NCFAs innovation and funding ecosystem

Category Archives: Online Funding Campaigns

With $1.6mm Seed Raise, CAARY Appoints Senior Fintech Investment Strategist John MacKinlay as CEO to Lead U.S./Canada Equity Crowdfunding Campaigns

Caary Capital | May 25, 2021

Caary capital card - With $1.6mm Seed Raise, CAARY Appoints Senior Fintech Investment Strategist John MacKinlay as CEO to Lead U.S./Canada Equity Crowdfunding Campaigns

Fintech startup CAARY has unveiled a corporate credit card for SMEs which is the first of its kind in the Canadian finance industry, allowing businesses to qualify based on funding and revenue as opposed to credit history.

TORONTO, May 25, 2021 (GLOBE NEWSWIRE) -- CAARY CAPITAL LTD. (“CAARY” or the “Company”) is pleased to announce that after raising a total of CAD $1,600,000 from accredited investors in Canada in an equity seed round, the Company has launched equity crowdfunding campaigns for Canadian and U.S. investors on FrontFundr and Fundable. In January 2021, senior fintech investment strategist John MacKinlay was appointed Chief Executive Officer of the Company to drive development of the product, its market, and partners, as well as to lead investment rounds and oversee early-stage commercialization of CAARY to build market share in the Canadian SME payments category, in which over CAD $40 billion is transacted annually. CAARY’s minimum viable product (“MVP”) is set to launch in July 2021, and has been developed to help Canada’s more than 1.2 million small and medium-sized businesses (“SMEs”) overcome common hurdles in business credit, expense management, and payments.

See:  Fintech start-up Hardbacon secures $1.1 million thanks to equity crowdfunding

Mr. MacKinlay has over 25 years of experience in the banking sector, acting as a strategic advisor, senior executive, investor, and entrepreneur. After several years as a banker and Strategy Partner with PricewaterhouseCoopers (“PwC”), Mr. MacKinlay led the Banking Strategy Practice for IBM after they acquired PwC Consulting in 2002. Subsequently, he joined National Australia Bank (“NAB”) to lead Strategy & Corporate Development in the Americas. Subsequently, Mr. MacKinlay returned to PwC where he led and developed its Canadian Financial Services Advisory practice. In 2016, Mr. MacKinlay joined OMERS Platform Investments (“OPI”, the innovation arm of the OMERS pension fund) where he created the investment strategy for OPI’s Financial Services division and led their investments.

An overview of the CAARY solution (set to fully launch in September 2021) and its value proposition to Canadian SMEs is provided below.

Innovative Application Process: Canadian SMEs are often discouraged by the “black box” business credit card application process, which can take weeks to complete and generally requires a personal guarantee. CAARY primarily considers a SME’s cashflow and assets and never requires a personal guarantee, but can deliver same-day approval.

CAARY Mastercard®: Upon approval, virtual CAARY cards can be issued near-instantly for immediate use with unlimited supplementary cards. Physical cards are also available upon request.

Self-Serve Administration: SMEs will have the option to add/lock/remove cards at any time of day through an online dashboard. Permissions can also be adjusted for individual cards to include card-specific spending limits and merchant restrictions (e.g., by category or named merchants).

AI/ML-Driven Expense Management: Obviating the need to retain receipts and reconcile expenses each month, cardholders receive a notification via SMS, email, or the CAARY app each time a transaction is posted to their card. By responding to this notification with a picture of the receipt or invoice for that charge, CAARY uses an artificial intelligence (“AI”) and machine learning (“ML”) system which extracts the data and can transmit it to accounting platforms such as QuickBooks and Xero.

See:  Understanding the Differences Between Crowdfunding Investing & Traditional Canadian Investments

Near-Instant Money Transfers up to USD $50,000: As an alternative to cheques and wire transfers, CAARY will offer SMEs the option to make near-instant transfers of up to USD $50,000 (~CAD $60,000) to business or consumer recipients through a linked bank account, even outside of Canada.

