The Metaverse is more than just a buzzword. In fact, this virtual-reality world, which has the ability to transform education, health care, manufacturing, job training, communications, entertainment, and retail, could become a tangible and valuable reality in the next decade. A new white paper from Analysis Group, in partnership with Meta Platforms, Inc. (NASDAQ:FB) says to achieve this, the Metaverse will need mass adoption, including broader use of VR headsets, deployment of AR glasses, and other technologies. As Meta’s Nick Clegg notes, it also means regulators have the time and space to institute new rules and frameworks for the evolving space. If the Metaverse evolves in the same way mobile technology has in terms of adoption, it would lead to a 2.8% contribution ($3 trillion) to global GDP by 2031. Besides Meta, NFT Technologies Inc. (NEO: NFT), Marathon Digital Holdings, Inc. (NASDAQ:MARA), Funko, Inc. (NASDAQ:FNKO), and Hall of Fame Resort & Entertainment Company (NASDAQ:HOFV) are working to build experiences and games for the Metaverse.
NFT Technologies Inc. (NEO: NFT) is the first technology company to bridge the gap between traditional capital markets and the emerging Web3 ecosystem including digital assets and the Metaverse. The company’s technology supports “play to earn” gaming, while its expert team advises individual and corporate creators and platforms and works with them to support the development of innovative IP.
On May 25, NFT Technologies announced that it will commence trading today on the Neo Exchange Inc. (the “NEO”), under the ticker symbol “NFT”.
“We are excited to welcome our new investors and be listing on the NEO. As a publicly traded company, NFT Tech will be able to accelerate its growth plans while continuing to contribute to the overall evolution of the NFT industry,” said Wayne Lloyd, the Executive Chairman of NFT Technologies. “We look forward to building deeper connections with brands, their consumers and the cryptocurrency ecosystem at large as these communities are embracing all the ways NFTs can change the digital and physical world experience for the better.”
NFT Technologies has a portfolio of important projects. Among these, Portal Defi, a decentralized financial platform, blends the best of Bitcoin and Layer 2. AcknoLedger is a global consortium that maps, monetizes, and distributes Web 3.0 digital assets. NFTrade is the first cross-chain and blockchain-agnostic NFT platform.
NFT Tech has made strategic investments that includes the rights to legendary content including Ronaldo’s, Pele’s, and Ronaldinho’s first goals. The company has also invested in other NFT brands including Bloktopia, MetaMall, Sidus Heroes, RealFevr, Rare.Store, and several emerging P2E games. As well, social coins, NFT metaverses, gaming, and NFT marketplaces are other sectors in which NFT Tech has invested.
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Companies Involved in NFTs Report Q1 Results
In the first quarter of 2022, Meta Platforms, Inc. (Nasdaq:FB) revenue came in at $27.9 billion, an increase of 7% from $26.17 billion in the prior-year quarter. Net income decreased by 21%, from $9.49 billion to $7.46 billion. Facebook daily active users (DAUs) were 1.96 billion on average for March 2022, an increase of 4% year-over-year. Meta Platforms CEO and Founder Mark Zuckerberg said the company made progress this quarter on a number of key business priorities and they remain confident in the opportunities and long-term growth that its product roadmap will unlock. The company expects second-quarter 2022 total revenue to be in the range of $28-30 billion. Total expenses for 2022 are expected to be between $87 billion and $92 billion, down from the company’s earlier forecast of $90 billion to $95 billion. Capital expenditures for 2022, including principal payments on finance leases, are expected to come in between $29 billion and $34 billion, unchanged from the company’s previous estimate.
In its first quarter, Marathon Digital Holdings, Inc. (NASDAQ:MARA) revenue increased 465% year-over-year to $51.7 million. Bitcoin production increased 556% year-over-year to 1,259 BTC. GAAP net loss for the quarter totaled $13.0 million (-$0.13) per share, compared to net income of $83.4 million ($0.87 per diluted share) in the prior-year quarter. During the quarter, Marathon received permission from Texas grid operators to power 280MW of first major facility in Texas as construction of Compute North’s new facilities continues unimpeded. The company announced plans to move miners out of the fossil fuel-powered facility in Hardin, Montana, as part of the company’s initiative to achieve 100% carbon neutrality by the end of 2022. In April, total Bitcoin holdings rose to 9,673 BTC as thousands of bitcoin miners were successfully installed in containers at the Texas facility and prepared for energization.
Funko, Inc. (NASDAQ:FNKO) reported on May 5 first-quarter net sales of $308.3 million, an increase of 63% year-over-year. Net income grew 31% year-over-year to $14.5 million. Adjusted net income (non-GAAP) was $18.4 million, compared to an adjusted net income of $13 million in Q1 2021. Sustained demand from Funko fans drove strong global sales growth, reflecting widespread strength across geographies, brands, and channels. Funko expects net sales of $1.275 to $1.325 billion (24% to 29% growth year-over-year) and an adjusted net income of $98.6 million to $103.8 million for 2022. On May 18, Funko announced the appointment of Rich Paul to the company’s Board of Directors, effective upon the closing of the pending sale of Funko shares by ACON Investments to the Chernin Group. Mr. Paul is the CEO and founder of KLUTCH Sports Group, and serves United Talent Agency and Coliseum Acquisition Corporation’s Board of Directors.
On May 10, Hall of Fame Resort & Entertainment Company (NASDAQ:HOFV) reported first-quarter revenue of $2.1 million, an increase of 10% from a year ago. Net loss attributable to shareholders for the first quarter was $8.1 million, compared to a loss of $126.1 million in Q1 2021. During the quarter, HOFREco announced a partnership with the Pro Football Hall of Fame and I Got It to develop, market, and sell digital assets and NFTs centered around some of the most iconic moments and coveted memories in gaming history, which are commemorated inside the Pro Football Hall of Fame in Canton, Ohio. On May 20, HOFREco announced it has launched two additional sets of NFTs in HOFV Media’s (HOFVM) limited edition “Playbooks” collection, featuring Shane Vereen and Justin Forsett. The collection is available to football fans around the world on OpenSea.
NFT Technologies Inc. combines the best NFT and Metaverse projects under one NFT stock. Investing in NFT Tech means gaining access to the explosive market of NFTs with some of the best opportunities in the NFT universe.
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