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By Anna Helhoski, NerdWallet The battle to get here was certainly an uphill one, but people are generally feeling better about the economy and their finances than they once did. On top of that, the economy has been easing into an ideal, Goldilocks-like position — not running too hot or cooling too quickly. Throughout 2024, consumer sentiment data showed people were fairly positive about the economy and their own finances, even if there’s remaining frustration over elevated prices compared to four years ago. Looking ahead, households are feeling more optimistic about their personal finances in the next year, as the share of those expecting to be in a better financial situation a year from now hit its highest level since February 2020. Combine positive personal vibes with a strong economic picture and it looks like 2024 wasn’t so bad for consumers, after all. But that doesn’t mean there weren’t bumps in the road or potential roadblocks ahead. To cap off the year, NerdWallet writers reflect on the top trends in personal finance and the economy this year — and what they think might be ahead in 2025. Elizabeth Renter, NerdWallet’s economist What happened: In 2024, U.S. consumers have proven resilient following a period of high inflation and ongoing high interest rates. Wage growth has been strong, owing in part to rising productivity. This has driven robust spending throughout the year, which has kept the economy growing at a healthy pace. The labor market has remained steady, though cooler than 2023, and price growth continues to moderate towards the Federal Reserve’s 2% inflation goal. What’s ahead: Barring significant changes to economic policy and significant shocks, the U.S. economy is expected to grow at a moderate rate in the coming year. Inflation will continue to moderate and the labor market will remain relatively healthy, all due in part to continued slow and deliberate rate cuts from the Fed. However, there are risks to this path. Higher tariffs and tighter immigration policies are likely, but the extent of these changes are yet unclear. The potential policy scenarios are many, and the economic outcomes complex. Increased tariffs are generally inflationary, and stricter immigration policies could impact the labor supply and economic growth. Consumers and small business owners with their eyes to the new year should focus on the things within their control. Margarette Burnette, consumer banking and savings writer What happened: High-yield savings accounts and certificates of deposit offered elevated rates in 2024, rewarding savers with strong returns. Following the Federal Reserve rate cuts in the second half of the year, high-yield accounts had modest rate decreases, but they continued to outperform traditional savings accounts and CDs. What’s ahead: We’re watching for further Federal Reserve rate cuts, which could lead to more decreases in savings rates. Sara Rathner, credit cards writer What happened: Credit card debt levels hit record highs, with consumers turning to credit cards to pay for necessities. While the economy is doing well, many individuals have struggled to make ends meet, as incomes haven’t kept up with certain costs. What’s ahead: We may see some policy and regulation changes with the incoming administration that could affect folks when it comes to credit cards, debt and consumer protections. Ryan Brady, small business writer What happened : New businesses continued to blossom in 2024 as business applications remained well above pre-pandemic levels. Confidence in the future state of the U.S. economy also spiked after the presidential election, but that optimism was tempered by concerns over rising costs and labor quality. What’s ahead: All eyes are on the incoming administration as small-business owners brace for turbulence resulting from potential tariffs, tax policy changes and dismantled government regulations. We’re also watching the possibility of interest rate cuts in 2025 and small-business owners’ growing reliance on new technologies, such as AI. Holden Lewis, mortgages writer What happened: Home buyers struggled with elevated mortgage rates, rising house prices and a shortage of homes for sale. On top of that, a new rule required buyers to negotiate their agents’ commissions. What’s ahead: The Federal Reserve is expected to cut short-term interest rates, but mortgage rates might not necessarily fall by a similar amount. Buyers will probably have more properties to choose from, and the greater supply should keep prices from rising a lot. Interest rates on home equity loans and lines of credit should fall, making it less expensive to borrow to fix up homes — either to sell, or to make the home more comfortable and efficient. Sam Taube, investing writer What happened: The stock market had a great year. The S&P 500 is up more than 25% due to falling interest rates, fading recession fears, AI hype, and the possibility of lighter taxes and regulations under the new administration. Cryptocurrency also saw big gains in 2024; the price of Bitcoin crossed the $100,000 mark for the first time in December. What’s ahead: A lot depends on how fast the Fed reduces rates in 2025. Another key unknown is Trump’s second term. Regulatory rollbacks, such as those he has proposed for the banking industry, could juice stock prices — but they also could create systemic risks in the economy. His proposed tariffs could also hurt economic growth (and therefore stock prices). Finally, it remains to be seen whether trendy AI stocks, such as NVIDIA, can continue their momentum into next year. It’s the same story with crypto: How long will this bull market last? Caitlin Constantine, assistant assigning editor, insurance What happened: Many people saw their home and auto insurance premiums skyrocket in 2024. In some states, homeowners are finding it harder to even find policies in the first place. Meanwhile, life insurance rates have started to decrease post-pandemic. We also saw more insurers offering online-only policies that don’t require a medical exam. What’s ahead: Auto and home insurance costs will likely continue to rise, although auto premiums may not rise as dramatically as they have over the past few years. And if you’re in the market for life insurance, expect to see competitive life insurance quotes and more customizable policies. Eliza Haverstock, student loans writer What happened: Borrowers received historic student loan relief, but lawsuits derailed an income-driven repayment plan used by 8 million whose payments are indefinitely paused. Uncertainty will carry into 2025 as a result of the presidential administration change. What’s ahead: Trump has pledged to overhaul higher education and rein in student loan relief. The fate of the SAVE repayment plan, student loan forgiveness options, FAFSA processing and more remain in the balance. Meghan Coyle, assistant assigning editor, travel What happened: People are willing to pay more for big and small luxuries while traveling, and airlines and hotels are taking note. Many airlines raised checked bag fees early in 2024, credit card issuers and airlines invested in renovated airport lounges, and major hotel companies continued to add luxury properties and brands to their loyalty programs. What’s ahead: Southwest will say goodbye to its open seating policy and introduce new extra-legroom seats, a major departure for the airline. Alaska Airlines and Hawaiian Airlines will unveil a unified loyalty program in 2025. Spirit Airlines may attempt to merge with another airline again after its 2024 bankruptcy filing and two failed mergers under President Biden’s administration. Travelers will find that they’ll have to pay a premium to enjoy most of the upgrades airlines and hotels are making. Laura McMullen, assistant assigning editor, personal finance What happened: This year, dynamic pricing expanded beyond concerts and travel to online retailers and even fast-food restaurants. This practice of prices changing based on real-time supply and demand received plenty of backlash from consumers and prompted the Federal Trade Commission to investigate how companies use consumers’ data to set prices. What’s ahead: Beyond an expansion of dynamic pricing — perhaps with added oversight — expect subscription models to become more prevalent and demand for sustainable products to grow. Shannon Bradley, autos writer What happened: New-car prices held steady in 2024 but remained high after a few years of sharp increases — the average new car now sells for about $48,000, and for the first time ever the price gap between new and used cars surpassed $20,000 (average used-car prices are now slightly more than $25,000). Overall, the car market returned to being in the