Fireblocks pushes into NFT custody and web3 developer tools

Digital asset custody platform Fireblocks has launched a new web3 platform, with a suite of tools for developers to build DeFi, GameFi and NFT products and services.

The new portal will unlock secure access to the world of decentralized applications, exchanges and NFT marketplaces for alternative asset managers and capital markets participants, the company said in a release on Tuesday. Fireblocks currently serves more than 1,200 financial institutions. 

With this development, it will also offer custody of NFTs and launch a tokenization engine for managing the full lifecycle for whitelisting, minting, burning and token transfers.

The new suite of products is aiming to net business from gaming studios, NFT services and financial institutions building products for web3.

It currently serves companies such as Animoca, Stardust, MoonPay, Xternity Games, Griffin Gaming, Wirex, Celsius and Utopian Game Labs.

This move makes it the latest firm touting custody technology to bolt on an NFT product to its core offering. Copper also told The Block last week that it had started offering custody solutions for NFTs for its customers in response to institutional demand.

The NFT space is far less developed and far more retail-dominated than wider crypto markets, but there are tell-tale signs of institutional adoption. In January, market making firm GSR said it planned to begin algorithmically trading NFT collections this year.