Nonfungible tokens had another exciting week with Porsche announcing its NFT subsidiary, Mark Cuban investing millions in Genius, and Genshiro’s launch of Chainlink-powered nonfungibles.
Porsche Unveils NFT Subsidiary
German automobile maker Porsche is gearing for an entry into the nonfungible token (NFT) market. On June 14, the company revealed the launch of its NFT startup Fanzone, which will be centered on soccer-based NFT collectibles.
The venture is based on Porsche’s digital subsidiary Forward 31. It has already announced a partnership with major football teams in Germany and a deal with third-tier professional teams. Fanzone is also planning to connect with other soccer leagues and sporting codes in the future.
Porsche’s NFTs will be based on ERC-20 tokens and issued by the Lukso blockchain, which was founded by former Ethereum developer Fabian Vogelsteller.
The firm also acknowledged the ecological concerns surrounding NFTs in its announcement and pledged a part of Fanzone’s transaction costs to “sustainable sports and environmental projects.” Furthermore, Fanzone revealed that all its employees use emission-free means to commute to its office.
Genshiro Launches Chainlink-Integrated Nonfungible Tokens
Genshiro, the Kusama-based parachain of Polkadot project, Equilibrium, is set to introduce a limited-edition of NFT collectibles powered by Chainlink. The collection in question is dedicated to five major crypto assets.
Genshiro previewed the project on its official Twitter page with an image depicting cartoon kitties sporting Bitcoin, Ethereum, Polkadot, Kusama, and Genshiro logos. The Ethereum based NFTs will be integrated with Chainlink to unlock special features upon crossing certain milestones.
.@GenshiroDeFi integrates #Chainlink Price Feeds into its collection of cat #NFTs, with purchases helping fund their Kusama parachain auction bid. Each dynamic NFT will mint a golden cat version if the underlying asset it represents hits a certain price.https://t.co/SZ3E2y2feR
— Chainlink – Official Channel (@chainlink) June 14, 2021
Mark Cuban Joins Ashton Kutcher in Funding Genius NFTs
Music-focused NFT startup Genius has just closed its $4 million fundraising round. The effort was backed by several prominent investors such as Dallas Mavericks owner Mark Cuban, actor Ashton Kutcher, Dapper Labs CEO, Roham Gharegozlou, and Morgan Creek Digital co-founder, Anthony Pompliano.
Genius is working on three different NFT projects at the moment including “Gaia” — a marketplace for music scheduled to launch on Dapper’s Flow blockchain, “Cryptobuds”, a digital arthouse for cannabis-themed artworks, and “Sidekick”, a place for collectibles inspired from comics.
The company is looking into expanding Gaia’s operations to bring sports, gaming, and comedy within its scope. Genius is confident that demand for NFTs will continue to soar despite the recent decline in the market.