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The Partnership between Nifty Inc. and Warner Bros produce a social NFT platform.

The Partnership between Nifty Inc. and Warner Bros produce a social NFT platform

Nifty’s social NFT platform debuted to great excitement on Monday. They made the release of a massive partnership with Warner Bros. Additionally, gained $10 million in seed funding from some of blockchain’s most prominent venture firms.

Nifty’s Space Jam NFT

They will release a series of limited-edition NFTs depicting characters from the upcoming film Space Jam: A New Legacy, courtesy of its Warner Bros. relationship, the company said Monday. Meanwhile, the 16th of July is the release date of the film in cinemas and on Netflix.

The Space Jam NFTs were created using the Palm NFT Studio technology, which Ethereum software startup ConsenSys developed.

Other Investors

Samsung Next, Coinbase Ventures, Palm NFT Studio, BBTV Holdings Inc., HENI, Topps, Forerunner Ventures, Dapper Labs, A&T Capital, and Liberty City Ventures were among the investors in the $10 million seed round. Polychain Capital, Ethereal Ventures, and Draper Dragon Fund are among the pre-seed investors who have expanded Nifty’s investment.

Statement From Samsung

Samsung’s executive vice president and Samsung Next venture group’s head, David Lee, praised Nifty’s innovation in the NFT space:

“Our business strives to shape the future by identifying the technologies, trends and ideas that matter. […] What Nifty’s has developed in such a short time deeply impressed us, and we cannot wait to see how they shape the future of NFT engagement.”

Nifty and NFT

Nifty’s NFT-focused social networking platform was previously announced in March of this year, with prominent names like Mark Cuban and Joseph Lubin as investors. The project’s ultimate goal is to build a social media community for digital collectables that promotes human connections while supporting the emerging creative scene.

Consequently, the rising mainstream acceptance of digital assets and, by consequence, digital collectables has boosted the NFT industry in 2021. NFT sales surpassed $2.5 billion in the first half of the year, according to Cointelegraph. The volume of NFT trade has also increased, with one estimate forecasting a doubling in volume between May and October.

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