Ronin Plans Blockchain Boost for Web3 Gaming; Bitcoin NFTs Score High and the Metaverse Music Revolution
Summary:
This week's dispatch includes details about NFT blockchain Ronin's plans to launch a new blockchain to boost Web3 gaming, the recent success of Bitcoin-based NFTs outperforming Ronin in all-time sales, and the role of music in the metaverse. Ronin plans to upscale gaming with a new chain, while Bitcoin has experienced a sales volume surge. Also, tokenizing music IP could greatly enhance the performance of music in virtual spaces like the metaverse.
This week's briefing brings news of non-fungible token (NFT) blockchain Ronin's intention to deploy a zero-knowledge Ethereum Virtual Machine (zkEVM) blockchain to bolster Web3 gaming. We also look at the impressive performance of Bitcoin-based NFTs, grabbing the top three slots in all-time sales. Additionally, find out about the vital role of music in the metaverse in an exclusive Cointelegraph discussion.
Ronin, the gaming blockchain, is set to introduce Ronin zkEVM, a zero-knowledge layer-2 channel. This channel's objective is to increase user capacity and support gaming studio partners. Initially tailored for Axie Infinity, Ronin currently backs a wider gaming ecosystem, with 1.4 million active addresses daily. Sky Mavis co-founder, Jeff Zirlin, said the network is bracing itself for a scenario of handling up to four billion daily transactions. With the zkEVM channel, scalability, cross-chain experiences, and staking rewards are set to be boosted.
Bitcoin NFTs' sales volume has exceeded that of Ronin blockchain's on the all-time scale — this places the Bitcoin network third, outpaced only by Solana and Ethereum. According to CryptoSlam data on June 18, Bitcoin-based NFTs reached an all-time sales volume surpassing Ronin’s $4.27 billion. Over the past 30 days, Bitcoin NFTs reported $148 million in sales, next only to Ethereum’s $157 million, followed by Solana's $77 million. Nonetheless, NFT sales have dipped, with the leading three chains witnessing at least a 40% decrease in 30-day sales.
The next big leap for Web3 and the music industry might lie in tokenizing music IP, which could transform music's incorporation into virtual spaces, like the metaverse. Sergio Mottola, CEO of Music Protocol and the Web3 Music Association, said in a Cointelegraph interview that integrating music into metaverses is presently hampered by intricate negotiations with the music industry. He is of the opinion that a sizeable catalog in Web3 would enable users to arrange concerts and listen to music, sidestepping conventional roadblocks.
Thank you for perusing this summary of the week’s standout developments in the NFT world. We look forward to your company next Wednesday for further reports and analysis from this dynamic field.
Published At
6/19/2024 10:00:00 PM
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