buyer’s favor, as new-car inventories reached pre-pandemic levels, manufacturer incentives began making a comeback and auto loan interest rates started to decline. What’s ahead: The future of the car market is uncertain and depends on policies implemented by the incoming administration. Questions surround the impact of possible tariffs on car prices, whether auto loan rates will continue to drop, and if federal tax credits will still be available for electric vehicle buyers. Jackie Veling, personal loans writer What happened: Buy now, pay later continued to be a popular payment choice for U.S. shoppers, even while facing headwinds, like an interpretive ruling from the CFPB (which determined BNPL should be regulated the same as credit cards) and Apple’s discontinuation of its popular Apple Pay Later product. Large players like Affirm, Klarna and Afterpay continued to offer interest-free, pay-in-four plans at most major retailers, along with long-term plans for larger purchases. What’s ahead: Though more regulation had been widely anticipated in 2025, the change in administration suggests the CFPB will play a less active role in regulating BNPL products. For this reason, and its continued strength in the market, BNPL will likely keep growing. Taryn Phaneuf, news writer What happened: Easing inflation was a bright spot in 2024. In June, the consumer price index fell below 3% for the first time in three years. Consumers saw prices level off or decline for many goods, including for groceries, gas and new and used vehicles. But prices haven’t fallen far enough or broadly enough to relieve the pinch many households feel. What’s ahead: The new and higher tariffs proposed by the Trump administration could reignite inflation on a wide range of goods. Taryn Phaneuf, news writer What happened: Rent prices remain high, but annual rent inflation slowed significantly compared to recent years, staying around 3.5% for much of 2024, according to Zillow, a real estate website that tracks rents. A wave of newly constructed rental units on the market seems to be helping ease competition among renters and forcing landlords to offer better incentives for signing a lease. What’s ahead: If it continues, a softening rental market could work in renters’ favor. But construction is one of several industries that could see a shortage of workers if the Trump administration follows through on its promise to deport undocumented immigrants. A shortage of workers would mean fewer houses and apartments could be built. Anna Helhoski, news writer What happened: After a contentious presidential campaign, former President Donald Trump declared victory over Vice President Kamala Harris. While on the campaign trail, Trump promised to lower inflation, cut taxes, enact tariffs, weaken the power of the Federal Reserve, deport undocumented immigrants and more. Many economists have said Trump’s proposals, if enacted, would likely be inflationary. In Congress, Republicans earned enough seats to control both houses. What’s ahead: It’s unclear which campaign promises Trump will fulfill on his own and with the support of the new Congress. He has promised a slew of “day one” actions that could lead to higher prices, including across-the-board tariffs and mass deportations. Most recently, Trump pledged to enact 20% tariffs on Canada and Mexico, as well as an additional 10% tariff on China. He has also promised to extend or make permanent the 2017 Tax Cuts and Jobs Act; many of its provisions expire by the end of 2025. Anna Helhoski, news writer What happened: Fiscal year 2023-2024’s funding saga finally came to an end in March, then six months later, the battle to fund the fiscal year 2024-2025 began. The Biden Administration waged its own war against junk fees . Antitrust enforcers pushed back against tech giants like Amazon, Apple, Google, and Meta; prevented the Kroger-Albertsons merger; nixed the Jet Blue-Spirit Airlines merger; and moved to ban noncompete agreements. The Supreme Court rejected a challenge to the constitutionality of the Consumer Financial Protection Bureau, as well as a challenge to abortion pill access. SCOTUS also overruled its landmark Chevron case, which means every federal regulatory agency’s power to set and enforce its own rules are now weaker. What’s ahead: The election’s red sweep means the GOP will control the executive and legislative branches of government. They’ll face the threat of at least one more potential government shutdown; a debt ceiling drama comeback; and the beginning of the debate over extending or making permanent provisions of the expiring 2017 Tax Cuts and Jobs Act. More From NerdWallet Anna Helhoski writes for NerdWallet. Email: anna@nerdwallet.com. Twitter: @AnnaHelhoski. The article What Trended in Personal Finance in 2024? originally appeared on NerdWallet .
From the right: Musk Could Save AI from Lefty Bias The left’s “anger toward the disruptive billionaire, Tesla founder and now Donald Trump bestie,” Elon Musk, will only “get worse,” cheers Liz Peek at The Hill . “Musk’s growing investment in AI” can “likely prevent progressives from establishing a monopoly on revisionist history, in which the U.S. can be portrayed as a nation born in racism and sustained by exploitation and patriarchy.” With chatbots like ChatGPT showing a lefty bias, “Musk is busily creating his own artificial intelligence firm,” xAI. “Just as X became a loathed rival to Meta and TikTok as a source of information, so will xAI present users with a distinctly different view of the world.” “Musk’s emergence as a player in the AI world is reassuring, in that balance is important.” Elex analyst: Democrats’ Woes Not Just Messaging “Democrats and their media allies acknowledged mistakes were made” in the 2024 campaign, but claim “their real problem was a failure to communicate,” observes Real Clear Politics’ J. Peder Zane . No: “Polls show a large majority of Americans have lost faith in their ability to govern effectively,” after “Democrat-run states and major cities have distinguished themselves not only for their poorly run schools, high crime, and massive debts, but also their corruption.” Moreover, “their embrace of the woke agenda showed that the party was not just wrong about certain issues, but in the grips of an unhinged ideology.” Indeed, Trump won “because many Americans remembered” his policies as effective. Now “Democrats need their own Trump — a wrecking ball who will challenge the party’s dogmas.” Liberal: How Dems Can Win Again “Democrats have lost the plot in the view of more and more nonwhite, especially nonwhite working-class , voters. How can they find it again?” asks The Liberal Patriot’s Ruy Teixeira . “Sever the party’s connection to unpopular and unworkable social policies and re-establish a focus on the material welfare of working-class voters” by moving to “to forcefully denounce said policies and unambiguously break from the forces in the party that are pushing these policies” on the border, crime, and social issues like gender surgeries for kids. As for those who insist “being a Democrat is inseparable from being a progressive as they define it ,” well: “It’s high time for Democrats to turn the tables” and throw the various identitarian factions “under the bus.” Senility watch: Biden’s Wobbly Final Months “As wars worsen” and Joe Biden enters his last months as president, the current moment is “especially perilous,” warns the Washington Examiner’s Bryon York . “In the last few days, Biden has removed restrictions on Ukraine’s use of the Army Tactical Missile System” and “Ukraine promptly fired U.S.-made missiles deep into Russian territory.” Putin has promised retribution. While these developments “would be alarming in any context,” they “come as the 82-year-old President Biden’s apparent cognitive decline continues.” Pushed out of the presidential race by Dem power-brokers, he “appeared to play almost no role in his final international conferences as president, the G20 summit in Brazil.” Biden’s “final, wobbly months as president” make for “a particularly dangerous period.” Eye on DC: A Restoration of Order “What we’re seeing with the swap of [Matt] Gaetz for [Pam] Bondi is actually a restoration of regular order,” argues National Review’s Jim Geraghty of the Trump attorney-general drama. For all the “doomsaying from Trump opponents” on how “congressional Republicans are a bunch of spineless lickspittles who would gladly use the U.S. Constitution as kindling just to see the warm glow reflected in the eyes of Trump,” plainly “there are some lines Senate Republicans aren’t willing to cross.” Trump can “be an effective president. He just needs to be surrounded by a good team, and the Republican Senate majority may need to periodically save Trump from his own worst instincts.” — Compiled by The Post Editorial BoardIsrael strikes Houthi targets in Yemen's capital. WHO chief says he was nearby
