GameStop plans to launch its own marketplace for non-fungible tokens (or NFTs) and is co-creating an “up to $100 million” fund for game developers who use it. This marketplace will be GameStop’s move from being a popular me stock to being a company that dabbles with cryptocurrency and Web3 tech. However, it could also cause the fury of gamers who strongly oppose NFTs.
The new GameStop NFT marketplace will launch in the latter part of this year. It is built on Immutable X which is a platform based upon the popular Ethereum cryptocurrency blockchain. Designed by Immutable, the company behind the NFT trading card game Gods Unchained, Immutable X is intended to mitigate the biggest drawbacks of Ethereum: its massive energy consumption and the high associated “gas fees,” which can add exorbitant processing costs to any transaction. The protocol combines hundreds of thousands of sale records into a single transaction that’s written to the Ethereum blockchain; Immutable promises to make up for the environmental costs it does incur by paying for carbon offsets.
Immutable’s existing partnerships are supposed to give the new GameStop initiative a boost since companies that already use Immutable X will be able to feature their NFTs on the marketplace. Immutable and GameStop have also partnered to create the developer fund. Immutable X can also be used by non-gaming-oriented partners like TikTok , GameStop’s Marketplace is designed to allow you to sell and buy in-game assets as blockchain tokens. GameStop has examples of digital real property, weapons and skins.
GameStop previously signaled its interest in blockchain tech last year, advertising for a “head of Web3 gaming” as well as a variety of NFT-based jobs. NFTs can be used to verify ownership of in-game objects and allow players to trade them outside of an approved marketplace such as an in-game auctionhouse. Some games that are “play-to earn” such as Axie infinity use NFTs and cryptocurrency to manage an in-game economy. This translates into real income for players .. But their benefits are sometimes oversold — particularly claims that they will let players carry items from one game to another, a possibility that’s difficult and often undesirable for many other reasons.
While some companies, particularly Ubisoft, have forged ahead with NFT gaming despite criticism, others have canceled plans for NFTs linked with games like S.T.A.L.K.E.R. 2 and Worms. That’s happened partly due to criticism from players but also a lack of enthusiasm from developers — who responded overwhelmingly negatively to the phenomenon in a recent survey. GameStop could avoid the backlash from studios and publishers that has followed their exploration of NFTs by launching with buy in from blockchain-native gaming.
Singapore High Court Injunction Blocks Sale or Transfer of BAYC #2162 NFT
The Singapore High Court has granted a court injunction which stops or blocks the sale of a Bored Ape Yacht Club (BAYC) non-fungible token (NFT) that one man claims was wrongfully taken away from him.
NFT Used as Collateral
A Singapore man has won a court injunction that blocks the sale or potential transfer of a Bored Ape Yacht Club (BAYC) non-fungible token (NFT) that he claims to be rightfully his. According to a report, the NFT is currently in the possession of an online lender named Chefpierre.
The man, who has been identified by the Strait Times (ST) as Janesh Rajkumar, is seeking to recover the BAYC 2162 NFT which he pledged as his security for a loan obtained from Chefpierre. Rajkumar claimed the NFT was wrongfully taken from him.
The Bored Ape Yacht Club NFTs are popular with celebrities, some of whom have paid large sums of money to acquire them. The ST report notes Madonna is the latest celebrity to become the owner of a BAYC non-fungible token, after she reportedly paid 180 ETH.
BAYC’s Rare Attributes
Detailing the NFT’s uniqueness, Rajkumar argued the collection is rare even among BAYC NFTs because it has attributes that enable the holder to create another exclusive series. Leveraging the NFT’s rarity and high value, Rajkumar was able to use the BAYC as collateral when borrowing.
In his arguments before the Singapore High Court, Rajkumar insisted his loan agreement with Chiefpierre stipulated he was not relinquishing ownership of the NFT. In the event he failed to pay back on time, Rajkumar would inform the lender who then had to provide a reasonable extension of the repayment period.
The agreement also specified that the lender could not exercise the foreclose option, Rajkumar argued.
What are your thoughts on this story? Tell us what you think in the comments section below.
Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route.
