Digital Asset Segment of Cryptocurrency Became Largest Revenue Share For Global NFT Market

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Apr 26, 2022, 08:45 ET

FinancialNewsMedia.com News Commentary

PALM BEACH, Fla. , April 26, 2022 /PRNewswire/ -- NFTs are cryptographic assets on the blockchain which include unique identification codes and metadata that identify them from one another. They cannot be traded or exchanged for equivalency. Because of the rapidly advancing digital economy, rising consumer awareness of crypto currencies, blockchain technology, and NFT, and the rising trend of owning true, original, and real possessions such as music audio, movie, video, lyrics, pictures, or portraits, the Non-Fungible Token (NFT) market share is expected to grow rapidly. Consumer awareness and demand are great ways to build a market and the Global Non-Fungible Token (NFT) market, has seen both those momentum builders growing rapidly over the last year and are expected to do so through 2030 according to Proficient Market Insights, who said: "NFTs are cryptographic assets on the blockchain which include unique identification codes and metadata that identify them from one another. They cannot be traded or exchanged for equivalency. Because of the rapidly advancing digital economy, rising consumer awareness of cryptocurrencies, blockchain technology, and NFT, and the rising trend of owning true, original, and real possessions such as music audio, movie, video, lyrics, pictures, or portraits, the Non-Fungible Token (NFT) market share is expected to grow rapidly." A report from Emergen Research projected that the global Non-fungible Token (NFT) market size reached USD 50.10 Billion in 2021 and is expected to register a revenue CAGR of 10.7% during the forecast period. Increasing demand for digital artworks is a key factor expected to drive market revenue growth over the forecast period. Active Companies in the markets today include Asia Broadband Inc. (OTCPK:AABB), Marathon Digital Holdings, Inc. (NASDAQ:MARA), HIVE Blockchain Technologies Ltd. (NASDAQ:HIVE) (TSXV:HIVE), Hut 8 Mining Corp. (NASDAQ:HUT) (TSX:HUT), Bitfarms Ltd. (NASDAQ:BITF) (TSXV:BITF).

The Emergen Research report said: "Digital art is defined as art that is created or displayed utilizing digital technology. Non-fungible tokens are valuable to artists because these secure the authenticity and originality of blockchain representations of creative works… Rising awareness of and demand for digital artworks are some key factors expected to drive global non-fungible token market revenue growth in the near future. Digital asset segment accounted for largest revenue share in the global non-fungible token market in 2021 and Digital asset segment is expected to lead in terms of revenue contribution to the global NFT market during the forecast period. (2030). Collectibles segment accounted for largest revenue share in the global non-fungible token market in 2021. The global non-fungible token market is segmented into collectibles, art, gaming, utilities, metaverse, sport, and others based on application. Collectibles segment is expected to lead in terms of revenue share during the forecast period. Collectibles are valuable items that collectors seek and purchase. Collectors can range from traders seeking short-term gains to crypto magnates who like collecting items. Art, music, clips, sports, and games are just a few of the categories."

Asia Broadband Inc. (OTCPK:AABB) BREAKING NEWS - Asia Broadband Completes $2.8 Million Directors' Investment To Advance Expansion Programs - Asia Broadband Inc. ("AABB" or the "Company is pleased to announce that the Company has received a total of $2.8 million from the four directors of the Company for the purchase of preferred shares. A total of 28 million non-convertible, preferred shares were issued at the par value of $0.10 per share with each share having 100 voting rights and equal participation with common shares for all future dividends. The Company President and CEO, Chris Torres, purchased $2.4 million of the total preferred share issuance. The entire $2.8 million share sale proceeds will be allocated to the Company's capital expansion programs.

"Our entire management team is committed to the Company's growth and profitability and we have emphatically demonstrated this with a substantial long-term investment to fuel the expansion of our gold production and digital asset divisions. Our focus and determination to succeed in every area of the Company's business has intensified now with our capital contribution", affirmed Chris Torres, AABB President and CEO.

