WTF is ItsMyne?
ITSMYNE is an NFT marketplace that caught our attention for a few reasons. We all know NFTs are trending, and OpenSea leaves a lot to be desired, so niche marketplaces are emerging. ITSMYNE is focused squarely on official sports NFTs.
From collectibles like trading cards to fan tokens of some of the world's most famous athletes and teams, this marketplace empowers sports enthusiasts to use their fiat money and cryptocurrencies to buy, trade and talk about digital collectibles in one common, curated platform.
As a result of the increasing dominance of the sports sector in the NFT marketplace segment, many sports leagues, federations, and affiliated businesses are entering the blockchain space - launching tokens, selling naming rights, NFTizing their assets. Not sure who's reading this, so let's back up before we face forward!
NFT in Sports
NFTs (non-fungible tokens) represent two types of assets – tangible and non-tangible. They get a unique value once they receive permission for tokenization. Companies create NFTs by collaborating with respective blockchains to ensure that they provide transaction security.
Sports NFT marketplaces give the sports industry an additional avenue to make money while directly engaging with fans. For example, NBA Top Shot made the most of this opportunity by starting its own NBA-themed digital collectibles marketplace. Here’s how the concept works:
Many people who couldn’t watch the games live settle for watching the highlights. However, many fan simply want to see the best highlights of the night. The NBA sports marketplace started recording the matches and clipped these unique moments, including unbelievable dunks and game-winners, and uploaded them online to the respective NFT marketplace. This attracted a lot of views among NBA fans who wanted to see (and own) these amazing moments, each representative of a unique moment in sports history. The process led to the marketplace making a hefty revenue ($700M in 12 months), thanks to a passionate community of basketball fans and NFT HOLDers from across the globe.
You may wonder how the ITSMYNE sports NFT marketplace is different from the conventional marketplace. Well, the traditional marketplace model is purely transactional and doesn’t pay attention to community interactions between the community members and from community members to the sellers. On the other hand, the social-plus NFT marketplace, which is how ITSMYNE is defined, is just the opposite. It gives a platform where viewers can enjoy to their fullest instead of thinking about how much money they can afford to spend. A curated community of NFT HOLDers, traders and sports enthusiasts can engage with each other, as well as with the NFT publishers. This means that ITSMYNE's social community empowers sports fans and NFT enthusiasts to make trades, manage their portfolios, discuss opportunities and get digestible market insights.
ITSMYNE, Made Simple
The core concept behind ITSMYNE is that every product becomes its best version when it becomes social (think Amazon reviews). In other words, companies that focus on incorporating a social element in their core product experience have a better chance of earning a higher revenue and attaining higher valuations than products that don’t necessarily have a social angle.
For example, the value of the Assassin’s Creed gaming franchise is approximately $300 million. But Fortnite, its social counterpart, managed to earn a revenue of approximately $2 billion in the last year alone! This proves the point that you can significantly increase your revenue if your product has a social angle.
Why does this happen? It’s because the value of social platforms is much higher, thanks to their higher user engagement, better defensibility, longer retention, and stronger growth loops.
ITSMYNE believes in this school of thought. It’s a mobile-first platform that allows sports fans to trade digital collectibles. With a custodial wallet and the flexibility to pay with both fiat and crypto, ITSMYNE makes it easy for Web 2.0 audiences to participate in the NFT revolution. With ITSMYNE, you can sign up and start collecting in under one minute! Forget about the hassles of funding a crypto wallet, storing private keys, and linking the wallet to your marketplace account.
Consider ITSMYNE as the Reddit for buying and trading official sports NFTs. Think of NBA Top Shot meets Reddit. Another comparable is to think of ITSMYNE as the eToro for NFTs.
Similar to as on Reddit, fans on ITSMYNE can upvote or downvote NFTs and social chatter (comments), with a native “points” system that enables the best NFTs and social chatter to rise to the top in a democratic manner.
ITSMYNE nudges such fan engagement by rewarding fans who show consistent community engagement and add value to the social chatter on the platform. These rewards are provided in form of $MYNE tokens and ITSMYNE Stars, both of which enable fans to become whitelisted for VIP Drops, participate in fractional ownership pools, and get exclusive experiences and swag from their favorite leagues, teams and athletes.
