U.S. Global Investors Announces Strategic Investment in NFT Business via Network Entertainment
October 27 2021 - 4:50PM
U.S. Global Investors, Inc. (Nasdaq: GROW) (the “Company”), a
registered investment advisory firm that focuses on specialized
markets around the world, is pleased to announce that it has
purchased 1 million shares of Network Entertainment, Inc.
(“Network”) in its recent financing. The investment is intended to
provide exposure to Network’s emerging non-fungible token (NFT)
business, adding to the Company’s established participation in the
digital asset ecosystem.
Trading as Network Media Group, Inc. (TSX.V: NTE.V) (OTCMKTS:
NETWF), Network Entertainment is an award-winning media production
company that has produced dozens of feature documentaries,
documentary series and related premium content. Among Network's
most popular programming includes its highly-rated “I Am” slate of
feature documentaries for Paramount, which have spotlighted some of
the biggest names in entertainment, sports and activism from the
20th century, including Bruce Lee, Chris Farley, Patrick Swayze,
Richard Pryor and JFK Jr.
Capitalizing on its global reputation as creators and producers
of premium content, Network has recently announced that it intends
to create and distribute NFTs using existing and upcoming
content.
Readers are urged to click here to visit
Network’s website to explore its rich content.
GROW Getting Early Exposure to the NFT Craze
The Company sees great potential in what Network has planned for
its intellectual property, and it is keen to explore the nascent
NFT space as a complement to its investment in HIVE Blockchain
Technologies, Inc. (Nasdaq: HIVE), which has also invested in
Network. The Company owns unsecured convertible HIVE debentures as
well as common share purchase warrants.
“We’re backing a strong team at Network Entertainment,” says
Frank Holmes, Company CEO and chief investment officer, as well as
Executive Chairman of HIVE. “I’ve known Network Board Member Tim
Gamble for years, who’s a true visionary, having co-founded and
been a former CEO of Thunderbird Entertainment Group, Inc. (TSX.V:
TBRD). Network has such 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 digital
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. HIVE, therefore, is well positioned to
benefit from the increased need for Ether, making this investment a
potential win-win for GROW as well as HIVE.”
NFTs Generated a Record $10.7 Billion in Sales in the Third
Quarter
NFTs are unique, non-interchangeable crypto assets that provide
proof of ownership of a digital item such as an image, song, meme,
tweet or video clip. Ownership is recorded on a publicly open
blockchain platform, often the Ethereum network, allowing owners to
buy and sell NFTs on specialized marketplaces in place of the
property they represent.
Like cryptos in general, NFTs are a booming new market, having
seen $10.7 billion in trading in the third quarter of 2021, up from
just $28 million a year earlier. Many celebrities and content
creators, including Snoop Dogg, Paris Hilton, Tony Hawk and Martha
Stewart, have participated in the space. Coinbase, one of the
world’s largest crypto exchanges, recently announced plans to
launch Coinbase NFT, a “peer-to-peer marketplace that will make
minting, purchasing, showcasing and discovering NFTs easier than
ever,” according to the company’s website. Within 24 hours of its
October 12, 2021, announcement, Coinbase NFT had acquired more than
1 million names to its waitlist.
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About U.S. Global Investors, Inc.
The story of U.S. Global Investors goes back more than 50 years
when it began as an investment club. Today, U.S. Global Investors,
Inc. is a registered investment adviser that focuses on niche
markets around the world. Headquartered in San Antonio, Texas, the
Company provides money management and other services to U.S. Global
Investors Funds and U.S. Global ETFs.
Frank Holmes has been appointed non-executive chairman of the
Board of Directors of HIVE Blockchain Technologies. Both Mr. Holmes
and U.S. Global Investors own shares of HIVE. Effective 8/31/2018,
Frank Holmes serves as the interim executive chairman of HIVE.
- NFT Sales Surged to $10.7 Billion in the Third Quarter
Holly Schoenfeldt
U.S. Global Investors, Inc.
210.308.1268
hschoenfeldt@usfunds.com
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