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These days, trading cryptocurrencies is commonplace for many people looking to make money. Take a glance at cryptocurrency ranking website CoinGecko and there is a list of 9,900 digital tokens, most of them launched in the past five years. And many have profited from trading these cryptocurrencies.
Yet, trading is no longer the only way to profit from cryptocurrency as the trend continues to evolve rapidly. One can even play mobile games to earn money. The more you play it, the better you get at it and, hopefully, the more you earn.
The hottest game in town these days is Axie Infinity (Axie), with its popularity reflected in the prices of its digital tokens. A quick check online shows that Axie Infinity Shards (AXS) — the token issued by the game developer to raise funds to develop Axie — has risen 176% to US$138 as at Oct 5 from about US$50 two weeks ago.
AXS is also known as the project token that grants holders the power to vote for significant changes that the developer introduces to the game. Its price usually rises in tandem with its popularity and future potential.
Smooth Love Potion (SLP), the in-game token that Axie players earn through defeating monsters and battling with other players, has been on a wild ride since April. It shot up 929% to 36 US cents per token in May from 3.5 US cents two weeks before that. Dramatic swings followed, before the dust settled at 8.9 US cents a token as at Oct 5.
ASX and SLP can be traded on the market via non-regulated decentralised exchanges that automatically match and execute trades online via algorithms known as smart contracts.
Ee Wui Yang, an experienced gamer in Axie and a crypto entrepreneur, says one can make RM1,000 to RM2,000 a month by playing Axie two hours a day.
“It used to be a ‘grindy’ game (involving a lot of repetitive actions to level up or earn cryptocurrency). A player needed to spend six to seven hours a day to earn a thousand or two [ringgit]. But now they only need to play about two hours a day since the developer made changes to the game recently,” he says.
The monthly income from playing the game depends on factors such as the price of the SLP and the exchange rate of a specific fiat currency against the US dollar. This is because an Axie gamer would need to sell his SLP for stablecoins, usually one with its value pegged to the US dollar, such as Tether (USDT), before converting them into fiat currency.
“Players in the Philippines, for instance, would find the game more attractive than Malaysians, as one US dollar is worth more to the former than the latter. It is definitely less attractive to Singaporeans,” says Ee.
It is important to understand the concept of non-fungible tokens (NFTs) before one plunges into Axie and other similar games.
Put simply, an NFT is a unique digital token with its own identity and is non-interchangeable. This allows an NFT to be used as a representation of various distinguishable items such as an artwork, for instance, with the proof of ownership traceable through a blockchain ledger.
A famous local use case is the sale of the Doge to the Moon NFT in an online auction in July for 36.3 Ether (equivalent to RM325,000 then). The artwork was created by Red Hong Yi, a Malaysian contemporary artist known more recently for her artwork used on the cover of TIME magazine’s April issue.
A person needs to purchase three NFTs online from the Axie Marketplace before playing the game. Each token represents an in-game monster with specific status and abilities that a player would use to win battles.
The Axie NFT is priced in Ether, which means a person would need to buy Ether from an exchange and store it in a specific cryptocurrency wallet, Ronin Wallet, to purchase monsters online.
Naturally, the higher the demand for Axie NFTs (or monsters) and the higher the price of Ether, the higher the barriers to entry for the game. A glance at the Axie Marketplace shows that a monster would cost at least 0.04 Ether (or US$140, RM585) as at Oct 6. More than 335,000 monsters are listed for sale in the marketplace.
Besides earning SLP from battles in the game, Axie players can make money by selling their monsters at an attractive price when demand is high.
Jason Kwong, an Axie player and founder of NFT art agency Imperium Universe, says Axie players can also earn money by breeding new monsters in the game. “Each monster you buy belongs to one of nine clusters with different traits. A player can breed a new monster with different features by matching two monsters from different clusters,” he says.
Such a concept is not new in the world of traditional gaming and NFT games. For instance, there are existing horse-racing games where players can buy an NFT that represents a particular type of horse and put it on the field to compete in a race.
“You can also buy an NFT for a horse of a certain breed and match it with a horse from another breed. Some players would even pay you to breed with your horse. It is the same in Axie. I believe more NFT games like this will come out,” Kwong says.
Axie has started allowing its players to buy land that acts as the base of operations for their monsters and also gives them an edge in battles. The game charges a 4.25% fee for each NFT sold.
The ultimate concept is to create a metaverse — a virtual space in the online game where players can earn and spend cryptocurrencies and live in digitally. “It is like a parallel universe to the real world we are living in,” explains Kwong.
