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- 🔊 Blockchain Sports Raises Funding To Go Live
🔊 Blockchain Sports Raises Funding To Go Live
Plus: Candy Digital Merges With Palm NFT Studio & Mythical Games Secures $37 Million
Welcome to The Hype Report where we break down the latest news, stories & insights at the intersection of sports, artificial intelligence & web3.
Here's What You Need To Know This Week 📝
Blockchain Sports Goes Live After Receiving Private Funding ✅
Candy Digital & Web3 Production Company Palm NFT Studio Merge 🤝
Web3 Gaming Studio Mythical Games Secures $37 Million 🎮
Quick Hype 🎯
Let's Dive Into It 🤿
Blockchain Sports Goes Live After Receiving Private Funding ✅
Brazil-based Blockchain Sports (BCS) has made a few significant moves lately.
The Web3 ecosystem that’s enabling young athletes to become professional athletes recently teamed up with Polygon and raised private funding to help the platform go live.
More about BCS
BCS aims to merge Web3 and soccer by allowing fans to invest in the development of potential star athletes.
Leveraging blockchain technology, they want to:
Give fans confidence in the integrity of the competition
Give athletes control over the use of their data
Allow event organizers to effectively manage events and ensure a fair environment for all participants
Offer new innovative opportunities for interaction between fans and their favorite teams
Fans can invest in promising players at the beginning of their careers and later receive benefits when they reach higher-level clubs.
Via private funding
The BCS team stated that the $SPORTS token and its private sale will encourage new opportunities for rewards and participation.
The capital will supposedly be used for the following:
Full education for all of the academy's soccer players
Accelerating product development
Strengthening BCS' market presence through marketing, scaling, construction, and legal components
With a total supply of 68M tokens, users can burn the $SPORTS token and receive an NFT.
By holding the NFT they will supposedly receive passive income, become co-owners of an operating business and receive a share of the project's net profit.
They’re also in the process of building a soccer academy in Acopiara, Brazil.
📢@blockchainSprts
integrated with @0xPolygon⚽️Blockchain Sports
BCS, a web3 ecosystem facilitating young athletes to become professionals.📈Milestones
— Next construction phase of the Brazil academy
— Personal account on our website
— Scouting Service@blockchain#Sports
— Blockchain Sports (@blockchainsprts)
8:45 AM • Jun 26, 2023
The soccer academy is focused on giving children from low-income households an opportunity to participate.
With blockchain, fans can easily track players' progress.
They can also interact with players directly by investing in their development and purchasing personal NFT cards.
Each player will also have a media portfolio to see key performance indicators (KPIs) from practices and games from critical moments, goals, assists, and saves if the player is a goalkeeper
Scouts and agents can better evaluate the player's true value as well as their strengths and flaws with the technology as well.
Using blockchain, the BCS team says they, “remain committed to foster transparency, fairness, and engagement.”
With the successful closure of its private sale, the company is keen on bringing soccer enthusiasts to a more immersive experience and allowing them to be closer to the game than ever before.
Why Does This Matter?
We’ve seen this before or something similar with Fantium.
Here are a few reasons why this model interesting…
Tokenization and Crowdfunding:
Blockchain enables the tokenization of assets, including athletes' future earnings or rights to their performance.
By tokenizing these assets, athletes can create digital tokens that represent a share of their future income or career success.
Fans and investors can then purchase these tokens, effectively providing financial support to the athletes early in their careers.
This allows athletes to raise funds directly from their deepest fans, avoiding traditional intermediaries and accessing capital that might not have been available otherwise.
Fan Engagement and Revenue Sharing:
With BCS using blockchain, it can enable athletes to directly engage with their fans and monetize their popularity.
With digital tokens or NFTs, athletes can also provide unique giveaways, exclusive content, or access to special events to their fanbase.
This direct fan engagement model can create a more sustainable income stream for athletes, and possibly the fans as well.
Royalty Tracking and Transparency:
Blockchain provides transparent royalty tracking for athletes.
Smart contracts on the blockchain can automate the tracking and distribution of royalties from merchandise sales, licensing agreements, and other revenue streams.
Athletes can have a clear view of their earnings, eliminating potential discrepancies or delays in receiving their rightful compensation.
Overall, blockchain can be incredibly useful for athletes looking to fund their careers and bring fans along the ride.
Will BCS pull all of this off?
That’s still TBD.
But you have to admit it’s a compelling model.
⚽️@blockchainsprts is an innovative project that combines sports and blockchain together and takes each of these areas to a completely different level!
We are exited to present you our amazing official trailer👇
#BlockchainSports#NFT#SPORTS
— Blockchain Sports (@blockchainsprts)
1:04 PM • Jun 29, 2023
Candy Digital & Web3 Production Company Palm NFT Studio Merge 🤝
Candy Digital, has certainly had its struggles over the past few months.
But just this week, they announced a significant merger with leading web3 production company Palm NFT Studio.
Why?
