Polium made the decision to launch a gaming console that will support multiple blockchains as well as nonfungible tokens (NFTs).

The “Polium One” console announced at the beginning of July is slated for an initial Q3 2024 release and will support the Ethereum (ETH), Solana (SOL), BNB Chain (BNB), Polygon (MATIC), Harmony, EOS, ImmutableX, and WAX blockchains. 

At the moment, the only specifications listed for the console are that a gaming console will support a 4K Ultra HD resolution. The company says its community will help them build the console’s hardware and software. Polium will have a functional prototype in several months.

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According to the company, which markets itself as “building the products and infrastructure for Web3 gaming”, the gaming console will feature its own multichain cryptocurrency wallet. Besides, the controller will have a wallet button for users to make trades more efficiently. Security, as well as verification of transactions from the gaming console, will be enabled via a fingerprint scanner on the controller.

The gaming console’s price is unknown, but Polium does plan to mint a “Polium Pass” NFT. It will allow holders to claim a console on the initial launch day. Furthermore, pass holders will receive another NFT, which in the future can be staked for a “PLAY” token, the console’s native for transacting on its marketplace app. 

The company plans to release 10,000 gaming consoles to Polium Pass holders as well as partners on the Q3 2024 initial launch, with more consoles manufactured for the users in Q3 2025. Polium has set a goal of selling more than 1 million units.

It has already received criticism for its logo looking similar to another popular console, the Nintendo GameCube. The company said it didn’t copy the logo and is already creating a new logo “that is original.” 

Chinese tech giants and the NFT market 

People in China like NFTs. However, the situation regarding NFTs is far more complicated than it might appear at first glance.

The country’s NFT industry players and China’s largest technology firms have signed an agreement in order to check the identity of gamers using digital collectible trading platforms.

What’s interesting, a so-called “self-discipline initiative” document was signed by companies with a stake in the country’s NFT market, such as Tencent Holdings and JD.com. 

The document was published on the last day of June by the China Cultural Industry Association and, while not legally binding, calls on the firms to “require real-name authentication of those who issue, sell and buy” NFTs and “only support legal tender as the denomination and settlement currency.” 

The initiative also seeks for the companies to promise not to create secondary marketplaces for NFTs to tackle trading speculation.

At the end of May, the Chinese state-owned media outlet, the Economic Daily, signaled that the country’s government might introduce even tighter regulations on cryptocurrencies and stablecoins due to the collapse of the Terra ecosystem.