🎮 New job unlocked – web3 gamers

Good Morning Switchers  🤗

👋Welcome to Switch Daily with a full tank of fuel to travel the world of web3!

Speaking of a full tank, we hope you guys have gotten yours because we are meetup hopping this week.

Huh? 

It is the WEB3 WEEK y’all! Yepp, this means we have got crypto meetups and mixers and miracles happening across town (by “town”, we mean Bangalore. Because where else will you find nerds who get excited about conferences.) 

From hackathons and crypto pop-ups to Bitcoin breakfasts and DOGE dinners, this week has it all and we can’t keep calm! (yes, we are the nerds, the nerds are us.)

BTW, if you like reading this newsletter, give us a shout out on Twitter and get your friends to subscribe. It will mean a great deal to us!

Here’s what we’ve got for you:

• Market pulse

• Another multi-million dollar grant for web3 gaming

• Novembered News

• Meme Mania

Market pulse 📈

The market is wobbly like jelly 🍧

The news of protests across China and BlockFi filing for bankruptcy weighed on investor appetite on 28 November, resulting in a bearish session. Most top cryptos struggled to avoid scooping lower in the red. BNB led the way down with a -4.59% loss. 

DOGE followed, slipping by -3.55%. ADA, BTC, ETH, MATIC, and XRP also struggled. However, BTC avoided below $16,000 for a sixth consecutive session. The bearish session decreased the market cap by $13.6 billion to $776.2 billion.

🕹️What’s in the game?🕹️

November was a pretty neat month for the web3 gaming industry. 

How?

Because we will give issteefa (resignation) to watch Viva la Vida FIFA! 

And with the FIFA fever, also came the web3 gaming mania. From play-to-earn (P2E) and move-to-earn (M2E) gaming platforms to fan tokens, it is a no-rest November for web3 games. 

The latest update saw the web3 gaming DAO — Game7 launch a staggering $100 million grant program to enable game developers to build the tools needed to make web3 gaming better and more accessible.

But what is Game7 and why do we care?

Well, at the beginning of November, Game7 in collaboration with MetaMask launched the world’s first web3-native game launcher — HyperPlay. 

They described it as “an open-source desktop application where interoperability is the default for web3 games.” The platform allows users to carry the same wallet with their NFTs, tokens and achievements into every game they play, enabling full interoperability for Web3 games.

Game7’s treasury is backed by BitDAO and Forte’s $500 million worth of funds. And Game7 is putting all this money into making web3 gaming and metaverse infrastructure “more public, open-source, and interoperable.”

We went ahead and did some more research only to find out — not too long ago, the free-to-play fantasy sports platform, Ultimate Champions scored a $4 million strategic investment. During a bear market!

But you ask, how will Mera Bharat Mahaan benefit from all this?

Well, earlier this September, our in-house influenza — Ankit Vengurlekar caught this web3 gaming trend early. 

He interviewed one of the leading Indian gaming firms, Nazara Technologies’ CEO, Manish Agarwal on the topic of India’s play-to-earn (P2E) market. 

From that interaction, we came to know that India’s gaming market consists of over 50 crore active participants. Shut the front door!

Additionally, at the recent TechSparks conference, it was highlighted that in terms of gamers base, India has over half-a-billion gamers, of whom nearly one-fourth are paying users. 

Along with the players’ willingness to buy in-game assets or use a subscription-based model, about 30% of 450 Indian web3 companies are also operating in gaming.

Not to jinx it, but we think our Jio-driven gamer studs and divas may make us a hub for web3 gaming in near future. 

Community Spotlight 💡

More power to Women who BUIDL! 💪

The Phoenix guild is a group of women and non binary folks who have come together to create a diverse and inclusive web3 ecosystem and want to help other women in tech and non-tech roles empower and educate themselves to utilize the opportunities in WEB3.

So, if you are a woman and want to transition to Web3, you know where to look. 

What’s making the headlines? 📰

🧢Compound Finance plans to introduce borrowing limits

Users of the decentralized finance lending platform Compound Finance have proposed limiting the protocol's maximum borrowing to 10 tokens. This move comes as a precautionary measure after the notorious hacker tried to hack the Aave network. 

⚖️BlockFi files for bankruptcy

BlockFi, a centralized crypto exchange in the United States declared bankruptcy on November 28. The move follows several days of speculation about the company's financial health following the collapse of FTX.

🦀Shrimp and Crab Bitcoin wallets are at an all time high

Shrimps are the wallets that hold less than 1 BTC and crabs are the ones that hold between 1 BTC to 10 BTC. Both shrimp and crab purchases in November saw all-time high increases in balances, with the latter surpassing the July 2022 peak of 126,000 BTC.

Meme of the day!

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See you tomorrow, folks. 👋

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