In this week’s newsletter, read about how non-fungible token (NFT) blockchain Ronin is preparing to launch a zero-knowledge Ethereum Virtual Machine (zkEVM) blockchain to scale Web3 gaming. Check out the success of Bitcoin-based NFTs, which have claimed the top three spot in all-time sales. In other news, find out more about the need for music in the metaverse in an exclusive Cointelegraph interview. 

Ronin to scale Web3 games with new zkEVM

Gaming blockchain Ronin is launching Ronin zkEVM, a zero-knowledge layer-2 chain. This ZK chain aims to expand user capacity and support game studio partners.

Initially created for Axie Infinity, Ronin now supports a broader gaming ecosystem, boasting 1.4 million daily active addresses. Sky Mavis co-founder Jeff Zirlin stated the network is preparing for a situation when they have to cater to up to four billion daily transactions. The zkEVM chain will enhance scalability, cross-chain experiences and staking rewards.

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Bitcoin NFTs surpass Ronin in all-time sales

The Bitcoin network has climbed to third place in all-time NFT sales, surpassing the Ronin blockchain. On June 18, CryptoSlam data showed that Bitcoin-based NFTs achieved an all-time sales volume exceeding Ronin’s $4.27 billion, placing Bitcoin behind only Solana and Ethereum.

In the past 30 days, Bitcoin NFTs generated $148 million in sales, second to Ethereum’s $157 million, with Solana following at $77 million. However, NFT sales have declined, with the top three chains experiencing at least a 40% drop in 30-day sales.

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Tokenizing music catalogs: The next frontier for Web3 and music industry

Tokenizing music IP could revolutionize the integration of music into virtual environments like the metaverse. In a Cointelegraph interview, Sergio Mottola, CEO of Music Protocol and the Web3 Music Association explained that bringing music into metaverses is currently hindered by complex negotiations with the music industry.

The executive believes that if there was a massive catalog in Web3, users could seamlessly organize concerts and listen to music, bypassing traditional hurdles.

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Thanks for reading this digest of the week’s most notable developments in the NFT space. Come again next Wednesday for more reports and insights into this actively evolving space.