FTX will collaborate with Dolphin Entertainment to provide significant sports and entertainment companies with an NFT-based marketplace.
The FTX exchange is preparing to enter the NFT market through an active relationship with Dolphin Entertainment. That will provide an NFT-based platform for leading sports and entertainment companies.
The marketplace will highlight businesses from various industries, including cinema, television, gastronomy, lifestyle, eSports, music, gaming, and charity.
According to a Monday release, FTX exchange will cooperate with Dolphin Entertainment to build an NFT platform for major sports and entertainment brands. Dolphin Entertainment believes to have numerous significant subsidiaries and PR agencies across various industries, including 42West, Shore Fire Media, and The Door.
The new marketplace will include quality NFT content from several categories, including cinema, television, gaming, music, charity, eSports, gourmet, and lifestyle. According to the agreement, Dolphin will create interactive media branding, curate material, and then produce and promote such programs. In contrast, FTX will provide crypto services to provide a central platform for such activities to gain further momentum.
The marketplace created by FTX and Dolphin has been labelled as a big scale by several media publications. It designs to capitalize on the public’s current interest in trading and purchasing NFTs. As the NFT market expands, more and more luxury brands are joining the fray to create NFT content and provide related services. Last year, the average turnover of NFTs reached $2 billion, and many artists and groups actively promoted the practice to make it more mainstream and accessible to the general public.
Desirable leverage to FTX
FTX’s US president Brett Harrison stated that the firm is thrilled to have teamed with dolphin entertainment in an interview. He also stressed how dolphin entertainment has effectively gathered significant accessibility to numerous pop culture genres, which will be an appropriate feature for the organization to engage with. In contrast, the dolphin entity will use FTX’s crypto services to promote their acts methodically. Its excellent reach embracing diverse pop culture phenomenon will supply desirable leverage to FTX. The collaboration aspires to create an interactive marketplace by combining exclusive content and cryptocurrency forces to make it more user-friendly and consumer-centric.
Non-fungible tokens have seen a considerable increase in popularity in recent years, with an increasing number of businesses subscribing to NFT due to its unique identity quotient and non-replication tendencies.
FTX has long sought NFT-based companies to diversify its job portfolio. That is not the first time the company will be experimenting with NFT; on June 3rd, FTX launched an NFT-based digital collectable market for users to purchase, sell, and trade non-fungible tokens.
The FTX exchange has dealt chiefly with the buying, selling, and trading of various cryptocurrencies, but it is now looking into ways to establish an active NFT marketplace.