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NFT and Web3 gaming console to launch in 2024, Chinese companies to verify ID for NFT shopping for, and extra

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Polium, an organization that markets itself as “building the products and infrastructure for Web3 gaming,” has stated it is launching a gaming console that may assist a number of blockchains and nonfungible tokens (NFTs).

The “Polium One” console introduced on July 3 is slated for an preliminary Q3 2024 launch and can assist the Ethereum (ETH), Solana (SOL), Polygon (MATIC), BNB Chain (BNB), ImmutableX, Harmony, EOS, and WAX blockchains.

Currently, the one specs listed for the console are that it’s going to assist a 4K Ultra HD decision at 120 frames per second. Polium says its group will assist them construct the console’s {hardware} and software program and states it’s going to have a purposeful prototype in “a few months.”

According to Polium, the console will function its personal multichain cryptocurrency pockets, and the controller can have a pockets button for customers to make trades extra effectively. Security and verification of transactions from the console can be enabled through a fingerprint scanner on the controller.

The console’s worth is unknown, however Polium does plan to mint a “Polium Pass” NFT, which can enable holders to say a console on the preliminary launch day. Pass holders will obtain one other NFT, which sooner or later will be staked for a “PLAY” token, the console’s native token for transacting on its market app.

Polium plans on releasing 10,000 consoles to Polium Pass holders and companions on the Q3 2024 preliminary launch, with extra items manufactured for the general public in Q3 2025. It has set a aim of promoting over 1 million items.

The firm has already obtained criticism for its emblem trying much like one other common console, the Nintendo GameCube. Polium stated it didn’t copy the emblem and is already creating a brand new emblem “that is original.”

Chinese tech giants to verify ID earlier than NFT purchases

China’s NFT business gamers and the nation’s largest know-how companies have signed an settlement to verify the identification of customers utilizing digital collectible buying and selling platforms, based on a report on July 4 from the South China Morning Post.

A so-called “self-discipline initiative” doc was signed by firms with a stake in China’s NFT market, akin to JD.com, Tencent Holdings, Baidu, and digital funds platform Ant Group, an affiliate of Alibaba Group.

The doc was printed on June 30 by the China Cultural Industry Association and, whereas not legally binding, calls on the companies to “require real-name authentication of those who issue, sell and buy” NFTs, and “only support legal tender as the denomination and settlement currency.”

The initiative additionally seeks for the businesses to vow to not create secondary marketplaces for NFTs to fight buying and selling hypothesis.

The recognition of NFTs in China is on the rise, and digital collectable platforms have grown 5X in simply 4 months from February to mid-June 2022 regardless of a number of warnings from the federal government.

Nike trying to create online game NFTs

A patent filed by Nike Inc. on June 30 with the United States Patent and Trademark Office (USPTO) reveals the health clothier is concerned with a “video game integration” of NFTs.

As per the submitting, Nike seeks to patent a technique the place a “virtual object” will show in video games, the place that object is a “virtual shoe, article of apparel, headgear, avatar, or pet.” Other language within the submitting suggests Nike plans to promote the bodily footwear and garments represented throughout the NFTs.

Related: NFT hype evidently lifeless as day by day gross sales in June 2022 dip to one-year lows

The reasoning offered within the submitting suggests Nike is anxious with counterfeit digital collectibles and says there “exists a need for a retailer to more directly influence and control the nature and ultimate supply of digital objects within this virtual market.”

It additionally causes a possibility exists for it to capitalize and interact with online game gamers as most video games function customizable characters, which might make them “more engaged with a brand in the physical world.”

More Nifty News:

The second-largest sale of an Ethereum Name Service (ENS) area not solely in U.S. {dollars} but additionally in Ethereum occurred on July 3 when the area “000.eth” offered for 300 ETH, roughly $320,000. The highest sale of an ENS area was for “paradigm.eth” in October 2021, which fetched 420 ETH, round $1.5 million on the time.

Social media platform Facebook will add assist for NFTs, and a “digital collectibles” tab will seem on the pages of chosen creators within the U.S., with a function to cross-post between Instagram and Facebook rolling out finally.