Nifty Newsletter, 31 May-6 June
In this week’s newsletter, read about GameStop’s nonfungible token (NFT) platform partnership with gaming company Illuvium, and check out how NFTs can store digital assets, and how blue-chip NFT collateral is 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 collaboration with Illuvium
GameStop has partnered with Web3 gaming project Illuvium to launch a 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 collectible games, Illuvium Overworld and Illuvium Arena. The collection will be available on June 12 and will include 20,000 NFTs.
Here’s how developers aim to store crypto in NFTs
In a Cointelegraph interview, Future Primitives Jayden Windle and Benny Giang talked about ERC-6551 and how it allows NFTs to act as wallets. According to the duo, NFTs can now own all assets in the chain through the new token standard.
The developers explained that the new feature can be applied to various industry sectors, from an inventory system in blockchain games to the storage of decentralized autonomous organization member histories.
Blue chip collateral helps stabilize NFT lending: Paraspace
A report by Paraspace and BitKeep recently revealed that NFT lending and lending had reached over $430 million, with more than 43,000 borrowers participating. Popular NFT collections such as Wrapped CryptoPunks, Bored Ape Yacht Club and Mutant Ape Yacht Club were some of the best sources of collateral for the loans.
The introduction of a digital collectibles lending protocol by NFT marketplace Blur also contributed to its growth. The platform recorded over $16 million in loans within a day of its launch, led by Taiwanese celebrity Machi Big Brother. However, the increase in total NFT market transaction volume in March, driven by Bitcoin Ordinals, fell to $330 million in May.
Nike NFTs to get 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 huge step towards adopting Web3 technologies in mainstream gaming.
Without disclosing which games will include Nike’s “virtual creations,” the platform announced that they would be integrated into EA Sports games in the coming months. Nike Virtual Studios CEO Ron Faris said it would “unlock” new experiences for the community.
Nifty News: Pixel Penguin Accused of ‘Charity Blanket’, Epic Adds New NFT Games & More
Game developer Epic Games announced that it would be adding new blockchain games to its store. This includes a Pokemon-inspired fighting game called Defimons, and Project Red, which appears to be an open-world game similar to Grand Theft Auto. Meanwhile, several NFTs owned by bankrupt hedge fund Three Arrows Capital will be put up for sale on June 15. This time, Sotheby’s will auction off 37 pieces in what they call the largest digital art auction.
CHECK OUT COINTELEGRAPHS NFT STEEZ PODCAST
Thank you for reading this summary of the week’s most notable developments in the NFT space. Check back next Wednesday for more reports and insights into this area of active development.