Niche NFT Marketplaces
The concept of bringing sports fans under one roof is exciting, but the platform needs to make sure that every transaction is secure and doesn’t lead to online fraud. Fortunately, ITSMYNE takes care of that as it’s one of the few green NFT platforms based on a climate-neutral blockchain. It follows the NEAR Protocol that has four main criteria:
• Secure financial components
• Harness the “internet of value”
• Build community-owned apps
• Operate at consumer speed
One of the factors that make ITSMYNE a unique marketplace is that it allows sports fans to trade NFTs officially licensed by their favorite sports teams. In fact, this inclusive platform goes a step further to allow sports fans to use their coveted fiat money and cryptocurrencies, while enabling easy sign-up and storage with a custodial storage wallet.
Two reasons stand out why this decision is beneficial for sports fans: first, they can purchase and use officially-licensed NFTs. Secondly, they get fractional ownership opportunity of high-value NFTs.
ITSMYNE is roping in Tier I sports brands that would help them access various engaged communities, and the announcements regarding these partnerships will be announced in the days to come.
Converting sports collectibles into NFT
As already mentioned, ITSMYNE allows sports fans to buy, trade and talk about various types of digital sports collectibles online. But what are these collectibles and how can you convert them into your preferred NFT currency? Here are some of the types of collectibles that you should know about.
1. Trading cards
Trading cards give you the chance to interact with other sports fans of the same team online. The location of the fans doesn’t matter because ITSMYNE is open for everyone. It brings fans of different teams from different countries under one roof so that they can trade from one marketplace. Fans can exchange their trading cards to diversify the number of players from different teams in their portfolios. This is where interaction would play a crucial role as fans would have to talk to each other to exchange their cards, thus ticking the box of user engagement for ITSMYNE.
2. Sports kits (aka Utility or Asset-backed NFTs)
Many fans like to purchase the sports kits of players from their favorite teams. Since they are not available so easily, they are left disappointed in most of their attempts. Even if they are available, their prices may be so high that interested people may not be able to afford them. ITSMYNE has plans to change that concept altogether by allowing them to purchase sports kits from the NFT marketplace. The sports kit may include a player’s shoes, jerseys, or coolers. Sometimes they can also get new jerseys signed by their favorite players or personalized t-shirts with their photos.
3. Video clips (aka Collectibles and More!)
As mentioned earlier, video clips get millions of views because fans want to see the most talked-about moments of the games. This makes video clips profitable for the sports industry as they generate a massive amount of money as the number of views goes up.
Who's on the team?
ITSMYNE is a team effort of four key people, their advisors and a couple of leading accelerators.
• Atharva Sabnis is an alumni of the Rochester Institute of Technology (RIT), Atharva has previously scaled his own startup from zero to one, and has also helped other companies scale from 1 to 100. Atharva's skills are product strategy, attracting the right people, and forging win-win relationships with various stakeholders.
• Ayan Uali is an experienced software engineer and also an alumnus of the RIT, Ayan has held software lead roles with a variety of companies including Fidelity Investments, Philip Morris, Japan Tobacco, and Freshop. A skilled developer, Ayan had won a full-ride scholarship at RIT from the Government of Kazakhstan -- a testament to his merit. Ayan's skills are building scalable technology products and systems, and recruiting and managing top-tier technical talent.
• Ujwal Sutaria is a graduate of the Indian Institute of Management, Ahmedabad, Ujwal founded and scaled his own sports-tech startup called Athletto, and switched to a role in the Venture Debt world with Innoven Capital. Ujwal's skills are financial management, b2b partnerships, and operations.
• Nikhil Mohan brings over six years of blockchain development experience, Nikhil has built blockchain infrastructure and dApps for a variety of organizations as a consultant and freelancer. In the process, he assembled a talented team of 8 Solidity and Vyper developers, which will be instrumental in building the backend for ITSMYNE. Nikhil's skills are blockchain development and security, as well as the recruitment and management of technical talent.
How Does ITSMYNE Make $$$?
This platform works on a freemium business model. Talking about NFTs and participating in social chatter is free. ITSMYNE makes a transaction on every primary sale on its platform, as well as a fee on every blockchain conversion and secondary sale. ITSMYNE also earns these fees from partner dApps that use it’s technology and token utility.
Do they have any significant partners?
