2024 Paris Olympics Mascot NFT to be Released on Base
As the 2024 Paris Summer Olympics approaches, digital badges known as NFTs have been launched on Base to celebrate the event. The announcement was made by nWay, a subsidiary of Animoca Brands that focuses on the Web3 industry, and the release is carried out through My Olympic™ Rewards and Coinbase’s Onchain Summer event.
The NFTs, introduced by nWay, represent the mascot digital badges of the 2024 Paris Olympics and aim to capture the spirit and energy of the games in the form of digital collectibles. These NFTs come in two designs and two rarity levels: Epic and Legendary. The first design features the waving image of the Paris 2024 mascot, while the second design showcases the mascot holding a flag. These NFTs can be applied for starting from July 9th through Coinbase’s Onchain Summer event, with the application deadline set for August 12th. Users are required to go to the Magic Eden platform for redemption.
Why Choose Base for the Release?
Base is an Ethereum Layer2 designed and created by Coinbase, with the goal of simplifying and making asset transfers more cost-effective. Users can apply for and redeem NFTs through Base-supported crypto wallets. Onchain Summer is an event initiated by Coinbase last year, aiming to invite creators to release their projects on Base. This event allows creators to directly receive rewards from supporters in a nearly feeless manner, while retaining full ownership of their original digital works and establishing direct connections with the community.
Jesse Pollak, the creator of Base, expressed excitement about the release of the Paris 2024 Olympics mascot NFT digital badges, stating that this release not only showcases a part of Olympic history but also demonstrates the potential of Onchain technology to bring brands and fans closer together.
nWay’s Technological Support for the Olympics
nWay is a subsidiary of Animoca Brands, a leading publisher and developer of multi-platform games. The company has rich experience in providing AAA mobile and console games, including “Wreck League,” “Power Rangers: Battle for the Grid,” “Power Rangers: Legacy Wars,” “Olympic Games Jam: Beijing 2022,” and “ChronoBlade.”
The developers and senior executives of nWay have decades of experience in the gaming industry, which they apply to creating innovative Web3 gaming products. They have previously collaborated on releasing NFTs for the 2020 Tokyo Olympics. This collaboration with the Olympics further solidifies nWay’s leadership position in the digital asset industry.
Successful Investments in Digital Assets by Animoca Brands? 72% Growth in Q1
In addition, Animoca Brands’ investor update report for Q1 2024 shows a yearly growth rate of 72%. The report states that the Q1 2024 pre-revenue amounted to $90 million, compared to $52 million in the same period last year.
Within this growth, Animoca Brands’ digital asset advisory services, such as token consulting, trading, and blockchain node operations, generated $65 million in revenue. Collaborations with Web3 subsidiaries and startups contributed $19 million, while investment management contributed $6 million.
The company’s financial performance has also been excellent, with operating expenses reduced by 14%.
Furthermore, cash and stablecoin assets have significantly increased by 66%, from $175 million at the end of December 2023 to $291 million on March 31, 2024, mainly due to token earnings held by Animoca Brands’ subsidiary, The Sandbox.
The impressive performance in Q1 and the upcoming release of Olympic NFTs indicate Animoca Brands’ strong growth and innovation in the digital asset industry. With the 2024 Paris Olympics approaching, the development prospects for Animoca Brands are undoubtedly brighter.
This article is a collaborative reprint from Cryptocity.