Nike NFTs and EA Sports Integration: Revolutionizing Gaming or Inflating a Tech Bubble?

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Nike NFTs, or non-fungible tokens, are making their way to EA Sports games, gaining a significant stride toward mainstream adoption of Web3 technologies. The company’s NFT platform, “.Swoosh,” has announced its integration with EA Sports games in the upcoming months. According to Nike Virtual Studios exec Ron Faris, the new partnership between Nike and EA Sports will “unlock” new experiences for the gaming community.

Moreover, GameStop’s partnership with Web3 gaming project Illuvium has made headlines recently as they prepare to launch an NFT collection called Illuvitars. These game-branded NFTs can be traded on Illuvium’s decentralized exchange, and holders of these tokens will get early access to Illuvium’s collector games, Illuvium Overworld and Illuvium Arena.

The gaming industry is not the only one affected by NFT technology. In a recent interview with Cointelegraph, Future Primitive’s Jayden Windle and Benny Giang talked about ERC-6551 and how it allows NFTs to function as wallets. As per Windle and Giang, this new token standard enables NFTs to own any on-chain assets, which can be applied to various sectors, including storing decentralized autonomous organization member histories and serving as an inventory system in blockchain gaming.

Taking it a step further, Paraspace and BitKeep’s report unveiled that NFT borrowing and lending reached over $430 million, with more than 43,000 participants. The popularity of this new lending method can be attributed to the introduction of digital collectible lending by NFT marketplace Blur and the use of blue-chip NFT collaterals. For instance, transactions saw a surge in volume in May, reaching $330 million, driven by popular NFT collections like Wrapped CryptoPunks, Bored Ape Yacht Club, and Mutant Ape Yacht Club.

These latest developments prove that NFTs are here to stay, and their impact on various industries continues to grow. Adoption of this technology by giant companies like Nike and EA Sports can help pave the way for a more mainstream acceptance of blockchain technology and its applications.

While the opportunities for NFT integration and growth seem promising and carry a strong potential for transforming industries, it’s crucial to remember the risks and skepticism associated with new and emerging technologies. Skeptics argue that the NFT market could inflate and face consequences similar to previous tech bubbles. However, only time will tell if NFTs will continue to thrive or face downfall.

Source: Cointelegraph

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