Sport NFTs Expected to Generate More Than $2 Billion In 2022

March 01, 2022 at 09:00 AM EST

Palm Beach, FL –March 1, 2022 – FinancialNewsMedia.com News Commentary – Non-fungible tokens (NFTs) are a golden money-making opportunity for the sports industry and also a great way for sports fans to engage with their favorite teams, athletes and historical moments. People have always loved to own sports collectibles and NFTs are now offering a new digitized way of doing it. A recent report by Deloitte said that Up to five million sports fans will purchase or be gifted an NFT in 2022, according to study and limited edition video clips and player cards to be most common and lucrative. The study projected that the value of non-fungible token transactions will double next year (2022). The report said: “Non-fungible tokens (NFTs) for sports media will generate more than US$2 billion in transactions in 2022, about double the figure for (2021). The professional services firm predicts that by the end of 2022, four to five million sports fans globally will have purchased or been gifted an NFT sports collectible. Deloitte adds that interest in sports NFTs is likely to be encouraged by activity in the wider NFT market, including that for digital art, which has seen its top five most valuable sales generate more than US$100 million by August 2021.” Active Companies in the markets today include OOOOO Entertainment Commerce Limited (OTCQB: OOOOF) (TSX-V: OOOO), Funko, Inc. (NASDAQ: FNKO), Hut 8 Mining Corp. (NASDAQ: HUT) (TSX: HUT), Ebang International Holdings Inc. (NASDAQ: EBON), Marathon Digital Holdings, Inc. (NASDAQ: MARA).

The study continued: “According to the study, the most common and lucrative application of NFTs in the sports industry will likely be the sale of limited edition video clips of sporting moments or player cards. The value of each NFT will depend on the prominence of the athlete, the significance of the event, any additional content included within the NFT, and demand. Deloitte also expects platforms and rights creators to continue testing different ownership models to determine the optimal balance of fuelling consumer demand and maintaining intellectual property rights (IPR) that respect existing third-party rights over the underlying digital assets.”

OOOOO Entertainment Commerce Limited (TSX-V: OOOO) BREAKING NEWS: Fanz sign collaboration agreement with KuCoin to support Football in Web 3.0’- OOOOO Entertainment Commerce Limited (OTCQB:OOOOF) (OOOO:TSXV), a mobile commerce platform, is pleased to announce that its subsidiary Fanz.com, a gateway to NFTs, gaming and governance in football, have signed a collaboration agreement with KuCoin for distribution of digital assets to their community of users.

Fanz was founded by Sam Jones and Teddy Sagi to bring Web 3.0 to the global football market. Their first NFT projects will feature legend BBC commentator John Motson, and Diego Maradona. The company expect to launch 40 NFT projects in 2022 related to players, legends and teams.

Sam Jones, founder of OOOOO and co-founder of Fanz, said “Football is the most watched sport on the planet. We need help with global distribution and KuCoin is a wonderful partner for us in many ways. We are very excited about this partnership and reaching more fans around the world”.

About KuCoin – Launched in September 2017, KuCoin is a global cryptocurrency exchange for over 640 digital assets. It currently provides Spot trading, Margin trading, Futures trading, Staking, and Lending to its 10 million users in 207 countries and regions around the world. In 2018, KuCoin secured $20 million in Round A funding from IDG Capital and Matrix Partners. According to CoinMarketCap, KuCoin is currently the top 5 crypto exchanges. Also, Forbes named KuCoin as one of the Best Crypto Exchanges for 2021. In 2022, The Ascent named KuCoin the Best Crypto Exchanges and Apps for enthusiasts. To find out more, visit https://www.kucoin.com. CONTINUED... For more information about OOOOO Entertainment Commerce please visit https://invest.ooooo.com/news/default.aspx

Other recent developments in the digital asset markets include:

Funko, Inc. (NASDAQ: FNKO), a leading pop culture consumer products company, recently announced that it will hold a conference call on Thursday, March 3, 2022, at 4:30 p.m. ET to discuss its financial results for the fourth quarter ended December 31, 2021.

The conference call will be webcast and can be accessed on the investor relations section of the Funko website at https://investor.funko.com. Following completion of the call, a recording of the webcast will be available on the website.

Hut 8 Mining Corp. (NASDAQ: HUT) (TSX: HUT), one of North America’s largest, innovation-focused digital asset mining pioneers, one of North America’s largest, innovation-focused digital asset mining pioneers, supporting open and decentralized systems since 2018, announced the appointment of Josh Rayner to the new role of Vice President, Sales, effective February 21, 2022. Mr. Rayner joins Hut 8 to lead sales with a focus on the Company’s recently acquired data center and managed services business under the direction of CEO Jaime Leverton.

Mr. Rayner is an experienced sales leader who brings technical knowledge and market expertise in data centers to Hut 8’s team. Prior to joining Hut 8, Mr. Rayner served as Director of Sales at Beanfield Metroconnect where he led a high performing sales team

Ebang International Holdings Inc. (NASDAQ: EBON), a global blockchain technology company, recently announced the official launch of Ebonex Exchange, the Company’s cryptocurrency exchange in Australia, on February 15, 2022. Eligible participants in certain geographical regions will be able to register and trade by visiting the official website on www.ebonex.com.au or by downloading our app from the Apple Store or Google Play store at Ebonex.

Ebonex Exchange is a digital asset trading platform independently created and developed by the Company’s technicians who are senior industry experts. It is designed to provide global cryptocurrency participants with secure, fast, efficient, and stable trading services in multiple currencies and modes.

The Company has launched its Australian operation with the establishment of its Sydney office in 2021.

Marathon Digital Holdings, Inc. (NASDAQ: MARA), one of the largest enterprise Bitcoin self-mining companies in North America, recently published unaudited bitcoin (“BTC”) production and miner installation updates for January 2022.

The Company last sold bitcoin on October 21, 2020, and since then, has been accumulating or “hodling” all bitcoin generated. As a result, Marathon currently holds approximately 8,595 BTC, including the 4,813 BTC the Company purchased in January 2021 for an average price of $31,168 per BTC. On February 1, 2022, the fair market value of one bitcoin was approximately $38,464, implying that the approximate fair market value of Marathon’s current bitcoin holdings is approximately $330.6 million.

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