The year of identity

Identity – Dall·e

2024 is poised to be a crucial year for digital identity. For product managers working on services or applications that require authentication, focusing on decentralized identity management will be essential. This approach puts users in control of their data, allowing them to share only what is necessary for an application’s functionality. We can also expect a rise in the use of verifiable credentials, with Zero Knowledge proofs (ZK proofs) enabling the sharing of proof without revealing the underlying data. 

The benefits of decentralized identities and verifiable credentials are significant for both end-users and organizations. 

• End-users gain ownership and control over their digital identities, enhancing their privacy. 
• For organizations, these technologies enable quick verification of information, fraud prevention, increased data security, and reduced risk of cyber attacks, as sensitive data is not stored in their systems

This web3 trend extends beyond the domain of web3 developers and organizations. Public sector advancements are also evident:

In Switzerland, Partisia Blockchain and the University of Applied Sciences and Arts Western Switzerland (HES-SO Valais-Wallis) are collaborating on a decentralized electronic identity system, focusing on privacy and individual data control​​. Meanwhile, China is advancing its blockchain ambitions with the RealDID initiative, aiming to create a national-level real-name decentralized identity system​​. These developments reflect a global move towards more secure and user-controlled digital identities
If you are an Spanish speaker, i strongly recommend you this podcast from our Mighty Block series: “Descentralizando la identidad con web3”

Regulatory Compliance and Governance

Regulations – Dall·e

Regulatory aspects, especially concerning the SEC and ETFs, are becoming increasingly important in the web3 space. As the industry matures, adherence to regulatory norms and governance standards is crucial for ensuring sustainable growth and user trust. Many countries already have some regulations or guidelines for Crypto space. 

Recent regulatory developments underscore this trends:

• The European Union’s Market in Crypto Assets (MiCA) Regulation entered into force in June, with a final consultation on Europe-wide regulations to be published early in 2024, and member state mandates taking effect in 2025.⁽¹⁾
• Hong Kong released new guidelines for virtual asset trading platform operators in June 2023.⁽¹⁾
• Namibia passed its Virtual Assets Act in last July, with regulations pending.⁽¹⁾
• Last September, the New York Department of Financial Services (NYDFS) released proposed updates to its framework for token trading businesses to trade tokens and a changed framework for how it would put tokens on its “greenlist” ⁽¹⁾
• Also in September 2023, Dubai’s Virtual Assets Regulatory Authority released regulations on virtual asset activity.⁽¹⁾

For product managers in the web3 ecosystem, staying informed and compliant with these evolving policies and regulations is a must. It’s not just about creating secure experiences; it’s also about safeguarding our end-users from potential risks and ensuring our services align with this new regulatory landscape.

NFTs reloaded 

Bored Ape Reload for 2024 – Dall·e

The NFT landscape in 2023 saw a slowdown, with collections like Bored Ape Yacht Club and Azuki Elementals experiencing significant drops in value. Marketplaces such as OpenSea and Blur responded to this bear market by reducing to try to maintain the interest on people and capture market share

In 2024 the expectation looks more promising, expanding NFT scope beyond just art. A key area of growth is in gaming, which, despite being in the early stages of web3 development, is increasingly integrating NFTs. These digital tokens are an essential part of gaming, providing players ownership of in-game assets, which can then be collected or traded in secondary markets.

As for projections, Blockworks suggests significant growth in the web3 gaming sector,

• At least 2x growth in Web3 games overall (according to Jon Jordan’s Big Blockchain Games List, there are currently 1,037) as of Dec. 19, 2023. ⁽²⁾
• At least 3x growth in fully on-chain games (according to Jon Jordan’s Big Blockchain Games List, there are currently 54) as of Dec. 19, 2023. ⁽²⁾

Even if this is not as evolved as gaming, other usage is traceability of physical assets. The transparent blockchain ledger effectively tracks the ownership history of an NFT, bolstering authenticity and provenance.

