In this week’s newsletter, we delve into the exciting world of non-fungible tokens (NFTs) and blockchain technology. Ronin, a gaming blockchain, is set to revolutionize Web3 gaming with the launch of its zero-knowledge Ethereum Virtual Machine (zkEVM) blockchain. This innovative chain aims to enhance user capacity and support game studio partners, paving the way for a more immersive gaming experience.
Originally designed for Axie Infinity, Ronin has now expanded its reach to support a wider gaming ecosystem, boasting an impressive 1.4 million daily active addresses. Jeff Zirlin, co-founder of Sky Mavis, the company behind Ronin, revealed that the network is gearing up for a potential surge in daily transactions, with a goal of accommodating up to four billion transactions per day. The introduction of the zkEVM chain will significantly improve scalability, facilitate cross-chain experiences, and offer staking rewards to users.
In other news, Bitcoin-based NFTs have made a significant impact in the NFT market, claiming the top three spots in all-time sales. As per data from CryptoSlam, Bitcoin-based NFTs have surpassed the sales volume of the Ronin blockchain, reaching an impressive $4.27 billion in total sales. Solana and Ethereum currently hold the top two positions, with Bitcoin closely trailing behind. Over the past 30 days, Bitcoin NFTs have generated $148 million in sales, coming in second after Ethereum’s $157 million. However, it’s worth noting that NFT sales have experienced a decline, with all three chains witnessing a drop of at least 40% in sales over the past month.
Furthermore, the integration of music into virtual environments like the metaverse is gaining traction, and tokenizing music catalogs could be the next big step forward for the Web3 and music industry. Sergio Mottola, CEO of Music Protocol and the Web3 Music Association, emphasized the current challenges faced by negotiations with the music industry when it comes to incorporating music into metaverses. Mottola believes that if there were a vast catalog of music available on the Web3 platform, users could seamlessly organize virtual concerts and enjoy music without the traditional obstacles.
That’s all for this week’s digest of the latest developments in the NFT space. Join us again next Wednesday for more insightful reports and updates on this rapidly evolving industry.