Axie, created by Vietnam-based game studio Sky Mavis, used to be a game that almost anyone could play and where cryptocurrencies could be earned. It was widely treated as a part-time job for side income.
“There were even video clips showing groups of people in some villages in the Philippines playing it together to earn money,” says Kwong.
Since May, after Axie entered the scene, many new players have flocked to the game, causing the prices of Axie NFTs to spike, quickly lifting the barriers to entry. There are also more professional players in the game with superior knowledge and skills. In short, it is much harder for Axie players to earn money nowadays.
The higher barriers to entry are partly why Ee and others are running Axie scholarship programmes worldwide for more people to join the game.
Ee says the organiser of the scholarship lends monsters to the scholars and trains them to win battles in the game. The scholars would need to commit several hours a day to the game to earn a given number of cryptocurrencies. The profit is split between the organiser and scholars at a specific ratio.
Under Ee’s programme Fuelabs Axie, the organiser takes 45% of the profits. Ee interviews potential scholars through phone calls and, once they are successful, they can play the game without forking out a sen.
Such a programme is seen as a win-win solution, as the players do not need to spend about RM1,500 to kick off their gaming journey while the organiser monetises their extra monsters.
So far, all scholars under Fuelabs Axie have been from the Philippines. “We don’t have local scholars, as the regulations surrounding NFTs here are still unclear,” says Ee.
Such a programme is also good for the Axie community, as prices of its NFTs (monsters), project tokens (AXS) and in-game cyrptocurrencies (SLP) would only rise over the long term if demand increases in tandem with the number of players.
The scholarship programmes are also about community building, says Ee. For instance, he enjoys interviewing scholars over the phone.
“I call every one of them. Some are university students whose scholarships were reduced by 10% to 15%. Some lost their financial support during the pandemic.
“The entry barrier is getting high, and the community needs to continue to grow. It will crumble one day if it stops growing and dwindles,” he says.
While Axie Infinity (Axie) is the hottest game in town, it is hardly the only non-fungible token (NFT) game launched recently with the play-to-earn model.
According to data company Statista, as at Sept 28, the top five games with the highest number of players in the last 30 days were Alien Worlds (699,140), Splinterlands (434,030), Galaxy Blocks (271,870), MOBOX: NFT Farmer (216,510) and Axie (193,770).
Quick research online shows that these games involve the trading of NFTs that represent unique cards and items that, in turn, can be used in the game to earn cryptocurrencies. Various digital tokens can be mined passively by performing a few clicks on the screen or earned through battles with other players.
It is worth noting that these cryptocurrency prices can be highly volatile and vulnerable to pump-and-dump tactics deployed by market speculators.
Cryptocurrency ranking website CoinGecko shows that the price of TLM, the cryptocurrency mined through playing Alien Worlds, collapsed by 97% to 19 US cents a token, on Oct 7, from its peak of US$6.93, on April 11.
Tethan Arena (Tethan) is another up-and-coming NFT game that has garnered some attention in the blockchain community. Based on online videos, Tethan players control a character that has a unique set of abilities while wandering on a map alone or with friends, trying their best to survive battles — and, of course, earn digital tokens.
As at Oct 7, the price of THG, the cryptocurrency associated with Tethan, was US$2.83, up 76% from Sept 17.
Play-to-earn is a term commonly associated with non-fungible token (NFT) games such as Axie Infinity (Axie), as many people play it for side income while working a full-time job. It is unlike other non-blockchain-based games, where people spend money to play them.
Is playing NFT games a good way to earn side income, though? Does the element of cryptocurrency encourage unhealthy speculation?
Licensed financial planner Marshall Wong, 31, is sceptical about Axie despite the benefits it brings to the gaming community. He is concerned that certain players could exploit the game by inflating the prices of NFTs and in-game currencies through members of their inner circles.
“They could expand their circles to inflate prices. If this is what most players do, the game would turn into something similar to a pyramid scheme,” Wong says.
It will take time to see whether the game developer will continue to improve the game to generate revenues based on real demand from players for its in-game items, he adds.
“As a financial planner, I would encourage people to seek other part-time jobs — such as becoming a Grab driver — that involve interaction with the real world. Skills a person learns from the game are very niche and harder to be applied elsewhere.”
Yet, Wong sees the benefit of NFT games, as he himself used to be an avid player of MapleStory, a popular online game, when he was 13. He would play the game for hours and sell in-game items online to strangers for a small profit. Transactions were done based on trust and, sometimes, he did not receive the cash promised by the buyers.