Continue to the original release --> here


NCFA Jan 2018 resize - With $1.6mm Seed Raise, CAARY Appoints Senior Fintech Investment Strategist John MacKinlay as CEO to Lead U.S./Canada Equity Crowdfunding Campaigns The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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Ripple’s XRP Set To Launch Their Initial Public Offering

AsiaOne | MarketersMedia | May 18, 2021

Ripple ready to go IPO - Ripple’s XRP Set To Launch Their Initial Public Offering

Ripple’s XRP Set To Launch Their Initial Public Offering

Brad Garlinghouse, the CEO of Ripple, announced at Davos 2020 that the company will be going public in 12 months. The announcement has expectedly attracted the attention of crypto enthusiasts across the globe.

Ripple and its native crypto token XRP have continued to gather momentum since 2012, currently ranked as the third largest digital asset in the world while Ripple has plans for an initial public offering. The company has been majorly funded privately since 2013, with major VC players like Andreessen Horowitz, IDG Capital Partners, Google Ventures, and SBI Holdings participating in several funding rounds, with close to $292 million raised so far.

See:  Ripple Wins Access to SEC Internal Documents on Bitcoin, Ether, and Other Cryptocurrencies

The company was able to secure the highest amount from private funding in the last 8 years of its existence, particularly attracting the attention of VCs. The company’s revenue model that includes the sales of XRP to financial institutions and retail investors through crypto exchanges has also helped the company to increase its revenue generation capacity.

In an interview at the World Economic Forum 2020 with the Wall Street Journal, Ripple CEO Brad Garlinghouse hinted at the possibility of some crypto companies going public with their IPOs in 2021. While his claims are yet to be ascertained, recent data has showed that he might be on point with his predictions, especially with a report published by CB Insights on January 22 revealing a significant drop in venture capital funding for blockchain companies in 2019.

More blockchain startups are beginning to try out a proper market fit for their products and services, which could drive away private capital investors. Consequently, crypto/blockchain startups are expected to reach out to public markets to raise funds.

The crypto IPO trend had already begun in late 2019. Po-crypto Silvergate Bank offered its shares for trading on the NYSE and Canaan went public on Nasdaq. More crypto and blockchain-based companies are looking to go public in the coming months.

Ripple is however looking to get more than just raising funds from the capital market, with the company’s partnerships with several banking and financial institutions worldwide reiterating this claim.

Continue to the full article --> here


NCFA Jan 2018 resize - Ripple’s XRP Set To Launch Their Initial Public Offering The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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NCFA Launches Fundraiser Auction to Aid CanadaHelps COVID-19 Healthcare & Hospital Fund

NCFA Canada | Craig Asano | May 13, 2021

NFT Charity Auction 2 - NCFA Launches Fundraiser Auction to Aid CanadaHelps COVID-19 Healthcare & Hospital Fund

TORONTO, ON / ACCESSWIRE / May 13, 2021 / The National Crowdfunding & Fintech Association (NCFA), today announced the launch of its first ever Charity Auction at its annual Fintech & Financing Conference FFCON21. The auction is being held in aid of CanadaHelps COVID-19 Healthcare & Hospital Fund which supports more than 110 hospital foundations across Canada that are supporting urgent needs in response to COVID-19.

NCFA5 - NCFA Launches Fundraiser Auction to Aid CanadaHelps COVID-19 Healthcare & Hospital Fund NCFA6 - NCFA Launches Fundraiser Auction to Aid CanadaHelps COVID-19 Healthcare & Hospital Fund

The auction, which kicks off on May 13, the final day of FFCON21, and runs until June 9, 2021, will feature unique donations from artists and organisations including Liquid Avatar, Pierre Bourque, Blockchain Intelligence Group, SuperWorld and Nathan McCrorey, with other donors set to be announced.

Interested collectors can access the auction and bid on items on Blockparty’s new NFT marketplace using this link.

