A Pokemon-inspired game will be added to Epic Games’ blockchain gaming library while blue-chip NFT collaterals stabilize NFT lending. All that and more in this week’s Nifty Newsletter!
A report by Paraspace and BitKeep recently revealed that NFT borrowing and lending had 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 top sources of collateral for the loans.
The introduction of a digital collectible lending protocol by NFT marketplace Blur also contributed to the growth. The platform recorded over $16 million in loans within a day of its launch, led by Taiwanese celebrity Machi Big Brother. However, the surge in total NFT market transaction volume in March, driven by Bitcoin Ordinals, declined to $330 million in May.Footwear company Nike’s NFT platform, “.Swoosh” announced that it will soon integrate with EA Sports games.
Game developer Epic Games announced it would add new blockchain games to its store. This includes a Pokemon-inspired combat game called Defimons, and Project Red, which seems 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 off 37 pieces in what they call the biggest auction for digital art.
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Blue chip collaterals help stabilize NFT lending: Paraspace'Almost everything in our daily life is non-fungible like our house and car. We will see a big increase in this market in terms of different types of NFTs and new utility with it,' said Paraspace developers.
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