18:44:49 EDT Tue 22 Jun 2021
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Fandom Sports Media Corp (2)
Symbol FDM
Shares Issued 32,616,553
Close 2021-01-11 C$ 0.29
Recent Sedar Documents

Fandom to mint non-fungible tokens for fan rewards

2021-01-11 08:07 ET - News Release

Mr. David Vinokurov reports

FANDOM TO MINT NON-FUNGIBLE TOKENS FOR ESPORTS FAN REWARDS

Fandom Sports Media Corp. has undertaken development toward minting non-fungible tokens (NFTs) to reward e-sports fans for engagement on Fandom's all ages prediction 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, chief executive officer 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 the company's 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 multimillion-dollar revenue engagement on the company's 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, chief executive officer and president, continues: "The application of NFTs for e-sports 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, giveaways, raffles and other incentives are endless and will diversify the portfolio of tools for monetization that Fandom will be deploying."

We seek Safe Harbor.

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