FIFA Opening NFT Marketplace To Its 3.5 Billion Fans!

Hey friends,

First off, thank you all very much for supporting Morning NFTea. This edition marks our 30th newsletter, and we look forward to continue educating and reporting on this wonderful new world of NFTs. Today we have a great round-up from NFTs on smart TVs, to Northern Ireland's first dedicated metaverse conference, so let's get into it!

LG Embracing NFTs On Their Smart TVs

The NFT world is no stranger when it comes to tech companies looking to do some experimentation, and the latest on the list is LG electronics which will now let you buy and sell NFTs on their smart TVs. Last year, LG accounted for 18.9% of the global TV market (Statista, 2022) and now these owners will have access to the LG Art Lab NFT marketplace. Chris Jo, the Senior VP of LG, says "While many people have heard of NFTs and would like to participate in the growing ecosystem, it can be overly complex and difficult to get started". LG looks to remove the complexity of NFTs for customers and allow them to display their NFT art collections on their TVs as an almost modern age art frame. The marketplace is built on Hedera, which describes itself as the “most used, sustainable, enterprise public ledger for the decentralized economy”. The key here is Hedera does not use a blockchain to host its NFTs and instead uses an alternative proof-of-stake distributed ledger called a hashgraph, which is similar to the blockchain but uses a different consensus method. The feature is restricted to your NFT art collection on LGs wallet app Wallypto, and although LG will keep adding new NFTs from artists on a monthly basis to encourage sales, there are no current signs of displaying your custom Ethereum or Solana NFTs. This news from LG comes off the back of Samsung who in January announced NFT support for their 2022 lineup of TVs, but Samsung announced their NFT support as an “aggregator” so multiple NFT marketplaces will be supported to buy, sell and view NFTs.

FIFA Develops NFT Platform

The International Federation of Association Football (FIFA) is well known around the world as the governing body for soccer. We see their presence from the football world cup to its licensing of the extremely popular video game “FIFA”. In a recent press release, FIFA unveiled details about the upcoming launch of an NFT platform “FIFA+ Collect” in collaboration with blockchain firm Algorand. FIFA+ Collect will be the official home of digital collectibles commemorating the greatest moments from FIFA world cups and FIFA women's worlds cups. These memorable moments and iconic imagery will be available as exclusive and limited-edition NFTs on the Algorand blockchain, and collectable through FIFA+ which is the home for everything FIFA. In the release, FIFAs Chief Business Officer Romy Gai said “Fandom is changing and football fans around the world engage with the game in new and exciting ways… Just like sports memorabilia and stickers, this is an accessible opportunity for fans around the world to engage with their favorite players, moments and more on new platforms”. According to FallinSports, Soccer is the largest sport in the world with an estimated 3.5 billion fans, which truly puts this story into scope because with FIFA embracing NFTs as the collectable of the future, they are about to onboard many people to this new Web3 world.

Northern Irelands First Dedicated Metaverse Conference

DeFi Conf 2022 will see speakers from all over Europe join more than 200 international delegates in Belfast for Northern Ireland’s first conference dedicated to cryptocurrencies, the metaverse and NFTs. To take a step back, DeFi refers to a digital platform that allows peer-to-peer transactions without reliance on a centralized intermediary, such as a bank. With Web3, we have seen an influx of DeFi platforms for lending, borrowing, and trading, especially in the NFT world where places like BendDAO let you borrow ETH against your NFT (if interested more in BendDAO, check out our latest newsletter here). The conference aims to showcase the potential of NFTs and the blockchain when it comes to financing in the new Web3 world. The gathering is already attracting wealth managers, financial advisors, private investors, and entrepreneurs from all across Europe. One of the speakers is Oonagh Van Den Berg, who is a Chief Officer at crypto exchange Uphold, and stated “At this very minute finance services are changing in how both people and businesses are accessing, transferring and holding financial assets. It is redefining our industry - and it’s critical that we are providing sufficient education so informed decisions can be taken by all on how this impacts them. In addition, we need to better understand the use cases for blockchain technology and the incredible advantages this is going to bring across all sectors in how data is stored and transmitted.” DeFi lies at the heart of possibilities opened up by NFTs, as lenders or participants in these DeFi platforms have unique Non-Fungible Tokens that authenticate membership to their respective Decentralized Autonomous Organizations (DAOs). Conferences like this will educate the world on the potential of NFT technology past just a profile picture, and takes us one step closer to global adoption.

Thanks for joining us on this edition, hope you all have a great couple of days and we will see you next time with some more NFTea!

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DISCLAIMER:

None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.