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These are the big companies launching new NFT marketplaces

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While the NFT craze isn’t nearly as strong in 2022 as it was last year, that’s not stopping many large mainstream companies from branching out alongside the Bored Apes in hopes of discovering a new revenue model.

Everyone from GameStop to the NFL has their own NFT marketplace at some stage of planning, including some that have recently launched. And while the leap from blurry pixel art to the latest fascination with multibillion-dollar corporations is certainly a huge step, the timing of this corporate embrace is a little awkward.

The average selling price of an NFT is now reported to be around $3,000 Market Tracker NonFungible. That’s down from over $6,800 in January. Cumulative daily sales are down about 66% over the same period. The number of primary sales of NFTs has declined, while secondary market sales have also fallen to just over 7,900 from a January peak of 38,000 per day.

You can blame anything for this decline, from increased scrutiny by the Securities and Exchange Commission to the war in Ukraine, but there’s something for skeptics to celebrate.

The price falls and the criticism are not slowing the American corporate rush to NFTs, although. Here’s a look at some of the big names exploring a non-fungible world.

GameStop

After months of dropping vague mentions of their strategy, GameStop officials did their NFT plans a little more explicitly in an earnings call earlier this month when announcing the expected launch of its NFT marketplace “by the end of the second quarter of fiscal 2022” — sometime before June 30.

The company is collectively creating a fund of “up to $100 million” for game developers using it. It will be positioned as a place to buy and sell in-game assets such as digital real estate, character skins, and weapons that players can sell and trade outside of the game. GameStop has partnered with ImmutableX, the company behind the NFT trading card game gods unleashedwhich will build the marketplace on the Ethereum chain.

It’s a gamble for the company considering how many players it has hit developers who have attempted to incorporate NFTs into their games.

NFL

Maybe it’s the impeccable reception. Maybe it’s the hell one of them last minute end of the playoffs on January 22nd or 23rd of this year. with NFL all dayyou can collect exclusive digital video highlights of these moments. The NFL cooperates Dapper Labs, the company behind the popular NBA Top Shot NFT marketplace, to create NFTs around the most talked about moments in the game, both historically and week-to-week. (Dapper too created an NFT marketplace for UFC earlier this year.)

“The irreplaceable nature of NFT captures what is special about sports fandom,” said Steve Scebelo, president of NFL Players Inc., the marketing and licensing arm of the NFLPA in an opinion. “The unique magnitude of NFL players will continue to create unforgettable moments in both history and real-time throughout the season, which will only deepen the connections they have with their passionate fans.”

If it does something like NBA Top Shot, it could be quite lucrative. From the end of February, the fans had $230 million spent on these NFT collectibles.

WWE

While WWE has dabbled in NFTs before, with the launch of the Undertaker collection last year, WWE Chief Brand Officer Stephanie McMahon announced at this year’s SXSW the company would start WWE Moonsault, an NFT marketplace, just ahead of WrestleMania 38 in April. The focus, as with many other WWE projects, is on creating collectibles that fans can buy, sell and trade. The company is Cooperation with Blockchain Creative LabsFox Entertainment’s blockchain division to create the marketplace.

Associated Press

AP photographers captured some of history’s most iconic moments. On January 31, the news organization started its own marketplacevia blockchain technology built by Xooa. However, the NFTs offer more than just the pictures. This also includes data such as time, date, location, equipment and technical settings of the recording. Because AP is a non-profit news organization, money raised from the sale of the NFTs will go back to funding its journalism. Prices currently range from $250 to $4,200.

coin base

It shouldn’t come as much of a surprise that the leading cryptocurrency exchange has designs on its own NFT marketplace. The bigger question is: when will it start? So far, the company will only say: “soon‘, which has frustrated some users.

coin base however, has great faith in the NFT market with co-founder Brian Armstrong said at an earnings call last November he believes it could be “as big or bigger” than cryptocurrencies. The company recently met with over 100 developers and says it is developing the product based on community feedback. It also hopes to improve interactions between artists and users.

“We want to make our Coinbase NFT a little bit more like Instagram as opposed to an auction like eBay,” Armstrong said. “People to follow [such as] Your favorite artists or creators, and having a feed of content populated by the people you follow, that could be really powerful.”

USFL

The burgeoning football league, co-owned by Dwayne Johnson, will mint and sell digital tokens of its players, teams and coaches to increase fan engagement. (Like WWE, it partners with Fox’s Blockchain Creative Labs). Details were not disclosed, but these players and coaches will receive “most of the sales proceeds from these NFTsThe league promises. In addition to the investment value the NFTs have, fans who purchase them can also use them to access locked Team Discord channels and earn free merchandise.

https://www.fastcompany.com/90734822/from-the-nfl-to-gamestop-these-are-all-the-big-companies-launching-new-nft-marketplaces?partner=feedburner&utm_source=feedburner&utm_medium=feed&utm_campaign=feedburner+fastcompany&utm_content=feedburner These are the big companies launching new NFT marketplaces

JACLYN DIAZ

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