NEW YORK, April 1, 2021 /PRNewswire/ -- There has been an influx of companies buying bitcoin and accepting it as payment in recent times. For example, Meitu, a Chinese company that makes a photo editing app, accepted USD 22.1 Million worth of ether and USD 17.9 Million worth of bitcoin. This follows companies like Tesla and Square, which have also put an emphasis on cryptocurrency in recent months. However, the proliferation of cryptocurrencies and blockchain technology in the more mainstream business infrastructure is often misunderstood by the public, yet is more widespread than most perceive. For example, recent regulatory filings with the Securities and Exchange Commission indicate that JPMorgan is giving its investor clients a way to possibly benefit from crypto in the form of public-company stocks. Color Star Technology Co., Ltd. (NASDAQ: CSCW), Hall of Fame Resort & Entertainment Company (NASDAQ: HOFV), Sino-Global Shipping America, Ltd. (NASDAQ: SINO), Canaan Inc. (NASDAQ: CAN), Square, Inc. (NYSE: SQ)
In the meantime, non-fungible tokens (NFTs) have become immensely popular. A NFT is a unit of data on a blockchain and can represent digital files such as art, audio, videos, items in video games and other forms of creative work. SuperRare, an NFT art platform that has garnered tens of millions in new sales in recent weeks, has just raised millions from investors. According to a report by TechCrunch, "One unique facet of the platform is that creators can continue to earn on a piece's appreciating value following with 10% commissions on secondary sales. After a lengthy crypto winter, blockchain startups are coming back with a vengeance amid a surge in startup investing, a surge in enthusiasm around NFTs and a surge in bitcoin prices."
Color Star Technology Co., Ltd. (NASDAQ: CSCW) announced yesterday breaking news that,
"it is developing a non-fungible token (NFT) business for the production, release, and promotion of NFT through its wholly-owned subsidiary, Color China Entertainment Co., Ltd. (hereinafter referred to as "Color China"), with regard to network copyrights, concerts, artist videos, TV programs, music, museum collections, and celebrity-exclusive product designs.
Color Star continues its high-tech development to move toward as an entertainment technology company, and is fully committed to bringing technology, artificial intelligence, and community sharing to the entertainment arena. The Company's NFT business will focus on copyright procurement, concert videos and ticket sales, as well as music and artist interaction. Through the application of NFT encryption technology, the Company hopes to capture more profit and appreciation potential for artists and collectors alike.
The CEO of Color Star, Mr. Luke Lu, commented: "The Company has always strived to build our entertainment business on the application of new digital technology, and now with the NFT development, we should be able to achieve more breakthroughs in science and technology with respect to our products, services, and partnerships. With a strong foundation in celebrity entertainment content and creative capability, coupled with the launch of the Color World APP — a celebrity interactive platform created by Color Star, the Company can better enhance and perfect the application scenarios for NFT, and lead the way into a new era of culture and entertainment."
The Company's new development of NFT should help to create and launch NFTs for all of Color Star's partners, including online museum collections, online concert videos and ticketing, customized celebrity products, producer copyrights, among others. The convergence of entertainment content with NFT is an ideal combination, where the uniqueness of celebrities and of individual creations generate demand for NFT. Celebrity clips, exclusive behind-the-scenes highlights, production copyrights, concert tickets, and other contents launched by the Company should give collectors more access to purchase ownership rights. At the same time, the Color Star APP will incorporate augmented reality (AR) technology in conjunction with NFT in producing not only traditional 2D visual products, but also new creations presented in 3D, thereby diversifying NFT applications. The Company has already planned cooperation with more digital artists to display their work on the platform, enriching the range of product offerings. The combination of "celebrity + entertainment + products + digital works + copyright" should provide all-around benefit for the development and application of NFT products, which the Company believes will help to inject new ideas and vitality into the virtual digital currency market. At present, the Company is negotiating cooperation with a number of blockchain technology companies and platforms to launch its NFT for its services and products, with the latest creations expected to soon be revealed."
Hall of Fame Resort & Entertainment Company (NASDAQ: HOFV) announced on March 23rd, it has signed a partnership with Dolphin Entertainment, Inc., a leading independent entertainment marketing and premium content development firm, to offer non-fungible tokens ("NFTs") that will allow fans of professional football and sports entertainment to buy and sell exclusive content developed by HOFV and its partners. The partnership provides the Company with another way to generate revenue from its burgeoning media division. "We are thrilled to be partnering with Dolphin, an emerging thought leader in the NFT market, to accelerate our entry into the space," said Michael Crawford, President and CEO of HOFV. "The significant progress we have made on our strategic initiatives since going public in July 2020 has allowed us to be in a position where we can offer individuals the opportunity to own NFTs associated with original content centered on professional football. This partnership will provide us with another opportunity to unlock additional value from the one-of-a-kind media projects we have in development."
Sino-Global Shipping America, Ltd. (NASDAQ: SINO) announced on March 18th, it will launch a new exchange for NFTs (non-fungible tokens) in collaboration with e-commerce public chain CyberMiles. The new NFT exchange will serve as a highly-secure, robust platform for collectors, artists, musicians and investors to create, sell and buy one of a kind, digital content represented as NFTs. The companies expect to officially launch their new NFT platform in July 2021, providing a critical link between the virtual blockchain world and the physical world. Mr. Lei Cao, Chief Executive Officer of Sino-Global, commented, "NFT is driving the next wave of cryptocurrency adoption, making it a natural extension of Sino-Global's ongoing diversification and recent investments in the rapidly growing cryptocurrency market. NFT has become one of the most important basic application technologies in the process of social information digitization by enabling the monetization of digital products. We believe NFT and the blockchain that provides the basic technology for it will have a profound and irreversible impact on the transformation from the form of artwork circulation and the transformation of value concepts to the social identity, collaboration and distribution system."
Canaan Inc. (NASDAQ: CAN) announced last week that its revenue visibility has improved substantially in 2021 as a result of attaining purchase orders totaling more than 100,000 units of bitcoin mining machines from customers in North America. Many of those purchase orders were placed with prepayment and will likely occupy the Company's current manufacturing capacity entirely for the full year of 2021 and beyond. With those fully committed purchase orders, the Company now enjoys a much higher degree of revenue visibility and more precise forecast. As such, the Company is able to leverage such information and additional liquidity to conduct its component purchases, production scheduling, warehousing and logistics.
Square, Inc. (NYSE: SQ) reported last month that it has purchased approximately 4,709 bitcoins at an aggregate purchase price of USD 50 Million. Square believes that cryptocurrency is an instrument of economic empowerment and provides a way for the world to participate in a global monetary system, which aligns with the company's purpose. The investment represents approximately one percent of Square's total assets as of the end of the second quarter of 2020. "We believe that bitcoin has the potential to be a more ubiquitous currency in the future," said Square's Chief Financial Officer, Amrita Ahuja. "As it grows in adoption, we intend to learn and participate in a disciplined way. For a company that is building products based on a more inclusive future, this investment is a step on that journey."
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