Blockchain Advances: Michael Jackson's First Song, Rebranding of ParaSpace, and Predictions for Gaming Future
Summary:
This week's news highlights include Michael Jackson's first recording coming to the blockchain through Anotherblock, the rebranding of ParaSpace to Parallel Finance for further focus on decentralized finance and NFT lending, as well as Rarible ecosystem's commitment to royalty enforcement with its RARI Chain. Additionally, industry executives anticipate future trends in blockchain gaming for 2024.
This week's bulletin highlights Michael Jackson's inaugural recording coming to the blockchain and the rebranding of nonfungible token (NFT) lending protocol, ParaSpace, to Parallel Finance. Also learn about Rarible ecosystem's further pledge to royalty enforcement and the speculation by gaming industry executives on the future of blockchain gaming in 2024.
The initial studio recording of Michael Jackson, a song titled "Big Boy (One-Derful Version)," will soon be on the blockchain via the music platform, Anotherblock. This significant track was first recorded in 1967 by an eight-year-old Jackson at One-Derful in Chicago. Michel Traore, Anotherblock CEO and co-founder, informed Cointelegraph that this on-chain release would elevate the status of the song beyond just being a commodity.
NFT lending protocol ParaSpace is transitioning to Parallel Finance with an increased focus on decentralized finance and NFT lending. According to Yubo Ruan, CEO and founder of Parallel Finance, they hold the conviction that NFT margin lending remains viable despite market fluctuations. Ruan expressed that NFT lending meets the needs of a "growing sector of collectors" aiming to expand their investments.
The nonprofit arm of NFT marketplace Rarible, the RARI Foundation, has introduced a testnet for a royalty-incorporated Ethereum Virtual Machine-compatible blockchain, the RARI Chain. This development reconfirms the Rarible ecosystem's dedication to royalty enforcement. Jana Bertram, RARI Foundation executive, emphasized the necessity to equip creators with tools and settings that aid their accomplishment, asserting their commitment to prevent the separation of creators from Web3 growth.
As blockchain gaming carves its path into mainstream, industry executives speculate about potential trends in 2024. Henry Chang, CEO of game development company Wemade, suggested that developers, as they gain confidence, will employ more intricate blockchain elements into gameplay and in-game mechanics. Bartosz Skwarczek, the founder and CEO of G2A Capital Group, suggested that a triple A-rated Web3 game could catalyze the expansion of blockchain gaming in 2024.
That's all for this week's NFT updates. Stay tuned next Wednesday for more insights and news in this rapidly evolving space.
Published At
12/6/2023 11:00:00 PM
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