Concert promoter and event producer UnUsUaL has announced that its wholly-owned subsidiary UnUsUaL Development has entered into a strategic partnership to expand into the non-fungible token (NFT) market.
UnUsUaL will jointly incorporate a new entity, FunBase with event organiser Season Culture and a third party angel investor.
UnUsUaL will hold 30% of the equity interest in FunBase with the option to increase their stake to 51% over the next three years.
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In its press release announcing the partnership, the company states that UnUsUaL and Season Culture both have experience and access to performing artists and talents across China, Korea, Taiwan, Macau, Hong Kong, Malaysia and Singapore to help the venture explore multiple applications of NFTs.
“We believe NFTs will be a gamechanger in the live events space. Artistes and organisers are no strangers and have started to embrace the technology to also create NFTs of their own for their fans,” says Leslie Ong, CEO of UnUsUaL.
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“Our future events will have an expanded offerings in the form of NFTs in various format such as special edition event collectibles, digital tickets, audio video assets and etc. The potential is limitless. This will in turn help us to build and grow an interactive fan-based community of these events which also serves as an alternative distribution channel for future product innovation,” adds Ong.
UnUsUaL cited examples of global artistes such as BTS, Grimes and Rolling Stone adopting NFTs, selling tokenised versions of their music tracks or virtual and real-world merchandise to generate fan loyalty and revenue.
As at 2.31pm, shares in UnUsUaL are up 1.2 cents or 8.39% higher at 15.5 cents.
Photo: mm2 Asia
