FaZe Clan, Moonpay’s New Deal Perfectly Sums Up NFT, Crypto Buzz - Aliens: AI Crypto News & Markets Updates
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FaZe Clan, Moonpay’s New Deal Perfectly Sums Up NFT, Crypto Buzz

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Yahoo Finance

Tue, Dec 07, 2021

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FaZe Clan is still giddy from its Art Basel premiere event, “FaZe Forever Powered by MoonPay,” in Miami.

Days after a Saturday premiere brimming with digital art, NFTs and virtual fashion , the esports brand announced a multiyear deal on Tuesday that turns its event cohort, cryptocurrency start-up MoonPay, into its official crypto and NFT partner.

If this seems like a metaverse play, that’s because it is: According to the announcement, the partners plan to give the community “a unique opportunity to interact with the metaverse as it takes shape.” More from WWD The Standout Fashion Moments from the 2021 Gotham Awards 2021 American Music Awards Red Carpet: Photos Photos from 'Dancing With the Stars' Season 30 Essentially, MoonPay’s crypto infrastructure will act as the fintech backbone for a new NFT and digital goods business operating under the “FaZe Forever” umbrella.

Its three tentpoles, the company said, will be “Curating & Collecting,” “Creating & Collaborating” and “Spotlighting & Elevating.” Lee Trink, FaZe Clan’s chief executive officer, offered context: “We’re focused on building a culture and community-led digital goods and NFT business that excites our fans and expresses the FaZe brand in new and innovative ways,” he said.

“As a leading voice in youth culture, it’s vital that we also deliver on our responsibility to protect our community as the world starts to embrace Web3.” The announcement is thick with buzzwords like crypto, NFTs, metaverse and Web3, hewing to a sort of high-tech lingua franca between tech companies, investors, creatives and younger, digitally native consumers, like FaZe’s fans.

The technology spawned digital money, or cryptocurrencies like bitcoin, as well as virtual goods via NFTs, which are bits of tokenized code tied to virtual valuables (and sometimes physical products).

Gaming and fan communities already prove powerful vectors for that, putting esports organizations like FaZe Clan in the spotlight.

The company faces competition from a stampede of rivals, from freshman crypto businesses to established platforms like PayPal and Venmo.

For businesses, it promises to help companies like NFT marketplace OpenSea and Bitcoin.com transact more easily.

Last month Ivan Soto-Wright, MoonPay’s cofounder and CEO, explained to crypto site Coin Rivet that “what differentiates MoonPay is the fact that this tech is enabling emerging wallets, exchanges, DeFi platforms and NFT marketplaces to hit the ground running, so they can focus entirely on core business rather than infrastructure.” Now it’s FaZe Clan’s turn.

To show how media relations could work in Web3, the esports company also minted 50 “FaZe Press Pass” NFTs for reporters that grant access to future embargoed announcements.

The plan is to unveil a series of content and media early next year, with MoonPay handling crypto transactions and helping to develop content customized for FaZe’s esports community.

The partnership “holds the potential to create a crypto-gaming juggernaut the likes of which the world has never seen.” As grandiose as that sounds, it could be the sort of bravado pioneers need when breaking new ground.

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