Consequently, NFTs stand poised to revolutionize the realm of real-world asset ownership and management. In the future, utilizing NFTs could span a wide spectrum of assets, such as art, collectibles, real estate, and even securities.

Web3 onboarding using web2 scalable solutions

Onboarding from web2 to web3 – Dall·e

To truly mainstream web3 and welcome the next billion users, it’s crucial we shift our focus towards a wider audience. Sure, in the web3 space, we’re all about privacy and security – the whole ‘not your keys, not your assets’ mindset. But let’s be real: this appeals more to the early birds and tech enthusiasts who are willing to dive deep. 

To grow our ecosystem and make it robust, our game plan should include attracting people, guiding them step-by-step, and gradually unveiling the myriad possibilities of web3.

This year is going to be all about seamless onboarding. As product managers, we need to analyze the onboarding process. How can we borrow and adapt what worked in web2 to make web3’s decentralization more gradual and user-friendly? Our goal here is to ensure our users feel at ease and build confidence in navigating through this new tech landscape. 

Blockchain meets AI? 

The Blockchain meets the AI – Dall·e

2023 was, without doubt, the year of AI. When this phenomenon appeared in our lives, we started to think about how to collaborate with the decentralized ecosystem. Is blockchain and AI something that naturally is going to work together? According to Vitalik, in the Podcast La Ultima Frontera, “…A lot of people want to be a connection and it’s sometimes hard to find a really big and deep one. There are definitely some smaller ones, for example ZKML (Zero Knowledge Machine Learning)” 

Does this mean that as Product Manager we don’t need to worry about this? Well, actually the IA is an incredible tool to help us to improve our products, accelerating the research, helping to brainstorm, or as a simple assistant in our daily operative tasks. So even if there is not an immediate correlation between web3 and AI, is definitely one between what we can achieve using this tool to enhance the ecosystem with our products.

Web3 trends Takeaways

In summary, 2024 for web3 Product Managers is about embracing innovation responsibly, focusing on user empowerment, navigating the evolving regulatory environment, broadening the utility of NFTs, simplifying onboarding, and exploring the synergies between AI and blockchain; to create a safer, more inclusive, and vibrant web3 ecosystem.

⁽¹⁾ Source: Bloomberg Law 2024 – Regulatory & Compliance

⁽²⁾ What to expect for Web3 in 2024

The post 5 Key Web3 Trends in 2024 appeared first on Mighty Block |.

One of these new concepts are the soulbound tokens ( SBT token), which have the potential to improve use cases of digital assets.

In this article, we will explore what soulbound tokens are, how they work, and different soulbound token implementations.

What are Soulbound Tokens?

Soulbound tokens are a special kind of digital asset linked to a user or wallet and cannot be moved or exchanged. They are unique non-fungible tokens (NFTs) created on a blockchain network and permanently associated with the user that mints this token.

You can resold NFTs in secondary markets or transfer them between addresses while these type of tokens will stay in the minted address.

Because of that, soulbound tokens nft are highly secure and immutable.

So, soulbound token meaning refers to something that is permanently connected or linked to a character or account, often in a way that cannot be undone.

How do Soulbound Tokens Work?

You create Soulbound tokens on a blockchain network using smart contracts. These soulbound token contracts contain the logic that determines the ownership and usage rights of the soulbound token.

Once the soulbound token is created, it is linked to a specific user or account and will belong to that user forever.

Soulbound Tokens Use Cases

SBTs are non transferable and have a wide range of potential use cases due to their unique properties. 

Lets see some real examples of their uses:

Gaming

You can find SBT soulbound tokens in the gaming industry as in-game assets or to represent the actual player’s gaming identity.

We are in an early stage but there are platforms developing this concept of gamers identity such as Dequest or Soulbound.

This kind of platform provides you two major benefits.

• In one hand, it awards you NFTs and levels up your soulbound token while you complete quests in different games.
• On the other hand, it lets you build a reputation as a gamer across different games.

