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NFT market for only sport, entertainment tokens set for launch

US authorities

TL;DR Breakdown

  • FTX launch only sports, entertainment NFT market.
  • FTX previously launched market for only digital collectible.
  • Sports, fashion has continued to blend well with NFT tech.

Top crypto exchange firm FTX CEO, has announced that it would launch an NFT marketplace centered on selling only sports and entertainment tokens.

FTX made the announcement in a tweet emphasizing that the NFT market will focus on brands within the film, television, music, gaming, eSports, culinary, lifestyle, and charity industries.

The crypto exchange firm has partnered with entertainment company Dolphin Entertainment to create the marketplace. Dolphin’s subsidiaries include several notable PR firms across different industries, including 42West, Shore Fire Media and The Door.

According to FTX US President Brett Harrison, the entertainment firm they partnered with has a reach and scale across all of pop culture. He says the exchange is very impressed by it.

Brett also expressed excitement to build marketplaces with Dolphin because of their ability to access content and IP and due to their status as leaders in public relations and influencer marketing for every significant vertical of entertainment.

FTX NFT market for collectibles

Before the launch of the NFT market for sports and entertainment tokens, FTX has developed a market for digital collectibles back in June. The digital collectible market enables users to buy, sell, and hold them and withdraw the tokens to their personal wallets.

The platform has listed a number of NFTs and can be accessed on both the main FTX exchange and the FTX.US exchange websites.

Branded caps, hoodies, t-shirts, and socks are listed on the platform also with some other third parties having their NFT listed there.

FTX closed its Series B funding round on July 20, raising $900 million from over 60 investors. According to the firm, the fundraise values FTX at $18 billion.

Sports, Fashion industry and NFTs

The NFT trends have continued to bite deeper in these two industries. The world of sport has totally embraced both NFT and the digital collectibles trend. Recently, another marketplace of official football NFTs featuring Portugal stars Cristiano Ronaldo and Bruno Fernandes.

For the world of fashion, Italian luxury fashion house Dolce and Gabbana recently partnered with UNX to float a collection of fashion NFT wearables. They call it called ‘Collezione Genesi’ (Genesis collection).

Gucci, another luxury Italian fashion, has also launched its Aria NFT, which is not wearable. Several other fashion brands have been breaking into the digital world uniquely through video games.

Primarily, the NFT technology has been used to deliver a better experience for fans and patrons of both the sport and fashion industries.

Muhaimin Olowoporoku

Muhaimin Olowoporoku

Muhaimin loves writing on crypto news aside from being a crypto enthusiast. He has a knack for analysing issues and updating people on what's happening around the globe. He believes that blockchain and cryptocurrency are the most useful systems of mutual trust ever devised.

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