“We’re incredibly grateful for the generosity of all the artists and organisations contributing to this auction in aid of hospitals across Canada,” said Craig Asano, Founder and CEO, NCFA. “Their donations will support an incredibly important initiative that has been instrumental in providing the lifesaving aid and critical equipment needed to combat the COVID-19 crisis.”

Over the course of the auction, Oasis Digital Studios will be adding additional items in support of CanadaHelps’ COVID-19 Healthcare and Hospital Fund.

Initial donation items include:

Title: Fishbone #9

NCFA1 - NCFA Launches Fundraiser Auction to Aid CanadaHelps COVID-19 Healthcare & Hospital Fund

Donated by Artist Pierre Bourque this NFT is part of a limited series of 11 individually unique ‘Fishbones’ artworks. Bourque is a digital crypto artist known for evocative images of iconic personalities, themes, and indulgences and has been featured in Bitcoin Magazine, CoinDesk, Benzinga, and Yahoo Finance. Bourque is an ex-board member of the Bitcoin Alliance of Canada. His NFTs can be viewed at: http://foundation.app/bourque and Metaverse: http://oncyber.io/bourqueart
Start bidding at 1000 USD

Title: Human Metamorphosis

NCFA2 - NCFA Launches Fundraiser Auction to Aid CanadaHelps COVID-19 Healthcare & Hospital Fund

This is an original creation donated by internationally renowned artist Nathan McCrorey aka Love is the answeR (=LOVe). This work was donated with love and respect to all humans on planet earth and beyond. Love is the answer.
Start bidding at 1000 USD

Title: SuperWorld token ACQUIRED (PURCHASED)

NCFA3 - NCFA Launches Fundraiser Auction to Aid CanadaHelps COVID-19 Healthcare & Hospital Fund

SuperWorld Virtual Real Estate lets you stake a claim to over 64 billion virtual plots of land geographically mapped onto Planet Earth. Within seven days of auction close the winning bidder will receive an ERC-721 token to redeem a property anywhere on “earth” that holds a special place in the bidder’s heart.
Start bidding 500 USD.

Title: Crypto Investigator Course  ACTIVE BID

NCFA4 - NCFA Launches Fundraiser Auction to Aid CanadaHelps COVID-19 Healthcare & Hospital Fund

Blockchain Intelligence Group (BIG) enables investigators to forensically track, trace and monitor illicit cryptocurrency activities. Whether you are fighting terrorist financing, money laundering, human / drug / weapons trafficking, or other cyber crimes, BIG’s suite of tools were built by investigators for investigators. Through human intelligence and Machine Learning, they establish visibility into blockchain data, ultimately enabling the ability to “follow the virtual money”. The auction winner will receive BIG’s proprietary 5-module Certified Cryptocurrency Investigator course where students step through 8 hours of training, covering the basics of cryptocurrency through to forensic analysis.
Start bidding 500 USD

Bidding starts 4:00 pm ET May 13/2021

Bidding ends 11:59 pm ET June 9/ 2021

NCFA’s NFT Charity Auction –> Donate NOW

 

Optionally, you can donate directly to CanadaHelps to support the COVID-19 Healthcare & Hospital Fund


NCFA Jan 2018 resize - NCFA Launches Fundraiser Auction to Aid CanadaHelps COVID-19 Healthcare & Hospital Fund The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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World-Renowned Artist May Pang Presents John Lennon’s Lost Weekend Experience, The “Walls and Bridges” NFT Collection, in Partnership with McCartney Multimedia and Oasis Digital Studios

Liquid Avatar Release | May 10, 2021

John Lennon walls and bridges - World-Renowned Artist May Pang Presents John Lennon’s Lost Weekend Experience, The "Walls and Bridges" NFT Collection, in Partnership with McCartney Multimedia and Oasis Digital Studios
Exclusive collection of never-before-seen photographs of John cinematically enhanced and created with AR-technology to be sold as limited edition, Non-Fungible Tokens (NFTs)

