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Nifty’s Inc. Partners With Warner Bros To Roll Out A Social NFT Platform

Other 2021/07/17 18:05 by Asad Gillani

The inaugural kick-off of Nifty’s social NFT platform took a new wave of excitement on Monday. This unusual wave came from announcing Warner Bros as the principal collaborator with Nifty’s Inc.

There’s also a backup of seed investment worth about $10 million from some big venture firms of the blockchain.

The partnership with Warner Bros influences Nifty’s to launch a collection of NFTs limited-edition. According to the company’s announcement, the collection will feature characters from ‘Space Jam: A New Legacy,’ a future movie.

Related Reading | Binance CEO Changpeng Zhao States, “Compliance Is A Journey.”

ConsenSys, the Ethereum software company, developed the NFT’s for Space Jam using Palm NFT Studio’s technology.

Backup Investors On The New NFT Platform

The investment of $10 million came from prominent investors like Palm NFT Studio, Samsung Next, and BBTV Holdings Inc.

Other investors include Coinbase ventures, A&T Capital Ventures, Forerunner Ventures, Topps, Dapper Labs, Liberty City Ventures, and HENI.

In addition, some pre-seed investors supported Nifty’s platform launch by topping their stake in Nifty’s. Some of the pre-seed investors include Draper Dragon Fund, Ethereal Ventures, and Polychain Capital.

The Executive Vice President at Samsung, David Lee, through his speech, praised and publicized Nifty’s innovation in NFT confinement.

Related Reading | Russia Plans To Impound Unlawfully Acquired Cryptocurrencies

He explained that their business is committed to harnessing the future by identifying the necessary ideas, trends, and technologies. Lee commended Nifty’s for its latest development within a concise time. He also expressed his anticipation of how the Non-Fungible Tokens will influence the future.

An NFT Focused Platform

Earlier in March this year, Nifty’s made its first announcement concerning its social media platform, NFT-focused. The announcement mentioned that its big investors would include Joseph Lubin and Mark Cuban.

The vision for the project was to develop a social media platform that will brew a community for digital collectibles. Also, the platform is to increase personal interactions among users and support the latest art scene.

Related Reading | Allied Payment Partners NYDIG, Adds Bitcoin To Corporate Treasury

The Non-Fungible Tokens market recently in this year 2021 has experienced tremendous growth in its journey.

One of the major contributing factors is the increasing acceptance in the mainstream for digital assets. But, unfortunately, this adoption has also robbed off to inculcate digital collectibles.

According to reports, the sale of Non-Fungible Tokens increased to $2.5 billion within the first half of the year. There’s also a surge in the trade volume of NFT’s. This reflects through an estimation that indicates a volume doubling between May and October.

Featured image from Pixabay

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