• Digital Identity Token: They are a form of digital identity too, where each user has a unique token that represents their identity on a blockchain network. This can help prevent identity theft and fraud by providing a secure and verifiable way to prove ownership of digital assets. Binance use this concept for users who finished their KYC process:

There are plenty of more use cases that are still under development, for example:

For example; imagine a University degree. A university could provide a graduate with their certificate as an SBT. Currently, if a university was to give out a degree as a standard NFT, the graduate would theoretically be able to sell it due to the nature of the technology. On the other hand, if it was a Soulbound token, they would be unable to sell it or transfer it. This characteristic is specially valuable for an educational institution.

Another great example is using SBTs as event tickets. Event organizers could make sure a person truly went to a conference or event as they would have an SBT to prove it.

The common factor between all these examples is that a user needs legitimate proof of an event or ownership that they have and cannot be transferred.

Conclusion

Soulbound tokens are a groundbreaking innovation in the world of blockchain technology and have the potential to transform various industries by providing unique and secure ways to represent ownership and control over digital assets. 

We mention some real use cases that are in their first stages and many others that still need development.

In my opinion, to see soulbound tokens in our daily lives, we still need time and development for the technology to evolve so it’s more user friendly and the masses can adopt them.

During my recent interaction with the Dequest dApp, I had the opportunity to utilize soulbound tokens and it was really easy to do the account setup process and receive my initial soulbound token.

I did some initial quests but since the app is still in beta I didn’t have the opportunity to play a game, win a quest and see some in-game rewards but for sure, when a first release is available I will give it a try. 

I have high expectations for the integration of this technology with other web3 concepts, such as zero knowledge proof, as I believe they will complement each other exceptionally well.

We are always looking for Web3 talent !

Mighty Block is one of the partners of Forte, a platform to enable game publishers to easily integrate blockchain technologies into their games. We believe blockchain will enable new economic and creative opportunities for gamers around the world and have assembled a team of proven veterans from across the industry (Kabam, Unity, GarageGames, ngmoco, Twitch, Disney), as well as a $100M developer fund & $725M funding, to help make it happen. That’s where you come into play.

Feel free to browse all our current open job opportunities in the following link

The post Soulbound Tokens: The Future of Cryptocurrency appeared first on Mighty Block |.

Listen to experts in the field discuss the latest developments and future potential of using blockchain, the latest news related with blockchain technology and the gaming industry.

Tune in to stay informed and ahead of the curve in the world of blockchain and gaming:

Episode 9: Educación y Seguridad en Web3

In this episode, we chat with Pablo Sabbatella about Education and Security. Two concepts that go hand in hand and are key when onboarding the next billion users of Web3.

Episode 8: Puede Blockchain desplazar a las bases de datos relacionales?

We chat with Javier Villegas, an expert in relational databases, about the differences between various types of storage. Additionally, we discussed the technology that best applies to each specific case.

Episode 7: Descentralizando la identidad con Web3

If you’re interested in learning more about decentralized identity in Web3, then you won’t want to miss our latest podcast episode. Our expert guests, Milton Berman, share their experiences and insights into the potential of decentralized identity.

In this episode, you’ll learn about the benefits of decentralized identity, including increased privacy and security. Our guests also discuss the practical applications of this technology.

Whether you’re a developer, entrepreneur, or simply curious about Web3, you’ll find something valuable in this episode. So be sure to tune in and discover the potential of decentralized identity for yourself!

Episode 6: Emprender en Web3

Check out our latest podcast episode featuring the CEO and founder of Mighty Block, Franco Breciano. In this episode, we dive deep into the world of web3 and the future of the business ventures in this exciting new space.

Episode 5: De space invaders hacia Crypto traders

Recommended for gamers and those who want to learn more about this world! How have video games evolved to web3? What is coming in the future? In this episode, Sebastian Perez (Tech Lead at Mighty Block) and Uri Chami (Solidity Developer at Mighty Block) discuss these topics.

