Nfts
Konami leverages Avalanche for yen-based NFT marketplace “Resella”
Resella will include a centralized NFT marketplace supporting payments in the form of Japanese yen.
Konami Digital Entertainment, the popular Japanese game developer and publisher, is the latest mainstream gaming company to embrace non-fungible tokens.
On June 20, Konami announced the launch of a centralized NFT marketplace 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 the Avalanche subnet.
Resella is tailored to the Japanese market and will support settlement of transactions in Japanese yen.
“Resella eliminates the need for users to open an external Web3 wallet or engage in complex cryptocurrency transactions, potentially lowering barriers to entry,” Konami said.
Konami aims to bring mainstream companies and brands with a focus 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 function as event tickets.
Konami Digital Entertainment is the company behind major game franchises including Metal Gear, Silent Hill and Castlevania.
Konami’s entry into the web3 sector could be a boon for Avalanche’s NFT ecosystem.
The difficulties of the NFT sector
Data from DappRadar shows just two NFT collections that generated sales in the last 24 hours, with Castle Crush NFTs generating $440 in transactions and OG Thor tokens accounting for just $25 in transactions.
CoinGecko estimates that Avalanche-based NFTs represent a market cap of $27.3 million, which pales in comparison to the $6.8 billion in non-fungibles on Ethereum.
However, many top Ethereum collections have suffered recently big withdrawals as Blur’s third season of prodding draws to a close. Four of the five largest collections by market capitalization job losses of between 24% and 33% over the past month, according to NFT Price Floor.
Avalanches AVAX the token is up 3.58% over the past 24 hours, but has fallen 32% over the past month, according to The Defiant’s crypto price feed.
Related: Citi leverages Avalanche for institutional tokenization trials