NFTs
Konami Leverages Avalanche to ‘Resella’ Yen-Based NFT Marketplace
Resella will comprise a centralized NFT marketplace that supports payments in the form of Japanese yen.
Konami Digital Entertainment, the famous Japanese game developer and publisher, is the latest mainstream gaming company to adopt non-fungible tokens.
On June 20, Konami announced that it will launch an NFT marketplace centered on Avalanche, the 11th largest smart contract network by total value locked (TVL).
Konami’s upcoming NFT marketplace Resella will allow users to create, launch and trade non-fungible tokens without using a web3 wallet. The marketplace will be deployed as a subnet of Avalanche.
Resella is adapted for the Japanese market and will support settlement of transactions using Japanese yen.
“Resella eliminates the need for users to open an external Web3 wallet or engage in complex cryptocurrency transactions, thus potentially reducing barriers to entry,” said Konami.
Konami intends to integrate traditional companies and brands with an emphasis on gaming into the NFT sector with Resella. Konami said developers can create NFTs tied to game environments that unlock special in-game content or act as event tickets.
Konami Digital Entertainment is the company behind major gaming franchises including Metal Gear, Silent Hill and Castlevania.
Konami’s entry into the web3 sector could serve as a boon for Avalanche’s NFT ecosystem.
NFT sector struggles
Data from Dapp Radar shows just two NFT collections driving sales in the last 24 hours, with Castle Crush NFTs generating $440 in trades and OG Thor tokens representing just $25 in trades.
CoinGecko estimates that Avalanche-based NFTs represent a market value of $27.3 million, paling in comparison to the $6.8 billion worth of non-fungibles on Ethereum.
However, many leading Ethereum collections have suffered recently heavy drawdowns as Blur’s third season of incentives comes to an end. Four of the five biggest collections by market value posted losses between 24% and 33% last month, according to NFT Price Floor.
Avalanche AVAX token is up 3.58% in the last 24 hours but is down 32% in the past month, according to The Defiant’s crypto price feeds.
Related: Citi Leverages Avalanche for Institutional Tokenization Tests