In this week’s newsletter, read about how Michael Jackson’s first recording is coming to the blockchain and why the nonfungible token (NFT) lending protocol ParaSpace was rebranded to Parallel Finance. Check out how the Rarible ecosystem is furthering its commitment to royalty enforcement, and find out what executives working in the gaming industry think about the future of blockchain gaming in 2024.
Michael Jackson’s first-ever studio demo to be released on blockchain
An NFT of a track titled “Big Boy (One-Derful Version),” by Michael Jackson, will hit the blockchain through the music platform Anotherblock. The track is the first-ever studio recording of a young Michael Jackson.
The track was recorded in 1967 when an eight-year-old Michael Jackson recorded his inaugural studio session at One-Derful in Chicago with his brothers. Anotherblock CEO and co-founder Michel Traore told Cointelegraph that dropping the track on-chain will elevate the song beyond being a commodity.
ParaSpace to continue NFT lending as it rebrands to Parallel Finance
NFT lending protocol ParaSpace will rebrand into Parallel Finance, focusing more on decentralized finance and NFT lending. Parallel Finance CEO and founder Yubo Ruan told Cointelegraph their beliefs that despite the market downturns, they believe that NFT margin lending remains viable.
Ruan added that NFT lending serves a “niche yet growing sector of collectors” looking to leverage their investments.
Rarible’s RARI Foundation taps Arbitrum for royalty-embedded EVM chain
NFT marketplace Rarible’s nonprofit arm, the RARI Foundation, released a testnet for an Ethereum Virtual Machine-compatible blockchain called RARI Chain. According to an announcement, the blockchain will have royalties embedded into its nodes, further solidifying the Rarible ecosystem’s commitment to royalty enforcement.
RARI Foundation executive Jana Bertram said in a statement that it’s necessary to provide creators with tools and environments that contribute to their success. “Our commitment is embedded in preventing the disintermediation of creators from the Web3 growth,” Bertram said.
Web3 gaming trends in 2024: Execs weigh in on blockchain gaming future
As blockchain gaming continues its rise into the mainstream, executives working in the gaming industry weighed in on potential trends in 2024. Henry Chang, the CEO of the game development company Wemade, said that as developers become more confident, there will be more complex use of blockchain elements within in-game mechanics and gameplay.
Meanwhile, Bartosz Skwarczek, the founder and CEO of G2A Capital Group, believes that there needs to be a true Triple A-rated Web3 game that will act as a catalyst to further the growth of blockchain gaming in 2024.
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Thanks for reading this digest of the week’s most notable developments in the NFT space. Come again next Wednesday for more reports and insights into this actively evolving space.