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The new branch will help artists create, promote and sell NFTs in the form of music, merch, photographs, tickets, posters and experiences
By IQ on 29 Mar 2021
LiveXLive, a live music streaming and content production platform, is expanding its offering for artists with an NFT (non-fungible tokens) and digital art content division.
The division will focus solely on the creation, production, promotion, and selling of NFTs to encompass original video content, pay-per-views, events, podcasting and vodcasting, merchandise and audio businesses.
The multi-faceted digital entertainment company says the new branch will present a range of revenue streams for artists, helping them to create, promote and sell NFTs in the form of music, merchandise, photographs, tickets, posters and experiences.
“There is potentially significant value in building a dedicated business to support these new forms of digital assets from both a monetisation and promotional perspective,” says Robert Ellin, Chairman and CEO of LiveXLive.
“Our events across music, pop-culture, gaming, pay-per-view, podcasting/vodcasting and audio align perfectly with the value proposition NFTs represent to superfans and collectors across the world.”
“Our events across music align perfectly with the value proposition NFTs represent to superfans and collectors”
The creation of the new division follows a recent boom in artists selling NFTs, which reached a peak when Kings of Leon generated more than $2 million from their NFT collection, ‘NFT Yourself’.
Grimes, Shawn Mendes, Steve Aoki, Quavo, Lil Baby, 2 Chainz, Jack Harlow, Tory Lanez, Linkin Park’s Mike Shinoda, 3lau, Ozuna have also released collections recently.
GET Protocol‘s Olivier Biggs recently told IQ how the live business can harness non-fungible tokens, particularly with ticketing.
“NFT ticketing is a use case worth taking very seriously. When applied correctly, it enables ticket issuers a variety of benefits that impact and drastically improve the ticketing experience. Both for the fan and the organiser or artist,” he said.
Read more about the benefits of NFT tickets here.
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