Medgus isn’t a household name by any means, but the work the company is doing is important for every household in the United States, Israel, and around the world. We’re talking about a medical technology company that develops some of the tech that’s responsible for producing better outcomes in the healthcare space. The company is also quickly becoming an integral player in the electric vehicle charging industry.
So, when I saw that the company was diving into the NFT industry, I was excited to say the least. Here’s what’s going on:
Medigus Signs MOU With Safee
In a press release issued October 28, 2021, Medigus said it signed a non-binding memorandum of understanding with Safee, a technology company focused on non-fungible tokens, or NFTs. Under the terms of the NFT, the two companies plan to launch a joint venture centered around trading and monetizing NFTs and other digital assets.
According to the release, the joint venture will take advantage of Safee’s industry leadership and platform to find opportunities in the NFT field with the goal of buying and monetizing these tokens.
Of course, Medigus will help fund the enterprise, starting with a loan of up to $5 million for the purchase of NFTs and other digital assets. The company will also be in charge when it comes to the management of the joint venture. In fact, Medigus appointed three of the four members to the JF’s board of directors and retained the rights to hire and fire the company’s CEO. Moreover, the company will be charged with casting the decisive vote on budgetary and business planning matters.
Another part of the agreement is the option to purchase stock. Under the MOU, Safee will have the opportunity to buy Medigus shares over a period of three years. The option will allow Safee to purchase up to 200,000 shares at a price of $10 per share.
In the release, the company’s explained that Safee’s mission is to expand the reach of NFTs to mass market buyers and creators, digital artists, illustrators, photographers, musicians, regular consumer digital content creators, and more. As such, the company’s network allows creators and collectors to easily create, own, use, control, and trade digital goods.
The Partnership Likely Goes Beyond What Meets the Eye
In the press release, the joint venture is said to be looking for opportunities to trade and monetize NFTs, but that’s a pretty bland business model. In my view, there’s likely quite a bit more to it.
The simple fact is that the utility of NFTs goes far beyond gaming and entertainment. In fact, recently, there’s been a push in the healthcare community to use this technology as a way to transfer patient data from patient to physician or physician to physician in a completely secure and validated way. Doing so would solve a major problem in the healthcare industry, the prescription of unnecessary treatments; a problem that costs the United States economy billions of dollars per year while often resulting in less-than-savory outcomes for patients.
What we’re seeing with this partnership is a medical tech company jumping in bed with an NFT company. Considering the need for a better way to transfer patient data, and the two players on the field here, it only makes sense that the two will likely work to tackle the issue.
Beyond that, Medigus could use the new joint venture to its advantage in the electric vehicle charging space as well. The company is currently working in another joint venture to develop wireless charging capabilities for electric vehicles. If this comes to fruition, there’s a strong likelihood that the company will launch a network of wireless charging stations across Israel (its home country), the United States, and other regions around the world.
NFTs could be used as access cards, consumer rewards programs, and much, much more.
So, what I see here isn’t just a medical and technology company jumping into the NFT industry with a pioneer that’s become a leader in the space. What I see here is a company that’s diving into an industry at its infancy in order to hold an asset with unlimited potential on the horizon, both in terms of direct profitability and in terms of long-term corporate utility and commercial viability.
The Bottom Line
The bottom line here is simple. As consumer adoption of NFTs continues to skyrocket, more and more large companies are going to be looking for ways to enter the industry in a way that’s advantageous for them and their clients.
Medigus is just one in a long line of companies, including various household names, that are diving into the space. As this trend continues, the idea that NFTs will change the way we see technology and digital ownership is quickly becoming a self-fulfilling prophecy.
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