United States Space Force Launches NFT
Martin Petkov | Jun 21, 2021 11:03AM ET
While some are debating the practicability of cryptocurrencies and trying to define their legal status, others are expanding their area of application. This is how Porsche (OTC:POAHY), the French Football Federation and the United States Space Force are entering the NFT market.
NFTs are non-fungible tokens that provide copyright protection and an easy way of transferring ownership using blockchain technologies. Most often, NFTs are used on the Ethereum blockchain, which is one reason why Ethereum is growing faster than Bitcoin this year.
Source: stormgain.com
At the end of 2020, the NFT market was valued at $338 million. Presently, that number’s well above $1 billion as more companies want to use NFTs for promotional purposes. The first to discover the practicability of NFTs were digital artists. Athletes then followed suit with a vast array of merchandise for monetization.
One of the biggest events of the year is the European Football Championship. The French Football Federation (FFF) became one of the first five football associations to conclude a licensing agreement for digital collectables.
NFTs with the France internationals were listed on the Sorare platform. The token’s price depends on the player’s performance. The platform’s record was set by the Cristiano Ronaldo token that sold for $290,000.
Carmaker Porsche decided to get in on the excitement around digital cards, too. The company announced the launch of its own Fanzone platform.
Porsche decided to make the most of the recent trend and offered footballer NFTs, not sports cars of their own production. Currently, there are only the players from Germany’s men’s and women’s national teams.
Surprisingly, the US Space Force (USSF) has also joined the battle for digital collectors with the help of the Ethernity Chain project. They plan to issue tokens pegged to interactive 3D models of launch vehicles, Earth satellites, spacesuits and other space industry products. The NFTs will be sold at an auction, and the starting price of most of the art will be $1.
After recognizing Bitcoin as legal tender, El Salvador has gone down a revolutionary path that the world’s financial regulators disapprove of. NFTs are following the evolutionary path, gradually integrating into everyday life and enhancing people’s interaction with the digital world.
Get The News You Want
The CEO of Nvidia (NASDAQ:NVDA), Jensen Huang, believes that the world is on the verge of the metaverse when the digital world will be put atop reality with the help of VR devices, with NFTs becoming the functional bridge between the two.
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.