NFT and Web3 game console launched in 2024, Chinese companies will check ID for NFT purchases and more

by · July 4, 2022

Polium, a company that markets itself as “building the products and infrastructure for Web3 games,” has said it is launching a game console that will support multiple blockchains and non-fungible tokens (NFT).

The “Polium One” console announced on July 3 is scheduled for a first Q3 2024 release and will support Ethereum (ETH), Solana (SOL), Polygon (MATIC), BNB Chain (BNB), ImmutableX, Harmony, EOS and WAX blockchains.

Currently, the only specifications listed for the console are that it will support a 4K Ultra HD resolution of 120 frames per second. Polium says the community will help them build the console’s hardware and software and says it will have a functional prototype in “a few months.”

According to Polium, the console will have its own multi-chain cryptocurrency wallet, and the controller will have a wallet button for users to make trades more efficiently. Security and verification of transactions from the console will be activated via a fingerprint scanner on the controller.

The price of the console is unknown, but Polium plans to create a “Polium Pass” NFT, which will allow holders to demand a console on the first day of launch. Passholders will receive another NFT, which in the future may be used for a “PLAY” token, the console’s original token for transactions on the marketplace app.

Polium plans to release 10,000 consoles to Polium Pass holders and partners at the first launch of Q3 2024, with more units produced for the public in Q3 2025. It has set a goal of selling over 1 million units.

The company has already received criticism that the logo is similar to another popular console, the Nintendo GameCube. Polium said it did not copy the logo and it is already create a new logo “which is original.”

Chinese technology giants check ID before NFT purchase

China’s NFT industry players and the country’s largest technology companies have signed an agreement to check the identities of users using digital collector platforms, according to a July 4 report from the South China Morning Post.

A so-called “self-disciplinary initiative” document was signed by companies with stakes in China’s NFT market, such as JD.com, Tencent Holdings, Baidu and the digital payment platform Ant Group, an affiliate of Alibaba Group.

The document was published June 30 by the China Cultural Industry Association and, while not legally binding, encourages companies to “require real-name authentication from those who issue, sell and purchase” NFTs, and “only support legal tender. as denomination and settlement currency. “

The initiative also seeks that companies promise not to create secondary marketplaces for NFTs in order to combat trade speculation.

The popularity of NFTs in China is increasing, and digital collection platforms have grown 5X in just four months from February to mid-June 2022, despite several warnings from the authorities.

Nike wants to make NFTs for video games

A patent filed by Nike Inc. on June 30 with the United States Patent and Trademark Office (USPTO) shows that the training apparel manufacturer is interested in a “video game integration” of NFTs.

According to the filing, Nike seeks to patent a method where a “virtual object” will appear in games, where the object is a “virtual shoe, clothing, headdress, avatar or pet.” Other languages ​​in the submission indicate that Nike plans to sell the physical shoes and clothing represented in the NFTs.

Related: The NFT hype apparently died as daily sales in June 2022 fell to a one-year low

The reasoning presented in the submission suggests that Nike is concerned with counterfeit digital collectibles and states that “there is a need for a retailer to more directly influence and control the nature and ultimate supply of digital objects in this virtual market.”

This is also the reason why there is an opportunity to capitalize and engage with video game players, as most games have customizable characters, which can make them “more engaged with a brand in the physical world.”

More cool news:

The second largest sale of an Ethereum Name Service (ENS) domain not only in US dollars but also in Ethereum occurred on July 3 when the domain “000.eth” sold for 300 ETH, approximately 320,000 dollars. The highest sale of an ENS domain was for “paradigm.eth” in October 2021, which received 420 ETH, around 1.5 million dollars at that time.

Social media platform Facebook will add support for NFTs, and a “digital collectibles” tab will appear on the pages of selected creators in the US, with a feature to cross-post between Instagram and Facebook that eventually rolls out.