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Japanese Gaming Giant Konami to Launch Web3 and Metaverse Initiative

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Japanese Gaming Giant Konami to Launch Web3 and Metaverse Initiative
Source: KONAMI

Japanese online game large Konami has introduced plans to launch a market for buying and selling in-game NFTs, in addition to a “big selection” of different Web3-related merchandise and companies. 

The leisure conglomerate additionally unveiled that it’s trying to add new expertise and will recruit a “wide range of talent for system construction and service development to provide new experiences such as Web3 and Metaverse,” Konami mentioned in a Thursday weblog submit. 

The gaming large claimed that they’ve been researching how to combine the newest improvements into video games, including that one among its important merchandise can be a market for buying and selling in-game NFTs. 

“We have been conducting research and development to incorporate the latest technology into games and contents, and plan to launch a service where players can trade their in-game NFTs (digital items) through a unique distribution platform using blockchain,” it acknowledged.

Konami talked about that NFTs can be utilized for a number of functions. While the innovation is primarily used to signify distinctive in-game gadgets in leisure, it could possibly additionally signify fan tokens and tickets to occasions, permitting homeowners to work together with different companies and communities. 

Notably, this isn’t Konami’s first foray into the world of blockchain. Earlier this 12 months, Konami celebrated the thirty fifth anniversary of Castlevania by promoting a group of NFTs associated to the franchise. 

The majority of the gathering was made up of GIFs of gameplay snippets from the primary three Castlevania video games on varied house computer systems. The remainder of the gathering was renderings of in-game maps and artwork variations initially utilized in Castlevania: Circle of the Moon. 

NFT Popularity At Record Lows

It is price noting that Konami’s daring wager on NFTs comes as the marketplace for these digital tokens is experiencing its worst days ever. As reported, NFT buying and selling quantity has taken a significant dive, plunging by almost 100% from its all-time excessive in January this 12 months.

NFT buying and selling quantity dropped from $17 billion on the very starting of the 12 months to simply $466 million in September, representing a drop of 97%. The plunge is in keeping with the broader market downturn and the worldwide market rout, brought on by the conflict in Europe, rising inflation, and poor central financial institution insurance policies. 

“The fading NFT mania is part of a wider, $2 trillion wipeout in the crypto sector as rapidly tightening monetary policy starves speculative assets of investment flows,” Bloomberg reported in late September. 

Compiled by Coinbold

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