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Non-fungible tokens (NFTs) are spreading through the digital world like wildfire, and some enthusiasts are cashing in millions of dollars on the craze.
Ethereum defines NFTs as tokens that can be used to represent ownership of unique items. They let people tokenize things like digital collectibles, works of art, music, real estate, video game items, and concert tickets that can only have one official owner at a time.
NFTs make it easy to own and sell digital content. A blockchain secures them — no one can modify the record of ownership or copy and paste a new NFT into existence.
According to blockchain analysis service Chainalysis, people poured $26.9 billion into digital ownership tokens in the first 10 months of 2021.
The lucrative nature of the industry has seen companies like Oriental Culture Holding Ltd. OCG, Funko Inc. FNKO, and eBay Inc. EBAY put operations into the NFT space.
Another company reporting strides in the space is OLB Group Inc. OLB, a diversified fintech e-commerce merchant services provider and Bitcoin BTC/USD mining enterprise. The company’s e-commerce platform is made to deliver cloud-based merchant services for a comprehensive digital commerce solution to over 10,500 merchants in all 50 states.
DMint, a wholly-owned subsidiary of OLB Group, is engaged in mining bitcoin using sustainable natural gas with an initial deployment of efficient 1,000 application-specific integrated circuit (ASIC)-based S19j Pro 96T mining computers.
OLB Group says its goals are not only fixated on mining. The company is also channeling resources into expanding education on NFTs and the digital space.
An example is its sponsorship of the Museum of American Finance’s (MoAF) virtual panel discussion under the theme: “NFTs: Welcome to the Metaverse,” which took place Feb. 15.
The panel discussed and provided answers to questions such as: What drives the popularity of NFTs? What gives an NFT value? How are brands leveraging NFTs (best-use cases)? The relationship between NFTs, cryptocurrencies, blockchain, and the metaverse? The difference between an NFT and a securitized NFT?
Panelists included Michael Amar, co-founder of Paris Blockchain Week Summit and Paris NFT Day; Benjamin Cole, William Loschert Endowed Chair in entrepreneurship at Gabelli School of Business; Devika Kornbacher, partner at Vinson & Elkins LLP; and James C. Row, founder, and managing partner of Entoro Capital LLC.
OLB Group Chairman and CEO Ronny Yakov introduced the panel discussion moderated by Michael Maloney, adjunct professor at Fordham University School of Law.
“The OLB Group is committed to supporting the education around NFTs and digital assets and exploring innovative use cases by merchants and customers in ways beyond just payments and transactions,” Yakov said.
“We believe that for an e-commerce company to win in the era of digital assets, they must embrace change and provide a diversified suite of solutions. This is precisely what we are doing at the OLB Group — offering our merchant base a comprehensive e-commerce technology platform. Our future business model is firmly planted in the digital asset world.”
As NFTs are expanding into various other markets, such as the event space, where they can connect physical and digital ticketing, OLB Group is also actively developing solutions to meet the expansion.
“OLB is developing NFT e-ticketing solutions,” Yakov said. “OLB’s NFT ticket product will be available to our existing sports team clients in the upcoming year. This will complement OLB’s existing digital asset services, including its Bitcoin mining division, DMint, and its Bitcoin payments and transaction services.
“Additionally, OLB is exploring value-added solutions for its small-and-medium-sized e-commerce clients to reduce transaction fees and provide alternative sources of financing.”
This post contains sponsored advertising content. This content is for informational purposes only and is not intended to be investing advice.
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