mm2 Asia, on Jan 11, announced that it will be launching a new non-fungible token (NFT) marketplace for licensed digital entertainment tokens and collectibles that focus on popular entertainment and media content from the region.
The new NFT marketplace will be named Metaviva; its launch date will be announced in the coming weeks.
On the same day, mm2 and RHT Aldigi Financial Holdings entered into a non-binding term sheet for the latter to invest into Metaviva.
Under the investment agreement for Metaviva, RHTLaw Asia LLP will also provide legal services in relation to the NFT marketplace.
The marketplace is powered by blockchain technology and will offer fans an opportunity to engage and take part in their favourite content in the form of NFTs. Collectibles include exclusive keyart, audio visual footages, music, animation, merchandise and actual props from movies, TV series and events.
The region’s content producers will be invited to promote their NFTs on the marketplace.
See also: Digital Assets Association launches to connect tradfi and tokenised real world assets
“Today the NFT asset market represents a fraction of the physical asset market. We believe that in the near future, the market for digital collectibles will eclipse that of the physical. The market for licensed merchandise is estimated at US$291 billion globally in 2020, and expected to grow 2.2% per annum. In 2020, the global NFT market represented approximately US$338 million in transactional volume, and in August 2021 the total value of NFTs traded crossed the high-water mark of US$10 billion. At mm2, we are always looking out for new ways to engage with consumers,” says Melvin Ang, founder and executive chairman of mm2 Asia.
“We want to build a platform that will enable content producers to build their brands and community fan base by creating offerings that were previously only available to insiders of the industry. Metaviva NFT owners may get early or exclusive access to limited edition collectibles, and invitations to real world events such as movie premieres and celebrity meet-and-greets,” he continues.
Jayaprakash Jagateesan, RHT Aldigi Financial Holdings’ CEO adds, “Our experience in intellectual property ownership, licensing and commercialization, M&A advisory and developing a digital asset marketplace and a distribution channel for alternative assets will enable us to launch a trusted NFT marketplace as an option for mm2 to unlock the value of creative and collectible content. This marketplace will not be limited to mm2 content alone.”
Shares in mm2 Asia closed 0.1 cent higher or 1.96% up at 5.2 cents on Jan 10.
