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.
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.”