2024 Paris Olympics Mascot NFTs 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. This announcement was made by nWay, a subsidiary of Animoca Brands that focuses on the Web3 industry. The release of these NFTs is done through the My Olympic™ Rewards and Coinbase’s Onchain Summer events.
The NFTs introduced by nWay represent the mascots of the 2024 Paris Olympics in digital badge form. They aim to capture the spirit and energy of the Olympics as 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 shows 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 being August 12th. Users will need to go to the Magic Eden platform for redemption.
Why choose Base for the release?
Base is an Ethereum Layer2 created and designed by Coinbase, with the aim of making asset transfers simpler and more cost-effective. Users can apply for and redeem NFTs through Base-supported crypto wallets. Onchain Summer is an event launched by Coinbase last year, inviting creators to publish their projects on Base. This event allows creators to directly receive rewards from supporters in a nearly fee-less manner, maintain full ownership of their original digital works, and establish direct relationships with the community.
Jesse Pollak, the creator of Base, expressed excitement about the release of the Paris 2024 Olympics mascot NFT digital badges. This release not only showcases a part of Olympic history but also demonstrates the potential of Onchain technology in connecting brands more closely with fans.
nWay’s technological assistance for the Olympics
nWay is a subsidiary of Animoca Brands, a leading publisher and developer of multi-platform games. The company has extensive experience in providing AAA mobile and console games such as “Wreck League,” “Power Rangers: Battle for the Grid,” “Power Rangers: Legacy Wars,” “Olympic Games Jam: Beijing 2022,” and “ChronoBlade.”
The developers and senior executives at nWay have decades of experience in the gaming industry. They apply this experience to create innovative Web3 gaming products and have previously assisted in issuing NFTs for the 2020 Tokyo Olympics. This collaboration further solidifies nWay’s leadership position in the digital asset industry.
Animoca Brands’ successful investment in digital assets? Q1 growth of 72%
In addition, Animoca Brands’ investor update report for Q1 2024 shows a growth rate of 72%. The report states that the Q1 2024 booked revenue was $90 million, compared to $52 million in the same period last year.
In this growth, Animoca Brands’ digital asset consulting services (such as token consulting, trading, and blockchain node operations) generated revenue of $65 million. Collaborations with Web3 subsidiaries and startups contributed $19 million, while investment management contributed $6 million.
The company’s financial performance has also been impressive, with operating expenses reduced by 14%.
Furthermore, cash and stablecoin assets grew significantly by 66%, from $175 million as of the end of December 2023 to $291 million as of March 31, 2024. This is mainly due to token earnings held by Animoca Brands’ subsidiary, The Sandbox.
The strong performance in Q1 and the upcoming release of Olympic NFTs indicate Animoca Brands’ robust growth and innovation in the digital asset industry. With the 2024 Paris Olympics approaching, the future prospects for Animoca Brands are undoubtedly bright.