Advancing Blockchain Technology Leads to the Propagation of NFTs

FinancialBuzz.com News Commentary

NEW YORK, May 5, 2021 /PRNewswire/ -- Non-Fungible Tokens are now a popular trend in the crypto community, as celebrities and various businesses are talking about launching their own NFTs. In the simplest terms, NFTs transform digital works of art and other collectibles into one-of-a-kind, verifiable assets that are easy to trade on the blockchain. "Some of that interest is from people who enjoy supporting the work of independent creators by purchasing their works," Artsy CEO Mike Steib told CNN Business. "Others are intrigued by the idea of taking a digital asset that anyone can copy and claiming ownership of it. The recent headline price records for NFTs seem to have been largely driven by newly minted crypto millionaires and billionaires looking to diversify their bitcoin holdings and more interest to the crypto ecosystem." Scienjoy Holding Corporation (NASDAQ: SJ), Liquid Media Group Ltd. (NASDAQ: YVR), Cinedigm Corp. (NASDAQ: CIDM), Coinbase Global, Inc. (NASDAQ: COIN), Funko, Inc. (NASDAQ: FNKO)

As part of the blockchain ecosystem, NFTs require a platform where the assets can be easily purchased and sold. Last week, in response to a rising demand, cryptocurrency exchange Binance reported plans to introduce its own marketplace where users can create, buy and sell digital collector's items known as NFTs. "Our aim is to provide the largest NFT trading platform in the world with the best minting, buying and exchanging experience, by leveraging the fastest and cheapest solutions powered by Binance blockchain infrastructure and community," said Helen Hai, Head of Binance's NFT project.

Scienjoy Holding Corporation (NASDAQ: SJ) announced breaking news last week that, "Scienjoy Launches Video Demonstration of Non-Fungible Token Game Experience", a leading live entertainment mobile streaming platform in China, today launched the first video demonstration of the Company's virtual worlds and games featuring Non-Fungible Tokens ("NFTs"). This initiative aims to educate international audiences on Scienjoy's immersive entertainment experience while showing how NFTs enrich gameplay…

This education campaign follows the Company's announcement on April 26, 2021 that it has officially launched the first round of Non-Fungible Tokens ("NFTs") on its live streaming platforms, making it one of the first live streaming platforms in mainland China to adopt the technology. In China, the live streaming industry represents a new form of online entertainment that's unmatched in other markets, making it difficult to comprehend without first-hand experience. Scienjoy will publish videos and staged game demos to show international audiences how NFTs are being integrated into the platform, and scenarios of how they can be traded and minted in the future.

Scienjoy has built fully immersive live streaming virtual worlds backed by AI and AR technologies. The first virtual world to feature NFTs is the "Planet Ruler" virtual world on the Company's Showself live streaming entertainment platform. The platform now features 16 NFTs that users and broadcasters can compete to win by conquering planets or territories. Players can display their NFTs in "Planet Ruler" and on the Showself entertainment platform, and also track and trace their NFTs in OpenSea, a large global peer-to-peer NFT marketplace. Owners will be able to trade the tokens freely. Scienjoy will track the trading of tokens to allow the current owners to display the NFTs in the game. 

Looking forward, Scienjoy hopes to explore NFTs on a larger scale. In addition to minting NFTs as unique prizes for live streaming games, Scienjoy is exploring enabling live streaming broadcasters to create their own NFTs. The Company also plans to roll out six complete virtual reality worlds in 2021. As Scienjoy stays at the forefront of the live streaming industry, it aims to educate and spread awareness about how new technologies can be used to drive user traffic and educate outside parties on the improved game experience and the potentials for platform growth and monetization."

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Liquid Media Group Ltd. (NASDAQ: YVR) reported earlier last month the premier Red Carpet NFTs will be released, known as a drop, in May 2021. Bringing fans up close and behind the scenes with some of their favorite Hollywood personalities and movies, Red Carpet NFTs (non-fungible tokens) will be as much about experiences as they are collectibles. "We're excited to showcase the creativity and versatility NFTs can bring to fans, the entertainment industry, and IP holders," said Ron Thomson, CEO of Liquid Media. "When fans get the opportunity to own never before seen footage or a chance to capture a rare experience with a celebrity or walk the Red Carpet at a future movie premiere, the world will quickly understand the value NFTs will offer."

Cinedigm Corp. (NASDAQ: CIDM) announced last week the launch of Fandor Selects™, a new NFT-based film label dedicated to releasing limited editions of significant classic, contemporary and world cinema. The Company is utilizing the recent acquisition of Fandor®, the leading global independent film subscription streaming service, which the Wall Street Journal called "The Netflix for Indie Film," to anchor the initiative. Launching this summer, Fandor Selects™, will release each film as a collection, which will include a high-definition, restored transfer from the original 35mm film elements in 2K and 4K, supplemental features, interviews and commentaries, along with limited edition stills, GIFs, original and alternative posters from leading artists, with all items in the bundle minted as NFTs. Each bundle will be a limited edition run and will be competitively priced to make collecting films within reach for mainstream consumers.

Coinbase Global, Inc. (NASDAQ: COIN) on April 14th, held its initial price offering.  Coinbase is a cryptocurrency exchange platform, and on April 6th issued estimated results for its first quarter ended March 31st, 2021 and an outlook for the full year ending December 31st, 2021. For the first quarter of 2021, the Company currently expects the following as of or for the three months ended March 31st, 2021: Verified Users of 56 million, Monthly Transacting Users (MTUs) of 6.1 million, and total Revenue of approximately USD 1.8 Billion.

Funko, Inc. (NASDAQ: FNKO) announced last month it has acquired a majority ownership stake in TokenWave, LLC, the developer of TokenHead, a leading mobile app and website for showcasing and tracking Non-Fungible Token holdings. TokenHead is available on iOS and Android, and currently displays over 10 million NFTs and has more than 100,000 visits per day. Financial terms of the investment were not disclosed. The investment accelerates Funko's initial entry into the NFT market and will extend the Company's pop culture platform to include digital assets. Funko expects to launch its initial NFT offerings in June, featuring a unique property each week at a starting price point of USD $9.99. Products will be sold on the WAX platform, the leading decentralized wallet on the blockchain, which provides verifiable authenticity for purchases of Funko NFTs.

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