Crypto Exchange FTX is launching an NFT marketplace in collaboration with NASDAQ-listed Dolphin Entertainment, a leading entertainment marketing and premium content production company.
According to a press release published on Monday, August 2nd, the project will combine Dolphin’s creative and marketing expertise with FTX’s knowledge of cryptocurrencies to develop a global NFT marketplace targeting brands within the “sports, film, television, music, gaming, eSports, culinary, lifestyle and charity industries.”
FTX, formerly known as crypto portfolio tracker Blockfolio, is a Los Angeles-based cryptocurrency exchange that according to CoinMarketCap, is currently the fourth largest crypto exchange with 24-hour trading volume of $1.7 billion. The exchange is owned and operated by West Realm Shire Services Inc.
Dolphin Entertainment is a NASDAQ-listed leading independent entertainment marketing and premium content development company. Through its subsidiaries 42West, The Door and Shore Fire Media, the company provide expert strategic marketing and publicity services to many of the top brands, both individual and corporate. The company also has its own Non-Fungible Tokens (NFTs) division, Dolphin Digital Studios, dedicated to designing, producing, distributing and promoting NFTs for itself and its clients.
According to the announcement, this will be a large-scale, consumer-facing NFT marketplace for major sports and entertainment brands. As part of the partnership, Dolphin Entertainment will develop and execute the creative branding, production, and marketing of this program. FTX will “use their crypto exchange services and technical development as the backbone of the marketplaces.”
Bill O’Dowd, CEO of Dolphin Entertainment, said:
“We see the trading of NFTs as much more than just a list of digital products – we view our marketplace experiences as the future of fandom for internationally-recognized brands and franchises in sports and entertainment. To achieve this vision, we have searched for the absolute best technology partner. We are unbelievably excited to partner with Sam, Brett, Avi and the entire team at FTX, who we consider the market leader for customer experience in the crypto and blockchain worlds.”
This is not the first NFT venture of FTX exchange. On June 3, FTX launched an NFT marketplace on its own website, where users could buy, sell and hold them, as well as withdraw the tokens to their personal wallets.
Brett Harrison, President of FTX, about the project, commented:
“Dolphin’s reach and scale across all of pop culture is very impressive to us. We are excited to build marketplaces with Dolphin, both because of their ability to access content and IP, but also because they are leaders in public relations and influencer marketing for every major vertical of entertainment. With that said, there are several items on the horizon that we can’t wait to launch together.”
NFT market is growing by leaps and bounds. The market for these digital assets hit $2 billion in sales during the first quarter of 2021. According to some sources, the weekly trade volume of NFTs has surged past $339 million in the last week, which is a more than 70% increase from mid-July, when the NFT weekly trade volume peaked at $209.27 million.
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