NFT Update: China's Metaverse endeavor is expanding with a $8.5B fund, while NFT lending ecosystem is booming
NFT lending ecosystem expends with Binance announcement which came after Blur's newly launched NFT lending procotol attracted hundrends of millions of USD in volume during first month
Must Read đ°
China Is Betting Big on the Metaverse as Zhengzhou Joins with $8.5B Fund
The Henan Province Capital plans to launch a 10 billion yuan (~$1.4 billion) fund, with an additional 50 billion yuan (~$7.08 billion) planned down the line.
Metaverse companies already established in the city will also be eligible for up to 5 million yuan (US$710,000) for every project metaverse project deemed useful to the municipal government.
The Metaverse Is Dead? No One Told Doctor Who
British TV show âDoctor Whoâ is coming to the metaverse. The BBC has partnered with Reality+ to create metaverse experiences based on the iconic fantasy series.
The experiences will be accessible via the âBBC Events Spaceâ on the leading metaverse platform, The Sandbox. This is The BBCâs first foray into the metaverse.
Recently Announced đ˘
Binance Jumps on the NFT Lending Frenzy with ETH Loans
The announcement comes following Blendâs successful debut month with its perpetual NFT loans product. Binanceâs NFT lending service will initially offer ETH loans against blue-chip NFTs from BAYC, MAYC, Azuki, and Doodles.
Commenting on the announcement, Binance said that the feature will allow it to introduce the benefits of decentralised finance (DeFi) to its community.
Pomerium Beefs Up Its Web3 Gaming Portfolio with $20M Investment
Pomerium has received a $20 million investment from an undisclosed investor. The Singapore-based web3 gaming studio said it will use the fresh capital to revamp its blockchain games portfolio.
Bitget recently launched a $100 million web3 fund to expand its ecosystem beyond derivatives assets. The fund is targeting Asian companies as it seeks to accelerate the transition from web2 to web3.
Foresight Ventures Revamps Web3 Accelerator Program with Additional $10 Million
The announcement comes just as the company commences the second round of applications. Foresight said the second cohort will be comprised of mainly Web3 projects building in artificial intelligence (AI), zero-knowledge (ZK), machine learning, NFT ecosystems, bitcoin blockchain and liquid staking derivatives.
Foresight joined several web3 venture capital firms during the crypto exchange platform Bitgetâs $100 million fundraising announced last month.
NFT Marketplace Tabi Secures $10M to Develop Gaming Ecosystem on BNB Chain
The round was backed by Animoca Brands, Binance Labs, Draper Dragon, Hashkey Capital, Infinity Crypto Ventures, and Youbi Capital. Dragonfly Capitalâs Bo Feng, Riyad AD of Saudi Arabia, and Suji Yan of Mask Network also participated in the round.
The BNB Chain-based platform said it will use the funds to build a gaming ecosystem on the Layer1 blockchain. The developers of the platform also indicated that some of the funds will go towards developing Tabiâs upcoming on-chain identity protocol.
Further Reading đ
Blockchain Technology Accommodates Both Public and Private Sectors
Global companiesâ spending on blockchain solutions is expected to reach almost $19B by next year, says the International Data Corporation.
London Blockchain Conference will help governments and enterprises develop proper blockchain solutions while maximizing utility and efficiency.
2023 Meme Coins: Elon Muskâs DOGE Warning Sparks Investor Shift
Elon Musk, who was formerly a loud supporter of Dogecoin (DOGE), recently advised investors against making significant bets on the joke token, which is a surprise turn of events.
On-Chain NFTs âď¸
NFT Lending Protocol Blend Witnesses a Daily Volume High Seeing $27.6M
Since May 15th, for the past 15 consecutive days, Blur's NFT lending platform saw at least 10.3K ETH in daily volume.
The trend started with the launch of Yuga Labs' BAYC and MAYC on Blend which saw a total of 40K ETH and 26K ETH, respectively. Since then, Blend saw a total of 182K ETH (~$347M) in volume.
Azuki is the leading collection on Blend in terms of volume, seeing a total of 91K ETH.
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