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Blockchain is coming to Minecraft..!

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WHAT IS BLOCKCHAIN

Two non-Microsoft developers have created a blockchain layer in Minecraft

Hemant Singh – Mumbai Uncensored, 28th February 2022

synopsis;

‘NFT Worlds’ is based on Ethereum scaling layer 2 (Polygon) and is built using third-party Minecraft servers (those independent from Microsoft). Among the Web3 features in the new game will be a marketplace where gamers can buy items to enhance their in-game experience as well as its native token, $WRLD. The NFTs for sale are 10,000 pieces of land, and the purchase price for one NFT is already 14.5 ETH!! 

Minecraft’s blockchain upgrade is perhaps one of the most exciting developments in the gaming industry. However, the upgrades were not made by the original developers. This particular project has huge potential to increase blockchain game adoption with 141 million Minecraft users reported by 2021🤯.

The sandbox-style video game Minecraft, released in 2011, is receiving a Web3 update thanks to several developers not affiliated with Microsoft.

NFT Worlds is a project built on a third-party Minecraft server with a Polygon-based overlay. Polygon is an Ethereum sidechain that offers lower gas fees (i.e. transaction fees) to users. The NFT Worlds blockchain layer on Minecraft will allow players to access Web3 features, such as an online store, where they can purchase items for their Minecraft experience using  $WRLD tokens ERC20

Some of Minecraft’s software is open-source, which means anyone with the right technical knowledge can construct upon it, and Minecraft doesn’t have a solid economy like its competitor Roblox, which has a strong virtual market and its own (non-crypto) digital currency called Robux. NFT Worlds gives players a metaverse experience in an existing game, which is great news for Minecraft fans and NFT collectors alike.

A unique blockchain-based token that represents ownership of an asset, NFTs can come in a variety of forms. For NFT World, NFT is virtual land. The current lowest price, or the lowest price you can buy immediately without a bid, is 14.5 Ethereum, or about $38,150. There are 10k specific worlds of various shapes, from forested islands to snow-covered tundra & massive volcanoes. The number of Minecraft players has grown since Microsoft acquired Minecraft developer Mojang Studios in 2014 for a whopping $2.5 billion. The game had seen 131 million monthly active users in 2020 and more than141 a million monthly active users in 2021

NFT Worlds has also seen an increase in interest, with more than 26,000 player hours logged on the test server during three days this month. In addition, after remaining mostly unchanged for months, the average price of an NFT World increased by 10 Ethereum ($26,000) from January to February of this year.

While some may be opposed to paying more than $40,000 for virtual land, The Sandbox, a competitive Ethereum metaverse game, typically bids much higher. Someone paid $450,000 for a small virtual parcel of land next to rapper Snoop Dogg’s property in The Sandbox in December.

Compared to The Sandbox, whose economy is powered by the $SAND token, NFT World’s properties are orders of magnitude larger. ArkDev, a co-founder of NFT Worlds, said in a Twitter space Wednesday that there is “concern that the worlds are too humongous.” 

Temptranquil, another co-founder of NFT Worlds, added that “a player can’t just walk” across the entire terrain in the game “without a traffic system or portal of some kind.”

For future developments, the NFT Worlds team wants to make the gaming experience as low as gas and “frictionless” as possible by working on EIP2771, an interface that enables “meta-trading” to be cheap, then on Ethereum. NFT Worlds will create a type of “global auction house”, which will be their online marketplace. 

 The co-founders chose to rely on Minecraft because they found Microsoft to be developer-friendly and less demanding than competitors like Roblox. 

 “Minecraft has a very large and thriving custom game development system,” said ArkDev.  Microsoft seems to favour thinking more broadly about the metaverse, as Activision Blizzard’s $68.7 billion acquisition last month was in part intended to help it develop “building blocks for the metaverse,” according to one media. pine. press release at the time. But building a Web3 world on top of an existing centralized game owned by a billionaire corporation is not without risk. Both ArkDev and Temptranquil are well aware of the potential for “coercion” by Microsoft, which means that Microsoft can stop their projects at any time through legal action. 

