Crypto investors are infatuated with non-fungible tokens (NFTs) right now. As we continue to watch NFTs evolve in form and grow in value, more buyers are looking to add NFTs to their portfolios. Others still are looking into ways to buy the picks and shovels of the burgeoning NFT industry; these investors seek out the marketplaces where one can buy the tokens, the networks that support them and so on. Now, Tezos (CCC:XTZ-USD) is joining the blockchain power plays buoying the NFT asset class. A bit of Tezos news this morning has a lot of people chattering.
Tezos is an open-source blockchain protocol. Its smart contract capabilities make it suitable for app development. But what sets Tezos apart from the rest of the pack is its focus on governance; the network is working to prevent hard forking by issuing regular community proposals and giving each user the power to help maintain the long-term goals of the entire network.
The XTZ coin has had a bit of a wild ride throughout 2021. Since late July, the coin began steadily building gains and soared from $2 to $9 by October. Yet, since then it has been fighting downward momentum; recent market-wide corrections have brought the coin back down to about $4.20.
While XTZ continues to post losses today, it does have investors talking excitedly. That’s because it’s making a greater effort to entrench itself in the NFT space with a marketplace partnership.
Tezos News: Rarible Marketplace Partnership Bulks Up XTZ as an NFT Play
Today’s Tezos news comes via NFT marketplace Rarible. Rarible is a platform that supports NFT sales on its own marketplace, while also supporting secondary sales across a number of blockchains. After announcing its plans to support sales on the Tezos chain earlier in the month, the platform is finally launching its XTZ integration today.
The news is another big story for Tezos, which has been taking pains to make itself a more appealing NFT play. In one such move, it came to investors’ attention by partnering with video game studio Ubisoft (OTMKTS:UBSFY) on in-game tokens. The announcement didn’t come without controversy; Ubisoft’s announcement video was massively disliked on YouTube.
Still though, the controversy has been nothing but exposure for the Tezos network, as has its partnership with Rarible. Indeed, through Rarible’s Tezos integration, the network is linked with the likes of Ethereum (CCC:ETH-USD), Solana (CCC:SOL-USD) and Polygon (CCC:MATIC-USD).
As the Rarible-Tezos integration launches today, it looks like the XTZ coin is seeing a downturn. The crypto is losing around 6% to begin the day.
On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.