- HIVE Blockchain Technologies (HIVE) has made a $450,000 investment in Network Entertainment’s emerging non-fungible token (NFT) business
- Network Entertainment (NTE.V) has recently announced that it intends to create and distribute NFTs
- NFTs are crypto assets that represent ownership of a unique digital item such as an image, song, meme, tweet or video clip
- NFTs have seen $2.5 billion in trading in the first half of 2021, up from just $13.7 million a year earlier
- HIVE is in the business of providing infrastructure solutions in the blockchain industry, including the mining of digital currencies
- HIVE provides investors with exposure to the operating margins of digital currency mining, as well as a portfolio of cryptocurrencies such as ETH and BTC
- Hive Blockchain Technologies Ltd. (HIVE) opened trading at C$4.72 per share
HIVE Blockchain Technologies (HIVE) has made a $450,000 investment in Network Entertainment’s emerging non-fungible token (NFT) business.
Trading as Network Media Group, Inc. (TSXV: NTE.V), Network Entertainment has recently announced that it intends to create and distribute NFTs, utilizing content and relationships built from its library of premium films and series, as well as from upcoming projects, valued global partnerships, and third party intellectual property.
In September, Network appointed blockchain and digital asset investment expert Tom Lombardi to the role of Strategic Advisor for NFT research and development.
NFTs are crypto assets that represent ownership of a unique digital item such as an image, song, meme, tweet or video clip. Ownership is recorded on an open blockchain, often the Ethereum network, allowing owners to buy and sell an NFT on a specialized marketplace in place of the property it represents.
NFTs have seen $2.5 billion in trading in the first half of 2021, up from just $13.7 million a year earlier. Many celebrities and content creators, including Snoop Dogg, Paris Hilton, Tony Hawk and Martha Stewart, have participated in the space. Coinbase, one of the world’s largest crypto exchanges, recently announced plans to launch Coinbase NFT, a “peer-to-peer marketplace. Within 24 hours of its October 12 announcement, Coinbase NFT had acquired more than 1 million names to its waitlist.
HIVE is keen to explore the NFT space, and it sees great potential in what Network Entertainment has planned for its intellectual property (IP). Toward that end, HIVE is investing $450,000 in Network, the equivalent of 3 million shares at CAD$0.15.
HIVE Executive Chairman Frank Holmes spoke about the Network Entertainment team.
“We’re backing a strong team at Network Entertainment. I’ve known board member Tim Gamble for years, who’s a true visionary, having co-founded and been a former CEO of Thunderbird Entertainment Group. Network has a rich portfolio of intellectual property, and I’m excited to see how it can be monetized using NFTs. Most NFTs operate on the Ethereum network, as does its native currency Ether, which HIVE mines, along with Bitcoin, using only 100% green renewable energy. As NFTs increase in demand, so too should the demand for Ether. HIVE is well positioned to benefit from the increased need for Ether, making its investment in Network a potential win-win for both companies.”
HIVE is in the business of providing infrastructure solutions in the blockchain industry, including the mining of digital currencies.
HIVE provides investors with exposure to the operating margins of digital currency mining, as well as a portfolio of cryptocurrencies such as ETH and BTC.
Hive Blockchain (HIVE) Stock opened trading at C$4.72 per share.