 To prevent this, they maintain close contact with Microsoft representatives to ensure that they are not violating the Minecraft End User License Agreement (EULA) at any stage of development.  The Minecraft EULA states that no one is allowed to “commercially use anything we’ve created” or “try to monetize anything we’ve created”, these rules may apply. used for NFT Worlds going forward. 

 “We work very closely with their IP enforcement team,” Tranquil said in the Twitter space. “They regularly monitor our Discord, review our conversations, and we have meetings with them.” 

 However, it remains a question, whether Microsoft will give a green signal to the project. 

“They’re watching us from the sidelines—not like a formal green light—but I think in their eyes, we’re the best-case scenario for someone using their product,” Tranquil said.Decrypt’s request for comment to Minecraft’s global IP enforcement team has yet to be answered.

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IREDA Champions Innovation in Renewable Energy Financing

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Priyal Singh, Mumbai Uncensored:

IREDA, India’s premier renewable energy financier, is spearheading innovation in financing solutions to expedite the adoption of new and emerging renewable energy technologies. Through initiatives such as green bonds and risk-sharing mechanisms, IREDA seeks to unlock the full potential of renewable energy sources and propel India’s clean energy transition forward. This proactive approach highlights IREDA’s dedication to driving sustainable development and combating climate change.

Renewable energy technologies, such as solar, wind, hydro, and biomass, play a pivotal role in addressing climate change and reducing dependence on fossil fuels. However, the upfront costs associated with implementing these technologies can be a significant barrier to adoption for many businesses and individuals. As a result, innovative financing mechanisms are essential to making renewable energy more accessible and affordable.

IREDA’s focus on green bonds provides an alternative source of funding for renewable energy projects, allowing investors to support sustainable initiatives while generating financial returns. Green bonds are specifically earmarked for environmentally friendly projects and are increasingly popular among institutional investors and environmentally conscious individuals.

Additionally, IREDA is exploring risk-sharing mechanisms to mitigate the financial risks associated with investing in renewable energy projects. By partnering with other financial institutions, government agencies, and private investors, IREDA can share the financial burden of renewable energy investments and create a more conducive environment for project financing.

Furthermore, IREDA’s efforts to promote innovative financing solutions align with India’s ambitious renewable energy targets and commitments under the Paris Agreement. With a target of achieving 175 GW of renewable energy capacity by 2022 and 450 GW by 2030, India requires substantial investments in renewable energy infrastructure and technology.

IREDA’s role as a catalyst for renewable energy financing is crucial in driving the transition towards a sustainable and low-carbon energy future. By providing innovative financial products and services, IREDA empowers stakeholders across the renewable energy value chain, including developers, investors, and end-users, to participate in India’s clean energy revolution.

In conclusion, IREDA’s focus on innovation in renewable energy financing reflects its commitment to accelerating India’s clean energy transition and achieving its renewable energy targets. By leveraging green bonds, risk-sharing mechanisms, and other innovative financing tools, IREDA can unlock new opportunities for renewable energy investment and pave the way for a greener and more sustainable future.

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FlipTrends 2023: The Rural Revolution in India’s Online Retail Landscape

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National Flipkart has unveiled its FlipTrends 2023 Report, sharing insights into the evolving landscape of online shopping in the country. The report is derived from the behaviours and preferences of over 500 million registered users.

The report unveils that the saree has claimed the spotlight as the most-shopped clothing item on Flipkart in 2023.

Most shopped items
Sarees overtook oversized and unisex fashion wear to be crowned as the most shopped clothing item. Women’s clothing across ethnic, contemporary and western wear remained at the top of shopping lists.

Cities like Trivandrum, Patna, Lucknow, Ludhiana, Varanasi, Ernakulam, Guwahati, Cuttack, Medinipur and Bankura emerged as top-tier shopping destinations.

Flipkart witnessed a significant boom in baby care and infant formula products, with a 100 per cent growth in infant formula and a 50 per cent increase in premium skincare baby products in 2023. The purchase of gift cards soared, with a 40 per cent growth in third-party brand gift cards, particularly in categories like gold and diamond jewellery and gaming.

