FTX to Venture in NFT Sports and Entertainment Market

UTC by Juhi Mirza · 3 min read
FTX to Venture in NFT Sports and Entertainment Market
Photo: Shutterstock

FTX will be partnering with Dolphin Entertainment to offer an NFT-based marketplace for major sports and entertainment brands.

FTX exchange is all set to venture into the NFT via an active partnership with Dolphin Entertainment to provide an NFT based marketplace for leading sports and entertainment brands.

The marketplace will emphasize brands within different industries spanning films, television, culinary, lifestyle, eSports, music, gaming, and charity.

FTX Is Developing an NFT Marketplace with Dolphin Entertainment

In an announcement made on Monday, FTX exchange will be entering into a partnership with dolphin entertainment to create an NFT marketplace for important sports and entertainment brands. Dolphin Entertainment is said to comprise many important subsidiaries and several significant PR firms across different industries, which includes 42West and Shore Fire Media, and The Door.

The marketplace created will be delivering premium NFT content based on a variety of genres such as film, television, gaming, music, charity, eSports, culinary, and lifestyle. As per the partnership, Dolphin will be creating interactive media branding, curating content followed by production and marketing of such programs whereas FTX, on the other hand, will be offering their crypto services to provide a central platform for such activities to gain further momentum.

The marketplace developed by FTX and Dolphin has been accredited by various media outlets as “large scale” and is formulated to utilize the current enthusiasm of the masses regarding NFTs trade and purchase. As the NFT market continues to rise, more and more premium brands are joining the league to venture into NFT content and offer services for the same. The average turnover of NFTs had hit $2 billion last year where many artists and organizations had openly propagated the practice of NFT to make it more mainstream and accessible to common people.

FTX’s US president Brett Harrison had commented in an interview that the company is excited to have partnered with dolphin entertainment. He also emphasized how dolphin entertainment has effectively amassed considerable accessibility on various pop culture genres which will be a suitable aspect for the company to work with. While dolphin’s exemplary reach encompassing versatile pop culture phenomenon will provide desirable leverage to FTX, the dolphin ent. will be employing FTX’s crypto services to further their actions in a systematic manner. Together, the partnership intends to develop an interactive marketplace combining forces of exclusive content with crypto to make it more user-friendly and consumer-centric.

Non-fungible tokens have acquired a significant popularity surge in recent times with more and more brands committing to NFT due to their unique identity quotient and non-replication tendencies.

FTX has been long pursuing NFT based ventures to expand its work portfolio. This is not the first instance where the company will be experimenting with NFT, FTX had previously launched an NFT based digital collectible market on June 3rd for the users to buy, sell and trade non-fungible tokens. FTX exchange has primarily been dealing with the purchase, sale, and trading of various cryptocurrencies and now is pursuing ways to establish a functional NFT marketplace.

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