NFT and Web3 game console to launch in 2024, Chinese companies to check ID for NFT purchases, and more

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

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

Currently, the only specs listed for the console are that it supports 4K Ultra HD resolution at 120 frames per second. Polium says its 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 Poium, the console will have its own multi-chain cryptocurrency wallet, and the controller will have a wallet button that allows users to trade more efficiently. Security and verification of transactions from the console are enabled via a fingerprint scanner on the controller.

The price of the console is unknown, but Polium does plan to create a “Polium Pass” NFT, which will allow holders to claim a console on the first day of launch. Cardholders will receive another NFT, which can be used in the future for a “PLAY” token, the console’s native token for trading on the marketplace app.

Poium plans to issue 10,000 consoles to Polium Pass holders and partners upon initial launch in Q3 2024, with more units to be produced to the public in Q3 2025. It has set a target to over 1 million units to sell.

The company has already been criticized for its logo resembling another popular console, the Nintendo GameCube. Polium said it did not copy the logo and is… already creating a new logo “that’s original.”

Chinese tech giants check ID for NFT purchases

According to a report by the South China Morning Post on July 4, Chinese players from the NFT industry and the country’s largest technology companies signed an agreement to verify the identities of users who use digital trading platforms.

A so-called “self-discipline initiative” document was signed by companies with a stake in China’s NFT market, such as, Tencent Holdings, Baidu and digital payment platform Ant Group, a subsidiary of Alibaba Group.

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

The initiative also wants the companies to pledge not to create secondary markets for NFTs to curb trading speculation.

The popularity of NFTs in China is on the rise and digital collection platforms have increased fivefold in just four months from February to mid-June 2022, despite multiple government warnings.

Nike wants to make NFTs for video games

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

According to the filing, Nike is trying to patent a method whereby a “virtual object” is displayed in games, where that object is a “virtual shoe, garment, headgear, avatar or pet.” Other language in the filing suggests that Nike plans to sell the physical shoes and apparel represented in the NFTs.

Related: NFT hype apparently dead as daily sales drop to a one-year low in June 2022

The reasoning in the filing suggests that Nike is engaged in counterfeit digital collectibles and says there is “a need for a retailer to more directly influence and control the nature and ultimate supply of digital objects within this virtual market.”

It also explains that there is an opportunity to take advantage of and interact with video game players, as most games have customizable characters, allowing them to “be more involved with a brand in the physical world”.

More useful news:

The second largest sale of an Ethereum Name Service domain (ENS), not only in US dollars, but also in Ethereum, happened on July 3, when the domain ‘000.eth’ sold for 300 ETH, about $ 320,000. The highest sales of an ENS domain was for “paradigm.eth” in October 2021, yielding 420 ETH, about $1.5 million at the time.

The social media platform Facebook is adding support for NFTs and a ‘digital collectibles’ tab will appear on the pages of select creators in the US, with a cross-posting feature between Instagram and Facebook eventually being rolled out.