“From a gamer’s perspective, the online marketplace of NFT games is a much better platform for gamers to transact in-game items safely,” he says.
Wong does not think NFT games will have an adverse impact on the psychology of gamers, nor that they could fuel speculative behaviour in a big way.
After all, investors have been speculating on various asset classes such as shares and properties, instead of digital assets. Speculation also existed in the gaming world for a long time before the birth of NFT games.
“Gamers have been speculating on various in-game items for many years. For instance, they can buy rare items at a low price and sell them at a higher price at a better timing. It is not something new. NFT games merely make it more convenient to do so,” says Wong.
He believes Axie and other NFT games could change if the developers continue to innovate and enhance their products. “It is an interesting development,” he says.
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How To Thrive Amid Digital Disruption – Forbes
Business achievement concept with happy businesswoman relaxing in office or hotel room, resting and … [+]
Four articles in the January/February 2022 issue of Harvard Business Review (HBR) argued that “many people” are wrong in thinking that “old-economy companies” are “doomed to suffer a slow demise.” The articles had a point in that most “old-economy companies” have found ways to survive, “in some shape or form”, and have not yet died from digital disruption. But if we look at the bigger picture of what it takes to thrive, not just survive, the challenge for most firms still lies ahead. In part 1 of this article, I summarized the four HBR articles. Here (Part 2) I present a framework to thrive amid digital disruption.
To begin, let’s define “digital disruption”. Digital disruption is not a disease afflicting “old-economy companies.”
“Digital disruption” is nothing less than a symptom of the birth of a new economic age, with a transition akin to that the agricultural age to the industrial era. The new age flows from the combination of exponential new technologies and new management principles, which in turn lead to massive new value creation. “Digital disruption” can be defined as a failure to take advantage of this opportunity: see Figure 1 below.
“Digital technologies” include at least 18 major technologies that together have the potential to reinvent almost everything we do for the better: see Figure 2 below. Anything that is slow, inconvenient, difficult, expensive, unpleasant or impersonal can in principle be transformed by these technologies into something that is cheaper, easier, more convenient, speedier, more agreeable, and more relevant to the user’s need,
As a result, firms that have mastered the new technologies and the elated management principles have already transformed parts of our lives, including how we work, how we communicate, how we shop, how we play, how we read, how we entertain ourselves, in short, how we live. In our actions, as consumers we have spoken. Firms have shown that it makes more money. There is no going back. This is the future.
Most firms have only scratched the surface of the potential of the new technologies. That’s in part because the technologies are often unfamiliar to executives at all levels, particularly the top, and in part because organizations have not made the transition to the new management principles.
The management principles of the prior era—the industrial era—involved mass production, mass distribution, mass consumption, mass education, mass media, mass recreation, and mass entertainment. These things combined with standardization, centralization, concentration, and synchronization, to produce the management system known as bureaucracy. Bureaucracy created huge benefits for humanity over several centuries, But bureaucracy isn’t fast, or agile, enough exploit the new digital technologies. Moreover, by treating human beings as cogs in a machine, bureaucracy dehumanized the workforce.
The management principles for the digital age are shown in Figure 3 below and include the following. Instead of starting from what the firm can produce that might be sold to customers, firms work backwards from customers’ needs and then figure out how to meet them in a sustainable way. Instead of leadership located mainly at the top, leadership, and an obsession with profitably creating fresh value for customers, is nurtured throughout the firm. Instead of tight control of individuals reporting to bosses, staff throughout the organization create value by working in teams with short cycles, drawing on their own capacities and imagination. Instead of steep hierarchies of authority, firms need to operate in interactive networks of competence, where ideas can come from anywhere, even from outside the firm. For most firms, these are deep changes.
Firms that have mastered the new management principles and the new technologies can move more quickly, interact more understandingly, operate more efficiently, mobilize more resources, attract more talent and use it more effectively, win over customers more readily, enjoy more elevated market capitalizations, and compete more overwhelmingly than firms being run on industrial-era principles.
Thus it’s not just individual firms that are being toppled. This is something more fundamental: the central management tenets of the industrial era are being upended. A new spirit of individual creativity and innovation is being generated.
The transition from industrial-era, to digital-age, management is occurring at different speeds in different sectors. As with any exponential transition, change tends to happen gradually and then suddenly. Stasis can hide imminent shocks.