TORONTO, ON and VANCOUVER, BC and ERIE, PA and LOS ANGELES, CA and NEW YORK, NY / ACCESSWIRE / May 10, 2021 / Liquid Avatar Technologies Inc. (CSE:LQID)(OTC PINK:TRWRF)(FRA:4T51), ImagineAR Inc. (IP)(IPNFF), McCartney Multimedia Inc. and Oasis Digital Studios proudly announce a truly historical collaboration, revealing new, never-before-seen photos of Rock Legend, John Lennon, that drops for viewing today, as part of an exclusive group of 15 limited edition photographic and animated NFTs with AR enhancements, that recount the original inspiration of John's Walls and Bridges album cover art. Music enthusiasts and John Lennon fans will be able to purchase these NFTs in two special offerings, as original format, variations, and cinematics, starting May 19th, gaining digital ownership of a representation of a very personal time in his life. Most of these photos have never been seen publicly before and have been preserved as part of music history.

"I'm proud to share these portraits of John, which became the inspiration for the Walls and Bridges album artwork as NFTs, allowing music fans and collectors the opportunity to own a piece of music history," said May Pang, artist, and ex-partner of John Lennon. "I have kept them in my personal collection for almost 50 years and I am excited to present them in this new and innovative form. I know that John, a man of music and art who was always well ahead of his time, would have been excited to experience the emergence of NFTs."

This commemorative moment is made possible through Oasis Digital Studios. A preview of the collection has been made available, as of Sunday, May 9th, marking John's affinity for the number 9 at https://oasisdigitalstudios.com/nft-marketplace/

"We are very excited to launch this historical collaboration showcasing, through NFTs and augmented reality, an amazing time in John and May's life and work together," stated David Lucatch, Managing Director of Oasis and CEO of Liquid Avatar. "It's been an honor to work with May to share this personal collection of hers during a very cherished time in her and John's life and open them to music fans around the world as cinematically and Augmented Reality enhanced NFTs. We're grateful and honored to be able to bring these iconic photos to millions of John's fans around the world."

Walls and Bridges Album Cover Artwork - The Unknown Story.

The album cover for Walls and Bridges featured some of John Lennon's childhood drawings, including one portraying a game of football, specifically the goal scored by George Robledo in the 1952 FA Cup Final. That drawing also featured Newcastle United's number 9, Jackie Milburn; as a child, John lived at 9 Newcastle Road and it, along with his birth date, October 9th, fueled a lifelong fascination with that number. The album also features a series of photos of Lennon's face with different expressions. The front cover contained two flaps which, when folded, created several interchangeable "Lennon faces," some of them silly. This is where May came in.

See:  NFT Fire hose: Educational Resources

While discussing the creation of the album cover, John and May had an idea. They went up to the rooftop of the Record Plant Studios where he was recording at 321 W. 44th Street in NYC, and she started to take fun and candid photographs of John with her Nikon 35mm camera, capturing the playful essence that was the true John Lennon.

When the photos were developed, which you see now on the official landing page for the sale of these images as NFTs, they were well-received, but the 35mm format was not the right size for the album design requirements, and unlike digital images today, nothing could be done to change that back in 1974.

New photographs were taken by photographer Bob Gruen, based on the concept and designs that John and May created and the final art for the album was credited to Capitol's in-house designer Roy Kohara. May's photographs of John are a combination of works done both at the Record Plant Studios and John and May's home rooftop.

Walls and Bridges - The Album

In September 1973, while separated from 2nd wife Yoko, John and May Pang left New York for Los Angeles to promote Mind Games and began an 18-month relationship, which John affectionately and publicly referred to this period of his life as his "Lost Weekend."

While there, John embarked on a recording project -- a collaboration with Phil Spector, to record and produce an album of the old rock 'n' roll songs that inspired John to become a musician. The album, Rock ‘n' Roll, was ultimately completed in New York using the same musicians he used on Walls and Bridges.

