Vancouver, British Columbia -- Jan 18, 2021 -- InvestorsHub
NewsWire -- Last week, Fandom Sports Media Corp. (CSE: FDM | OTC:
FDMSF | FSE: TQ43) announced plans to undertake
the development of Non-Fungible Tokens (“NFTs”) to reward esports
fans on its All-Age Prediction Platform.
For the video gaming and esports neophytes, in-game rewards have
been around since the birth of video games, and go back to the
“free game” and other rewards in arcade games.
Fandom NFTs (“FDM Tokens”) represent in-game digital assets and,
when awarded or rewarded to a player, gives the user, not the game
developer, full ownership of the assets.
Each digital asset is unique and can be in-game rewards,
exclusive items, or giveaways – something as simple as the coolest
user name, like Ninja, or a trophy for winning an event.
Since each FDM Token is unique, it becomes a collectible; in
fact, it becomes a crypto collectible.
Moreover, since the user owns the asset, it can be traded or
sold, inside and outside of the Fandom Platform, without permission
from the game developer.
The creation and trading of FDM Tokens could generate millions
of dollars of revenue for Fandom from transaction fees as well as
increasing fan engagement, which could stimulate in-app purchases,
sponsorships, and advertising on the platform.
Fandom is already reaching out to collaborate with artists,
brands, and marketers to take advantage of the NFTs and create
unique and branded digital assets.
David Vinokurov, CEO and President of Fandom recently commented,
“The application of NFTs for Esports is relevant, accretive and
value-enhancing in a directly measurable way. The creation of
unique, interoperable digital assets will create user
incentivization, motivation, and reward users with unique digital
assets found nowhere else.
What is a Non-Fungible Token?
Let us start with what a fungible asset is – a fungible asset is
an item that can be replaced or interchanged by an identical item.
A coin is a great example of a fungible asset; a dollar coin is
interchangeable with any other dollar coin of the same currency.
Similarly, a bitcoin is also fungible and can be exchanged for any
other bitcoin.
NFTs are a type of cryptographic token that are not fungible and
not mutually interchangeable. NFTs were developed to create
verifiable and provable digital ownership for unique digital items
including artwork or in-game items, such as a magical sword or an
avatar.
As previously mentioned, an NFT becomes a digital collectible
with the authenticity backed by blockchain technology, in this
case, Ethereum.
An NFT can be sold or traded on websites such as OpenSea, VE-VE,
and WAX, which
have emerged as trading platforms for NFTs.
CryptoKitties – One of the First Viral NFTs
In 2017, NFTs erupted with the release of CryptoKitties, which
allowed players to buy, collect, breed, and sell virtual cats using
NFTs on the Ethereum network.
Each virtual cat is a unique digital asset with its own digital
genome that is stored in a smart contract.
After one month of operations, CryptoKitties registered almost
200,000 users with 10 virtual cats selling for over $100,000.
Source: cryptokitties.co
Current Uses for NFTs
NFTs can be used to represent almost anything, from virtual to
real assets. Some of the most popular NFT sites found online today
include:
- Digital
art: CryptoArt.io, KnownOrigin, MakersPlace, and SuperRare
- Digital music: Mintbase and ROCKI
- Digital trading cards: Gods
Unchained and Sorare
- Gaming assets: Axie Infinity and World of
Ether
- Virtual real
estate: Cryptovoxels and Decentraland
NFT is Approaching a Billion Dollar
Marketplace
According to NonFungible, during the past month, over
60,000 NFTs were sold for a total of $12 million
with CryptoPunks, SoRare,
and SuperRare representing the top sites by sales
value. Over the past three years, NonFungible has tracked over 5
million transactions valuing over $160 million.
According to CryptoArt.io, December 2020 set a new record
for the blockchain-based art market with over $8 million of NFT
artwork sold. Over the past 3 years, over 54,000 pieces of crypto
art representing $54 million has been sold.
Investment capital continues to flow into the space as the
market matures. Last summer, Dapper Labs, the creator of
CryptoKitties, raised $12 million from a myriad of investors
including NBA star, Andreessen Horowitz, and Coinbase Ventures, to
launch a new NFT venture that supports digital collectibles with a
focus on memorabilia.
About Fandom Sports Media
Fandom Sports Media is an entertainment company that has
developed a proprietary gaming and micro-services platform for
engaging with esports fans.
Fandom’s esports platform is a mobile-friendly application for
esports fans to engage, predict, interact, and earn rewards.
The Company previously announced completed integrations with
esports games including Counter-Strike: Global Offensive
(CS:GO), Defense of the Ancients 2 (DOTA 2), and League
of Legends.
Leveraging streaming data and predictive analytics, Fandom
provides players the ability to interact in near real-time with
live events while earning rewards for their participation.
The Fandom Platform and NFTs
NFT development on the Fandom platform is a natural extension of
the previously announced blockchain and tokenization initiatives
the Company has been pursuing for the past year.
The Company remains “laser-focused” on growing interaction and
increasing player satisfaction on the Fandom platform while
implementing new features for revenue generation.
David Vinokurov also recently stated, “Our commitment to
developing and implementing innovative technologies across our
ecosystem is a cornerstone of our platform strategy.”
Fandom’s NFT Technology
Fandom chose to build its NFTs through smart contracts on the
Ethereum blockchain under the ERC-1155 protocol, an advanced
version of the ERC-721 protocol.
A key advantage of ERC-1155 is that it allows for 100 to 200
functions in a single transaction, speeding up the process and
reducing congestion on the Ethereum blockchain.
The Fandom Platform and NFTs
NFT development on the Fandom platform is a natural extension of
the previously announced blockchain and tokenization initiatives
the Company has been pursuing for the past year.
The Company remains “laser-focused” on growing interaction and
increasing player satisfaction on the Fandom platform while
implementing new features for revenue generation.
David Vinokurov also recently stated, “Our commitment to
developing and implementing innovative technologies across our
ecosystem is a cornerstone of our platform strategy.”
Fandom’s NFT Technology
Fandom chose to build its NFTs through smart contracts on the
Ethereum blockchain under the ERC-1155 protocol, an advanced
version of the ERC-721 protocol.
A key advantage of ERC-1155 is that it allows for 100 to 200
functions in a single transaction, speeding up the process and
reducing congestion on the Ethereum blockchain.
Source: Medium.com
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