Fandom Sports Media (FDM.C) started developing a non-fungible token (NFT) exchange that will be embedded into the company’s wagering fan engagement platforms, according to a press release.
Fandom has minted its first Fancoin, a NFT which they intend to use to form the backbone of their fan rewards program. FDM will be handing out these NFTs to incentivize and reward Esports and sports-fans for using their platform.
“Current scalability issues with the deployment of NFTs in real time to facilitate the capture of digital moments relating to speed and cost are roadblocks to mass adoption. On top of the actual embedded NFT exchange, our development team is considering specific solutions that will enable users of the Fandom Sports platform to create, share and transact NFTs in new and unique ways that the current NFT protocols cannot support. Fandom remains steadfast on its technical roadmap to continue delivering innovative solutions that improve upon existing processes and methodologies. The peerless capabilities that we have demonstrated pertaining to data ingestion, analysis and presentation for Esports and the planned sports modules will be extended to differentiate ourselves in the rapidly growing and evolving NFT space,” says David Vinokruov, CEO and president Fandom Sports.
Fandom Sports Media is involved in development of a web app to operate on Android and iOS targeting Esports Super Fans. The company’s Unified Information Access platform works on a private cloud with multilingual support, and is aimed at a global launch of the company’s regulated betting and unregulated prediction fan engagement models for esports
The technicals behind non-fungible tokens are that they’re cryptoassets that cannot be broken down into subordinate units, like a dollar into four quarters. They’re composed of smart-contracts bundled together to perform a certain function—in Fandom’s case, it’s to confer ownership of itself, and likely include some variety of rewards or benefits. NFT can usually be traded on exchanges, but Fandom’s proprietary NFT is only going to be available for exchange on their proprietary NFT exchange, which has gone into test marketing campaigns with industry partners.
Fandom sports media is down a penny today and presently trading at $0.265.