None‘We’ll cop the full brunt’: West Gate Tunnel to pump out toxic fumes near homes
The Times of Israel smeared Rebel News founder and journalist Ezra Levant as a “far-right activist” on Sunday after he was arrested in Toronto, Canada, for filming an anti-Israel protest in a Jewish neighborhood on a public sidewalk. The Times of Israel reported : Canadian far-right political pundit Ezra Levant has been arrested at a pro-Hamas rally in Toronto, after he refused police instructions to move away from the demonstration, claiming he was being discriminated against for being Jewish. In a video of the arrest posted to social media by Levant’s Rebel News platform, officers can be heard telling the conservative activist that his presence at the pro-Palestinian rally was “inciting the crowd.” ... The officer then tells him he is under “arrest for breaching the peace,” at which point the protesters erupt in cheers and calls of “Zionist” and “loser.” As the Times of Israel admitted, one protester at the Toronto event was dressed as Hamas leader Yahya Sinwar, while another held a sign urging Jews to go to Amsterdam, the site of a massive antisemitic riot earlier this month. Such displays would be offensive to mainstream readers of the Times of Israel, yet it smears Levant as “far-right.” Video of the arrest, posted by Rebel News — a self-identified conservative news outlet, but not “far-right” — shows Levant being ushered by police away from a group of protesters holding Palestinian flags. A confrontation ensues as police claim Levant is inciting the mob by filming them in public, while Levant says it is the mob that is inciting violence. After Levant refuses to move aside upon the orders of the police, the police arrest him for disturbing the peace. Police in Canada have a habit of arresting conservative reporters, so much so that Rebel News is actually suing the Royal Canadian Mounted Police (RCMP) over an earlier arrest of reporter David Menzies for attempting to ask a member of Prime Minister Justin Trudeau’s government a question as she walked down a public sidewalk. In the United States, public sidewalks are typically where free speech is at its most free, with few boundaries. Levant is no more “far-right” than the Times of Israel’s readership. But the online news website often reliable on news in Israel, frequently takes potshots at conservatives in the United States and Canada — as in this egregious example. Joel B. Pollak is Senior Editor-at-Large at Breitbart News and the host of Breitbart News Sunday on Sirius XM Patriot on Sunday evenings from 7 p.m. to 10 p.m. ET (4 p.m. to 7 p.m. PT). He is the author of The Agenda: What Trump Should Do in His First 100 Days , available for pre-order on Amazon. He is also the author of The Trumpian Virtues: The Lessons and Legacy of Donald Trump’s Presidency , now available on Audible. He is a winner of the 2018 Robert Novak Journalism Alumni Fellowship. Follow him on Twitter at @joelpollak .
This Christmas, buy green gifts that don't cost the earth
San Jose Sharks winger Luke Kunin is on pace to set a new single-season career high in goals scored. He is in his second season as an alternate captain and plays the type of north-south game coach Ryan Warsofsky appreciates. Those qualities will also likely make Kunin, a pending unrestricted free agent, an attractive trade target among playoff-contending teams early next year. Kunin scored twice and had 16:31 in ice time for the Sharks on Tuesday in their 3-2 loss to the Carolina Hurricanes. Going into Thursday’s date with his hometown St. Louis Blues, Kunin, after 31 games, is now tied for fourth on the team with eight goals, more than halfway past his career high of 15 set during the 2019-2020 season when he played in 63 games with the Minnesota Wild. Now, it’s a matter of whether the Sharks want to try to sign Kunin to a contract extension past this season or trade him for future assets as they did with goalie Mackenzie Blackwood on Monday. Blackwood was traded to the Colorado Avalanche as part of a deal that netted goalie and pending UFA Alexandar Georgiev, 25-year-old forward Nikolai Kovalenko, and two draft picks. After the deal, Sharks general manager Mike Grier said Blackwood likely “played his way out of here” with the season he was having. That means the average annual value of Blackwood’s next contract will probably be significantly higher than the $2.35 million on his current deal. The rebuilding Sharks are only willing to commit so much money to the goaltending position as Yaroslav Askarov’s two-year, $4 million contract kicks in next season. “I hope he gets what he’s looking for,” Grier said of Blackwood. “But I think he kind of played his way out of probably the ballpark figure of what we were looking for, especially with (Askarov) coming up as well.” It’s fair to suggest that Kunin, who turned 27 on Dec. 4, will be looking for a bump from his current AAV of $2.75 million and perhaps some term beyond one or two years on his next contract. He also must decide whether he wants to remain with the rebuilding Sharks, who appear to be at least a couple of years away from being serious playoff contenders. With Kunin a pending restricted free agent in June, he and the Sharks came to terms on a one-year, $2.75 million deal that took him to UFA status. He has 12 points this season and is sixth among Sharks forwards in average time on ice (15:05). Like he will with other pending UFAs before the March 7 trade deadline, Grier must decide whether Kunin fits in with the Sharks in their current state or whether it makes more sense to ship him and collect a future asset. The Sharks’ other pending UFAs are goalies Georgiev and Vitek Vanecek, forwards Mikael Granlund and Nico Sturm, and defensemen Cody Ceci and Jan Rutta. Those players, too, must decide whether to stay or move on. Regardless, Kunin, who sustained a torn right ACL in Dec. 2022 in his first season with the Sharks, appears to be helping his value with his improved skating and production. Kunin had 11 goals and 18 points in 77 games last season. “I think he’s been solid,” Warsofsky said after Tuesday’s loss. “We’re seeing a guy that’s skating more, first and foremost, gets to the inside of the ice, kind of the heart and soul of our team, really. He gives you everything he’s got. To get rewarded with two goals is nice.” MUKHAMADULLIN TO PLAY: Warsofsky said Wednesday in St. Louis that defenseman Shakir Mukhamadullin would play against the Blues as the Sharks play the final game of a six-game road trip. After Tuesday’s game, the Sharks announced that Mukhamadullin had been recalled from the AHL and that defenseman Jack Thompson and forward Ethan Cardwell had been loaned back to the Barracuda. Mukhamadullin had six assists in 14 games with the Barracuda this season after the Sharks assigned him to the AHL on Oct. 22. His most recent game was on Dec. 8, when he had two assists in the Barracuda’s 2-1 win over Coachella Valley. Mukhamadullin, acquired from New Jersey in Feb. 2023 as part of the blockbuster trade that sent Timo Meier to the Devils, played in three games with the Sharks last season – all in January – and averaged over 21 minutes of ice time per game and had one assist. The Sharks have lost three straight and are 2-3-0 on the trip that began close to two weeks ago with wins over the Seattle Kraken and Washington Capitals. PULLI OUT: The Sharks on Wednesday placed defenseman Valtteri Pulli on unconditional waivers for the purpose of terminating his NHL contract. “Valtteri requested to play in Europe and we mutually agreed to terminate his contract,” Sharks assistant general manager Joe Will said in a statement. “We want to thank Valtteri for his contributions to the organization and wish him all the best.” Pulli, 23, was signed to a two-year, two-way contract by the Sharks in May 2023 after he played three seasons with TPS Turku of the Finnish League. The 6-foot-5, 215-pound Pulli never played for the Sharks, but had 10 points in 59 games for the San Jose Barracuda of the AHL last season. Pulli was healthy again this season but only dressed for two Barracuda games, both in October. He had one assist in an Oct. 19 game against the Iowa Wild.The controversy around a religious Christmas sign that was taken down in downtown Kelowna continues. Two days after a sign stating 'Keep Christ in Christmas' was removed from the nativity scene display at Stuart Park, Kelowna-Centre MLA Kristina Loewen went to social media to express her opinion on the matter. "We believe that it's an important detail that Christmas is a Christian holiday," said Loewen in her video, referring to 'we' as all of