In a recent report by Flipkart, Swift Money’s founder, Saksham Bhagat, highlighted the significant role that Cash On Delivery (COD) plays in fostering customer trust. Speaking at the Internet Commerce Summit, Bhagat emphasized that the online shopping giant, Flipkart, has played a crucial role in customer acquisitions and enhancing customer experience by offering the Cash On Delivery option.

He explained that the Cash On Delivery option has not only attracted customers to Flipkart but has also proven to be instrumental in customer retention and increasing repeat customers. The flexibility provided by the COD option has significantly contributed to Flipkart’s success in retaining and expanding its customer base.

Grooming and self-care took centre stage, with premium styling products experiencing a 3X growth over 2022. Face care products, especially those with glycolic acid and salicylic acid, emerged as the most sought-after items, followed by hair care and body care products.

Flipkart also witnessed a surge in demand for premium laptops, with a 3.2X growth, and a 100 per cent increase in tablet demand in 2023. Action and adventure cameras experienced a 4X growth, possibly fuelled by the growing interest in outdoor activities and the expanding universe of content creation and social media opportunities.

Shoppers spent an average of 7 hours on the platform and over 41 million new customers joined Flipkart’s user base until November 2023.

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Lenskart’s Remarkable Accidental Revolution: Igniting Omni-Channel Success in Eyewear Retail

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Bangalore, 16th December, 2023:

Lenskart, a powerhouse in the eyewear industry, has found itself at the forefront of an unexpected revolution in the realm of omni-channel retail. What started as a digital journey has transformed into a pioneering success story, rewriting the rules of engagement in the eyewear retail landscape.

The revelation unfolded during an engaging conversation between Ramneek Khurana, Co-founder of Lenskart, and Ashish Dhir, Executive VP at 1Lattice, at the Internet Commerce Summit 2023 in Bengaluru on December 12.

The turning point came when Lenskart, known primarily as an online platform, was identified as an omni-channel player by investors around 2015-’16. This unexpected characterization marked the beginning of Lenskart’s unplanned but groundbreaking foray into omni-channel retail.

“Our omni-channel journey was very simple. We started Lenskart as an online platform because that is the easiest and most cost-effective way to figure out our journey,” explained Khurana.

The shift to omni-channel was prompted by Lenskart’s responsiveness to fundamental consumer concerns. As an online platform, the brand faced challenges such as customers hesitating to make purchases due to uncertainties about frame fitting, appearance, and prescription issues. In a swift response, Lenskart initiated an unconventional omni-channel strategy, starting with the establishment of a few physical stores.

“We stumbled upon it, but were prompt in addressing the consumer problems,” Khurana added.

Lenskart’s transition from online to offline was marked by inventive solutions. The brand introduced features such as infinite trials and omni-channel returns, directly addressing specific pain points that hindered the online shopping experience. Unlike traditional retail approaches, Lenskart’s journey involved a shift from online to offline, bringing attention to products not physically present in stores.

Khurana shed light on Lenskart’s evolving omni-channel strategy, emphasizing the pivotal role of Artificial Intelligence (AI) and Machine Learning (ML). The brand leverages these technologies to tap into regular CCTV footage across stores, obtaining valuable insights into customer behavior and decision-making processes.

Discussing the ongoing evolution of their strategy, Khurana highlighted the use of AI and ML to study the online conversion funnel. This includes understanding demographics, time spent on product selection, and various other factors aimed at making the customer journey frictionless.

The brand aspires to bridge the gap between online and offline experiences, bringing online features into the offline shopping journey and vice versa. By deploying AI and ML, Lenskart aims to provide personalized assistance based on anonymized data from millions of purchases.

Khurana concluded by acknowledging Lenskart’s commitment to unlocking new data use cases, making the brand adept at collecting and utilizing data to enhance customer experiences. This accidental revolution from digital ignorance to omni-channel mastery positions Lenskart as a formidable player in the eyewear retail landscape, rewriting the rules of engagement in the industry.

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