HIVE Announces Investment in Network EntertainmentOctober 27, 2021
HIVE Blockchain Technologies announced today that the company has agreed on an investment worth 450,000 Canadian Dollars in Network Entertainment, a prominent media production company. HIVE aims to expand its presence in the emerging market of non-fungible tokens through the latest strategic investment.
Network Entertainment created several documentaries and gained media exposure around the world. The company recently announced that it is planning to create and distribute NFTs. To achieve that target, Network announced the appointment of blockchain and digital asset investment expert Tom Lombardi to the role of Strategic Advisor for NFT research and development in September.
Investors from different parts of the world invested billions of dollars in NFTs during the last few months. NFTs generated a record-breaking $2.5 billion in H1 2021. HIVE aims to take advantage of the growing popularity of NFTs through the latest investment.
“We’re backing a strong team at Network Entertainment. I’ve known 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 a rich portfolio of intellectual property, and I’m excited to see how it can be monetized using NFTs,” HIVE Executive Chairman Frank Holmes commented on the latest announcement.
HIVE’s Mining Activities
In 2021, HIVE expanded its mining capacity substantially to meet the growing demand. As a result, the company saw a significant jump in its revenues during the recent quarter. For the quarter ended 30 June 2021, HIVE Blockchain mined 225 Bitcoin and over 9,700 Ethereum.
“A crypto mining firm with facilities in Sweden, Iceland, and Canada, HIVE is keen to explore the NFT space, and it sees great potential in what Network Entertainment has planned for its intellectual property (IP). Toward that end, the Company is investing CAD$450,000 in Network, the equivalent of 3 million shares at CAD$0.15,” HIVE highlighted in the press release.
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