ITSMYNE has a strong advantage in this space due to being incubated by a major UK-based sports-tech accelerator. This partnership has them in talks with some of the most renowned international sports brands around the world, such as Manchester United, Red Bull Racing, Boston Red Sox, Confederation of Professional Golf, Draft Kings, Israeli Professional Football Leagues, FIBA, Rugby League World Cup, 21st Century Fox, Royal Belgian FA, PGA Tour, Milwaukee Bucks, FC St. Pauli, and Boston Celtics. ITSMYNE has also partnered with a major product company in India, that is planning to leverage the ITSMYNE technology to launch an official Bollywood NFT marketplace in December 2021.
Where can I learn more?
Here are a few reasons why we're excited about ITSMYNE, and where you can continue on your own learning journey.
• Provides authentic, officially-licensed NFTs i.e. digital sports collectibles.
• Follows the NEAR blockchain protocol, making the transactions safe without consuming as much energy as some of the Ethereum-based NFTs. The team wants to develop a sustainable blockchain future to ensure that fans can have a seamless trading experience online.
• It provides excellent white-glove service where brands, teams, clubs, and athletes can receive personalized on-boarding services, enabling them to reach their fans faster.
• ITSMYNE is also a platform that has negligible mining costs, thus allowing sports influencers to set an affordable price for their NFTs.
Finally, ITSMYNE is a “social-plus” marketplace where sports fans and NFT enthusiasts can talk NFTs and trade NFTs. ITSMYNE’s green NFT platform has all the features to make it one of the biggest players in the sports NFT marketplace. Its primary aim to bring sports fans together is a unique concept that would eventually increase user interaction, allowing them to trade sports collectibles using the ITSMYNE platform.
You can learn more about ITSMYNE on its official website https://www.itsmyne.club/. Provide your email address to join the FirstList and get an opportunity to earn up to 2,500 MYNE tokens.
Here are some reasons why @itsmyneclub is building on #NEAR— ITSMYNE (@itsmyneclub) October 5, 2021
🌟Aurora EVM for making #NFTs portable to $ETH
🌟Clear developer documentation
🌟Extremely helpful community
🌟Mature project support #ITSMYNE #MYNE #mynetoken #NFTs #eSports pic.twitter.com/D30YSN1sLY
Disclaimer for The Arcane Bear
If you require any more information or have any questions about our site’s disclaimer, please feel free to contact us at our help desk email@example.com
Disclaimers for www.arcanebear.com
All the information on this website is published in good faith and for general information purpose only. www.arcanebear.com does not make any warranties about the completeness, reliability and accuracy of this information. Any action you take upon the information you find on this website (www.arcanebear.club), is strictly at your own risk. www.arcanebear.club will not be liable for any losses and/or damages in connection with the use of our website.
The information provided a The Arcane Bear and accompanying material is for informational purposes only. It should not be considered legal or financial advice. You should consult with an attorney or other professional to determine what may be best for your individual needs.
The Arcane Bear does not make any guarantee or other promise as to any results that may be obtained from using our content. No one should make any investment decision without first consulting his or her own financial advisor and conducting his or her own research and due diligence. To the maximum extent permitted by law, The Arcane Bear disclaims any and all liability in the event any information, commentary, analysis, opinions, advice and/or recommendations prove to be inaccurate, incomplete or unreliable, or result in any investment or other losses.
Content contained on or made available through the website is not intended to and does not constitute legal advice or investment advice and no attorney-client relationship is formed. Your use of the information on the website or materials linked from the Web is at your own risk.
From our website, you can visit other websites by following hyperlinks to such external sites. While we strive to provide only quality links to useful and ethical websites, we have no control over the content and nature of these sites. These links to other websites do not imply a recommendation for all the content found on these sites. Site owners and content may change without notice and may occur before we have the opportunity to remove a link which may have gone ‘bad’.
Please be also aware that when you leave our website, other sites may have different privacy policies and terms which are beyond our control. Please be sure to check the Privacy Policies of these sites as well as their “Terms of Service” before engaging in any business or uploading any information.
By using our website, you hereby consent to our disclaimer and agree to its terms.
Should we update, amend or make any changes to this document, those changes will be prominently posted here.
Thank you, you have no become a part of the development of our new trading space together.
For this, we are extremely Grateful!
The Entire Bear Council
The information on this site is for educational purposes only and is not investment or financial advice. Please do your own research before making any investment decisions. None of the information on this website constitutes, or should be relied on as, a suggestion, offer, or other solicitation to engage in, or refrain from engaging in, any purchase, sale, or any other any investment-related activity with respect to any cryptocurrency or other transaction.
Cryptocurrency investments are volatile and high risk in nature.
Don't invest more than what you can afford to lose.
