Fandom Sports Media (FDM.C) enlisted the assistance of Phantom Compliance to help them set up the internal controls and structures to support their business-to-business Malta critical gaming license application, and also with their non-fungible token marketplace.
Calgary-based Phantom |Compliance is a regulatory compliance consultancy that also provides with risk management, fraud prevention and other advisory services to money services businesses, payments firms, virtual asset service providers, as well as NFT businesses, gaming operators and plenty more.
“As we progress in our Malta Gaming license applications, it is incumbent upon the Company to have top- tier internal compliance, risk and player account management policies. Furthermore, as we await our payment integrations and odds line wagering deployment, the reporting and monitoring capabilities which Phantom Compliance will be advising on will lay a cornerstone in our foundation of efficient and prudent financial risk management,” says David Vinokurov, CEO and president of Fandom Sports.
Fandom Sports is closing in on an completion date for the beta-testing round for their NFT marketplace and thinking about different protocols to supports its initiatives. This is where Phantom comes in—offering their experience in setting up payment solutions while leveraging their experience with international corporate governance structures, which will be necessary to ensure that Fandom can effectively scale the project to meet the demand for seamless payments and compliance with NFT creation, sales and trading on a global platform.
“As recently as August of 2021, according to Dune analytics, a leading NFT marketplace recorded monthly volume figures of US$3.3bn – approximately 1m ETH representing a 900% growth over the previous month alone. Many NFT industry participants have been focusing on unique content based NFTs while Fandom Sports is focusing on technological fundamentals that will change the way NFTs are created and distributed as well as unique content driven NFTs. Our goal is to differentiate ourselves in the NFT space the same way that what we have been able to in Esports with our unique data presentation capabilities from the Company’s purpose built APIs,” said Vinokurov.
Scalability is definitely a concern worth caring about if you’re getting into NFTs, and not just because of the Ethereum blockchain’s scalability issues (although they’re not to be discounted), but because the global demand has gone stratospheric in the past year. The market for NFTs reached $2.5 billion in sales by July, which is up from $13.7 million in the first half of 2020.
FDM was up half a cent today, and closed at $.195.