Episode 4: El camino de Web2 a Web3

In this episode we talk with our guest Milton Berman, WakeUp Labs founder and CEO, about the process through web2 to web3

Episode 4: Resumen del mundo Crypto 2022

2022 was a year of unprecedented events for the cryptocurrency ecosystem. With Diego Gurpegui Improve-in Co-founder and CTO we took a look back at the most important events of the year.

Recommendation: Visit our blog to more web3 news

Episode 2: Bitcoin vs Ethereum: The final game.

Episode 1

In our first episode we talk with Emiliano Canedo (web3 researcher and digital artist) about Ethereum: The merge, the history and the future.

We are always looking for Web3 talent !

Mighty Block is one of the partners of Forte, a platform to enable game publishers to easily integrate blockchain technologies into their games. We believe blockchain will enable new economic and creative opportunities for gamers around the world and have assembled a team of proven veterans from across the industry (Kabam, Unity, GarageGames, ngmoco, Twitch, Disney), as well as a $100M developer fund & $725M funding, to help make it happen. That’s where you come into play.

Feel free to browse all our current open job opportunities in the following link

The post The Mighty Block podcast appeared first on Mighty Block |.

Introduction to the Expansion and Free Sewer Pass Mi

Yuga Labs, the creative studio behind Bored Ape Yacht Club (BAYC), has announced an expansion to its non-fungible token (NFT) ecosystem that starts with a free mint and a skill-based game.

The unique drop, which involves multiple steps, begins on Jan. 17 with a free mint for existing Bored Ape Yacht Club/Mutant Ape Yacht Club holders called Sewer Passes. These tokens are the key to unlocking a skill-based game called Dookey Dash, which opens for gameplay on Jan. 18.

Gameplay and Rewards for Sewer Pass Holders

Dookey Dash will be playable to anyone who holds a Sewer Pass, including those purchased on the secondary marketplace. Holders are able to play the game an unlimited amount of times, with the goal of receiving a score higher than 0 to validate their Sewer Passes and “transform them into a mysterious power source.”

The results of this wacky process will reveal itself on Feb. 15 when Dookey Dash gameplay ends.

“Sewer Pass holders will compete for the highest score and earn their new power source,” BAYC wrote in a series of tweets on Wednesday. “The highest single-run score on your specific Sewer Pass and accompanying wallet that achieved the run will determine what it reveals.”

The team also hinted that whatever is revealed will “evolve throughout 2023” and will be used in future “battles.” You can read a long explanation of the mechanics of the game here.

The Otherside and the Narrative Experience

It’s clear that this new NFT mint, which began with a silly and NSFW animated video on Dec. 21 called “The Trial of Jimmy the Monkey,” is part of Yuga’s broader plans to develop an interoperable metaverse experience called “The Otherside.” The platform will allow players to own land and turn their existing NFTs into playable characters.

“All of the projects that we have are deeply important to us,” Wylie Aronow, one of the co-founders of Yuga Labs, told CoinDesk in an interview last month. “Where we see the Otherside is at that intersection.”

According to the road map of Yuga Labs’ latest project, NFTs created from this month-long experiment will be part of a narrative experience called “Chapter 1” at a later date.

We are always looking for Web3 talent !

Mighty Block is one of the partners of Forte, a platform to enable game publishers to easily integrate blockchain technologies into their games. We believe blockchain will enable new economic and creative opportunities for gamers around the world and have assembled a team of proven veterans from across the industry (Kabam, Unity, GarageGames, ngmoco, Twitch, Disney), as well as a $100M developer fund & $725M funding, to help make it happen. That’s where you come into play.

Feel free to browse all our current open job opportunities in the following link

The post Yuga Labs Announces Skill-Based NFT Mint appeared first on Mighty Block |.

Apple has green-flagged new apps selling NFTs as well as developers of the existing apps listed on the App Store. But the catch here is that Apple will be charging a 30% hefty fee for all NFT transactions made through the apps.

