U.S. Global Investors, Inc. (Nasdaq: GROW) (the “Company”), a registered investment advisory firm that focuses on specialized markets around the world, is pleased to announce that it has purchased 1 million shares of Network Entertainment, Inc. (“Network”) in its recent financing. The investment is intended to provide exposure to Network’s emerging non-fungible token (NFT) business, adding to the Company’s established participation in the digital asset ecosystem.
Trading as Network Media Group, Inc. (TSX.V: NTE.V) (OTCMKTS: NETWF), Network Entertainment is an award-winning media production company that has produced dozens of feature documentaries, documentary series and related premium content. Among Network’s most popular programming includes its highly-rated “I Am” slate of feature documentaries for Paramount, which have spotlighted some of the biggest names in entertainment, sports and activism from the 20th century, including Bruce Lee, Chris Farley, Patrick Swayze, Richard Pryor and JFK Jr.
Capitalizing on its global reputation as creators and producers of premium content, Network has recently announced that it intends to create and distribute NFTs using existing and upcoming content.
Readers are urged to click here to visit Network’s website to explore its rich content.
GROW Getting Early Exposure to the NFT Craze
The Company sees great potential in what Network has planned for its intellectual property, and it is keen to explore the nascent NFT space as a complement to its investment in HIVE Blockchain Technologies, Inc. (Nasdaq: HIVE), which has also invested in Network. The Company owns unsecured convertible HIVE debentures as well as common share purchase warrants.
“We’re backing a strong team at Network Entertainment,” says Frank Holmes, Company CEO and chief investment officer, as well as Executive Chairman of HIVE. “I’ve known Network 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 such a rich portfolio of intellectual property, and I’m excited to see how it can be monetized using NFTs. Most NFTs operate on the Ethereum network, as does its native digital currency Ether, which HIVE mines, along with Bitcoin, using only 100% green renewable energy. As NFTs increase in demand, so too should the demand for Ether. HIVE, therefore, is well positioned to benefit from the increased need for Ether, making this investment a potential win-win for GROW as well as HIVE.”
NFTs Generated a Record $10.7 Billion in Sales in the Third Quarter
NFTs are unique, non-interchangeable crypto assets that provide proof of ownership of a digital item such as an image, song, meme, tweet or video clip. Ownership is recorded on a publicly open blockchain platform, often the Ethereum network, allowing owners to buy and sell NFTs on specialized marketplaces in place of the property they represent.
Like cryptos in general, NFTs are a booming new market, having seen $10.7 billion in trading in the third quarter of 2021, up from just $28 million a year earlier. Many celebrities and content creators, including Snoop Dogg, Paris Hilton, Tony Hawk and Martha Stewart, have participated in the space. Coinbase, one of the world’s largest crypto exchanges, recently announced plans to launch Coinbase NFT, a “peer-to-peer marketplace that will make minting, purchasing, showcasing and discovering NFTs easier than ever,” according to the company’s website. Within 24 hours of its October 12, 2021, announcement, Coinbase NFT had acquired more than 1 million names to its waitlist.
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