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NFT Communities Take Center Stage as Virtue Poker Resurges

Posted on September 6, 2023 by Kelley N.

Ryan Gittleson’s redesigned Virtue Poker is a triumph for his years-long mission to merge bitcoin with poker. Founded in 2016 and incubated by Ethereum powerhouse ConsenSys, Virtue Poker embarked on a mission to decentralize online poker.

A Long Road

Despite raising $12.5 million in a token sale in 2018 and $5 million in financing in 2021, there were still several challenges to implementing their plan for seamless on-chain poker. One of the problems was that there was not a widely available layer-2 Ethereum scaling network that could support instant and cheap in-game purchases. As an added complication, the United States and certain other major portions of Europe continue to prohibit the running of an unregulated internet gambling ecosystem.

But things changed for a bit.

After securing a gaming license from Malta, Virtue Poker launched a legal play-to-earn poker game in the United States. But getting users and keeping them around was difficult. Virtue was on the verge of bankruptcy by the following summer, and their website went offline.

The Comeback and Turning Point

Gittleson’s beta launch of the revamped Virtue Poker represented a watershed moment in the company’s history, as it remains true to its initial objective of using crypto technologies and ethos to reimagine poker for the current day.

While the new Virtue Poker does not support real-world currency or cryptocurrency wagering inside the game itself, it does provide a user-friendly platform for clubs and organizations throughout the globe to conduct their own online poker games and tournaments. It has been revamped to serve NFT communities by allowing them to restrict access to games using tokens.

If you are looking for a way to be involved with the NFT community outside Discord discussions, Virtue Poker is a simple and effective option. Clubs using Virtue may tailor their digital area to suit their members’ needs, with the potential to host more than a thousand players at once across a wide range of poker games. Although the site is now free, Gittleson plans to start charging a subscription fee to club organizers depending on the number of members and the amount of time they spend on the site.

Gittleson believes that NFT communities may encourage involvement by awarding fungible tokens and NFTs to winners. They might also manually process rewards and collect money from participants. Since Virtue Poker is not a recognized gambling site, the legality of such agreements is unclear under federal law, which bans knowingly taking money to settle illicit online gambling liabilities.

PokerFi.Finance to Unite Crypto and Poker Users

Posted on October 4, 2021October 3, 2021 by Kelley N.

The utilization of crypto and related technologies in the world of gambling is not an entirely new thing. Still, there is so much to be discovered in the sector. New entrants debut innovative technologies and products regularly and this is what keeps it going. For poker players, it is now more apparent than ever that crypto is a huge part of the industry.

As part of an ambitious plan to further unite poker players and crypto enthusiasts, PokerFi.Finance has come up with an innovative approach for financial transactions in live and online poker. The main goal of this is to bring more awareness about crypto to poker players. It further provides this group of people with an incredible system through which they can earn some passive income. This should further give more people more reason to be a part of it.

How It Works

PokerFi.Finance which is also referred to as Poker Finance token is essentially a digital currency. It is linked to BEP-20 on the Binance Smart Chain and is built on a foundation of three ideas. That is to improve Decentralized Finance (DeFi), offer great poker games and deliver a deflationary system.

The deflationary nature of the system will likely be the most eye-catching thing for many people. That is because it means that the token holders will be able to earn in dollars with dividends and they will not have to sell their coins to make that possible. As for the actual figures, PokerFi.Finance token holders will have the chance to earn a 6 percent fee for every transaction. A 3 percent share is automatically distributed every 12 hours to everyone with over 35,000 coins in their token wallets.

More Perks

When it comes to actual poker gaming, the users of the PokerFi.Finance platform also have a lot to look forward to. The players will get the chance to rake back up to 70 percent of their spend on the site. This is paid out weekly in $BUSD. In addition to that, the side features an amazing loyalty program. Referred to as the PointFi rewards program, it is made to cater to all users with accounts on the site. Once registered, the players get 1FP for every $1 wagered.

The total rake of the site will contribute to growing the value of the PokerFi.Finance token. 2 percent of the total rake is dedicated to that goal. Players still can get to reap the benefits of this too. Qualifying players will receive a 5 percent share of the total rake.

New Digital Currencies on the Horizon

Posted on September 4, 2019September 2, 2019 by Kelley N.

The world seems to be slowly warming up to the idea of digital currencies. Already, there have been a couple of institution-backed efforts to introduce newer kinds of digital currencies such as Facebook’s Libra and while many of them are yet to take off in major ways, there is a lot of enthusiasm about them.

Manny Pacquiao Releases His Own Cryptocurrency

Philippine celebrity boxing champion turned politician and singer Manny Pacquiao has recently launched his own cryptocurrency with the support of a number of private investors including Michael Owen who is an ex-Liverpool and England soccer star and Sheikh Khaled bin Zayed al-Nahyan, a member of Abu Dhabi’s ruling family. He is clearly very serious about this token.

Referred to as the ‘Pac’, the digital currency or token has already been listed on n Singapore’s Global Crypto Offering Exchange (GCOX) which means that fans can buy merchandise and interact with the Filipino boxer on various social media platforms. Jeffrey Lin, the Founder and CEO of the Global Crypto Offering Exchange (GCOX), has been quite welcoming to the idea and has even said that Pac will not only raise money but will also build a token ecosystem.

As it turns out, Manny is not the only one who has had his sights set on the world of crypto. American singer-songwriter Jason Derulo is also reportedly planning to launch his own cryptocurrency on GCOX.

China’s State-Backed Digital Currency Coming Soon

Meanwhile, China is also reportedly on the verge of launching its own cryptocurrency sometime in the next few months. When it launches, the new currency will initially be issued to a total of seven institutions. These institutions will include the Industrial and Commercial Bank of China, the Bank of China, the Agricultural Bank of China, Alibaba and Tencent; and Union Pay, an association of Chinese banks – they will be tasked with dispersing the cryptocurrency to the over 1 billion Chinese citizens as well as to any party doing business in the country’s fiat currency.

Speaking on behalf of the People’s Bank of China (PBOC), Mu Changchun, its deputy director, has revealed that the new digital currency will use a two-tier system. The first tier will connect the Chinese central bank with commercial banks while the second tier will connect the commercial banks to the retail market.

It is, however, worth noting that the currency will not be a ‘cryptocurrency’, at least not in the traditional sense. A report by Binance states that central authorities will be able to gather information and unlike other cryptocurrencies such as bitcoin, it will be “fully non-anonymous”.

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