Hive Blockchain (TSXV: HIVE) is looking for exposure to the NFT space. The company this morning announced a strategic investment into Network Media Group (TSXV: NTE), whom is in the process of bringing to market an NFT, or non-fungible token, strategy.
Network is currently in the process of entering the NFT niche, where it will lean on its relationships in the film space. The company, prior to its NFT strategy, focused on creating, financing, and producing documentaries, including a number of notable names such as The Age of A.I. and Muhammad Ali, Facing Ali. The company has also made a number of documentaries for Paramount Pictures.
Leaning on these relationships, the firm intends to create and distribute NFT’s that will use content from its library of films and series, as well as third party IP and partnerships.
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To gain exposure to the space, Hive will invest $450,000 in Network, which is good for 3.0 million shares of the company at $0.15 per share. They’ll be investing alongside US Global Investors, whom will also be taking a stake in the name.
“Network has a rich portfolio of intellectual property, and I’m excited to see how it can be monetized using NFTs. Most NFTs operate on the Ethereum network, as does its native currency Ether, which HIVE mines, along with Bitcoin, using only 100% green renewable energy. As NFTs increase in demand, so too should the demand for Ether,” commented executive chairman Frank Holmes on the development.
Hive Blockchain last traded at $4.72 on the TSX Venture.
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