NEAR Protocol, a cutting-edge blockchain platform that utilizes sharding to increase scalability and performance, has announced a major investment in gaming and metaverse ventures built on its blockchain. In collaboration with leading venture capital firms, NEAR Protocol will be investing up to $100 million in these projects, with the goal of driving innovation and growth in the space.
The metaverse, which is a virtual world that exists entirely within a computer-generated environment, has been gaining traction in recent years as a way to connect people and communities. Gaming, too, has become a major industry, with billions of players worldwide. And NFTs, or non-fungible tokens, have emerged as a way to represent ownership of digital assets, from art to collectibles.
The investment by NEAR Protocol and its partners will provide funding and support to entrepreneurs and developers working on projects in these areas, helping to bring their ideas to life and drive innovation in the space. The goal is to create new and exciting experiences for users, as well as to build a strong ecosystem for these ventures to thrive in.
“We are excited to see the growth of metaverse, gaming, and NFTs on our blockchain,” said a NEAR Protocol spokesperson. “We believe that these projects have the potential to revolutionize the way we interact and create value in the digital world, and we are committed to investing in them to help make that happen.”
This move by NEAR Protocol and its venture partners is a clear indication of the growing importance of blockchain in the gaming and metaverse space, and it is expected to lead to the development of new, groundbreaking projects in the coming years. For those interested in getting involved in this space, now is the time to start exploring the opportunities available on NEAR Protocol.
What is NEAR Protocol?
NEAR Protocol is a blockchain platform that uses sharding technology to increase scalability and performance. It’s a software program that utilizes a network of computers to run a platform where developers can build and launch decentralized applications. The idea behind sharding is to divide the network’s infrastructure into smaller segments, so that each computer or node only has to handle a portion of the network’s transactions. This allows for faster and more efficient processing of transactions, making NEAR Protocol a powerful tool for developers looking to build decentralized apps.
How does NEAR work?
NEAR Protocol is a proof-of-stake (PoS) blockchain that utilizes its own sharding solution known as “Nightshade.” This unique feature sets NEAR apart from its competitors in the industry and positions it as a strong player in the blockchain space. Nightshade allows NEAR to divide its network infrastructure into smaller segments, resulting in faster and more efficient processing of transactions. This, in turn, makes NEAR an attractive option for developers looking to build decentralized apps. With Nightshade, NEAR is positioning itself as a powerful and innovative blockchain platform.
Sharding is a blockchain scaling technique that enables more transactions per second with lower transaction costs. It works by allowing each participating node to retain only a small amount of the platform’s data. This helps to scale the platform more effectively as it reduces the amount of data that each node needs to process. As a result, sharding allows for faster and more efficient processing of transactions, making it an attractive solution for developers building decentralized apps on a blockchain platform.
Five Metaverse, Gaming, and NFT Projects
Taobao Maker Festival
The Taobao Maker Festival, a showcase for young and emerging Chinese artists, is taking place at the Shanghai National Exhibition and Convention Center from July 17 to 25, 2021. The event provides a platform for artists to display and sell their works to a wider audience.
One artist who is making waves at the festival is Huang Heshan, a well-known Chinese NFT artist. Heshan is building his collection on the NEAR Protocol blockchain and received assistance from the platform in selling his work at the festival.
One of the highlights of Heshan’s collection is the Bu Tu Garden Community, a set of 10 opulent single-family villas. This collection is part of Heshan’s “Toorich City Series,” a group of unique NFTs that represent digital real derivatives. These NFTs are built on the NEAR Protocol and showcase the potential of this technology in creating and trading digital assets.
The Taobao Maker Festival is a great opportunity for artists like Heshan to showcase their work and for the general public to discover the potential of NFTs and blockchain technology. The use of NEAR Protocol in creating and selling these digital assets is a testament to the platform’s ability to support the growth and development of the NFT market.
A new multi-chain metaverse called Reality Chain is set to debut on Octopus Network, a substrate-based app chain network built on the NEAR Protocol. This innovative platform will offer immersive multiplayer capabilities and features that will elevate gaming and social interactions to a whole new level.