This partnership brings two of the top creators of officially licensed digital collectibles around sports and culture together as one.
The plan is for the brands to operate under the Candy Digital name, and combined, the company will help to accelerate the development and implementation of innovative digital experiences for some of the world’s leading brands, including:
Major League Baseball
NASCAR
WWE
Netflix
Warner Bros Discovery
This is a natural evolution for both companies.
They both are focused on scaling their platforms, as well as developing and launching digital collectibles, marketplaces, and loyalty programs that help companies deepen relationships with communities.
Palm NFT Studio was founded to help artists, creators, and fans build new ways to connect. Today, we’re excited to announce our merger with @CandyDigital to advance this vision. 🧵 1/6
— Palm NFT Studio (@PalmNft)
12:30 PM • Jun 29, 2023
Candy Digital CEO Scott Lawin will lead the combined company.
Palm NFT Studio Co-Founder and CEO Daniel Heyman will join as President of Candy Digital.
Over 2 million digital collectibles have already been minted on Candy.com with nearly 500,000 marketplace transactions.
Meanwhile, the DC NFT Universe, which partnered with Palm Studios in 2021, is one of Web3’s most engaged platforms with over 450 million social media impressions, over 675,000 accounts, and over 230,000 marketplace transactions.
Palm Studios also has partnerships with Universal Music Group and Warner Bros.
Microsoft and Warner Bros. were investors in Palm’s $27 million Series B raised in December 2021.
Candy Digital is backed by a diversified group of top technology investors, including:
Candy Digital is also the leading platform on the PALM network, an Ethereum-compatible sidechain built to serve as the foundation of a new scalable and sustainable ecosystem for NFTs.
Unfortunately, the company announced that more layoffs were part of this merger process as well.
Web3 Gaming Studio Mythical Games Secures $37 Million 🎮
Believe it or not, the money is still flowing into the Web3 gaming space.
Heavily.
Web3 gaming studio Mythical Games recently secured $37 million in funding for the first part of a Series C extension round.
The funding was led by Scytale Digital, with participation from well-known investors such as:
The extension follows a $150 million Series C round in November 2021, which was led by a16z.
At the time Mythical Games was valued at $1.25 billion.
They plan to close the extension round later this year and anticipate raising $20 million to $30 million in additional capital.
According to CEO John Linden, these funds will be used for, “Platform updates, infrastructure developments, and enhancements, and the development and subsequent launch of additional games in the pipeline.”
Another $20 to $30 million will come when the full round closes later this year, the company said.
— FORTUNE (@FortuneMagazine)
2:09 PM • Jun 27, 2023
Mythical Games is known for its Mythical Chain blockchain and gaming ecosystem, Mythical Marketplace, and popular blockchain-based games NFL Rivals and Blankos Block Party.
NFL Rivals topped a million downloads last week, only two months after its launch.
Other backers in the company include:
Stanford Athletics
The company has not been without hardships though.
They lost three top executives in early November last year and a day later announced job cuts that impacted 10% of their workforce.
The former executives went on to form Fenix Games, and Mythical Games sued the trio in December for secretly raising $150 million for their new firm.
As far as future plans, Mythical Games will launch Nitro Nation World Tour later this month.
The racing game for mobile and desktop will feature car brands like Aston Martin, Jaguar, Pagani, and Lotus and will let players to race around the world to collect digital vehicles.
Why Does This Matter?
In past reports, I’ve discussed why gaming is important to the Web3 ecosystem.
Here are a few reasons…
Engaging and interactive experiences
Natural use case for digital assets and ownership
Play-to-earn mechanics and economic empowerment
I believe that gaming can be a huge driver in the effort to help Web3 reach scale.
Investors might not directly feel the same, but as always, the money never lies.
Quick Hype 🎯
Blockchain Sports Goes Live With Private Round, Expanding the Power of Web3 With Sports.
MVP Index Raises $20 Million To Develop An Asset-Based AI Sponsorship Valuation Platform.
Wimbledon’s New Fortnite Plugin Seeks To Expand Tournament’s Youth Appeal.
FC Barcelona Launches 'Empowerment', The Second NFT Of The 'Masterpiece' Collection.
A New Apple Patent Suggests You'll Wear Vision Pro Headset At NFL Games.
Premier League Joins Advisory Group For Comcast NBCUniversal SportsTech Accelerator.
Sports Technology Deals Reach $3.5 Billion In Q1 As VCs Eye Further Investments.
Jake Paul’s Betr Raises $35 Million At $300 Million Valuation Led by Roger Ehrenberg.
GameOn Confirms Closing Of Previously Announced Financing, Increased To $1.81 Million.
Premier League Launches Augmented Reality Experience Ahead Of Summer Series.
Thank you for reading this week.
Talk again soon.
Malcolm
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This newsletter is for informational purposes only and is not financial or business advice in any capacity. The information shared is my thoughts & opinions and does not represent the opinions of any other person, business, entity, or sponsor.
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