Image Credits: Shutterstock, Pixabay, Wiki Commons, mundissima
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Dvision Network Announces New Land Staking Feature to Bolster Virtual Plot Utility
PRESS RELEASE. The Dvision Network has recently announced the new ‘LAND Staking Feature‘ in their Dvision Metaverse, with the development being finalized to present a new use case to the virtual plot owners. Officially, Dvision LAND NFT users can now stake their plot and receive DVG points or additional NFT items through the new LAND staking program. This is a crucial component of the entire project and its ecosystem as Dvision currently has about 10,000 LAND owners, as a result of 3 finalized rounds of the LAND Sales, eager to deliver fascinating and advanced content to Dvision World.
Important details to note
Dvision Network launched a new NFT staking solution to improve the usability of the digital plots, and the team has hence already completed three successful LAND sales across several platforms. Furthermore, over 10,000 LANDs have been sold through platforms such as Shopify, Binance NFT, OpenSea, and NFTb.
The LAND staking function, in fact, is the first utility to link to virtual plots before the formal launch. The ‘MetaCities’ will use the LANDs to eventually introduce content created by individuals within Dvision Metaverse.
What else is there to know?
The Dvision team created DVG (Dvision Gold) a new rewards program. This is a digital reward currency which is needed to improve PETs and allow consumers to use P2E (Play to Earn) in Dvision World. The staking period can be broken down into three stages: one month, three and six months. Users will get a higher payoff if they stake longer. ‘Random Building Boxes’ will also be distributed beginning with the 90-day staking period. There is no difference in the type of building. However, users will always receive one regardless of whether they open a random box.
It is worth mentioning Dvision Network’s technological advancements in recent times. They have integrated Coinbase Wallet and Bitski with Wallet Connect, Wallet Connect, and Fortmatic which allow their metaverse users to have a simplified and varied access to their virtual world. Dvision Network previously announced that they are going completely on-chain and integrating Filecoin and IPFS data storage solutions to securely store their data.
Dvision Network, a blockchain-enabled NFT network, aims to be the best in business. Dvision utilizes its VR technology to create a cutting-edge metaverse environment that is accessible to all users worldwide. Designers, companies and all users can enjoy a dynamic and rewarding metaverse experience. Visit Dvision’s website, Medium, Telegram and Twitter channels for additional information and frequent updates.
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Aave Launches Social Media Project Lens Protocol With Over 50 Apps Built on Polygon
The blockchain firm Aave has launched the Lens Protocol, a social media project with applications built on the Polygon blockchain. Lens is similar to the social media platform Twitter but Lens profiles are linked to a non-fungible token (NFT) that can be ported into decentralized applications.
Lens Protocol Is Live – Aave Founder Believes People Are ‘Ready for a Better Social Media Experience’
On Wednesday, the blockchain company Aave announced that the Lens Protocol is now live and roughly 50 applications have debuted on the platform. Aave first revealed the Lens Protocol during the first week of February 2022 and the first applications are built on top of the Polygon network.
Stani Kulechov, CEO and founder of Aave Companies said the recent Twitter ordeal with Elon Musk shows that people are looking for something different than the incumbent social media platforms. “The social media experience has remained relatively unchanged for the last decade, and much of that is due to your content being solely owned by a company, which locks your social network within one platform,” Kulechov said in a statement sent to Bitcoin.com News.
The Aave founder added:
But ultimately, as seen from Elon Musk’s bid to purchase Twitter, people are ready for a better experience than what they’re used to. Ownership over not only the content you create online, but also your profile and social network is long overdue, and empowering users is what Lens aims to achieve.
Lens Boasts 50+ Social Applications and Creator Monetization Tools Built on Polygon
The 50 applications built on Lens covers social applications to creator monetization tools, the announcement notes. Lens users that have already minted their NFT profile can access any of the applications such as Peerstream, Lenster, Swapify, Spamdao, and more. “Building a Web3 social media platform on Lens Protocol has opened up a new realm of possibilities for our development team and users,” @yoginth.eth the founder of lenster.xyz remarked during the announcement.
Lens Protocol will provide users with the foundations to leverage full ownership over their “profile, content, and relationships” while plugging into any decentralized application. G.Money, the NFT filmmaker and creator, detailed that lens will empower the platform’s userbase. “An open social graph will allow creators and brands to fully own content distribution and their audiences in a truly multi-platform way. Lens empowers platform choice and opens up wider audiences through direct creator/brand-community relationships,” the NFT filmmaker said.
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What do you think about Aave’s Lens Protocol? Let us know what you think about this subject in the comments section below.
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about the disruptive protocols emerging today.
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