- Cloud 9 Web3 Technologies (CNI) has announced it has entered into a strategic partnership with Next Decentrum Technologies
- The partnership is for the purpose of launching non-fungible token (NFT) products for artists and content creators
- Additionally, the companies anticipate launching a series of educational products related to NFTs and other blockchain opportunities
- Through the partnership, the companies aim to capitalize on the growing opportunities in the NFT art market
- Shares of Cloud 9 were down 7.98 per cent to C$2.19 as of 12:38 p.m. EDT
Cloud 9 Web3 Technologies (CNI) has announced it has entered into a partnership with tech start-up Next Decentrum Technologies.
Through the partnership, the companies will launch non-fungible token (NFT) products and managed services that can turn into a reliable source of revenue for artists and content creators.
An NFT is a unit of data that is stored on a blockchain and proves ownership of a digital item.
Demand for NFTs has surged over the course of 2021, while the combined market cap of major NFT projects has increased by 1,785 per cent as recently as the end of March.
“We are very pleased to announce our partnership with the Next Decentrum team as part of Cloud Nine’s plans to expand its strategic exposure to emerging technologies,” Sefton Fincham, president of Cloud Nine, said in a release.
He continued, “We believe Cloud Nine is positioned to capitalize on the dominance of emerging technologies, and working with the team at Next Decentrum will create significant opportunities in the marketplace which will be key to achieving our long-term goals.”
The partnership aims to benefit both companies by capitalizing on this growth thanks to widespread media coverage that has been given to the NFT art market recently.
“Through this continuing partnership with Cloud Nine, we aim to help artists and content creators capitalize on the unique opportunity made possible due to intersection of education and technology," Hussein Hallak, CEO of Next Decentrum, said in a release.
Headquartered in Vancouver, BC, Cloud Nine Web3 Technologies is focused on implementing emerging technologies into its platforms and leveraging Web 3.0. The company's Web 3.0 aims to assist decentralized users and machines to interact with data, value and other counterparties through peer-to-peer networks without needing third parties.
Shares of Cloud 9 were down 7.98 per cent to C$2.19 as of 12:38 p.m. EDT.