Japanese Gaming Giant Konami to Launch Web3 and Metaverse Initiative
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Konami to Launch Web3 and Metaverse
In a blog post published on Thursday, Konami claimed that the entertainment conglomerate is also looking to hire new employees and will seek out "a wide variety of expertise for system building and service development to create new experiences such as Web3 and Metaverse."
The video game industry behemoth asserted that it has been looking for ways to incorporate the most recent technological advancements into games and that one of its key offerings will be a market for exchanging in-game NFTs.
Konami stated that NFTs might be applied in a variety of ways. The invention can also refer to fan tokens and event tickets, enabling owners to engage with other services and communities, even if it is most often used to symbolize extraordinary in-game things in entertainment.
Notably, this is not Konami's first venture into the area of blockchain. Konami sold a selection of NFTs associated with the Castlevania brand earlier this year to commemorate the 35th anniversary of the video game.
The majority of the collection consisted of GIFs of short gameplay clips from the first three Castlevania games played on different home PCs. The remaining group members were artistic recreations of in-game maps and artwork from Castlevania: Circle of the Moon.
NFT Adoption Hits Record Low
It's important to note that Konami made this daring investment in NFTs when the market for these digital tokens was having its worst days. According to reports, NFT trade volume has significantly decreased, falling by about 100% from its record high in January of this year.
The volume of NFT trading decreased 97% from $17 billion at the beginning of the year to barely $466 million in September. The decline is consistent with the worldwide market meltdown brought by the European war, rising inflation, and bad central bank policies.