Google is Reportedly Jumping into Non-Fungible Token Space
Back in the mid of 2020, the sector that caught the attention of the mainstream industry was none other than the cryptocurrency space. Even to this day, the cryptocurrency sector is growing, and the major products that are helping it grow are decentralized finance (DeFi) space and the non-fungible token (NFT) space.
As the year 2021 has begun, both the DeFi and NFT spaces have gained a tremendous adoption rates. They are constantly growing bigger and lucrative for the investors. As compared to the DeFi sector, the non-fungible token sector took time in showing its true potential.
Surprisingly, the non-fungible token sector is still far from showing what it is capable of doing in reality. Still, it is undergoing a lot of changes and developments that are making it very profitable for the creators.
In the month of August alone, the non-fungible token sector’s sales/trades have crossed $4 billion figure, which is the all-time high it has delivered. Surprisingly, the second all-time high the NFT sector delivered was back in February of 2021 when its sales/trades crossed the $200 million mark for the first time.
For being a highly profitable and potentially innovative product, several mainstream institutions are after it. This is the reason why MasterCard and Visa have made investments in the NFT space. Then there are celebrities, sports stars, and many other influential personalities from around the world investing in NFTs.
However, the non-fungible token sector has finally managed to onboard the tech giant “Google” on the NFT train as well.
There are reports coming in about Google, the largest search engine giant that it has recently joined hands with Dapper Labs. Dapper Labs is a blockchain studio that is based in Canada. The reports are coming in that Google is very aiming to provide services and products for Web3. Google is also aiming to provide users with the non-fungible toke technology through Web 3 also.
The reports reveal that the Google Cloud service will be acting as Flow blockchain network’s operator, which is part of Dapper Labs. The Flow blockchain exists as a network that offers an infrastructure with scalability. The particular infrastructure aims to provide power for running operations in spaces such as applications, games, and NFTs.
The North American region’s vice president, Janet Kennedy shared small details regarding the partnership between Google and Dapper Labs. She stated that the deal between the two entities will last for several years. During this time, Dapper Labs will be able to benefit and gain from the Cloud and other technologies that Google has to offer.
Google is known for offering very high and effective technology that Dapper Labs can use to improve its scalability and security of the infrastructure.
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