Konami Taps Avalanche For Yen-Based NFT Marketplace 'Resella'

Resella will comprise a centralized NFT marketplace supporting payments in the form of Japanese Yen.

By: Mehab Qureshi Loading...

Konami Taps Avalanche For Yen-Based NFT Marketplace 'Resella'

Konami Digital Entertainment, the famed Japanese game developer and publisher, is the latest mainstream gaming company to embrace non-fungible tokens.

On June 20, Konami announced it will launch a centralized NFT marketplace on Avalanche, the 11th-largest smart contract network by total value locked (TVL).

Konami’s forthcoming NFT marketplace, Resella, will allow users to create, launch, and trade non-fungible tokens without using a web3 wallet. The marketplace will be deployed as an Avalanche subnet.

Resella is tailored for the Japanese market and will support transaction settlement using Japanese yen.

“Resella eliminates the necessity for users to open an external Web3 wallet, or engage in complex cryptocurrency transactions, thereby potentially lowering barriers to entry,” Konami said.

Konami aims to onboard mainstream companies and brands with an emphasis on gaming to the NFT sector with Resella. Konami said developers can create NFTs linked to gaming environments that unlock special in-game content or function as event tickets.

Konami Digital Entertainment is the company behind major gaming franchises including Metal Gear, Silent Hill, and Castlevania.

Konami’s entrance into the web3 sector could serve as a boon to Avalanche’s NFT ecosystem.

NFT sector struggles

Data from DappRadar shows just two NFT collections driving sales in the past 24 hours, with Castle Crush NFTs pushing $440 worth of trades and OG Thor tokens accounting for only $25 worth of trades.

CoinGecko estimates that Avalanche-based NFTs make up a $27.3 million market cap, paling in comparison to the $6.8 billion worth of non-fungibles on Ethereum.

However, many leading Ethereum collections have recently suffered heavy drawdowns as Blur’s third season of incentives winds down. Four of the five largest collections by market cap posted losses of between 24% and 33% over the past month, according to NFT Price Floor.

Avalanche’s AVAX token is up 3.58% in the past 24 hours, but tumbled 32% in the past month, according to The Defiant’s crypto price feeds.

Related: Citi Taps Avalanche For Institutional Tokenization Trials