See:  NFT Fire hose: Educational Resources

Walls and Bridges was John's the fifth studio album and captured his mindset and feelings in the midst of the "Lost Weekend." The album was released by Apple Records on September 26, 1974 in the United States and on October 4, 1974 in the United Kingdom. Walls and Bridges was an American #1 album in all three trade papers, Billboard, Cashbox and Record World and included two hit singles, "Whatever Gets You Thru the Night" which hit #1 and was John's first and only number-one hit as a solo artist in his lifetime and "#9 Dream" which fittingly peaked at #9 on the Billboard Hot 100, and #23 on the British singles chart.

The Walls and Bridges album was certified gold in the US and silver in the UK. As a surprise from John, May was awarded an RIAA, Recording Industry Association of America Gold Record for her contributions to the album.

View the original release --> here


NCFA Jan 2018 resize - World-Renowned Artist May Pang Presents John Lennon’s Lost Weekend Experience, The "Walls and Bridges" NFT Collection, in Partnership with McCartney Multimedia and Oasis Digital Studios The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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Oasis Digital Studios Presents – NFT webinar on April 13th – Myths, Markets, Media & Mania

Oasis Digital Studios and Liquid Avatar | Mar 28, 2021

Save the date NFTs myths markets media mania - Oasis Digital Studios Presents - NFT webinar on April 13th - Myths, Markets, Media & Mania

Our partners at Liquid Avatar Technologies and Oasis Digital Studios are hosting an NFT webinar on April 13, 2021 called Myths, Markets, Media & Mania.

Save the date!

Early registration here:  https://hello.liquidavatar.com/oasis-webinar-registration

 


NCFA Jan 2018 resize - Oasis Digital Studios Presents - NFT webinar on April 13th - Myths, Markets, Media & Mania The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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The Under-Appreciated Significance of Coinbase Going Public

Crowdfund Insider | | Mar 15, 2021

nasdaq - The Under-Appreciated Significance of Coinbase Going PublicOnce the Coinbase registration statement becomes effective and Coinbase shares trade publicly, a sea change will have occurred in the US without most people recognizing it.  Part of that unacknowledged difference will be the broader awareness of blockchain and cryptoasset trading it brings. It is both novel and important to have a public company dedicated to the emerging technology and the markets it creates.  It is cool that Coinbase founders, employees, and early investors will get rewarded for seeing the future before the rest of the world.  No doubt the event augers well for other blockchain and cryptoasset companies going public.  Oh, and Coinbase is doing it by direct listing, rather than an old-fashioned underwritten offering or new-fangled SPAC.

Yet the significance of the Coinbase registration statement goes far beyond these important markers. 

First, it provides something for everyone: it sets the definitions most people will use when they talk about blockchain and cryptoassets. 

Second, it provides something specific to Coinbase: a measure of insulation from a regulatory challenge; not forever, not completely, but in a way that should not be underestimated.

See:  Coinbase’s Direct Listing Pushed Back to April

Definitions are important:  Scrolling through the registration statement, the first thing you hit after the SEC form stuff and Coinbase’s short and sweet mission statement is “Glossary to the Cryptoeconomy”.  It defines 32 words or phrases that are critical to understanding blockchains, cryptoassets, and Coinbase’s business.  So critical are these terms that they appear even before Brian Armstrong’s letter introducing the company and its vision, before the summary financials and before the summary risk factors.

These definitions are bound to become the go-to reference for people talking about blockchain and trying to understand what it is all about. 

US regulators and policymakers will have their glossary of terms for legislation and rulemaking as well as speeches and informal conversation.

Scrolling through the registration statement, the first thing you hit after the SEC form stuff and Coinbase’s short and sweet mission statement is “Glossary to the Cryptoeconomy”. It defines 32 words or phrases that are critical to understanding blockchains, cryptoassets

We blockchain denizens spend lots of time trying to explain concepts to anyone who will listen. Many of the terms have real legal and regulatory consequences; their usage is not limited to the domain of programmers or HODLers (yes, HODL is one of the 32).  As the law and rules grapple with cryptoassets (defined) and blockchain (defined), as financial authorities and other regulators write new rules and interpretations about forks (defined but no distinction between “hard fork” and “soft fork”), wallet (defined, as is “hot wallet” and “cold storage”), stablecoins (defined; no coincidence that the Glossary only mentions USDC, created by Coinbase) and DeFi (defined), the Coinbase Glossary will be the starting point.

