HIVE Announces Strategic Investment in Non-Fungible Token Business

HIVE Blockchain Technologies, the first cryptocurrency mining company with a green energy and ESG strategy, announced that it has agreed on an investment worth 450,000 Canadian Dollars in Network Entertainment, an award-winning media production company.

According to the press release, the investment is a means to expand HIVE’ presence in the emerging market of non-fungible tokens (NFTs). NFTs are crypto assets that represent ownership of a unique digital item such as an image, song, meme, tweet or video clip. Ownership is recorded on an open blockchain, often the Ethereum network, allowing owners to buy and sell an NFT on a specialized marketplace in place of the property it represents.

HIVE made the investment as it sees great potential in what Network Entertainment has planned for its intellectual property (IP). Other investors in Network include U.S. Global Investors, Inc., which owns unsecured convertible HIVE debentures as well as common share purchase warrants.

“Network has a rich portfolio of intellectual property, and I’m excited to see how it can be monetized using NFTs,”HIVE Executive Chairman Frank Holmes said.”As NFTs increase in demand, so too should the demand for Ether. HIVE is well positioned to benefit from the increased need for Ether, making its investment in Network a potential win-win for both companies.”

Earlier this month, HIVE has posted its financial figures in the first quarter 2021​, ended 30 June 2021. The company posted a significant jump in gross revenue and net income.