the MLAs for the Central Okanagan. "We will be standing united and defending all British Columbians rights to religion and freedom of expression, speech, thought, belief," she added. "Canada is an incredible country full of diverse cultures and religions, and a wide variety of views, and I think that's one of the things that makes us so incredible." Kelowna-Lake Country-Coldstream MLA Tara Armstrong agreed with her fellow Conservative, quote-tweeting the video and saying "a great message from a colleague and friend. I'm proud to be part of a team that stands for what's right." Macklin McCall, MLA for West Kelowna, also quote-tweeted Loewen's post. However, Kelowna-Mission MLA Gavin Dew appears to not have commented on social media. The nativity scene is put up by the Knights of Columbus every year and a permit is given from the City of Kelowna to do so. When the 'Keep Christ in Christmas' sign was displayed beside the scene on Monday, Dec. 9, some people in the community, including the Kelowna Atheists, Skeptics, and Humanists Association (KASHA) took issue. A letter by KASHA to Black Press Media on Dec. 9, stated the nativity scene is part of Christmas, just as "lights, festive trees, and other decorative displays" are also. "This message is not merely festive—it is political, advocating for a specific religious interpretation of the holiday," said KASHA about the sign. The next day, the sign was taken down and the City of Kelowna confirmed that the sign was not part of the Knights of Columbus' permit for the nativity scene. The Knights of Columbus had no comment regarding the matter. Capital News reached out to Loewen for further comment but was met with an automatic e-mail reply. Additionally, the City of Kelowna stated it had no comment on Loewen's video. However, Ian Bushfield the executive director of the B.C. Humanist Association did have a comment. "Freedom of religion in Canada includes freedom from religion," said Bushfield in an e-mailed statement. "Ms. Loewen and all Christians are obviously free to celebrate Christmas as a Christian holiday but our governments have a clear duty of religious neutrality. That means neither endorsing nor prohibiting any religion over any other. That sign, and arguably even the nativity scene, being on public property breaches that duty. She can put the sign up at her church or at her own house but we do not live in a theocracy." Bushfield has previously stated that BCHA is an organization committed to secular values. “Part of that is the separation of religion and government," said Bushfield. The City of Kelowna also said it received five letters on the matter when the sign was up but none since it's been taken down.CoreNest Capital, Sologenic's VC partner, invests in Texture, a U.S.-based broker-dealer, to launch SoloTex, a new platform for trading tokenized equities
WASHINGTON (AP) — FBI Director Christopher Wray told bureau workers Wednesday that he plans to resign at the end of President Joe Biden's term in January, an announcement that came a week and a half after President-elect Donald Trump said he would nominate loyalist Kash Patel for the job. Wray said at a town hall meeting that he would be stepping down “after weeks of careful thought,” roughly three years short of the completion of a 10-year term during which he tried to keep the FBI out of politics even as the bureau found itself entangled in a string of explosive investigations, including two that led to separate indictments of Trump last year as well as inquiries into Biden and his son. “My goal is to keep the focus on our mission — the indispensable work you’re doing on behalf of the American people every day,” Wray told agency employees. “In my view, this is the best way to avoid dragging the bureau deeper into the fray, while reinforcing the values and principles that are so important to how we do our work.” The intended resignation was not unexpected considering that Trump had settled on Patel to be director and had repeatedly aired his ire at Wray, whom he appointed during his first term. But his departure is nonetheless a reflection of how Trump's norm-breaking style has reshaped Washington, with the president-elect yet again flouting tradition by moving to replace an FBI director well before his term was up and Wray resigning to avert a collision with the incoming administration. “It should go without saying, but I’ll say it anyway — this is not easy for me," Wray said. “I love this place, I love our mission, and I love our people — but my focus is, and always has been, on us and doing what’s right for the FBI.” Wray received a standing ovation following his remarks before a standing-room-only crowd at FBI headquarters and some in the audience cried, according to an FBI official who was not authorized to discuss the private gathering by name and spoke on condition of anonymity to The Associated Press. Trump applauded the news on social media, calling it “a great day for America as it will end the Weaponization of what has become known as the United States Department of Injustice" and saying that Patel's confirmation will begin “the process of Making the FBI Great Again.” If confirmed by the Senate, Patel would herald a radical leadership transformation at the nation's premier federal law enforcement agency. He has advocated shutting down the FBI's Washington headquarters and called for ridding the federal government of “conspirators," raising alarms that he might seek to wield the FBI's significant investigative powers as an instrument of retribution against Trump's perceived enemies. Patel said in a statement Wednesday that he was looking forward to "a smooth transition. I will be ready to serve the American people on day one.” It's extremely rare for FBI directors to be ousted from their jobs before the completion of their 10-year terms, a length meant to insulate the agency from the political influence of changing administrations. But Trump has done it twice, placing Wray in the job in 2017 after firing Director James Comey amid an investigation into ties between Russia and the Republican president’s campaign. Despite having appointed Wray, Trump had telegraphed his anger with the FBI director on multiple occasions throughout the years, including as recently as the past week. In an interview with NBC’s “Meet the Press” that aired Sunday, Trump said, “I can’t say I’m thrilled with him. He invaded my home,” a reference to the FBI search of his Florida property , Mar-a-Lago, two years ago for classified documents from Trump’s first term as president. That search, and the recovery of boxes of sensitive government records, paved the way for one of two federal indictments against Trump. The case, and another one charging him with plotting to overturn the 2020 election, have both been dismissed by the Justice Department special counsel that brought them in light of Trump's November victory. Attorney General Merrick Garland praised Wray for having “served our country honorably and with integrity for decades.” He said: “Under Director Wray’s principled leadership, the FBI has worked to fulfill the Justice Department’s mission to keep our country safe, protect civil rights, and uphold the rule of law.” Natalie Bara, the president of the FBI Agents Association, said in a statement that Wray had led the FBI “through challenging times with a steady focus on doing the work that keeps our country safe. ” Throughout his seven years on the job, the self-professed "low-key, understated" Wray brought a workmanlike approach to the job, repeatedly preaching a “keep calm and tackle hard” mantra to bureau personnel despite a steady drumbeat of attacks from Trump and his supporters. He also sought to avoid public conflict when possible with the Trump White House, distancing himself and his leadership team from the FBI's Russia investigation over errors that took place before he took office and announcing dozens of corrective actions meant to prevent the recurrence of the surveillance abuses that plagued the inquiry. But there were other instances when he memorably broke from Trump — he did not agree, for instance, with Trump’s characterization of the Russia investigation as a “witch hunt." He made known his displeasure when the White House blessed the declassification of materials related to the surveillance of a former Trump campaign aide and contradicted a Trump talking point by stating that Ukraine had not interfered in the 2016 election. He repeatedly sought to keep the focus on the FBI's day-to-day work, using the bulk of his resignation announcement to praise the bureau's efforts in countering everything from violent crime and cyberattacks to Chinese espionage and terrorism. Yet as he leaves office at a time of heightened threats , much of the public focus has been on the politically sensitive investigations of his tenure. Besides the inquiries into Trump, the FBI in recent years also investigated Biden's handling of classified information as well as Biden's son Hunter for tax and gun violations. Hunter Biden was pardoned by his father last week. A particular flashpoint came in August 2022, when FBI agents searched Mar-a-Lago — an action officials defended as necessary given the boxes of documents that were being concealed at the Palm Beach property and the evidence of obstruction that the Justice Department said had been gathered. Trump railed against the FBI over that search and has kept up his criticism ever since. Trump was angered by Wray's comment at a congressional hearing that there was “some question about whether or not it’s a bullet or shrapnel” that struck Trump's ear during an assassination attempt in Pennsylvania in July. The FBI later stated unequivocally that it was indeed a bullet. Before being named FBI director, Wray worked at a prestigious law firm, King & Spalding, where he represented former New Jersey Gov. Chris Christie during the “Bridgegate” scandal. He also led the Justice Department’s criminal division for a period during President George W. Bush’s administration.