AABB continues to implement its mining production and acquisition strategy to optimize capital utilization by focusing operations in regions of Mexico where AABB has a comparative advantage of development resources and expertise available for accelerated expansion and duplication of the Company's previous gold production success. Additionally, the Company's digital asset division that includes the AABBG cryptocurrency token, AABB Wallet, AABB Exchange and NFT's continues to develop and expand rapidly into 2022. CONTINUED… Read this full release for Asia Broadband at: https://www.financialnewsmedia.com/news-aabb/

Other recent developments in the mining markets include:

Marathon Digital Holdings, Inc. (NASDAQ: MARA) recently announced the company will hold a webcast and conference call on Wednesday, May 4, 2022 at 4:30 p.m. Eastern time to discuss its financial results for the first quarter ended March 31, 2022. Financial results will be published in a press release prior to the call and available on the investor relations section of the Company's website at ir.marathondh.com

To register to participate in the conference call, or to listen to the live audio webcast, please use this link. The webcast will also be broadcast live and available for replay via the investor relations section of the Company's website at ir.marathondh.com

Earnings Webcast and Conference Call Details

Date: Wednesday, May 4, 2022

Time: 4:30 p.m. Eastern time (1:30 p.m. Pacific time)

If you have any difficulty connecting with the conference call, please contact Marathon's investor relations team at [email protected]

HIVE Blockchain Technologies Ltd. (TSXV:HIVE) (NASDAQ:HIVE) recently announced the production figures from the Company's global Bitcoin and Ethereum mining operations for the month of March 2022, with a BTC HODL balance of 2,568 Bitcoin and 16,196 Ethereum as of April 3, 2022. In addition to this the Company is pleased to announce two milestone accomplishments of reaching 2 Exahash of Bitcoin mining and 6 Terahash of Ethereum mining this month.

Hut 8 Mining Corp. (NASDAQ:HUT) (TSX:HUT), one of North America's largest, innovation-focused digital asset mining pioneers, supporting open and decentralized systems since 2018, recently announced that it has entered into an agreement with TAAL to conclude its hosting relationship and purchase 960 MicroBT Whatsminer M31S+ effective May 1, 2022. The ASIC miners are currently installed and running at the company's mining facility in Medicine Hat on behalf of TAAL.

The machines are expected to provide an immediate incremental hashrate of 81 PH/s, bringing Hut 8's total hashrate to 2.62 EH/s.

"The incremental capacity will deliver an immediate hashrate benefit as ASIC miners are already on-site, installed and hashing," said Jaime Leverton, Chief Executive Officer of Hut 8. "Over the past 18 months, we have pursued a strategy that is unique among our peer group: in addition to digital asset mining, we support clients with high performance computing, cloud hosting, and collocation services at our five Canadian data centres so they can succeed in the burgeoning Blockchain and Web 3.0 industries."

Bitfarms Ltd. (NASDAQ:BITF) (TSXV:BITF), a global Bitcoin self-mining company, recently announced it initiated production at Leger, located in Sherbrooke, Québec, increasing our operational hashrate to 3 exahash per second (EH/s). The initial deployment at Leger brought online 16 megawatts (MW) of its planned total of 30 MW of capacity. Approximately 2,500 of the latest generation miners have already been made operational immediately adding over 250 petahash per second (PH/s) to the Company's hashrate with more miners scheduled to be installed in the coming days.

"By achieving the 3 EH/s hashrate, I am proud to report we achieved our 3 EH/s milestone within days of our target date and that we were able to successfully navigate an ever-changing logistics landscape without significant delay," said Emiliano Grodzki, CEO of Bitfarms. "Our newer farms, like Leger and The Bunker, benefit from Bitfarms' expertise of building mining facilities over the last 5 years, and these locations incorporate the latest in design and operate with higher efficiencies and uptimes."

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