Conversely, when one or more of these principles is not fully embraced, or is set aside, even an advanced digital-age firm may revert to industrial-era levels of performance. Both technology and management are needed: digitization without different management typically makes little difference.
The most-used label for the new era is “the Digital Age”, although the label can mistakenly be taken to imply that the digital era is only about new technology. Figure 4 lists 13 alternative labels.
Each of these alternative labels deals with one facet of the new age. “Digital age” has three key advantages. It correctly suggests that the new age affects everyone. Second, it is already the most commonly used label, and third: most firms want it: they are trying to implement digital transformations.
Yet not everything about the new age is positive. As with any basic change, the new age harms those not willing or able to embrace it or master its implications. Some large firms have abused their market power and committed other missteps.
Society is still groping for a balanced picture of the costs and benefits. A framework is needed to provide a coherent picture for a balanced assessment. While fresh digital-era regulations are obviously needed, along with clear rules for digital commerce, and redress of any missteps already taken, it would be economic and political suicide for regulators to kneecap the digital winners. If the digital winners are smart, they will take steps to regulate themselves.
In an age of rapid innovation, if firms don’t embrace the principles and technologies of the digital age, some other firm will do it for them and in due course put them out of business. As a sign of this harsh reality, breakups of the old industrial behemoths are becoming increasingly frequent: GE, J&J, IBM, and Toshiba are just the most recent examples. They are surviving, but not thriving.
For large firms, the transition will require deep change and will take time. It means setting aside entrenched systems, approaches, practices, values and attitudes that served firms well in the industrial-era. It means senior executives understanding, internalizing, and communicating unfamiliar ways of operating. It means adapting the technology and the management to the context of each individual firm. Copy-and-paste directives don’t work. Consultants can help, but ultimately the top leadership itself has to live, breathe, and exemplify the new mode of operating.
All firms must acquire the new capabilities if they are to thrive, not just survive. If they understand what is involved, there is no reason why they can’t succeed. The pain that they feel in making the transition is not the pain of dying. It is the pain of being born.
And read also, in addition to Part 1 of this article:
How Management Mediocrity Is Celebrated As Success
Why Digital Transformations Are Failing
Figure 1 Defining Digital Disruption
Figure 2: Technologies of the digital age
Figure 3 The promise of the digital age
Figure 4: Digital Age management principles
Stardew Valley: Top Crops to Sell and Make Money – Attack of the Fanboy
Ever wanted to know all the ins and outs of crops within Stardew Valley? Well lucky for you because that’s what I’ve been researching for the past two hours. We’re going to look at Stardew’s Top Crops for generating revenue.
The Red Cabbage is only available from year two and onwards apart from at The Traveling Cart though they sell them at almost double the usual buying price. you can get them from Pierre’s Shop for about 100g. They grow in the season of Summer and take 9 days. The Sell-on price for the Red Cabbage is about 260 – 5220g. So for example:
Making you a profit of 4200g
The sell-on value of the crop will of course depend on the time of year and where you sell it.
Available in just about any shop – though you can buy them the cheapest out of Pierre’s shop or the Travelling Cart (Though prices do fluctuate at the Traveling Cart) – these bad boys will cost you about 240g The selling value of the Crop is about 70 – 150g and take 7 days to grow but they will regrow once you harvest them without having to plant new seeds this will happen through the autumn (Fall) Season. So for example:
Making you a profit of 1920g
Another one in the Autumn collection is the Pumpkin. You can buy the Pumpkin cheapest at Pierre’s Shop again and The Night Market (On Winter 17) for about 100g. but it can reign in profits of about 320 – 640g and will take 13 days to grow. This is an Autumn crop So for Example:
Making you a profit of 10,800g
The Sweet Gem Berry can only be bought at the Traveling Cart for 1000g. The berry grows in Autumn and takes 24 days. But the value of the crop can be in the region of 3000 – 6000g. So for example:
Making you a profit of 42000g
The Ancient Fruit is possibly the most valuable crop in Stardew Valley It grows all year round and cost anywhere between 100*1000g at the Traveling Cart. The Ancient Fruit can have a sell-on value of 550 – 1100G. It takes 28 days for the crop to grow but then reproduces every 7 days. I haven’t pieced together statistics for this crop as the values fluctuate but this is definitely one of the crops you’ll be wanting to invest in for your farm.
Well that’s it we hope this helps you out within your Stardew Empire and makes you sweet, sweet cash.
– This article was updated on January 17th, 2022
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