Cryptocurrencies

In this week’s newsletter, find out how Ronin is preparing for blockchain

In this week’s newsletter, learn how non-fungible token (NFT) blockchain Ronin is preparing to launch a zero-knowledge Ethereum virtual machine (zkEVM) blockchain to scale Web3 games. Check out the success of Bitcoin-based NFTs, which took the top three spots in all-time sales. Additionally, learn more about the need for music in the Metaverse in an exclusive interview with Cointelegraph.

Ronin expands reach of Web3 gaming with new zkEVM

Gaming blockchain company Ronin launches Ronin zkEVM, a zero-knowledge layer 2 chain. This ZK series aims to expand user capacity and support game studio partners.

Originally created for Axie Infinity, Ronin now supports a broader gaming ecosystem, with 1.4 million daily active titles. Jeff Zuerlein, co-founder of Sky Mavis, said the network is preparing for a situation in which it will have to carry out up to four billion daily transactions. The zkEVM chain will improve scalability, cross-chain experiences and accumulated rewards.

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Bitcoin NFTs Surpass Historic Ronin Sales

The Bitcoin network has risen to third place in NFT sales of all time, surpassing the Ronin blockchain. On June 18, data from CryptoSlam showed that Bitcoin-based NFTs generated an unprecedented sales volume of over $4.27 billion for Ronin, placing Bitcoin behind Solana and Ethereum.

Over the past 30 days, Bitcoin NFTs generated $148 million in sales, second only to Ethereum’s $157 million, followed by Solana’s $77 million. However, NFT sales are down, with the big three seeing at least a 40% drop in 30-day sales.

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Music catalog coding: the next frontier for Web3 and the music industry

Music IP coding could revolutionize the integration of music into virtual environments such as the Metaverse. In an interview with Cointelegraph, Sergio Mottola, CEO of music protocol and music association Web3, explained that the introduction of music to the metaverse is currently hampered by complex negotiations with the music industry.

The executive believes that if there is a huge catalog in Web3, users can organize concerts and listen to music seamlessly, bypassing traditional obstacles.

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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 actively evolving space.

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