Economy
One in Three Willing to Quit Job to Play NFT Games—Research
NFT gaming platform, Balthazar, has released its inaugural Community Insights Report, which found one in three respondents (32%) said they will quit their job or consider quitting if they could play NFT games full time.
Of the 1,103 respondents who are predominantly from the Philippines, this figure includes those who currently play NFT games and those who don’t yet play.
A further 59% said they would play full-time and continue working other jobs.
Other interesting findings include;
Over two-thirds (65%) of respondents said they would need to earn a minimum of $42 on average to consider quitting their job to play NFT games full-time. More than half of which (55%) said they would need to earn between $1 and $20 per day to afford to quit their current job to play.
Out of those who have jobs, they earn $316 on average per month or about $16 per workday.
The majority (85%) of those who are Balthazar Wizards (who are signed up to Balthazar’s scholarship program) said they play in a guild because they love the community support and learning that is offered to them.
While 69% said they also can’t afford to buy the NFT assets needed to play, and 32% said it’s more fun than playing on their own.
Asked why they chose Balthazar, 70% said it’s because of the opportunities to earn more money, as well as 63% for the ongoing support and 67% said it’s more engaging than other guilds.
Many people in the Balthazar community rely on play-to-earn games as their primary source of income, as 69% of respondents are not working (many of which are students). Less than one in three (27%) said they have one job while 3% said they have more than one.
63% of the respondents said they support at least one other person financially, of which 5% said they financially support 6-10 people.
Over half (52%) said they have used their game earnings for basic necessities and personal needs such as food, housing and bills, while 19% said they have used it for education expenses.
“I’m not surprised by these findings because, just like us, our community is incredibly excited about the future in NFT gaming and the potential earning opportunities offered through Balthazar. They love play-to-earn games and many are ready to quit their other jobs to play NFT games instead, as they could potentially be earning the same, if not more from playing NFT games.
“There is something special about Balthazar’s community, as we bring a unique experience, unlike other guilds. We believe in creating a fun and nurturing community and we provide support and training as well as loads of fun initiatives.
“We believe that play-to-earn games will be the biggest disruptor in the crypto space this year, as well as the video game industry, as more gaming companies, crypto holders and traditional investors are investing in the space.
“I’m most excited about the redistribution of wealth from traditional gaming companies to people who need it most and into their economies. Gaming platforms like Balthazar are innovating in the metaverse, by not only creating token utility but also building a self-sustaining ecosystem allowing more people access to crypto,” the CEO of Balthazar, John Stefanidis, said.
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited further suffered a 0.64 per cent decline on Thursday as the bears tightened their grip on the bourse.
For the second straight session, all the key sectors of Customs Street pointed south, with the energy counter down by 5.22 per cent. The insurance index slumped by 2.59 per cent, the banking space depreciated by 0.28 per cent, and the consumer goods segment moderated by 0.06 per cent, while the industrial goods sector was flat, though with a marginal fall.
As a result, the All-Share Index (ASI) contracted by 1,493.71 points to 233,580.83 points from 235,074.54 points, and the market capitalisation retreated by N959 billion to N149.888 trillion from N150.847 trillion.
Investor sentiment remained weak after a negative market breadth index, as there were 21 price gainers and 34 price losers.
Aradel and Deap Capital went down by 10.00 per cent each to N1,575.00 and N4.05, respectively. Trans-Nationwide Express fell by 9.90 per cent to N3.64, Regency Alliance slipped by 9.57 per cent to N85 Kobo, and C&I Leasing dipped by 9.48 per cent to N28.12.
Conversely, Red Star Express grew by 9.60 per cent to N24.55, Legend Internet expanded by 9.09 per cent to N6.00, Neimeth appreciated by 7.10 per cent to N8.30, Abbey Mortgage Bank rose by 5.45 per cent to N8.70, and Ellah Lakes improved by 4.65 per cent to N9.00.
Yesterday, market participants traded 393.7 million equities valued at N19.2 billion in 45,813 deals compared with the 488.1 million equities worth N20.9 billion transacted in 46,239 deals recorded a day earlier, implying a shortfall in the trading volume, value, and number of deals by 19.34 per cent, 8.13 per cent, and 0.92 per cent, respectively.
The most active stock for the session was Access Holdings with a turnover of 39.1 million units worth N896.2 million, Chams traded 24.5 million units valued at N96.5 million, Fidelity Bank sold 24.1 million units for N436.9 million, Sterling Holdings exchanged 23.8 million units valued at N182.2 million, and Zenith Bank transacted 18.9 million units worth N2.1 billion.
By Adedapo Adesanya
The Naira recorded a marginal gain of 43 Kobo or 0.03 per cent against the United States Dollar on Wednesday, June 25, in the Nigerian Autonomous Foreign Exchange Market (NAFEX) to sell for N1,380.11/$1 compared with the previous day’s N1,380.54/$1.
However, the Nigerian currency lost N3.21 against the Pound Sterling in the official market during the session to close at N1,818.84/£1, in contrast to Wednesday’s exchange rate of N1,815.63/£1, and against the Euro, it fell by N3.21 to trade at N1,566.84/€1 versus midweek’s value of N1,563.63/€1.
In the same vein, the Nigerian Naira depreciated against the Dollar at the GTBank FX deck yesterday by N3 to sell for N1,383/$1 compared with the preceding session’s value of N1,380/$1, and at the black market window, it remained unchanged at N1,395/$1.
Interbank FX turnover at the NFEM window surged by about 56 per cent day-on-day to close at $195.371 million from $125.588 million reported on Wednesday, according to data from the Central Bank of Nigeria (CBN).
The Naira continues to feel the impact of rising FX payments and a strong US Dollar amid a sharp slowdown in forex market interventions by the central bank, with more than six weeks of no support for the local currency.
Nigeria’s foreign reserves increased further to $51.142 billion, while oil prices continue to be held in the $70 range by developments in the geopolitical scene.
Meanwhile, in the cryptocurrency market, Bitcoin sank below $60,000 as more than $1 billion in crypto positions were liquidated over the past 24 hours, with longs accounting for $842 million of the damage. About 148,500 traders were wiped out. The largest single position was a $38 million bitcoin-dollar bet on Hyperliquid. It led at $489 million in liquidations and dropped 2.8 per cent to sell at $59,862.61.
Ethereum (ETH) crashed by 5.5 per cent to $1,554.57, Ripple (XRP) declined by 4.8 per cent to $1.03, Cardano (ADA) fell by 4.3 per cent to $0.1433, Dogecoin (DOGE) dropped 3.4 per cent to sell at $0.0745, TRON (TRX) slid 2.2 per cent to $0.3215, Binance Coin (BNB) slumped by 1.8 per cent to $561.34, and Solana (SOL) dipped by 0.3 per cent to $62.94, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) sold flat at $1.00 each.
By Aduragbemi Omiyale
The gantry price of Premium Motor Spirit (PMS), commonly known as petrol, has been cut down by N50 to N1,125 per litre from N1,175 per litre by Dangote Petroleum Refinery.
The refinery confirmed this development via a statement on Thursday to newsmen.
Dangote Refinery described this downward review of the product’s price as a reflection of its ongoing commitment to ensuring price stability, improving affordability, and supporting Nigeria’s energy security objectives.
It further said it underscores its responsiveness to prevailing market conditions and its efforts to pass on cost efficiencies to downstream partners and consumers.
In the statement, the company said it remains focused on its broader mission of contributing to economic growth, enhancing fuel availability, and fostering a more competitive and sustainable petroleum sector in Nigeria.
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