This hefty fee will also deter projects, game owners, and apps from using this feature on the App Store. This is because other typical NFT marketplaces such as OpenSea and Magic Eden often take only 5% commission which is very negligible.

As reported by The Information, NFT startup Magic Eden has decided to withdraw its services from the App Store. This happens even after Apple reduced its commission to 15% for companies with annual revenue of less than $1 million. Web3 CEO Gabriel Leydon sees the overall positive side of the situation noting:

“Everyone is focusing on apple wanting its 30% cut of each transaction without realizing this could put an ETH wallet in every single mobile game onboarding 1B+ players!” He added, “I will HAPPILY give Apple a 30% cut of a free NFT.”

Apple Says No To Crypto

Although Apple is currently allowing apps on the App Store to sell NFTs, the company shall still not be accepting crypto yet. Also, Apple is refraining from getting directly involved with the crypto and NFT space. One of the obvious reasons would be they don’t want to draw the regulatory ire as faced by Meta, previously Facebook.

Earlier in June this year, there were some rumors though about Apple possibly releasing NFT trading cards at one of their developer conferences. However, it never came to fruition.

We are always looking for Web3 talent !

Mighty Block is one of the partners of Forte, a platform to enable game publishers to easily integrate blockchain technologies into their games. We believe blockchain will enable new economic and creative opportunities for gamers around the world and have assembled a team of proven veterans from across the industry (Kabam, Unity, GarageGames, ngmoco, Twitch, Disney), as well as a $100M developer fund & $725M funding, to help make it happen. That’s where you come into play.

Feel free to browse all our current open job opportunities in the following link

The post Apple App Store To Allow Apps Selling NFTs appeared first on Mighty Block |.

Put simply, the basic idea of NFT rentals is that NFT owners can rent out their digital assets for temporary use for various purposes. This is a relatively new concept, but as it continues to gain traction within NFT communities, it has the potential to significantly impact the broader Web3 landscape.

Current approaches to NFT Rentals

There are currently four approaches to NFT Rental, each with it’s limitations and risks:

Wrapped NFTs

Instead of giving the original asset to the borrower, the rental protocol mints an expirable version of the NFT (which contains all of the unique features and metadata of the original). This wrapped version of the NFT is then given to the borrower.

The protocol secures the original NFT which is returned to the owner after the agreed-upon rental contract has expired. Now, token holders can enjoy the benefits of renting out assets that they aren’t currently using, but that they would not like to sell.

The problem with this approach: the borrower is not actually using the NFT but a wrapped version, which is not elegible for Airdrops. Also, as the borrower is not holding the real asset, there is a risk that other protocols and systems won’t consider it valid (ie: game server authentication scheme)

Registry smart contracts

This approach requires the borrower an up-front payment that enables NFT rentals without collateral. The NFT is put into escrow in a registry smart contract. The smart contract assigns a use right to the renter when the NFT is rented. The project that wants to make use of collateral-free renting must check the registry contract to see if someone is renting an NFT, therefore this solution requires integration between the rental protocol project smart contract and the client project.

The problem with this approach: the borrower has to pay all the rent upfront, putting a friction to the rent.

Collateralized Rentals

In this method, the owner will transfer ownership of the NFT to the user with some collateral or conditions to ensure that the renter will return ownership after the rental period is complete. Once the NFT is rented out, the original owner has no control over it, which creates many potential risks:

• A collateral is a huge barrier for people to rent because rent often makes sense due to a lack of funds
• If the value of the NFT changes and becomes higher than the collateral, the lender is at risk
• The renter can use the NFT as collateral for a loan without asking permission from the lender

Develop smart contracts in-house

The project can develop its own smart contracts and control the rental experience end to end. This is the case of Splinterlands, using the Hive blockchain. The benefit of this approach, is that you can control the rules and adjust them as you go.

The problem with this approach is that you need to develop all the rental solution in-house, which can be prohibitive to most projects.