Users will be able to interact with NFT furniture, walls, floors, and other in-game assets that are fully tradable. The platform also includes voice and text chat functionality to make the experience more authentic. In addition, players will be able to stake their native $REAL tokens to launch a new metaverse, giving them the ability to create and shape their own virtual worlds.
This is a significant development for the NEAR Protocol and Octopus Network, as it demonstrates the potential of their technology to support the growth and development of the metaverse and NFT markets. With Reality Chain, players will be able to fully immerse themselves in a virtual world and interact with other players in new and exciting ways. It’s an exciting time for the NEAR community, and the launch of Reality Chain is sure to attract a lot of attention from gamers and blockchain enthusiasts alike.
OP Games is a blockchain-based Web3 gaming platform that is set to revolutionize the way players acquire, control, and exchange in-game assets. Currently, gaming platforms restrict users from bringing in achievements and skins from other games by locking digital collectibles into their own ecosystem. This can be frustrating for players and also requires a significant upfront cost for game developers.
OP Games is addressing this issue by converting entire games into fractionalized NFTs. This means that users can co-own the project and own a portion of the game. Not only that, players can benefit from price appreciation through this co-ownership and even have a say in the game development by participating in its DAO. This innovative strategy represents a revolution for game developers in terms of project financing and monetization.
This platform is built on NEAR Protocol, and it’s the first of its kind to bring the concept of fractionalized NFTs and DAOs to the gaming industry. It’s a game-changer for both gamers and game developers, giving them more control and ownership over their digital assets. With OP Games, players will be able to take their in-game achievements and skins with them, wherever they go and also have a say on the game development. It’s an exciting development for the NEAR community and the gaming industry as a whole.
Hash Rush/Vorto Network
Vorto Network, a decentralized wallet and marketplace platform, is set to revolutionize the gaming industry by allowing players to buy and sell products across multiple games. The platform is being utilized in the real-time strategy game Hash Rush, where players can immerse themselves in the Hermeian cosmos, construct, compete, and exchange products.
The game utilizes a play-to-earn paradigm to reward players and promote a market for digital products, increasing immersion. The team behind Hash Rush plans to publicly unveil the game in early 2022. Vorto Network’s integration allows for a seamless buying and selling experience for players, making it easy to acquire and trade in-game assets.
With the rise of blockchain technology and NFTs, Vorto Network’s marketplace offers a new level of ownership and control for players, breaking down the barriers of traditional gaming platforms. The team behind Vorto Network is working to bring this revolutionary concept to the masses, making gaming more accessible and enjoyable for everyone.
Feiyu, a social networking site based on NEAR Protocol, is revolutionizing the way users express their creativity and engage in the NFT metaverse. With its built-in meme generator and a large NFT marketplace, Feiyu is providing a platform for users to share and create their own memes and GIFs. Incentivizing participation through rewards-based incentives such as earning the native token and obtaining NFTs, Feiyu is encouraging a strong community on the network.
One of the platform’s latest projects, the “pixel art battle,” allows users to collaborate in chat rooms and create their own NFTs using an art board. By interacting with the artboard, users can gain pixels and receive Feiyu tokens in return, promoting teamwork and advancing the NFT development process. Feiyu is pushing the boundaries of the NFT metaverse and is set to become a major player in the industry.
An award-winning group of entrepreneurs and engineers created NEAR to be easy to use, inclusive, and environmentally friendly. A16Z, Pantera Capital, Electric Capital, Dragonfly Capital, Coinbase Ventures, Blockchain.com, and Baidu Ventures are just a few of the leading VC firms who support NEAR.
Are you new to the world of Web3 and the NEAR Protocol? Don’t let the learning curve hold you back. Our beginner’s guide to understanding Web3 is here to help. As a gamer, artist, creator, or influencer, it’s important to stay informed about blockchain-based gaming and how it’s shaping the future. Start by taking small steps, such as creating a crypto wallet, to familiarize yourself with the technology and be a part of the mainstream adoption of blockchain.