In recent years, the global NFT market has grown at a rapid pace. According to Chainalysis, a blockchain data analytics firm, the market grew to approximately $41 billion (C$51 billion) in 2021. For 2020, the NFT sales of conventional art and antiques stood at $50 billion (C$62.7 billion).
By Lorimer Wilson, Founder and Managing Editor of munKNEE.com as sourced from a research article by Chris Thompson of eResearch.
FAQs About NFTs
Before going any further please visit this article that has answers to all the Frequently Asked Questions regarding this unique concept, namely:
- What is a non-fungible token (NFT)?
- Why do NFTs exist?
- Who creates them, and who buys them?
- How do you buy an NFT?
- How do you view and share NFTs?
- How much does an NFT cost?
- How do you make money in the NFT market?
- What is the Technology behind NFTs?
- What about scams?
- Will the IRS want a cut?
- What are some other concerns?
Fandifi Stands In Good Company
Not all the above questions are pertinent to the Fandifi Technology (fka Fandom Sports Media) (OTC: FDMSF | CSE: FDMFSE: TQ43) www.fandomesports.gg. concept but now that you have an in-depth understanding of NFTs, in general, let’s take a look at the various billion-dollar deals being booked by other NFT companies and why Fandifi is in good company:
- OpenSea, an open-source, decentralized platform for digital assets based on the Ethereum blockchain technology, launched in December 2017, and it is now considered to be the largest NFT marketplace in the world that allows users to create, purchase, and sell NFTs on the go. For the year 2021, the volume of transactions on the platform stood at over $14 billion (C$17.5 billion), representing year-over-year growth of 646%.
- GameStop, based on Loopring Technology zkRollup Layer2 (L2) protocol by Ethereum for cryptocurrency payment and trading services was introduced in May 2021 and last month (March) GameStop launched its highly anticipated NFT in beta mode with the aim to provide a cost-effective, fast and secure way for users to manage NFTs.
- Sorare, a France-based NFT start-up, raised $680 million (C$755 million) last fall in Europe’s biggest ever Series B funding round, bringing the company’s valuation to over $4.3 billion (C$5.4 billion) and plans to use the proceeds to build its soccer-focused fantasy sports NFT platform and signed up with the top 20 football leagues.
- Dapper Labs, a Vancouver-based NFT start-up, raised $250 million in its latest funding round, bringing the company’s valuation to over $7.6 billion (C$9.5 billion) and plans to use the funds to enhance user experience on its platform, develop new IP, and expand its Flow blockchain. The company is best known for developing NBA Top Shot, an NBA-focused-NFT marketplace that allows users to buy and sell collectibles, and recently it secured an NFT deal with La Liga.
- Autograph.io, NFL quarterback Tom Brady’s NFT platform, raised $170 million (C$211 million) in a Series B funding round this past January and features NFT collections from various celebrities across the sports and entertainment industry, including The Weeknd, Naomi Osaka, Tiger Woods, Simone Biles, Tony Hawk, and Usain Bolt.
- Immutable, an Australia-based NFT Platform, raised $200 million (C$252 million) in a Series C funding round in March, taking the start-up’s valuation to over $2.5 billion (C$3.1 billion), and plans to use the proceeds to expand its business footprint outside Australia, as well as fund its potential mergers and acquisitions. The company is best known for developing NFT-based games like Gods Unchained and Guild of Guardians, and Ethereum-scaling infrastructure platform, Immutable X (IMX).
The above developments support Fandifi’s strategy to capitalize on these trends and build its platform at the intersection of live streaming, Esports, and sports with unique NFTs. With the company’s innovative prediction technologies, the marketplace will allow for specific utilities across a range of content platforms.
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Fandifi, a Vancouver-based gaming and entertainment company, is all set to launch its all-ages gamification platform that will reward fan engagement with non-fungible tokens (NFTs) under the tagline “Play, Predict, and Get Rewarded.”
Fandifi recently completed Fandomart, a NFT marketplace where fans can mint, buy, sell, trade, and store their NFTs and, most importantly, where users can exchange items with other NFT exchanges, platforms and protocols.
Blockchain and NFT technology cannot advance without the involvement of more people. What role can you can play in helping to take blockchain technology to the next level?