Universal confirmed the project today (Monday, December 23) [formerly Twitter] account. The film will be shot ‘across the world using brand new IMAX film technology’, according to the studio. — Universal Pictures (@UniversalPics) Set in the 8th century BC, tells the story of Odysseus, King of Ithaca, and his dangerous journey home after the Trojan War. The film will have a stacked cast of A-list stars, with Matt Damon, Tom Holland, Anne Hathaway, Zendaya, Robert Pattinson, Lupita Nyong’o, and Charlize Theron already attached. Described by Universal as ‘Homer’s foundational saga’, the 12,109-line poem takes in themes such as free will, heroism, loyalty, intelligence, and the struggle against divinity. ’s release date on the third weekend of July mirrors that of previous Nolan-directed tentpoles, including (July 21, 2023), , (July 21, 2017) and (July 20, 2012). Previous screen adaptations of Homer’s poem include Mario Camerini’s 1954 adventure starring Kirk Douglas; Andrei Konchalovsky’s 1997 TV miniseries; and loose adaptations including the Coen brothers’ 2000 comedy-drama . Nolan comes to the film on the back of a major global hit with , which made $974m worldwide, including $330m in North America and $644m internationally. The film swept the board in the 2024 awards season, winning seven awards at both the Oscars and Baftas, including best picture, director for Nolan and actor for Cillian Murphy at both ceremonies.College football Coaches Poll Top 25 rankings: Alabama, Texas A&M upset losses spark reshuffle before Week 14 - 247Sports
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Nearly half of US teens are online ‘constantly,’ Pew report findsButler 69, Mass.-Lowell 44WASHINGTON (AP) — Lawmakers, meet your latest lobbyists: online influencers from TikTok. The platform is once again bringing influencers to Washington, this time to lobby members of Congress to reject a fast-moving bill that would force TikTok's Beijing-based parent company to sell or be banned in the United States. On Tuesday, some influencers began a two-day advocacy event in support of TikTok, which arranged their trip ahead of a House floor vote on the legislation on Wednesday. But unlike a similar lobbying event the company put together last March when talks of a TikTok ban reached a fever pitch, this year’s effort appeared more rushed as the company scrambles to counter the legislation, which advanced rapidly on Capitol Hill. Summer Lucille, a TikTok content creator with 1.4 million followers who is visiting Washington this week, said if TikTok is banned, she “don’t know what it will do” to her business, a plus-sized boutique in Charlotte, North Carolina. “It will be devastating,” Lucille said in an interview arranged by the platform. In an unusual showing of bipartisanship, a House panel unanimously approved the measure last week. President Joe Biden has said he will sign the legislation if lawmakers pass it. But it’s unclear what will happen in the Senate, where several bills aimed at banning TikTok have stalled. The legislation faces other roadblocks. Former president and current presidential candidate Donald Trump, who holds sway over both House and Senate Republicans, has voiced opposition to the bill, saying it would empower Meta-owned Facebook, which he continues to lambast over his 2020 election loss. The bill also faces pushback from some progressive lawmakers in the House as well as civil liberties groups who argue it infringes on the First Amendment. TikTok could be banned if ByteDance, the parent company, doesn’t sell its stakes in the platform and other applications it owns within six months of the bill’s enactment. The fight over the platform takes place as U.S.-China relations have shifted to that of strategic rivalry, especially in areas such as advanced technologies and data security, seen as essential to each country’s economic prowess and national security. The shift, which started during the Trump years and has continued under Biden, has placed restrictions on export of advanced technologies and outflow of U.S. monies to China, as well as access to the U.S. market by certain Chinese businesses. The Biden administration also has cited human rights concerns in blacklisting a number of Chinese companies accused of assisting the state surveillance campaign against ethnic minorities. TikTok isn’t short on lobbyists. Its Beijing-based parent company ByteDance has a strong lobbying apparatus in Washington that includes dozens of lobbyists from well-known consulting and legal firms as well as influential insiders, such as former members of Congress and ex-aides to powerful lawmakers, according to the Foundation for Defense of Democracies. TikTok CEO Shou Zi Chew will also be in Washington this week and plans to meet with lawmakers, according to a company spokesperson who said Chew’s visit was previously scheduled. But influencers, who have big followings on social media and can share personal stories of how the platform boosted their businesses — or simply gave them a voice — are still perhaps one of the most powerful tools the company has in its arsenal. A TikTok spokesperson said dozens of influencers will attend the two-day event, including some who came last year. The spokesperson did not immediately respond to questions about how many new people would be attending this year’s lobbying blitz. The company is briefing them ahead of meetings with their representatives and media interviews. Lucille, who runs the boutique in North Carolina, says has seen a substantial surge in revenue because of her TikTok page. The 34-year-old began making TikTok content focusing on plus-sized fashion in March 2022, more than a decade after she started her business. She quickly amassed thousands of followers after posting a nine-second video about her boutique. Because of her popularity on the platform, her business has more online exposure and customers, some of whom have visited from as far as Europe. She says she also routinely hears from followers who are finding support through her content about fashion and confidence. JT Laybourne, an influencer who also came to Washington, said he joined TikTok in early 2019 after getting some negative comments on videos he posted on Instagram while singing in the car with his children. Laybourne, who lives in Salt Lake City, Utah, said he was attracted to the short-form video platform because it was easy to create videos that contained music. Like Lucille, he quickly gained traction on the app. He says he also received more support from TikTok users, who reacted positively to content he produced on love and positivity. Laybourne says the community he built on the platform rallied around his family when he had to undergo heart surgery in 2020. Following the surgery, he said he used the platform to help raise $1 million for the American Heart Association in less than two years. His family now run an apparel company that gets most of its traffic from TikTok. “I will fight tooth-and-nail for this app,” he said. But whether the opposition the company is mounting through lobbyists or influencers will be enough to derail the bill is yet to be seen. On Tuesday, House lawmakers received a briefing on national security concerns regarding TikTok from the FBI, Justice Department and intelligence officials. AP Journalist Didi Tang contributed to this report. This story was originally published on March 12, 2024. It was updated on December 23, 2024 to clarify a quote by TikTok content creator Summer Lucille.
