Ford Motor Company, an American automaker, recently made news by submitting 19 trademark applications to create downloadable artwork, text, audio and video featuring its most well-known vehicle names. Mustang, Bronco, Lincoln, Explorer, and F-150 Lightning. Renowned whisky company Jack Daniels has also indicated that it wants to participate in the NFT action with plans to offer NFT-authenticated movies, virtual drinks, bar items, clothes, digital wallets, and collectibles in the metaverse. Of course, it’s not just cars and whisky makers entering the metaverse. Several companies are trying to use NFT technology to help launch a brand revamp. Globally renowned companies have already announced their intent to use NFTs weekly, and the trend doesn’t seem to be slowing down anytime soon as blockchain technology advances towards widespread acceptance. NFT Technologies Inc. (NEO:NFT) (OTC:NFTFF), Coinbase Global Inc (NASDAQ:COIN), Meta Platforms (NASDAQ:META), DraftKings Inc. (NASDAQ:DKNG) and Funko, Inc. (NASDAQ:FNKO) are some of the companies developing NFT offerings for the growing market.
Based in Vancouver, NFT Technologies Inc. (NEO:NFT) (OTC:NFTFF) is a leading tech company partnering with top-tier brands to accelerate entry into the world of Web 3 through innovative technologies and unparalleled creativity. The company researches, develops, and supports the best projects in the NFT universe to introduce them to corporate investors before they go mainstream.
On September 22, NFT Technologies announced a proposed non-brokered private placement for gross proceeds of up to C$2 million through the sale of up to 13,333,333 units at a price of C$0.15 per unit. Each Unit is comprised of one class A voting common share without par value in the capital of NFT Tech and one purchase warrant to purchase a common share. Each Warrant is exercisable at any time for a period of two years from the date on which such Warrants are issued and at a price of $0.30 per share
Earlier this month, NFT Tech entered the market for rewards and loyalty. The value of the worldwide loyalty market is US$7.8 billion, and NFT Tech is prepared to deploy NFTs to power loyalty programs in the future. There are many different types of loyalty programs. As companies explore new methods to interact with clients and supporters, these programs are expected to increase at a compound annual growth rate (CAGR) of 10.5% between 2022 and 2030.
“Loyalty programs are gaining importance in every business and are becoming increasingly important to a business’s success. The market is huge, and loyalty programs are a part of everyone’s life in one way or another,” said NFT Tech CEO Adam De Cata. “Starbucks is often seen as the leader of the loyalty space, with over 24 million customers actively using their program – representing over 50% of their customers.”
NFT Tech cited recent collaboration announcements as the reason for a considerable expansion in its project pipeline.
The company continues to exceed partnership and contract targets after establishing multi-year partnerships with large companies, and it anticipates closing many more by year’s end. The business has already made announcements regarding relationships with the Australian Open, Elvis Presley Enterprises, Sony Sports, and World Table Tennis.
As projects begin to roll out, NFT Tech reports approximately C$1 million in revenue, indicating the success that has been achieved. The company anticipates increasing income from its focus on resale royalties, which would offer a recurring revenue stream depending on the number of projects introduced into the market.
Recent News From Companies Playing in the NFT Space
On September 8, Coinbase Global Inc (NASDAQ:COIN) released its letter to shareholder for the second quarter. Management said that its Q2 financial results, which were in accordance with the projection made in May, were adversely impacted by the decrease in crypto asset values. Lower trading activity was the primary factor in the $803 million net revenue decline from the first quarter. Operating costs were $1.9 billion, up 8% from the first quarter. Non-cash impairment charges had a significant negative impact on net loss, which totaled $1.1 billion. Net loss would have been $647 million if non-cash impairment charges hadn’t been incurred. The adjusted EBITDA was $151 million in the red.
Meta Platforms (NASDAQ:META) expects total revenue for the third quarter to be in the $26-28.5 billion range. In addition, Meta predicts that Reality Labs’ third-quarter revenue will be lower than its second-quarter revenue. As said in earlier calls, the company also keeps an eye on developments relating to the feasibility of transatlantic data transfers and their possible effects on our European operations. In contrast to its previous projection of $87-92 billion, Meta now anticipates total expenses in 2022 to be in the region of $85-88 billion. To account for the more challenging operating climate, the company has decreased its recruiting and total spending growth forecasts for this year while still allocating resources to its top priorities.
DraftKings Inc. (NASDAQ:DKNG) and Steve Aoki announced on September 9 that the two-time Grammy-nominated DJ and producer has agreed to become an official DraftKings Marketplace brand ambassador. Aoki will assist DraftKings‘ Web3 efforts, with a focus on the Reignmakers brand, an NFT-based fantasy sports series in which players may collect NFT player cards and choose a lineup for use in fantasy sports-style games. Aoki will collaborate on and promote DraftKings Marketplace-exclusive digital collectibles. These digital collectibles are meant to symbolize Aoki’s interests, which are centred on the convergence of sports, entertainment, and culture. DraftKings and Aoki will work together to create NFT collections with DraftKings-specific usefulness as part of the strategic partnership. Customers who purchase Aoki’s collections on the DraftKings Marketplace will also be eligible for special rewards such as VIP events organized by DraftKings and tickets to Aoki’s upcoming gigs.
In the second quarter, Funko, Inc. (NASDAQ:FNKO) net sales climbed by 33.7% year on year to $315.7 million. Net income fell 24.6% year on year to $15.8 million. Funko set the standard for easy and enjoyable entry into NFT collecting with regular Digital Pop! NFT drops, containing DC comics, the company’s biggest release to date. Mondo, a high-end collectibles company that Funko acquired, is available on Funko’s pop culture platform, along with classic vinyl records, posters, and other memorabilia. CEO Andrew Perlmutter said that all of the company’s reported brand categories climbed double digits, demonstrating healthy demand throughout the brand portfolio.
NFT Technologies Inc. (NEO:NFT) set a completely new standard with the establishment of the Elvis Legacy Council. Project highlights include an extremely limited NFT collection, officially licenced digital wearables and collectibles, distinctive metaverse experiences, exclusive in-person Graceland tours, Memphis experiences, and much more.
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