In this week’s newsletter, read about GameStop’s nonfungible token (NFT) platform partnership with game company Illuvium, and check out how NFTs can store digital assets, and how blue-chip NFT collaterals are being used in NFT lending. In other news, Nike’s NFTs are coming to EA Sports games, and don’t forget this week’s Nifty News, featuring upcoming blockchain games from Epic Games.
GameStop NFT back in the spotlight after partnership with Illuvium
GameStop has partnered with Web3 gaming project Illuvium to launch an NFT collection called Illuvitars. The drop will feature GameStop-branded Illuvitars that can be traded on Illuvium’s decentralized exchange.
Holders of the NFTs will also get early access to Illuvium’s collector games, Illuvium Overworld and Illuvium Arena. The collection will be available on June 12 and will include 20,000 NFTs.
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Here’s how developers aim to store crypto inside NFTs
In a Cointelegraph interview, Future Primitive’s Jayden Windle and Benny Giang spoke about ERC-6551 and how it allows NFTs to function as wallets. According to the duo, NFTs can now own any on-chain assets through the new token standard.
The developers explained that the new feature could be applied to various industry sectors, from an inventory system in blockchain gaming to storing decentralized autonomous organization member histories.
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Blue chip collaterals help stabilize NFT lending: Paraspace
A report by Paraspace and BitKeep recently revealed that NFT borrowing and lending had reached over $430 million, with more than 43,000 borrowers participating. Popular NFT collections like Wrapped CryptoPunks, Bored Ape Yacht Club and Mutant Ape Yacht Club were some of the top sources of collateral for the loans.
The introduction of a digital collectible lending protocol by NFT marketplace Blur also contributed to the growth. The platform recorded over $16 million in loans within a day of its launch, led by Taiwanese celebrity Machi Big Brother. However, the surge in total NFT market transaction volume in March, driven by Bitcoin Ordinals, declined to $330 million in May.
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Nike NFTs to make their way into EA Sports games and its millions of fans
Footwear company Nike’s NFT platform, “.Swoosh” announced that it will soon integrate with EA Sports games. The integration is a massive step toward adopting Web3 technologies in mainstream gaming.
Without revealing which games will include Nike’s “virtual creations,” the platform announced that they would be incorporated into EA Sports games in the coming months. Nike Virtual Studios exec Ron Faris said it would “unlock” new experiences for the community.
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Nifty News: Pixel Penguin accused of ‘charity rug,’ Epic adds new NFT games and more
Game developer Epic Games announced it would add new blockchain games to its store. This includes a Pokemon-inspired combat game called Defimons, and Project Red, which seems to be an open-world game similar to Grand Theft Auto. Meanwhile, more NFTs owned by bankrupt hedge fund Three Arrows Capital will go on sale on June 15. This time, Sotheby’s will auction off 37 pieces in what they call the biggest auction for digital art.
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Thanks for reading this digest of the week’s most notable developments in the NFT space. Come again next Wednesday for more reports and insights into this actively evolving space.
2. Because they can offer unique characteristics which make them different and digitally scarce. Many tokens – and indeed cryptocurrencies – are fungible. If you send someone a Bitcoin, and get one back, you wouldn’t notice any difference. A lot of the time, fungible tokens are built using a standard called ERC-20. For the sake…
After a devastating 50% correction between Dec. 25 and Jan. 25, Polygon (MATIC) has been struggling to sustain the $1.40 support. While some argue this top-15 coin has merely adjusted after a 16,200% gain in 2021, others point to competing scaling solutions growth.MATIC token/USD at FTX. Source: TradingViewEither way, MATIC remains 50.8% below its all-time…
Opera has added support for Bitcoin (BTC) and Tron (TRX) blockchain-based tokens to the crypto wallet for Opera for Android (version 53 beta).In an official blog post published July 10, the internet browser developer revealed that users of Opera for Android can now send and receive BTC, TRX and TRC-10 standard tokens and that webpages…
Taiwan prosecutors want Chang Tung-ying, chief partner at JPEX’s office in Taiwan, to be held in custody over alleged fraud. 45 Total views 1 Total shares The saga of the imploded cryptocurrency exchange JPEX continues to develop as Taiwanese prosecutors have reportedly found new alleged suspects.The Taipei District Prosecutors Office (TDPO) requested Chang Tung-ying, the
The M31 Capital Bitcoin Access Fund could provide institutional investors with another avenue for investing in BTC. 1153 Total views 7 Total shares M31 Capital, a New York-based global investment firm, has filed paperwork with the United States Securities and Exchange Commission, or SEC, to launch a new Bitcoin (BTC) hedge fund. The proposed fund, dubbed…
On Friday, decentralized finance (DeFi) stablecoin project Origin Finance announced a plan to compensate users affected by a $7 million November exploit — part of a wider trend from developers, users, and traders that has seen actors across the DeFi space more widely embrace insurance products and other exploit backstops. On November 17th, Origin Dollar announced…
It’s too soon to talk about Bitcoin-based wages in El Salvador, Minister Rolando Castro stated. 2176 Total views 6 Total shares El Salvador’s Minister of Labor and Social Welfare has said that the country is not yet ready to adopt Bitcoin (BTC) for salary payments.In a Wednesday tweet, Rolando Castro denied local reports which claimed…
Ohio Representative Jim Jordan, the Republican Party's nominee for Speaker, won the support of 200 of his colleagues in an Oct. 17 vote — below the 217 needed to hold the position. 96 Total views 1 Total shares North Carolina Representative Patrick McHenry, chair of the United States House Financial Services Committee and crypto proponent