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Joonmo Kwon , a former CEO of Nexon, is an example of an established game developer who decided to march into the wilds of Web3 gaming. He started Delabs Games in South Korea back in 2020 and moved into Web3 at the end of 2021. He raised a round of funding March 2023 ($12 million to date) and then went to work on a variety of games. He is also chairman of 4:33 Creative Lab (parent company of Delabs Games), which saw 70 million downloads for its hit game Boxing Star. Earlier this year, his company launched Rumble Racing Star, a Web3 kart racer on both PC and mobile. The game has reached nearly 10,000 daily active players who have played 2.4 million races during that time, and I had a chance to catch up with him on the state of blockchain gaming. We had an interesting conversation, especially around why Web3 gaming is taking a while to catch on in the West. Rumble Racing Star is one of the games that bridges Web2 free-to-play gaming with Web3 player ownership. Kwon thinks of it as “challenge to earn” when it comes to Web3 gaming. Kwon said the company’s Metabolts NFTs sold out in May and the firm is working on Space Frontier. Key partnership include Ambrus Studio, Batching AI, Cow Cup, and Proof of Play. Delabs is building on the Arbitrum protocol and is working on the the Delabs Playable Layer. What has he learned? Web3 gaming has a loyal following but a relatively small community. The games need to be fun, have a sensible economy, and they also need marketing. And while it has taken a lot longer to reach the mass market in the West than imagined, there are bright spots like the viral nature of mini-games on Telegram, Kwon said. The company has 30 people, and it’s working on an RPG survival game, an anime game and updates to the racing game. The game has nearly 10,000 daily active users and retention is high. He expects real success will come in 2024 or 2025. And Kwon is pivoting to focus on games on Telegram using the TON blockchain, with launches coming for Ragnarok (not the same as Ragnarok: Monster World from Zero X/Gravity) and Boxing Star on Telegram, which has seen a surge in blockchain gamers in 2024 because of the success of other companies’ games like Hamster Kombat and Notcoin. Delabs Games’ titles will see beta tests soon. This past July, Delabs Games launched its first game on Telegram with the baseball game Giga Chad Bat . The idea is to take games to where gamers are already connecting. The company is planning to launch the Delabs Games Platform Mini App, designed as a gateway for Web3 integration in its games. This platform is set to debut in December, initially targeting Telegram users to build momentum before the official game launches. Here’s an edited transcript of our interview. GamesBeat: We spoke when you first announced Delabs Games. Joonmo Kwon: Yes, Delabs founded in May 2020. We started out in Web3 games at the end of 2021. This year we’re marketing aggressively. GamesBeat: What’s happened since you started? How much progress have you made since unveiling the web3 focus? Kwon: In Web3 gaming, the product is most important. You need sensible economics around NFTs (non-fungible tokens) and the game economy. But we also need marketing. We’ve been doing a lot of marketing and building community. We have a very solid, loyal community on Twitter and elsewhere. We launched our first game, Rumble Racing Star, last December and in January on PC and smartphones. We’ve had very good traction so far. The users are very engaged. We’ve seen good revenue. We launched a mini-game on Telegram. We’ve been polishing that. We plan to launch more games this year and early next year, including more Telegram games in the fall. ( He explained this move in a recent tweet). GamesBeat: In the spring of 2023 you mentioned a racing game, an RPG survival game, and an anime-style game. Kwon: Right, those are our three major games. Rumble Racing Star is an arcade racing game. It’s good for streaming, tournaments, and esports. The second game, Space Frontier, is a survival MMORPG game, and the third game is also an MMORPG. They’re in good shape and ready to be launched soon. GamesBeat: How many people work for you now? Kwon: We have 30 people in-house now. We outsource some graphics work, but 90% of the work is done in-house. GamesBeat: How much money did you raise altogether? Kwon: It was about $12 million. GamesBeat: The Web3 element, how does that work? You mentioned NFTs. What do people get that they can use in a racing game? Kwon: We like sport value tokens (SVTs) and achievements. They get SVTs and NFTs. We have the genesis NFT for Delabs called Adventure Pass. If you have this Adventure Pass, you get special parts for the racing game. You also get multipliers for boosting your points. It’s like a pass in Disneyland. Every game will have benefits for the Adventure Pass. GamesBeat: Part of the game is free to play, and then part of the game relates to the Web3 purchases? Kwon: It’s mostly free to play. That’s much more easily accessible to users. We have three billion gamers around the world. We wanted to make it much easier to access. A smooth experience for gamers is the most important thing. GamesBeat: When did Rumble Racing Star first launch? Kwon: Last November we launched the PC version. The mobile version followed in January. GamesBeat: How many races have you had now? Kwon: It keeps growing. We’re at (2.4 million) now. GamesBeat: In what context do you consider that to be a success? Is it the engagement? Kwon: Not only engagement, but also the core gameplay loop. This is our first web3 game. We have about 10,000 DAUs, which is very satisfactory. Our users enjoy playing the game. Retention is pretty high. A lot of them stream. In terms of revenue, we’re not super successful yet, but in terms of gameplay and user satisfaction and community satisfaction, we’ve been very successful. We’ve gained a lot of experience and learned a lot on this game. GamesBeat: How widely available is the game now? Is it worldwide? Kwon: It’s worldwide on both mobile and PC, except for a few countries that prohibit Web3 gaming. In those cases we just block the web3 parts. You can still enjoy the game without any Web3 elements. GamesBeat: How large a market cap does the game have, the token market cap? Kwon: We plan to have more than five games, but we won’t launch them all until early next year. We use only one native token. But the token isn’t out yet. GamesBeat: How are you able to get on the app stores? Are there limitations related to the Web3 functions so you can get on the app stores? Kwon: Yes, we don’t include the Web3 elements on the iOS App Store or the Google Play Store. You have to connect through our website, Star Garage. Then you can play with the Web3 features – connect your wallet, access NFTs, get the SVTs and so on. GamesBeat: I talked to the folks who do the NFL Rivals game. It’s another Web3 game on iOS and Android. Apple lets them on the App Store because the functionality stays the same between Web2 and Web3. Players don’t get a different game or more features in the Web3 version. That gives them access to the App Store, but it’s a limitation on what the Web3 game can be. Is it the same with what you have to do with your Web3 version? Kwon: Exactly. We separate the Web3 and NFT elements. To connect your Web3 wallet you have to use our separate website. It’s not a very smooth experience for users. GamesBeat: The way this stays within the rules of the app stores, you have to buy a virtual currency with a credit card or some other way that allows Apple and Google to get their 30%? Then you can use that currency in the web3 game if you want. Kwon: Yes, that’s right. GamesBeat: Are you satisfied with this? Do you think being able to access the app stores this way will help you have