The cryptocurrency payments company said it is working on large consumer product opportunities to tie in with branded athletes or products in developing tokens that assist in verifying authenticity or official ties into celebrity athletes
Technology Inc. () (FRA:26N) () has announced progress in its entry into the Non-Fungible Tokens (NFT) space, first referred to in a release on December 4, 2020, saying that since that time, interest from its merchant base having exceeded all initial expectations.
The cryptocurrency payments company said it is continuing to work with its partner, The Human Interest Group, in developing the launch of NFT’s. The Human Interest Group brings decades of sports business experience, working with world-class athletes and various teams in the NFL, NHL, and MLB, the company added.
READ: NetCents Technology setting record pace with C$5.5M worth of cryptocurrency transactioned processed in March
Netcents said it is working on large consumer product opportunities to tie in with branded athletes or products in developing tokens that assist in verifying authenticity or official ties into celebrity athletes.
“The use cases and synergy of Non-Fungible Tokens as a paired product with the Company’s wallets, exchanges, and asset management are a natural fit,” commented Clayton Moore, founder and CEO of NetCents Technology in a statement. “When packaged together, it’s a gamechanger, closing the loop for sports business. Athletes to Brands to Consumers.”
The company, in collaboration with The Human Interest Group, has identified the opportunity to work with key athletic personalities to bring merchants and athletes from around the world together in a specially designed ecosystem enabling athletes, and ultimately their fans, to be part of combining their love for sports, and trading of unique sports paraphernalia, with the expanding interest in the use of cryptocurrencies around the world.
“We are thrilled with NetCents’ commitment to integrate NFT’s into their already top-class cryptocurrency offerings,” said Franko Vatterott, founder of the Human Interest Group. “For so many years, our company has focused on crafting authentic partnerships between our professional Athlete clients and their chosen brand partners. NFT’s open a new, technological landscape for multiple layers of the sports business, and it’s is going to significant.”
Given the size of the opportunity at hand, Netcents said its board of directors has recently decided that the Non-Fungible Token opportunity is so massive and essential to the company’s strategic direction that it will be creating a specific internal division around the product. The NFT Team will be a vertically integrated sales, development, and management capability with its own separate capital budget within the company and its own Profit and Loss. Upper management at NetCents will make sure that there are direct collaborations between the traditional cryptocurrency business and the NFT business so that the products work seamlessly together.
“The growth of the NFT is as important as the creation of the Smart Contract as an enhancement of the traditional Bitcoin technologist,” added Netcents’ Moore. “We are putting massive resources behind this as part of our transaction ecosystem strategy. New use cases for NFTs are being created daily – and because of their very nature, there will be more NFTs than altcoins within months. NFT’s are a Trillion-dollar opportunity and will become a Trillion Dollar Asset class pretty quickly. We have already seen a single NFT trade for millions – so a trillion is easy to imagine – likely eclipsing Cryptocurrency in the near term. Hold on to your shorts.”
Non-fungible tokens contain identifying information recorded in their smart contracts. It’s this information that makes each NFT different and as such, they cannot be directly replaced by another token. They cannot be swapped like for like, as no two are alike. Banknotes or Bitcoin, in contrast, can be simply exchanged one for another, if they are the same value, there is no difference to the holder.
NetCents is a transactional hub for all cryptocurrency payments, equips forward-thinking businesses with the technology to seamlessly integrate cryptocurrency processing into their payment model without taking on the risk or volatility of the crypto market. NetCents Technology is registered as a Money Services Business (MSB) with FINTRAC.
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