See:  A blog post by Coinbase’s CEO has raised a fury. Will it affect a potential IPO?

This also means that the descriptions throughout the prospectus (especially but not exclusively in the Risk Factors section on “Risks Related to Crypto Assets”) will become the guidepost for concepts and ideas about blockchain, cryptoassets, and their trading, and the world that is growing up around both. 

Note that “cryptoeconomy” and “ecosystem partners” are in the Glossary but “metaverse” is not.  Spellcheck is even learning new terms as I write this article!

The Risk Factors discuss the “high degree of uncertainty” about definitions of “security” in many jurisdictions. 

Going through the process is important: Which brings us to the Coinbase-specific benefit of some insulation against enforcement action.  Make no mistake: this is not a “get out of jail free” card.  Nevertheless, the process at the SEC before this registration statement is declared effective will be rigorous. 

It will scrutinize all aspects of Coinbase’s business and the descriptions in the document, including the Risk Factors.  The SEC will have a chance to ask any questions they want, learn as much about Coinbase’s business and regulatory footprint as they want.  The easy problems, if any, will be found and that will make it harder for the SEC to claim that Coinbase does not have proper licenses for its business, harder to let years go by before raising concerns over regulatory issues, and harder to criticize current activities once the registration statement is effective.

See:  United States: Virtual Currencies Regulatory Overview (and Comparative Guide)

Coinbase has an extensive discussion in the Risk Factors about the level of regulation that impacts its business and operations.  The description offers no illusions that the path is easy, in part due to policymakers remaining uncertain and in part, because they will face regulation from many jurisdictions, not just from single country. It also includes an acknowledgement that they are subject to competition from unregulated players.  Although couched in the standard, somewhat sterile registration statement language, these Risk Factors make it clear that regulatory risk is no joke, both in the sense that regulators may impose huge burdens but also with the view that there will be some sleepless nights for an organization with responsibility to public shareholders.

Continue to the full article --> here


NCFA Jan 2018 resize - The Under-Appreciated Significance of Coinbase Going Public The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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NBA Top Shot: What you should know about the new NBA craze in digital investing in collectibles

CBS Sports |  | March 2, 2021

Something rather typical happened for an atypical reason on Feb. 25: A community within NBA Twitter was mad online. No, these weren't Denver Nuggets fans up in arms over their close loss to the lowly Washington Wizards, despite a 34-6-6 performance from Jamal Murray. Nor were they frustrated Los Angeles Clippers fans complaining about their team's stars being unable to do much against a Memphis Grizzlies squad that only just returned to a .500 record. They weren't even fans preemptively whining over their favorite superstar getting snubbed from this year's All Star Game.

No, this was a relatively new group of people, sitting on the intersection of hoops fandom, memorabilia collection and digital investing, while looking to get into what's been described as the next big thing for those who belong to any of those three crowds: NBA Top Shot. Before getting into what tilted some of that base last week, let's first get into what Top Shot is, exactly.

See:  The Outer Space Men are Landing at Liquid Avatar

NBA Top Shot is an online company launched by Vancouver-based blockchain company Dapper Labs, and backed by the NBA, that allows users to procure a collection of digital basketball highlights, and then show off that collection to others. To get these NBA highlights, which are referred to as "moments," actual money must be spent in some way, either through purchasing digital packs containing a random assortment of these moments, or through spending money in the marketplace.

These moments range in designated rarity, and are artificially scarce based on where they land in the rarity scale.

