Ethernity Chain to collaborate with Kenetic to further NFT ecosystem

Business

The partnership is seemingly another bullish sign for a growing NFT market.

Community-oriented non-fungible token platform Ethernity Chain is partnering with Hong Kong-based crypto investment firm Kenetic Capital to expand its ecosystem.

According to an announcement today, Kenetic will support the Etherenity Chain network by expanding the development and adoption of blockchain platforms through technology, investments, and advisory services. Etherenity Chain’s non-fungible token, or NFT, platforms provide a number of exclusive tokenized artwork from prominent sports figures including skateboarder Tony Hawk and basketball legend Shaquille O’Neal.

“Ethernity is leading the way for next-generation NFT platforms by providing fans access to some of the most legendary figures and brands in history while solving critical UX issues for collectors," said Kenetic co-founder Jehan Chu. “I believe NFTs are the true missing link between online and offline objects, and will transform not only art, but also business, finance, society and culture.”

Both Kenetic and Ethernity Chain have made many inroads into NFTs as the market grows in 2021. Chu purchased the .NFT domain extension for $84,000 through the Namebase marketplace in February, while Ethernity Chain announced last month it would be working with graphic artist BossLogic to launch an exclusive line of tokenized art pieces for the community.

Through the sale and promotion of unusual digital artwork and collectibles, the NFT market seems to be on an exponential growth path this year. A piece from artist Mike Winkelmann — also known as Beeple — raised more than $69 million on Christie’s auction house last month, while NFTs from prominent musicians and public figures continue to drop on a daily basis.

FTX set to secure naming rights to Miami NBA stadium until 2040

AmericanAirlines Arena

Cryptocurrency exchange FTX is on the brink of securing naming rights to Miami Heat’s stadium until 2040.

FTX has reached an agreement with Miami-Dade County on a 19-year partnership worth $135 million, to name Miami Heat’s home stadium the FTX Arena.

The cryptocurrency derivatives exchange backed by Alameda Research, is set to become the first member of the crypto industry to secure NBA naming rights, pending approval from the Miami-Dade County Board of County Commissioners on March 26.

The deal marks a significant mainstream partnership for a crypto-based platform, which will see FTX tied to the Miami Heat until 2040. As part of the Miami-Dade County’s press release on March 23, FTX CEO Sam Bankman-Fried noted:

“This opportunity is more than putting our name on an iconic building. It is a chance to provide value to the growing and diverse community in Miami and its surrounding cities, as well as join a championship community, a championship organization, and a championship culture.”

According to the Miami Herald Miami-Dade County will see $90 million from the deal once expenses and payments to the Miami Heat are deducted, with the funds being divided among the 13 county commissioners and directed toward combating gun violence and poverty.

Legislation allocates “20% of the revenue to each district equally for payments to programs and organizations that either combat gun violence or promote economic prosperity,” with the remaining 80% “distributed based on each district’s share of the county’s “shooting homicides and shooting incidents.”

If the deal is approved, it marks another significant partnership secured by FTX, as the crypto-exchange has been actively expanding its market reach since its launch in 2019.

In August 2020, the crypto exchange acquired Blockfolio for $150 million, a digital asset portfolio tracker with a strong user base of 6 million. Twitter user “Litocoen.eth” summed up the feelings of many by stating the deal was the “smartest acquisition in crypto imo.”

They also have a great team that we can learn a ton from https://t.co/QHa6zZm7br
— FTX - Built By Traders, For Traders (@FTX_Official) March 19, 2021

The exchange has listed a variety of tokenized mainstream stocks to attract a broader market. In December, they listed five stocks related to cannabis companies, along with offering traders exposure to Airbnb and pre-IPO derivatives contracts.

Following the reported controversy surrounding retail investors from r/Wallstreetbets and trading platform Robinhood, the exchange-listed a r/Wallstreetbets index of several assets such Doge, AMC Entertainment (AMC), and GameStop (GME).

Partnership