Crypto derivatives exchange FTX and Dolphin Entertainment are collaborating to launch an NFT (nonfungible token) marketplace for major brands in sports, entertainment, gaming, esports and charity, announced on 2nd August.

With Dolphin’s creativity, marketing prowess and FTX’s knowledge of crypto currencies the duo will create a marketplace, which is described as ‘large scale’ and ‘consumer-facing’. It comes as the trading of NFT is flourishing now a days. FTX tweeted that the marketplace will include major brands within film, television, music, gaming, esports, culinary, lifestyle, charity industries.

“There are several items on the horizon that we can’t wait to launch together,” Brett Harrison, the president of FTX US stated earlier. He also added, “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.”

Florida based TV and film production company, Dolphin Entertainment owns several prominent PR and marketing firms across different industries such as 42West, Shore Fire Media, The Door; that service the sectors outlined for the innovative NFT marketplace.

Popular Crypto exchange FTX fronted by billionaire Sam Bankman- Fried, will deliver the support in the marketplace with blockchain tech development and their crypto exchange services. While Dolphin Entertainment will work together with FTX to provide the production, branding and marketing of the NFT platform. Though the details regarding launch date and blockchain are not so clear still now.

However, this is not the first NFT venture of FTX. Earlier on June 3, they launched a marketplace for digital collectibles where users could purchase, trade and hold them as well as withdraw the tokens to their own wallets. In a Series B funding the firm recently raised $900 million round at a valuation of $18 billion.

Joyashree Dey

CBW - External Analyst

INDIA