Institutions Begin to Implement Blockchain Technology in Digital Solutions


NEW YORK, April 22, 2021 /PRNewswire/ — As Non-Fungible Tokens (NFT) have grown in stature, evidently cryptocurrency and blockchain know-how have the potential to alter the way forward for banking. Amid rising financial uncertainty, some establishments have begun to maneuver away from a centralized monetary system to a extra decentralized system using blockchain know-how. In easy phrases, a blockchain acts as a singular identifier for a digital asset and makes it perform as a bodily merchandise. It does this by recording an in depth transaction historical past of stated digital merchandise, together with who first acquired it, who was it offered to, how a lot it was offered for, and when the acquisition was made. Blockchains are environment friendly and very safe as they’re immutable, which means they can’t be modified. Scienjoy Holding Company (NASDAQ: SJ), Sq., Inc. (NYSE: SQ), 500.com Restricted (NYSE: WBAI), Liquid Media Group Ltd. (NASDAQ: YVR), Funko, Inc. (NASDAQ: FNKO)

Just like cryptocurrencies, NFTs additionally use a blockchain community. NFTs are much like bodily items of art work that may be offered and have a traceable origin, besides they have to be bought utilizing cryptocurrencies and are digitized. As for the usage of cryptocurrencies and the blockchain know-how in governmental establishments, the town of Miami has stepped ahead to take a number one function, as native Commissioners not too long ago voted to review transferring sure municipal monetary transactions to Bitcoin, which might enable metropolis employees to be paid in cryptocurrency, whereas residents may likewise use it to pay for metropolis companies, in response to a report by Bloomberg.

Scienjoy Holding Company (NASDAQ: SJ) introduced earlier this month that, “by way of its wholly owned subsidiary, Scienjoy Inc., it has entered right into a strategic alliance (the “Alliance”) through a Grasp Companies Settlement with Snipp Interactive Inc. (“Snipp”) (TSX-V: SPN; OTC: SNIPF), a worldwide supplier of digital advertising promotions, rebates, and loyalty options. By way of the Alliance, each events will discover alternative ways of incorporating Snipp’s Buyer Acquisition, Retention and Engagement (C.A.R.E) platform into Scienjoy’s suite of cellular purposes. The preliminary cooperative exploration between each events are anticipated to concentrate on the next two areas:

First, Scienjoy will mix its in-app forex resolution with Snipp’s loyalty and rewards engine to develop a brand new loyalty and rewards system. It will allow Scienjoy to reinforce its person expertise, domesticate extra income streams, and discover the potential of utilizing cryptocurrencies on its platform. As a part of this technique, Scienjoy will make the most of Snipp’s platform to offer Scienjoy’s broadcasters and customers with extra alternatives to earn factors by way of engagement. Broadcasters and customers will be capable of redeem these factors for varied digital rewards, together with Scienjoy’s digital forex, Bitcoin reward playing cards, retailer reward playing cards, trinkets, and extra. Past enhancing Scienjoy’s person acquisition, retention, and engagement capabilities, this new loyalty and rewards system will even function an extra monetization channel for the Firm, as third-party manufacturers all in favour of reaching Scienjoy’s sizable person base will be capable of sponsor occasions, broadcasters, and stay broadcasts by way of the system.

Second, each events will work collectively to allow broadcasters to mint their very own non-fungible tokens (“NFTs”) on Scienjoy’s platform and permit customers to make the most of the factors they’ve accrued by way of the brand new loyalty and rewards system to bid on and buy NFT “momentos” from their favourite broadcasters. Along with strengthening the relationships between broadcasters and their followers, this initiative will present broadcasters with extra monetization alternatives, increase broadcaster loyalty, and entice extra new inventive expertise to Scienjoy’s platform.

