The new Arbitrum chain, New decision for social apps and games, has announced an integration with Covalent, a Web3 data provider, to expand the GameFi ecosystem and accelerate the development of social apps Web3.
The thriving Web3 ecosystem is growing by leaps and bounds and global conglomerates are expanding their borders to gain a foothold in the industry. In the last two weeks, several tech giants have entered the Web3, metaverse and GamiFi universe. On February 17, Japanese tech giant Fujitsu launched a Web3 Acceleration Program to provide essential tools and services for Web3 application development.
Most recently, Sony Network Communications, a subsidiary of Japanese conglomerate Sony Group, partnered with blockchain innovation hub Astar Network to launch a Web3 Incubator Program focused on decentralized finance (DeFi), Web3 infrastructure, GameFi, and the metaverse.
According to reports, The Web3 market is expected to grow at a CAGR of 47.1% from 2023 to 2030. The report also suggests that Web 3.0 blockchain demand is forecast to peak at USD 116.510 million later this year.
ARBITRUM NOVA WILL DRIVE THE ADOPTION OF WEB3 AND GAMEFI
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.
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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 together with blockchain technology. In 2022, Offchain Labs, the company behind the Arbitrum Ethereum scaling project, launched Arbitrum Nova. Arbitrum Nova was built using Arbitrum AnyTrust, a new technology developed by Offchain Labs with the aim of reducing fees, speeding up transactions and alleviating security issues.
According to blog post official, the integration will help scale all Web3 development and drive mass adoption along with a focus on branching out the Gamefi ecosystem. In this way, individuals and companies will have more control over their data and assets. Ganesh Swami, CEO of Covalent, has stated,
“Offering unique insight into decentralized gaming and social networking is just one of the many ways we are building our data offerings and driving innovation in the evolving blockchain space.”
THE ARBITRATOR EXPERIENCES ONE EXPLOSIÓN
On February 7th, Arbitrum revealed that it will soon launch «Stylus», a programming environment for Arbitrum One and Arbitrum Nova that will allow developers to implement programs written in traditional programming languages, such as C and C++.
This game-changing update will help scale various decentralized applications (dApps), social media, games, and machine learning applications. In addition, applications written on the Stylus will be much faster, reduce costs, and be fully interoperable with the Ethereum Virtual Machine (EVM).
We’re excited to now support Arbitrum Nova!@Decision‘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 its support for Arbitrum Nova, allowing users to access the platform as a cheaper option than 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, Director of Partnerships at Offchain Labs, has stated,
“When we launched Arbitrum Nova, we envisioned it as a supported environment where developers could build exceptional gaming and social dApps. Working with a leader in the blockchain data space is helping our own ecosystem and we hope it will allow others to leverage our data points to build projects with true value and utility for users.”