Block Journal
No Result
View All Result
  • Login
en English
nl Nederlandsen Englishfr Françaisde Deutschit Italianopt Portuguêsru Русскийes Españolth ไทยzh-CN 简体中文hi हिन्दीja 日本語
  • Home
  • News
  • Crypto
  • Markets
  • Investing
  • Glossary
  • Videos
  • Charts
    • Crypto
    • Forex
    • Stocks
    • Commodities
  • Magazine
Magazine
Newsletter
  • Trending Now
  • Bitcoin
  • Altcoin
  • Ethereum
  • Analysis
  • Blockchain
  • Metaverse
  • NFT
  • DeFi
  • Web3
  • GameFi
  • ICO
  • Legal
  • Security
Block Journal
  • Home
  • News
  • Crypto
  • Markets
  • Investing
  • Glossary
  • Videos
  • Charts
    • Crypto
    • Forex
    • Stocks
    • Commodities
  • Magazine
en English
nl Nederlandsen Englishfr Françaisde Deutschit Italianopt Portuguêsru Русскийes Españolth ไทยzh-CN 简体中文hi हिन्दीja 日本語
No Result
View All Result
Block Journal
No Result
View All Result
  • News
  • Crypto
  • Markets
  • Investing
  • Videos
  • Charts
Home Crypto GameFi

Arbitrum Bets Big on GameFi, Web3 with Covalent Integration

News Room by News Room
March 11, 2023
in GameFi
Reading Time: 3 mins read
0 0
A A
0

Arbitrum’s new chain Arbitrum Nova, which is is intended to be used for social applications and gaming has annouced an integration with Covalent, a Web3 data provider, to scale the GameFi ecosystem and accelerate the development of Web3 social applications.

The burgeoning Web3 ecosystem is growing leaps and bounds with global conglomerates pushing their boundaries to strengthen their foothold in the industry. Over the past couple of weeks, several tech giants have entered the Web3, metaverse and GamiFi universe. On February 17, Japanese tech behemoth, Fujitsu revealed a Web3 acceleration program to provide the essential tools and services for developing Web3 applications.

More recently, Sony Network Communications, a subsidiary of Japanese conglomerate the Sony Group, teamed up with blockchain innovation hub Astar Network to launch a Web3 Incubation Program focusing on decentralised finance (DeFi), Web3 infrastructure, GameFi and the metaverse.

As per reports, the Web3 market is expected to expand at a compound annual growth rate (CAGR) of 47.1% from 2023 to 2030. The report also suggested the demand for Web 3.0 blockchain is anticipated to reach a high of $116.51 billion by the end of this year.

Arbitrum Nova to Boost Web3, GameFi Adoption

1/ 🎉Breaking News! 🎉

We’re thrilled to announce our latest integration with @arbitrum Nova, the leading L2 scaling solution for Ethereum! (💙,🧡)

Aribitrum Nova is also purpose-built to accelerate the development of Web3 social apps.

➡️ https://t.co/jVvgTsqXGf

More ⬇️ 🧵 pic.twitter.com/JhKb8eARGk

— Covalent 🐻 🛠 (@Covalent_HQ) March 7, 2023

Following these rapid developments, Arbitrum Nova has announced an integration with Covalent to improve data availability for developers in order to build a better gaming ecosystem along with blockchain technology. In 2022, Offchain Labs, the company behind Ethereum-scaling project Arbitrum, launched Arbitrum Nova. Arbitrum Nova was built using Arbitrum AnyTrust, a new technology developed by Offchain Labs aimed at lowering fees, speeding up transactions and alleviating security concerns.

As per the official blog post, the integration will help to scale the entire Web3 development and boost mass adoption along with a focus on ramping up the Gamefi ecosystem. This will further empower individuals and business by giving them more control over their data and assets. Ganesh Swami, CEO at Covalent stated,

“Offering unique insights into gaming and decentralized social media is just one of the many ways we are building our data offerings and propelling innovation in the evolving blockchain space.”

Arbitrum Experiences an Explosion

On February 7, Arbitrum revealed it will be soon rolling out, “Stylus”, a programming environment for both Arbitrum One and Arbitrum Nova allowing developers to deploy programs written in traditional programming languages, such as C, and C++.

Touted as a game changer, this upgrade will help to scale various decentralized applications (dApp), social networks, games, and machine learning applications. In addition, applications written in Stylus will be much faster, reduce cost and will be fully interoperable with the Ethereum Virtual Machine (EVM).

We’re excited to now support Arbitrum Nova!@Arbitrum’s chain dedicated to social and gaming!🎮

We’re also strengthening Nova’s ecosystem by joining the Data Availability Committee (DAC) to provide access to on-chain data and help ensure data accuracy 🤝 pic.twitter.com/Zio4pkDWaw

— OpenSea (@opensea) January 6, 2023

In January, NFT giant, OpenSea also announced support for Arbitrum Nova allowing users to access the platform as a cheaper option to Ethereum when buying or selling NFTs. Furthermore,Arbitrum eclipsed Ethereum in daily transactions on February 21 with the number of transactions jumping from 159,919 on January 1 to over 1,103,398, recording a whopping 590% increase in just over two months. David Bolger, partnership manager at Offchain Labs said,

“When we launched Arbitrum Nova, we envisioned it as a supported environment where developers could create exceptional gaming and social dApps. Working with a leader in the blockchain data space is helping our own ecosystem and will hopefully allow others to leverage our data points to build projects with true value and utility for users.”



