphasized how profoundly the internet has catalyzed an evolution in play and gaming. Players are no longer limited within the confines of their neighborhoods or geographic locations, according to Weinraub.

Weinraub stressed that the content of gaming is “very, very, different” and it leans more toward “social play,” regardless of geographic barriers when compared to the gaming of previous decades.

When asked about concerns of children and young adults’ comfort level with their digital interactions in contrast to their real-life social interactions, Weinraub acknowledged that the situation exists. However, he said that while it can “impact some people, it can amplify some of that as well.”

The evolution of gaming seems to be turning toward more “social play” and, in many ways, it could be designed to “enhance communication skills,” posits Weinraub.

Related: Crypto Unicorns founder says P2E gaming is in a long ‘maturation phase’

The future of gaming and cryptocurrency

When asked about the role in-game cryptocurrencies and tokenomics play in blockchain gaming, Weinraub said, he firmly believes that they are an “important foundation of blockchain gaming.” 

A level of “exuberance” was displayed when play-to-earn models were first created and tested and Weinraub commended the pioneers who initially navigated these uncharted waters. The sector is likely to develop “very fertile grounds over the next year or so” and Weinraub believes that there eventually will be a “relaunch of token-based economies and gaming in a much healthier, sustainable way.”

When discussing in-game tokens and their current use, Weinraub pointed to how the present state of the “Web3 economy is based on tokenization.” Regarding the next generation adopting and interacting with tokenization and ownership, Weinraub described how it’s “incredibly important and in the right way.”

To hear more from the conversation, tune in and listen to the full episode of NFT Steez and make sure to mark your calendar for the next episode on Oct. 28 at 12 pm ET.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.