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.
Here’s how developers aim to store crypto inside NFTs
In a Pandoraland 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.
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.
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.
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.
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.