Blockchain Business News 22-28 February

NBA Top Shot Moments, on-court video highlights minted on the blockchain, reached $200M+ in sales

Tired of collecting the same old baseball cards? It’s time to switch to basketball!

NBA provides basketball fans with a new kind of collectables: the Top Shot Moments.

With the Top Shot Moments, fans can collect and own the NBA’s greatest highlights.

Top Shot Moments are video clips of basketball plays with animations.

These clips are licensed by the NBA and minted on the blockchain in limited supply.

Each Moment has a nonfungible token (NFT), which is unique to that specific Moment. The NFT proves the authenticity of the traded Moment, and without the need to send physical memorabilia, the transfer is very quick.

NBA Top Shot Moments is the harbinger of a new era in fandom. In just over a week, sales increased by 100%, jumping to over $200 million.

The NBA Top Shot Moments experience was created by Dapper Labs, a consumer-focused blockchain developer.

Crypto.com to perform the largest token burn in history

Crypto.com is a pioneering payment and cryptocurrency platform. Founded in 2016 with the goal of promoting the widespread adoption of cryptocurrencies, Crypto.com already has over 5 million users.

In what the company has called the largest token burn in history, 70 billion CRO will be burned as an important step to fully decentralizing the Chain network.

It will also support the company’s launch of its CRO Chain Mainnet on March 25. The burn will increase the circulating supply of CRO from the current 24% to over 80%.

We’re looking forward to joining all ecosystem partner projects and all contributors in building the world’s best infrastructure for Payments, DeFi and NFTs.

Crypto.com

Automotive Blockchain Market Size Will Grow 30% to $2 billion by 2026

In 2019, the global Automotive Blockchain Market was approximately $300 Million.

The latest study reports that the market is expected to grow at a CAGR of 30% and is anticipated to reach around $2 billion by 2026.

Top market players are Ripple Labs Inc., Ethereum, Bigchaindb, Carblock, Consensys, Shiftmobility, IBM, Context Labs, Cube, Accenture and others.

What is the application of blockchain technology in the automotive market?

Blockchain technology in the automotive sector can be used to store and update information related to vehicle spare parts.

This helps the car manufacturer, service providers, and customers to track the origin of the part avoiding the selection of counterfeited products.

NFTs based on the show American Gods to roll out in the coming days

American Gods is a fantasy drama series based on Neil Gaiman’s novel of the same name. The show, now in its third season, is very popular, having won several prestigious TV awards to date.

Last week, Fremantle, the show’s producer, announced that they would roll out American Gods digital collectables, i.e. NFTs, in collaboration with Curio, a platform that allows fans to own, share or trade digital items in a manner akin to physical trading cards or collectables.

A spokesperson for Fremantle said the digital collectables are a new way for the show’s fans to “share and interact in a deeper and more meaningful way with the content and characters they love.”

State Bank Of India Joins Liink, JPMorgan’s Blockchain Network

J.P. Morgan is one of the global leaders in financial services. S&P Global ranked JPMorgan Chase as the largest bank in the United States and the 5th largest bank in the world by total assets.

Recently, J.P. Morgan has been increasing its commitment and interest in digital currency and blockchain. The bank established a business unit solely focused on blockchain development, called Onyx, in October. Liink is J.P. Morgan’s peer-to-peer blockchain-based data network, operating under Onyx.

Using Liink helps lower transaction costs and reduce the time taken to resolve cross-border payments-related inquiries from up to a fortnight to a few hours.

About 100 banks are live on the network now with State Bank of India being the latest to join Liink.

A research report from Bank of America found that 21% of banks they cover have incorporated blockchain technology into their businesses in some form.

Modulus introduces Blockchain-as-a-Service offering

Modulus is a US-based developer of ultra-high-performance trading and surveillance technology that powers global equities, derivatives, and digital asset exchanges.

Last week, the company announced that it released a Blockchain-as-a-Service offering.

What is Blockchain-as-a-Service?

Blockchain as a Service (BaaS) is a type of blockchain service offering that allows business customers to use cloud-based solutions to develop, host and adopt their own blockchain applications, smart contracts and other relevant functions on the blockchain.

The BaaS market is on the rise.

According to the latest reports, the global blockchain-as-a-service market size is set to reach $24.94 billion by 2027, exhibiting an impressive CAGR of 39.5% during the forecast period.

Huawei, Baidu, Oracle, IBM, Alibaba are among the key companies operating in the BaaS market.

Modulus’ BaaS offering is blending a mix of image recognition and other types of bio-inspired AI together with blockchain technology.

“Our solution can verify that a distinct event happened at an exact time, by a specific person in a particular location. It really is next-generation verification in every sense of the concept,” explained Richard Gardner, CEO of Modulus.

Quote of the week

PayPal had these goals of creating a new currency. We failed at that, and we just created a new payment system. I think Bitcoin has succeeded on the level of a new currency, but the payment system is somewhat lacking. It’s very hard to use, and that’s the big challenge on the Bitcoin side.

Peter Thiel, Co-Founder of PayPal (source)

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