We are not paid to do any reviews, but we do take positions in projects that we believe are promising.
Arcane Bear makes no representations, warranties, or assurances as to the accuracy, currency or completeness of the content contained in this website or any sites linked to or from this website.
Terms and Conditions
PLEASE READ THESE TERMS AND CONDITIONS ("TERMS") CAREFULLY BEFORE USING THE SERVICES DESCRIBED HEREIN.
BY UTILIZING THE WEBSITE LOCATED AT www.arcanebear.com ("WEBSITE") AND PRODUCTS THEREIN, YOU ACKNOWLEDGE THAT YOU HAVE READ THESE TERMS AND CONDITIONS AND THAT YOU AGREE TO BE BOUND BY THEM. IF YOU DO NOT AGREE TO ALL OF THE TERMS AND CONDITIONS OF THIS AGREEMENT, YOU ARE NOT AN AUTHORIZED USER OF THESE SERVICES AND YOU SHOULD NOT USE THIS WEBSITE OR ITS PRODUCTS. ARCANE BEAR RESERVES THE RIGHT TO CHANGE, MODIFY, ADD OR REMOVE PORTIONS OF THESE TERMS AT ANY TIME FOR ANY REASON. WE SUGGEST THAT YOU REVIEW THESE TERMS PERIODICALLY FOR CHANGES. SUCH CHANGES SHALL BE EFFECTIVE IMMEDIATELY UPON POSTING. YOU ACKNOWLEDGE THAT BY ACCESSING OUR WEBSITE AFTER WE HAVE POSTED CHANGES TO THESE TERMS, YOU ARE AGREEING TO THE MODIFIED TERMS. THIS DISCLAIMER OR ANY OTHER DOCUMENT, PRODUCED AND SIGNED BY ARCANE BEAR, DOES NOT CONSTITUTE AN OFFER OR SOLICITATION TO SELL ANY SHARES OR SECURITIES OR THE PRODUCTS OFFERED THERETO. NONE OF THE INFORMATION OR ANALYSES PRESENTED ARE INTENDED TO FORM THE BASIS FOR ANY INVESTMENT DECISION, AND NO SPECIFIC RECOMMENDATIONS ARE INTENDED, AND ARCANE BEAR SERVICES AND THE WEBSITE ARE NOT, DO NOT OFFER AND SHALL NOT BE CONSTRUED AS INVESTMENT OR FINANCIAL PRODUCTS. ACCORDINGLY, ARCANE BEAR DOES NOT PROVIDE INVESTMENT ADVICE OR COUNSEL OR SOLICITATION FOR INVESTMENT IN ANY CRYPTOCURRENCY AND/OR SECURITY AND SHALL NOT BE CONSTRUED IN THAT WAY. ARCANE BEAR EXPRESSLY DISCLAIMS ANY AND ALL RESPONSIBILITY FOR ANY DIRECT OR CONSEQUENTIAL LOSS OR DAMAGE OF ANY KIND WHATSOEVER ARISING DIRECTLY OR INDIRECTLY FROM: (I) RELIANCE ON ANY INFORMATION PRODUCED BY ARCANE BEAR, (II) ANY ERROR, OMISSION OR INACCURACY IN ANY SUCH INFORMATION OR (III) ANY ACTION RESULTING THEREFROM, (IV) USAGE OR ACQUISITION OF PRODUCTS, AVAILABLE THROUGH THE WEBSITE.
Arcane Bear retains all right, title and interest in all of our intellectual property, including inventions, discoveries, processes, marks, methods, compositions, formulae, techniques, information and data, whether or not patentable, copyrightable or protectable in trademark, and any trademarks, copyrights or patents based thereon. You may not use any of our intellectual property for any reason, except with our express, prior, written consent.
All content included on the Website and associated products and services, such as, but not limited to, text, graphics, logos, and images is the property of Arcane Bear and protected by copyright, trademark and other laws that protect intellectual property and proprietary rights. You agree to observe and abide by all copyright and other proprietary notices, legends or other restrictions contained in any such content and will not make any changes thereto.
Access to the Website
The Arcane Bear Website is provided without warranty of any kind, either express or implied. We do not represent that the Website will be available 100% of the time to meet your needs. In case of interruptions we take all reasonable actions to provide you with access to the Website as soon as possible, but there are no guarantees that access will not be interrupted, or that there will be no delays, failures, errors, omissions or loss of transmitted information. We may suspend use of the Website at any time for maintenance.