Vancouver, British Columbia--(Newsfile Corp. - January 11, 2021) - Fandom Sports Media Corp. (CSE: FDM) (OTC: FDMSF) (FSE: TQ43) ("Fandom" or the "Company"), is pleased to announce that it has undertaken development towards minting Non-Fungible Tokens ("NFTs") to reward Esports fans for engagement on Fandom's All Ages Prediction Platform (the "Platform").
"Our development of NFTs for the Fandom platform through purpose-built deployments is an extension of previously publicized tokenization and blockchain development initiatives. Our development team is applying new tools and methodologies to increase the avenues of monetization accessible to Fandom while staying laser focused on increasing player satisfaction and interaction on the Fandom platform. Our commitment to developing and implementing innovative technologies across our ecosystem is a cornerstone of our platform strategy," states David Vinokurov, CEO and President of Fandom.
After extensive research, Fandom has chosen to build its NFTs utilizing smart contracts on Ethereum utilizing the ERC-1155 protocol. ERC-1155 is an advanced and better version of ERC-721 that offers a lot of new possibilities to create NFTs. ERC-1155 also allows you to perform more than one complex task in a single transaction. This will reduce congestion on the Ethereum blockchain. For example, in the ERC-1155 standard, operations like approval, transfer, trading, and melting take arrays as parameters. This allows you to perform around 100 to 200 functions in a single transaction.
The minting of NFTs in our all ages platform will be different from other free to play games. Fandom tokens will give fans full ownership of in-game rewards to exclusive items and giveaways. NFTS are used to represent in-game assets, and are controlled by the user, instead of the game developer. This permits asset trading on third-party marketplaces without permission from the game developer. In short, they are digital assets that have unique properties programmed into them using cryptography and are often called crypto collectibles. Allowing fans to earn scarce rewards and participate in the tokens will drive a multi-million dollar revenue engagement on our prediction platform. Increased user engagement to spend more time or purchase more in-app offerings for a better chance of earning these exclusive to FDM Tokens. Fandom will look to add new revenue models through partnering with brands, artists, and marketers looking to take advantage of the NFTs. The user handles within FDM will also be NFTs. This model will be rewarding early adopters with the ability to pick and own the hottest IGN names from the Fandom Platform. The name and description of the account will be owned by the users to trade that name in the future.
David Vinokurov, CEO and President continues, "The application of NFTs for Esports is relevant, accretive and value enhancing in a direct measurable way. The creation of unique, interoperable digital assets will create user incentivization, motivation and reward users with unique digital assets found nowhere else. The possibilities for unique branded content, give-aways, raffles and other incentives are endless and will diversify the portfolio of tools for monetization that Fandom will be deploying."
"PLAY. PREDICT. GET REWARDED."
For additional Information:
Fandom Sports Media Corp.
Phone +1 (604) 256 6990
The CSE has not reviewed and does not accept responsibility for the adequacy and accuracy of this new release.
Certain statements made herein may contain forward-looking information within the meaning of the applicable Canadian securities laws ("forward looking statements"). Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "budgets", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or the negatives or thereof. Forward-looking statements herein include, but are not limited to statements with respect to: the affiliate marketing relationship with Elite Duels Corp. and the entering into a definitive agreement for the affiliate marketing partnership and the expected benefits to Fandom from the definitive agreement; market acceptance of the Company's peer-to-peer wagering platform; the Company's expectation of becoming a world-class engaging eco-system for all ages fans and fans of wagering on live Esports events; and the expected growth and health of the Esports betting market in general.
Forward-looking statements by their nature are based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause the actual results to be materially different from those expressed or implied by the forward-looking statements. We have made certain assumptions, which our management believes to be reasonable, about the forward-looking statements, including the ability to enter into a definitive affiliate marketing agreement with Elite Duels Corp., the expected revenue and other benefits to be generated by the relationship, as well as the ongoing performance advantages of the Company's platform in comparison with existing or future competitive offerings, and the future growth of the market in which we compete. However, we can provide no assurance that the forward-looking statements will prove to be accurate. Furthermore, should one or more of the risks, uncertainties or other factors materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements. Accordingly, you should not place undue reliance on the forward-looking statements or information contained herein. Important additional information identifying risks and uncertainties and other factors is contained in the section entitled "Risk and Uncertainties" in the Company's most recent Management Discussion and Analysis filed on SEDAR.
Except as required by law, we do not intend to update forward-looking statements whether as a result of new information, future events or otherwise.
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