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A Layer 1 blockchain by a Russian bank?

Russian bank
TL;DR Breakdown
  • Russian bank floats NFT hosting on a Layer 1 blockchain
  • The bank wants to work with art galleries
  • The hosting services will open in phases

Russian bank Sberbank has announced that it will now allow traders and holders of NFTs to host and mint their objects on its blockchain. According to the statement from the powerhouse, it has seen an actual demand for the products over the last few months. True to this statement, there has been a rapid increase in the demand for NFTs, as most traders now see them as a digital goldmine. Although things are not rosy in the sector, traders are still flocking in to own rare art pieces on digital blockchains.

The Russian bank wants to work with art galleries

In its statement, the Russian bank announced that it would collaborate with art galleries across the country to help them host their previous art pieces in its blockchain. According to the statement by an executive of the firm, the opportunity to allow users to host and mint NFTs on their platform would kick into effect in the last part of this year.

Aside from art galleries, the bank wants to team up with other entities in different aspects, especially sports and gaming companies. In the statement that was culled off an official news source in the country, the executive mentioned that seeing as it is a new adventure for the bank, it will first make inquiries and research into how these things work to provide users with the best.

The hosting service will open in phases

The Russian bank statement also said that the bank plans to roll out a limited service because they will need to moderate all the contents available for sale on the blockchain. The bank first floated its blockchain after it earned an approving nod from the premier institution in the country in March. The blockchain will be opened in sections, with the platform first announcing that it will open it up to entities first before individuals in the fourth quarter of 2022.

Although it is no longer the way it used to be, there has been a massive surge in demand for NFTs across the country. He also noted that this new update would trigger questions from the general public, and the bank is already aware. Russia is still putting a hold on fully regulating digital assets as it has only targeted digital assets with a company backing them. The state house will review several digital asset laws in the next few months. Although most entities agree that

Owotunse Adebayo

Owotunse Adebayo

Adebayo loves to keep tab of exciting projects in the blockchain space. He is a seasoned writer who has written tons of articles about cryptocurrencies and blockchain.

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