In Top Shot's own words, it is providing "next level NBA collectibles." In other words, this whole experience can be generously compared to card collecting, just in a digital format. It's what initially drew many to the process, including Alex Xu, a member of the founding team at 0x.org, a not-for-profit that helps developers build their own decentralized cryptocurrency exchange.

"Growing up I collected Pokémon cards and I'll never forget the thrill of opening a pack, hoping for a holographic Charizard," Xu told CBS Sports. "When I heard of NBA Top Shot in January, I bought a pack and the nostalgia immediately hit. As an NBA fan, owning specific moments from my favorite players was a concept that was so cool. I've been collecting moments ever since."

He went on to explain that its comparison to investing in cryptocurrency piqued his interest even more -- especially since this was something he could get into earlier in the product cycle than, say, Bitcoin -- and further research helped notice that things like Top Shot could become a huge market.

See:  3 Ways Digital Assets Will Reshape The World

"Then I paid some attention to Top Shot's user base grow insanely fast all while on a glitchy beta platform," he continued. "Coupling that with the clear support of the NBA, I was at least sold that the idea had a legitimate chance to scale."

The growth is something of a selling point for the company as it's still in its beta stage. When Brian Windhorst of ESPN wrote on Top Shot on Feb. 16, the numbers were as follows: "Top Shot has gained traction with more than 50,000 users having bought in and spent more than $65 million in the process, according to crypto tracker CryptoSlam."

That same tracker now lists over 88,000 buyers and over $278 million in sales, as of March 2.

Continue to the full article --> here


Daily Hive | Sam Chan | March 1, 2021

$2B Vancouver crypto company becomes Wall Street of digital collectibles

In partnership with the NBA and NBPA, Dapper Labs (parent company of NBA Top Shot) captures specific digital NBA moments to sell online in digital “packs” to anyone who wishes to have them.  Each moment is limited in nature and lives on Dapper’s own blockchain named Flow. As you purchase a moment either through a pack or Top Shot’s Marketplace (more on that later), it becomes yours and your (user)name is attached to that moment and etched onto the blockchain ledger forever.

I know what you’re thinking — what a waste of money, I can just YouTube that LeBron dunk.  You’re right, you can. But there’s a huge difference between Googling an image of Mona Lisa and owning the Mona Lisa, or an authentic digital version released by Leonardo da Vinci.

See:  LabCFTC Releases Primer on Digital Assets

One37pm does a terrific job of explaining the concept of Non Fungible Tokens (NFTs, the technology that makes Top Shot moments scarce), so I would advise you to read up there if you’re not sold.top shot alex xu - NBA Top Shot:  What you should know about the new NBA craze in digital investing in collectibles

Now, back to the marketplace which has become a phenomenon on its own. At its core, it’s no different than eBay or Facebook marketplace where someone can post an asset they own for the price that they wish to sell it for.  If another user decides that price is worth paying, the asset (in this case, the moment) gets transferred to them

and that’s also etched on the blockchain.

Here’s where it starts getting crazy.

Let’s use this no look LeBron James 3-Pointer as an example. At the time of writing, it’s going rate is about US$1,450 per moment. There are only 12,000 of these moments, period. But imagine, thousands of people picked up this “common” moment in a $9 common pack (or paid $3 for the moment)

To put this into context, let me compare it to something else that’s had the whole world talking in the last month: GameSpot shares.

See:  GameStop Testimony: When Short Sellers, Social Media, and Retail Investors Collide

If you had purchased $GME at the lowest point in the last 52 weeks, that would have been $2.57 per share. And if you somehow had hindsight goggles and sold at its absolute peak, you would have sold at $483 per share, meaning a 188x profit, an absurdly crazy return.

However, by that same math — if you pulled a LeBron James in a common pack for $3, at a $1450 sale, that’s a 483x return, or more than 2.5x my absurd $GME example. And the value of LeBron James’s moment is still rising!

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NCFA Jan 2018 resize - NBA Top Shot:  What you should know about the new NBA craze in digital investing in collectibles The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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