Cointelegraph spoke with Future Primitive’s Jayden Windle and Benny Giang to learn how NFTs can be used as digital wallets via ERC-6551.
In this week’s newsletter, read about GameStop’s non-fungible token (NFT) platform partnership with gaming company Illuvium, and see how NFTs can store digital assets and how top-tier NFT collateral is used in NFT loans. In other news, Nike NFTs are coming to EA Sports games, and don’t forget about this week’s Nifty News showcasing upcoming blockchain games from Epic Games.
GameStop NFT back in the spotlight after Illuvium partnership
GameStop has teamed up with the Web3 gaming project Illuvium to release an NFT collection called Illuvitars. The drop will feature GameStop-branded Illuvitars that can be traded on the Illuvium decentralized exchange.
NFT holders will also get early access to the Illuvium Collection Games, Illuvium Overworld and Illuvium Arena. The collection will be available on June 12 and will include 20,000 NFTs.
In an interview with Cointelegraph, Future Primitive’s Jayden Windle and Benny Giang discussed ERC-6551 and how it enables NFTs to function as wallets. According to the duo, NFTs can now own any on-chain asset through the new token standard.
The developers explained that the new feature can be applied to various industry sectors, from an inventory system in blockchain games to storing member histories of decentralized autonomous organizations.
A report from Paraspace and BitKeep recently revealed that NFT lending and lending reached over $430 million, with more than 43,000 borrowers participating. Popular NFT collections like Wrapped CryptoPunks, Bored Ape Yacht Club, and Mutant Ape Yacht Club were some of the main sources of collateral for loans.
The introduction of a collectible digital lending protocol by the NFT Blur market also contributed to growth. The platform registered more than $16 million in loans the day after its launch, led by Taiwanese celebrity Machi Big Brother. However, the increase in total NFT market transaction volume in March, driven by Bitcoin Ordinals, slowed to $330 million in May.
Shoe company Nike’s NFT platform “.Swoosh” has announced that it will soon be integrated with EA Sports games. The integration is a big step towards the adoption of Web3 technologies in mainstream games.
Without revealing which games Nike’s “virtual creations” will include, the platform announced that they would be incorporated into EA Sports games in the coming months. Nike Virtual Studios executive Ron Faris said he would “unlock” new experiences for the community.
Game developer Epic Games announced that it would be adding new blockchain games to its store. These include a Pokémon-inspired fighting game called Defimons and Project Red, which appears to be an open-world game similar to Grand Theft Auto. Meanwhile, more NFTs owned by bankrupt hedge fund Three Arrows Capital will go on sale on June 15. This time, Sotheby’s will auction 37 pieces in what they call the world’s largest digital art auction.