successful games in the longer term? Kwon: No, I don’t think so. Gaming is all about experiences. We analyze our data and look at the funnel our users enter. When there’s any kind of friction around login or payment, or something like a tutorial that players feel is too long, they just leave. It’s free to play. It takes about a minute to download a new game. If players aren’t satisfied after a few minutes, they can just delete it and move on. Added friction is not good for the user experience. There’s still a lot of friction in Web3 games. That’s why the Telegram platform is getting a lot of attention from web3 game developers. They find much less friction there. GamesBeat: I’ve heard that about Telegram, that it feels like the old Facebook with how frictionless it is. Games can spread very easily. Kwon: Exactly. There’s much less friction. They have more than a billion users. Chat apps like WeChat, Kakao, the old Facebook, or LINE have been very successful platforms for games. In terms of friction, it’s easy to log in. It’s easy to make and connect a wallet. It’s a social platform. It has that virality. You can do things like set up leaderboards with your friends. GamesBeat: How far along are you with Telegram? What have you done there so far? Kwon: We launched a game called Giga Chad Bat, a Pokemon-like battle game. There’s a PvP element with scoreboards and guilds. The important part is the virality. You can invite your friends and play together. It’s just a test launch so far. We’ll keep polishing the game. We got a new build yesterday. We’re going to launch a major future project in Telegram. What we’re doing right now is very simple, but we’ve been watching the evolution of these chat app games. They started with hypercasual, but the user base has expanded. With mass adoption, they’ve slowly evolved into casual and mid-core games. GamesBeat: Do you expect Telegram games to progress in terms of the kind of gameplay you can create? Or do you think it will still stay relatively casual? Kwon: It’ll definitely evolve. If you look at what’s happened with WeChat, which is the largest chat app in China with 1.3 billion users, or Kakao, which has something like 99% adoption in South Korea, it’ll definitely evolve. We’re looking at the next generation of Telegram games. They’re going to be more like mid-core games, but with very short game loops, around five minutes, and very social. You can invite your friends, collaborate with your friends, play with your friends. GamesBeat: How large do you think Web3 games can get in terms of audience size, given the friction involved for new players? Do you think it’s still possible for them to grow to very large sizes through the mobile app stores? Kwon: Web2 gamers aren’t very happy right now. The Web2 industry is shrinking. We’ve seen about a 10% minus trend in the Korean market. Games have been commodified by the platforms, and there are so many games. We’re seeing as many as 250,000 or 300,000 new games every year. Games are becoming more and more aggressive with their monetization because the platforms take too much, and because they have to spend so much on marketing. They need to find ways to make more money. We see broader changes in media consumption, too. A younger generation is used to things like TikTok and YouTube shorts. When I ride the subway in Korea, I used to see people playing smartphone games, but these days I feel like 80-90% of what I see is people watching short videos on their phones. Their attention spans are very short, and they want to engage with socially interactive media. GamesBeat: In South Korea, what is the Web3 audience like? Can you compare it to the western or American view of web3 gaming? Is it more accepted in South Korea? Kwon: Koreans are always early adopters of technology. In terms of the crypto market, Korea is the second-largest individual country in the world. The Korean won is the second-most traded currency on crypto exchanges. We have about six million active crypto investors. That’s about 20% of the voting population in Korea. There have been times, during a bull market, that the daily trading volume of the crypto market in Korea was bigger than the stock market. At the same time, South Korea is the fourth-largest gaming market. There was a backlash around the collapse of Terra, though. Investors lost a lot of money on Terra and Luna in Korea. The government tried to create more clarity through regulation. I think that’s a good thing in the long term. GamesBeat: Are there things that you can or can’t do in the Korean market when it comes to Web3, compared to other markets like the U.S.? Are there restrictions you have to work around? Kwon: Right now, play-to-earn games are not allowed. But I think this is going to change. The government’s outlook right now is pretty harsh about crypto games after the Terra experience and some other scam tokens. Again, though, we expect it to change. GamesBeat: Where are most of your Web3 players, then? Are they in the U.S. or elsewhere? Kwon: They’re all over the world. We have players in the U.S., Russia, southeast Asia, the Middle East, Latin America, and Europe. We have some in Japan. A few Chinese users come in through VPNs as well. GamesBeat: What’s your expectation as far as how your company can grow and how this market can grow? What do you see in the coming years when it comes to web3 games? Kwon: I’m bullish on Web3 games. In Web2 games, the market is already a red ocean. Users aren’t satisfied. A lot of Korean game companies are spending a lot of money on security, real-world security, because of angry users. We’ve had users coming to companies to demonstrate. Web3 feels like the direction that the game industry will go. But we need good products. We need fun games. We need smart economics to make these economies work, inside and outside of our games. We need the right marketing for web3. I’ve been through many years of innovations in the game industry. I’ve experienced stand-alone online games, paid downloadable games, free-to-play games. The innovation around web3 can be much bigger than those combined. GamesBeat: There are some very interesting features web2 games can’t match, like player ownership and the ability to resell items. Wreck League had a very interesting structure, where the Web2 players needed the Web3 players, because they could buy more special mechs from the Web3 players, while the Web3 players had that ability to create their own mechs and sell them, but also enter those mechs into esports tournaments. They could fight for pink slips, essentially. But each side benefited. There was a symbiotic relationship between both groups of players. (Editor’s note: The game did not quite go as expected). Kwon: It’s a smart way to structure a game. I believe that in the near future, though, players won’t necessarily even know that they’re playing a game that’s Web2 or Web3. They’ll engage with a game, and they won’t look at an item as an NFT. It just won’t be a rental from a company. They’ll truly own it, and they can trade it or use it to participate in a community, in a DAO (decentralized autonomous organization). I believe in user-generated content as well, and in interoperability, where items from one game can be used in other games. That’s how the ecosystem of Web3 gaming as a whole can expand. GamesBeat: Are there other successful Korean Web3 game companies so far? It feels like Koreans have been much more aggressive at moving into Web3. Kwon: Korea is a small country, with only about 50 million people, but it’s been leading innovation in the game industry for years. Free-to-play was invented here. The first esports competitions here were in 1998. We had some of the first pro gamers. Parents were freaked out at the time. We had the first 24-hour cable TV gaming channel. We had some of the