On August 2, 2021, West Realm Shire Services Inc., the owner and operator of FTX.US, announced a partnership with film and television production company Dolphin Entertainment. Together, they will launch a non-fungible token (NFT) marketplace focused on sports and entertainment brands, according to the announcement.
Background and Strengths
Dolphin Entertainment, based in Coral Gables, Florida, is known for producing hit shows such as Nickelodeon's "Zoey 101" and "Ned's Declassified School Survival Guide," as well as Nickelodeon's first TV movie series "Shredderman Rules." The company has extensive reach across sports, film, television, gaming, esports, culinary, and music.
FTX.US, the U.S. regulated crypto exchange, will provide the technical backbone, crypto exchange services, and a seamless payment experience. Brett Harrison, President of FTX.US, stated that Dolphin's reach and scale across all of pop culture is very impressive, and the partnership will unlock content IP while leveraging Dolphin's expertise in public relations and influencer marketing.
Solving NFT Purchase Pain Points
Dolphin CEO Bill O'Dowd noted that buying NFTs today is clunky. "To be able to offer a seamless user experience, where the wallet and the product are all in one place; to allow the consumer to pay with crypto, credit card or traditional currency; to have the product available on wholly-owned and programmed online destinations; and to also have actual customer support... are enormous differentiating factors that FTX provides."
O'Dowd emphasized that the joint productions will be "distinct from the rest of the market" and will immediately put NFTs on a level playing field with all other consumer products available online.
Intense Competition
The new marketplace faces stiff competition. In late March 2021, Crypto.com launched an NFT marketplace featuring collectibles from Lionel Ritchie and Snoop Dogg. Existing platforms include Mintable, Makersplace, Nifty Gateway, Block Party, Rarible, Superrare, and Opensea, many of which have raised millions in seed rounds. Despite this, Harrison believes Dolphin's entertainment acumen will give the venture an edge, saying, "There are several items on the horizon that we can't wait to launch together."
The announcement comes amid surging demand for NFT collectibles. The marketplace is expected to launch in the second half of 2021, though no exact date has been released.