Read the full article here

ShareTweetSharePinShareShareSend

Related News

Gamified Storytelling Project Axis Mundi Launches 72-Hour NFT Open Mint
GameFi

Gamified Storytelling Project Axis Mundi Launches 72-Hour NFT Open Mint

June 5, 2023
Solana Shooter Ev.io Is Giving Out Billions of BONK Tokens In-Game
GameFi

Solana Shooter Ev.io Is Giving Out Billions of BONK Tokens In-Game

June 1, 2023
Reddit Co-Founder Still Believes Play-to-Earn Will Be the Standard for Gaming
GameFi

Reddit Co-Founder Still Believes Play-to-Earn Will Be the Standard for Gaming

June 1, 2023
Stunning $12M TVL Growth Sets New Record For Yield Farming App
GameFi

Stunning $12M TVL Growth Sets New Record For Yield Farming App

May 31, 2023
Massive Blockchain Game Illuvium Raises Another $10M From Framework Ventures
GameFi

Massive Blockchain Game Illuvium Raises Another $10M From Framework Ventures

May 31, 2023
PancakeSwap (CAKE) Launches Play-to-Earn Program, CAKE Price Up 20%
GameFi

PancakeSwap (CAKE) Launches Play-to-Earn Program, CAKE Price Up 20%

May 30, 2023
From Square Enix to Ubisoft: The Biggest Publishers Building NFT Games
GameFi

From Square Enix to Ubisoft: The Biggest Publishers Building NFT Games

May 29, 2023
Former EverQuest Lead: Games Must Be Co-Created With Players
GameFi

Former EverQuest Lead: Games Must Be Co-Created With Players

May 26, 2023
Grand Theft Auto (GTA) 6 to Incorporate Play-to-Earn Model Featuring Crypto
GameFi

Grand Theft Auto (GTA) 6 to Incorporate Play-to-Earn Model Featuring Crypto

May 26, 2023

Discussion about this post

Latest News

Stocks to Watch: Aehr Test Systems, Roku, Cingulate

Exela Technologies Shares Rise 13% After Sale of High-Speed Scanner Business

June 10, 2023
Bitcoin Payments Firm Strike Moves Custody In-House After Ditching Third-Party Services

Bitcoin Payments Firm Strike Moves Custody In-House After Ditching Third-Party Services

June 10, 2023
Amplifying the Power of NFT Marketing Through Social Media

Amplifying the Power of NFT Marketing Through Social Media

June 10, 2023
Cardano ($ADA) Poised for Major Breakout Amid Bullish Crypto Market Sentiment, Says Popular Analyst

Cardano’s Bullish Strides Unveiled

June 10, 2023
Bybit Exchange’s Founder Uses Personal Income To Bonus Employees

Bybit Exchange’s Founder Uses Personal Income To Bonus Employees

June 10, 2023
ADVERTISEMENT

Popular

  • Canada’s budget measures brighten funding prospects for critical miners

    Danske Bank raises profit goal, puts Norway retail unit up for sale

    0 shares
    Share 0 Tweet 0
  • EUR/USD has likely bottomed out for now – Nordea

    0 shares
    Share 0 Tweet 0
  • Slump in global cashew demand pushes Ivory Coast industry to verge of collapse

    0 shares
    Share 0 Tweet 0
  • Iran’s president visits Syria as he seeks to bolster Tehran’s sway over ally

    0 shares
    Share 0 Tweet 0
  • EUR/USD: Growth perspectives are not positive and could set the stage for further Euro weakness – NBF

    0 shares
    Share 0 Tweet 0
Block Journal

Block Journal is the world’s leading source in blockchain news and updates. Follow us to stay up-to-date with all you need to know in web3.

LEARN MORE »

Recent Posts

  • Exela Technologies Shares Rise 13% After Sale of High-Speed Scanner Business
  • Bitcoin Payments Firm Strike Moves Custody In-House After Ditching Third-Party Services
  • Amplifying the Power of NFT Marketing Through Social Media

Trending Topics

Altcoin Analysis Bitcoin Blockchain Commodities Crypto DeFi Ethereum Forex Futures GameFi ICO Investing Legal Markets Metaverse News NFT Security Stocks Uncategorized Videos Web3

Get Informed

The most important crypto and finance news and events of the day

Be the first to know latest important news & events directly to your inbox.

By signing up, I agree to our TOS and Privacy Policy.

  • About
  • Privacy Policy
  • Terms of use
  • Press Release
  • Advertise
  • Contact

Copyright © 2023 Block Journal - Created by Sawah Solutions.

No Result
View All Result
  • Home
  • News
  • Crypto
  • Markets
  • Investing
  • Glossary
  • Videos
  • Charts
    • Crypto
    • Forex
    • Stocks
    • Commodities
  • Magazine

Copyright © 2023 Block Journal - Created by Sawah Solutions.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.