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Tech

Sports teams want a slice of the NFT market

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NFTs are already booming in the art and music world; there were reportedly $416m in NFT art sales in January and February this year. Now, Australian sport wants to get in on the game

For more we’re joined by Mat Cole from ACT Capital Partners

Non Fungible Tokens (NFT) are a unit of data on the blockchain that proves ownership of a digital asset such as a photo, video, or other digital file. They represent an asset with a unique identifier that can be sold or traded.

During the first quarter of 2021, sales surpassed $2 billion.

A NFT of a LeBron James dunk video sold for US$375,000 last year. The Top Shots series, which the video was a part of, totaled US$500 million in trades and sales in the first three months of 2021.

Now the National Basketball League, Melbourne Victory, and Golf Australia are some of the sporting organisations investigating how to enter the market.

Sporting organisations aren’t the only ones posed to make money in the NFT market.

Mat Cole, from ACT Capital Partners, said that athletes can make money from Non Fungible Tokens (NFT), but the secondary market for them can be even more lucrative.

“If you’re an athlete, and someone approaches you to do an NFT deal with you, you might get 100 grand upfront,” Cole said.

“What you have to be understanding of is if there is a secondary market for that NFT and you’re not a part of that, you could be missing out on 100 times what you’ve been paid up front, provided that NFT has a secondary market.”

Secondary markets include people trading NFTs after buying them to other people.

Cole argues that not all NFTs will prove profitable for traders, and people wanting to buy or trade them in a secondary market is important in ensuring that the asset doesn’t lose value.

“Is that NFT is going to be traded at a high volume after it’s initially been printed? If not it’s going to be worth $100 today and 20 cents tomorrow.” Cole said.

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Leaders

Critics voice concerns over rushed social media ban

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The Australian legislation, pushed through Parliament with 33 other bills on the last sitting day, has sparked debate due to its rapid approval and limited public consultation.

While proponents argue the ban addresses mental health issues linked to excessive social media use, critics, including cybersecurity experts, warn of potential unintended consequences, such as driving young users to unregulated platforms.

Concerns also extend to the single-day consultation period, which saw 15,000 responses, indicating the community’s deep interest in the issue.

Craig Ford, co-founder of Cyber Unicorns, joined to discuss the controversial legislation.

He advocated embedding robust cyber education in schools as a more sustainable solution, highlighting the need to foster digital literacy among young Australians.

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Temu trouble for toy market as Christmas fast approaches

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The e-commerce platforms, known for cheap fast fashion, are now doubling down on toys just in time for the holidays.

 

These apps, often dubbed “digital dollar stores,” are gaining ground with bargain-hunting shoppers.

Toys have become one of Shein’s fastest-growing categories, with double-digit sales growth year-over-year. But regulators and toy companies warn about counterfeit goods on these platforms, raising safety concerns. Products resembling Mattel’s Hot Wheels and Spin Master’s Ms. Rachel dolls have been flagged as potential knock-offs.

Despite these warnings, companies like MGA Entertainment are considering selling on these platforms to tap into their growing user base. Shein and Temu are aggressively courting sellers, offering incentives like fee waivers and expanded access.

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Leaders

Decentralisation is positioned to redefine internet infrastructure

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Depin technology is empowering users, allowing individuals to own, store, and curate their own data.

Depin is redefining how the internet operates by decentralising physical infrastructure, enabling users to own, store, and control their data.

This groundbreaking approach utilises decentralised nodes to enhance speed, security, and resilience while reducing dependence on centralised providers.

The technology offers a user-powered network that removes the vulnerabilities inherent in traditional centralised systems, addressing issues like outages and censorship.

By creating a decentralised ecosystem with over 13,500 nodes globally, it builds a more robust and accessible internet experience.

The concept borrows principles from blockchain and cryptocurrencies, enabling individuals to participate directly in network management.

CEO and co-founder of Influx Technologies, Daniel Keller, joins to discuss the transformative data technology.

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