In this week's newsletter, read about how Michael Jackson's first recording is coming to the blockchain and why non-fungible token (nft) lending protocol ParaSpace was renamed Parallel Finance. See how the Rarible ecosystem is driving 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 studio demo to be released on blockchain
An nft of a song titled “Big Boy (One-Derful Version)” by Michael Jackson is coming to the blockchain via the music platform Anotherblock. The song is the first studio recording by a young Michael Jackson.
The song was recorded in 1967, when 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 releasing the track on the chain will elevate the song beyond being a commodity.
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ParaSpace to continue nft lending as it changes its name to Parallel Finance
nft lending protocol ParaSpace will be rebranded as Parallel Finance, focusing more on decentralized finance and nft lending. Parallel Finance CEO and founder Yubo Ruan told Cointelegraph that despite the market declines, they believe nft margin lending remains viable.
Ruan added that nft loans serve a “specialized but growing sector of collectors” looking to leverage their investments.
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Rarible's RARI Foundation taps arbitrator for EVM chain with embedded royalties
The nonprofit arm of nft marketplace Rarible, the RARI Foundation, launched a testnet for an ethereum virtual machine-compatible blockchain called RARI Chain. According to an announcement, the blockchain will have royalties built into its nodes, further solidifying the Rarible ecosystem's commitment to royalty enforcement.
RARI Foundation executive Jana Bertram said in a statement that it is necessary to provide creators with tools and environments that contribute to their success. “Our commitment is built into avoiding disintermediation of the creators of Web3 growth,” Bertram said.
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Web3 gaming trends in 2024: executives weigh in on the future of blockchain gaming
As blockchain gaming continues its rise into the mainstream, executives working in the gaming industry weighed in on potential trends in 2024. Henry Chang, CEO of game development company Wemade, said that as As developers gain more confidence, there will be more complex use. of blockchain elements within the game mechanics and gameplay.
Meanwhile, Bartosz Skwarczek, founder and CEO of G2A Capital Group, believes there needs to be a true Triple A rated Web3 game to act as a catalyst to promote the growth of blockchain games in 2024.
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Thanks for reading this roundup of the week's most notable developments in the nft space. Check back next Wednesday for more reports and information on this ever-evolving space.