Mr. Victor He, Chairman and Chief Government Officer of Scienjoy, commented, ‘With roughly 250 million customers and 300,000 broadcasters throughout our ecosystem, we’re well-positioned to assist our companions improve their outreach efficacy. Snipp’s cutting-edge know-how and loyalty options will serve to additional strengthen our price propositions for customers and broadcasters alike. Our determination to discover the utilization of each cryptocurrencies and NFTs by way of this strategic alliance additional underscores our dedication to integrating these options which are new, modern, aligned with our enterprise aims, and able to fueling our long-term progress trajectory.’

Mr. Atul Sabharwal, founder and Chief Government Officer of Snipp, commented, ‘We’re excited to companion with Scienjoy and leverage its established infrastructure to make our preliminary foray into the Chinese language market. By connecting to Scienjoy’s substantial person base and proficient broadcaster pool, we can present our portfolio of world manufacturers and Fortune 500 purchasers with extremely focused advertising applications within the area. We proceed to obtain curiosity from markets exterior of North America and stay up for constructing our presence in these areas going ahead.’”

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Sq., Inc. (NYSE: SQ) reported earlier this 12 months that it has bought roughly 4,709 bitcoins at an combination buy value of USD 50 Million. Sq. believes that cryptocurrency is an instrument of financial empowerment and gives a method for the world to take part in a worldwide financial system, which aligns with the corporate’s function. The funding represents roughly one p.c of Sq.’s complete property as of the tip of the second quarter of 2020. “We consider that bitcoin has the potential to be a extra ubiquitous forex sooner or later,” stated Sq.’s Chief Monetary Officer, Amrita Ahuja. “Because it grows in adoption, we intend to study and take part in a disciplined method. For a corporation that’s constructing merchandise primarily based on a extra inclusive future, this funding is a step on that journey.”

500.com Restricted (NYSE: WBAI) introduced earlier this month that it has accomplished its acquisition of bitcoin mining machines owned by sure non-U.S. individuals in trade for an combination of 11,882,860 newly-issued Class A extraordinary shares valued at US$1.21 per share, similar to US$12.10 per American Depositary Share (“ADS”) (primarily based on the ratio of ten extraordinary shares per ADS), the closing buying and selling value of the Firm’s ADSs on January 8, 2021. This transaction was beforehand introduced on January 11, 2021. The bitcoin mining machines acquired on this transaction (the “Bitcoin Mining Machines”) embody such fashions because the S17, T17, M20s and S9.

Liquid Media Group Ltd. (NASDAQ: YVR) introduced on March thirty first, plans to create the primary of its sort multi-token IP platform. Liquid is engaged in partnership discussions for platform engineering with CurrencyWorks. “Tokenization affords a number of advantages for content material creators and we consider our multi-token platform will rework the complete media business,” stated Ron Thomson, CEO of Liquid Media. “With it, inventive professionals can drive new income streams primarily based on digital NFT exclusives and collectibles, improve viewers engagement, gamify their mental property, assure recurrent licensing charges utilizing good contracts, provide subscription entry through utility tokens, elevate undertaking financing by way of safety tokens and extra, all by way of a single platform. We’re extraordinarily excited by the continuing income and portfolio alternatives for Liquid over the long run and stay up for a fast adoption of this forward-facing know-how.”

Funko, Inc. (NASDAQ: FNKO) introduced this month it has acquired a majority possession stake in TokenWave, LLC, the developer of TokenHead, a number one cellular app and web site for showcasing and monitoring Non-Fungible Token (“NFT”) holdings. TokenHead is out there on iOS and Android, and presently shows over 10 million NFTs and has greater than 100,000 visits per day. Monetary phrases of the funding weren’t disclosed. The funding accelerates Funko’s preliminary entry into the NFT market and can lengthen the Firm’s popular culture platform to incorporate digital property. Funko expects to launch its preliminary NFT choices in June, that includes a singular property every week at a beginning value level of $9.99. Merchandise will probably be offered on the WAX platform, the main decentralized pockets on the blockchain, which gives verifiable authenticity for purchases of Funko NFTs.

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