In this week’s newsletter, read about the partnership between GameStop’s Non-Fungible Token (NFT) platform and gaming company Illuvium to see how NFTs store digital assets and how prime NFT collateral is being used in NFT lending. please. In other news, Nike’s NFTs are set to appear in games from EA Sports, and don’t forget this week’s Nifty news featuring Epic Games’ upcoming blockchain game.
GameStop NFTs Back in the Spotlight After Partnering with Illuvium
GameStop has partnered with Web3 game project Illuvium to launch an NFT collection called Illuvitars. This drop will include his GameStop-branded Illuvitars that can be traded on Illuvium’s decentralized exchange.
NFT owners also get early access to Illuvium’s collectible games, Illuvium Overworld and Illuvium Arena. The collection will launch on June 12th and will include 20,000 NFTs.
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Here’s how developers aim to store cryptocurrencies within NFTs
In an interview with Cointelegraph, Future Primitive’s Jaden Windle and Benny Zhang talked about ERC-6551 and how it allows NFTs to function as wallets. According to the two, NFTs can now own any on-chain asset through the new token standard.
The developers explained that the new feature could be applied to various industry verticals, from inventory systems for blockchain games to storing member histories for decentralized autonomous organizations.
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Collateral of blue-chip companies contributes to the stability of NFT loans: Paraspace
A recent report from Paraspace and BitKeep revealed that NFT lending has 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 primary collateral sources for loans.
The introduction of a digital collectibles lending protocol by NFT marketplace Blur also contributed to the growth. Led by Taiwanese celebrity Machi Big Brother, the platform has recorded over $16 million in loans within a day of its launch. However, total trading volume in the NFT market, which surged in March driven by Bitcoin Ordinals, fell to $330 million in May.
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Nike NFTs Enter EA SPORTS Games and Millions of Fans
Shoe company Nike has announced that its .Swoosh NFT platform will soon be integrated with EA Sports games. This integration marks a big step towards adopting his Web3 technology into mainstream games.
It didn’t say which games would include Nike’s “virtual creations,” but the platform said they would be incorporated into EA Sports games in the coming months. Nike’s virtual studio executive Ron Faris said this will “unlock” new experiences for the community.
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Nifty News: Pixel Penguin Accused Of “Charity Lag,” Epic Adds New NFT Games And More
Game developer Epic Games has announced that it is adding a new blockchain game to its store. This includes a Pokémon-inspired fighting game called Defimons, and Project Red, which is believed 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 around, Sotheby’s will be auctioning off 37 works in what it calls the largest auction of digital art.
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Check out COINTELEGRAPH’s NFT STEEZ podcast
Thanks for reading our digest of this week’s most notable developments in the NFT space. Come back next Wednesday for more reports and insights on this actively evolving field.
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