Nifty News: NFT and Web3 gaming console to launch in 2024, Chinese firms to check ID for NFT buying and more

The console’s creators say it will be compatible with eight blockchains and have its own digital wallet, token and marketplace, with a prototype coming “in a few months”.
Polium, a company that bills itself as “creating products and infrastructure for Web3 games,” said it is launching a game console that will support multiple blockchains and non-fungible tokens (NFTs).

The Polium One console, announced on Monday, is set to release in Q3 2024 and will support Ethereum, Solana, Polygon, BNB Chain, ImmutableX, Harmony, EOS, and WAX blockchains.
Currently, the only specification listed for the console is that it will support 4K Ultra HD resolution at 120 fps. Polium says their community will help them build the hardware and software for the console, and says they’ll have a working prototype “in a few months.”

According to Polium, the console will have its own multi-chain cryptocurrency wallet, while the controller will have a wallet button to allow users to transact more efficiently. Security and verification of transactions from the console will be done using the fingerprint scanner on the controller.

Pricing for the console is unknown, but Polium plans to release the Polium Pass NFT, which will allow owners to claim the console on day one of launch. Pass holders will receive another NFT that can be exchanged for PLAY Token, the console’s native token for transactions in the Marketplace app, in the future.

Polium plans to launch 10,000 consoles for Polium Pass holders and their partners during the initial launch in Q3 2024, with additional consumer devices to be produced in Q3 2025. The company has set a goal to sell more one million units.

The company has already received criticism for its similar logo to another popular console, the Nintendo GameCube. Polium said they didn’t copy the logo and were already creating a new logo “which is original”.
Chinese tech giants will verify credentials before buying NFTs

According to a report by the South China Morning Post on Monday, players in China’s NFT industry and the country’s biggest tech companies have signed an agreement to verify user identities through digital collection exchanges.

The 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 released on June 30 by the China Cultural Industries Association and, while not legally binding, calls on companies to “require real-name authentication from those who issue, sell and buy.” of NFTs, and “only support legal tender as denomination and settlement”. change.” “.

The initiative also seeks companies to pledge not to create secondary markets for NFTs in order to curb speculative trading.

The popularity of NFTs in China is growing and digital collection platforms have increased 5x in just four months from February to mid-June 2022, despite numerous warnings from the government.
Nike wants to create an NFT for video games

A patent filed by Nike Inc. on June 30 at the United States Patent and Trademark Office (USPTO), shows that the fitness apparel maker is interested in “integrating video games” NFT.

According to the filing, Nike is seeking to patent a method by which a “virtual object” will be displayed in games where that object is a “virtual shoe, item of clothing, headgear, avatar, or pet.” Different wording in the filing suggests that Nike plans to sell the physical footwear and apparel featured in the NFT.

Related: NFT Hype Seems Dead as June 2022 Daily Sales Drop to Yearly Low

The reasoning provided in the filing suggests that Nike is concerned about counterfeit digital collectibles and states that “the retailer needs to have more direct influence and control over the nature and ultimate offering of digital items in this virtual marketplace” .

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