first internet cafes, 30,000 internet cafes by 2000. Japan is still big in animation and in console games, but in terms of online games and free-to-play games, Korea and China have been innovating much faster. There’s been a leapfrog effect. When you look at the hit rate in games, the chances of making a blockbuster, it’s very low. Even with the best team, the best developers. With a web3 game there are more things you have to do right. You have to get the economics right. You have to get the Web3 part right. It’s a much bigger challenge. GamesBeat: I wonder if something like Hamster Kombat could end up being the biggest Web3 game. Kwon: It’s an interesting movement. Those kinds of games–can you even call it a game? But it’s off to a good start. I’ve looked at the data on one of the biggest Telegram games. I heard from the founder that 40% of their new users have never experienced Web3 games. That’s a very interesting, exciting data point. That might be a platform where mass adoption can happen. GamesBeat: Do you see a major benefit to having that adoption happen on mobile or PC instead of Telegram? Kwon: I don’t really care where that mass adoption happens, which platform. Once players experience Web3 gaming, then it’s hard for them to go back. It’s like free-to-play. Once players experienced that, once they didn’t have to pay, the market just got bigger and bigger. You can truly own your in-game items. You can participate in governance. You can make your own content, your own skins and costumes, and sell those items. Why would you go back to centralized games? Once people experience Web3, whether it’s through browser or PC or smartphone or Telegram, they’ll keep looking for Web3 games. GamesBeat: Looking back at the history of free-to-play, what was the moment when that succeeded? When did that overcome the friction, or the fear of change? Kwon: The first free-to-play game was invented by Nexon. That was QuizQuiz. It was very small at first. I think the monthly revenue was maybe $10,000. But everyone could access it without any payment. They could play it and decide whether they wanted to keep going or stop. Online games grew alongside free-to-play. With online games, you needed more users, more concurrent users. It’s a virtual society, or a virtual party. The more, the merrier. Everyone enjoys these games in a different way. A doctor, one hour of his time is worth more to him than, say, a high-school kid. Spending some money to reduce your grinding time just creates a more fair competition. I like spending an hour or so playing a game, but I don’t have the time to grind. An earlier generation of gamers, especially console gamers, they criticized free-to-play at first. They said that it was just paying to win, that it wasn’t fair. But look at it now. Three-fourths of the market is free-to-play. GamesBeat: Do you expect a similar moment for Web3 games any time soon, when we can say this is clearly successful? Kwon: I think it will be this year or the next. Once we have a huge, successful game–that’s what happened in Korea. The first free-to-play games was very small in terms of revenue. But when Maple Story launched, when all the FPS games launched in 2003 to 2005, they built a critical mass of users. The paradigm shift happened very quickly. It’s all about user experience. The big challenge for Web3 is that smooth experience, a frictionless experience. I think Telegram can be one of the platforms that provides a catalyst to create that. GamesBeat: I caught up with the nWay people recently when they launched a new game, and I asked them about Wreck League. They felt like the Web3 players right now are not as hardcore. They like more casual games. It’s more difficult to make a hardcore Web3 game succeed. That was one of their interesting observations about launching Wreck League. They haven’t given up on it, but they feel like it might be too early for that style of game in Web3. It takes a lot of skill. It’s not a super easy game to play. What do you think? Kwon: Yeah, I agree. I know the founder of nWay (Taehoon Kim, who is now former CEO) very well. He’s a very insightful developer. Web3 gamers are not highly committed gamers yet. They don’t necessarily want complicated games. The big difference in Web3 is about true ownership of in-game assets. If it’s too casual a game, there isn’t an opportunity to own those assets. We need games that involve progression, like RPGs, where you grow and collect items and upgrade equipment and level up your characters. But it should start very casually. As you progress and own more assets, you’re likely to settle down in a game. In real life, you’re more likely to stay someplace once you have more assets there – a car, an apartment. It’s the same in a game. Once you’ve invested more of your time and energy, you’re going to stay with it. A lot of Web3 gamers aren’t necessarily even gamers at all, in a way. They’re grinders. It’s not a game. It’s more like a job for them. That’s okay. They’re just extrinsically motivated users. As they grow and progress and gain more items and so on, they’ll settle down as well. That extrinsic motivation can convert into an intrinsic motivation. It happened to me when I was young. My mom wanted me to read books, so she’d give me some money every time I read a book and told her about the story. Later on she stopped giving me money, but I still loved to read. It’s just about finding that primary motivation. It can be extrinsic, earning money and trading items, and intrinsic as well, enjoying that activity more than other ways of making money. It’s a primary and secondary thing, not 100% one way or the other. GamesBeat: We had a lot of Web3 game companies that got started, and they found a lot of funding. When I looked at that funding, at one point 50% of all the companies receiving venture capital were Web3 game companies. It hasn’t taken off as fast as some of those companies and investors expected, though, and a lot of those companies just went out of business. The market has taken off too slowly. How many successful Web3 game companies do you think we’re going to see? Kwon: Number one, when you look at Web2, it’s really tough, as I say, to launch a game and be successful. The same is going to be true with Web3 games. You need a good product, a fun game, and that’s tough. Plus, with Web3 you have to have smart economics, inside and outside the game. You need to build a community. You have to maintain that decentralized governance. There are so many more things you have to do. A lot of the Web3 game projects I see — some of them don’t have the product. They just have hype and speculation. For a time it was easy to draw investment that way. Some companies have a good product, but they don’t know how to make it a good Web3 game. But once one of these games hits big, the returns will be huge. This can be a perpetual game, an autonomous world. Stay in the know! Get the latest news in your inbox daily By subscribing, you agree to VentureBeat's Terms of Service. Thanks for subscribing. Check out more VB newsletters here . An error occured.Analysis: Win or lose at UNC, Belichick's NFL legacy cementedAP Trending SummaryBrief at 5:24 p.m. ESTSocial media users are misrepresenting a report released Thursday by the Justice Department inspector general's office, falsely claiming that it's proof the FBI orchestrated the Capitol riot on Jan. 6, 2021. The watchdog report examined a number of areas, including whether major intelligence failures preceded the riot and whether the FBI in some way provoked the violence. Claims spreading online focus on the report's finding that 26 FBI informants were in Washington for election-related protests on Jan. 6, including three who had been tasked with traveling to the city to report on others who were potentially planning to attend the events.