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mm2 Asia enters NFT scene with marketplace for digital entertainment collectibles

mm2 Asia enters NFT scene with marketplace for digital entertainment collectibles

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Entertainment group mm2 Asia plans to launch Metaviva, a new NFT marketplace for licenced digital entertainment tokens and collectibles focusing on popular entertainment and media content from the region.

Metaviva will offer fans an opportunity to engage and participate in their favourite content in the form of NFTs. These include keyart, audio-visual footages, music, animation, merchandise and even actual props from movies, shows and events - not limited to mm2 Asia content alone. Content producers from the region will also be invited to promote their NFTs on the marketplace.

Metaviva will serve as a hub for consumers to purchase, trade, sell and store digital tokens and will be interoperable across Polygon, Ethereum and other blockchains. The marketplace’s launch date will be announced in the coming weeks.

Melvin Ang, founder and executive chairman of mm2 Asia, said that it wants 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 added. MARKETING-INTERACTIVE has reached out to mm2 Asia for comment. 

At the same time, mm2 has entered into a non-binding term sheet with RHT Aldigi Financial Holdings to allow the latter to invest in Metaviva. Jayaprakash Jagateesan, RHT Aldigi CEO, said: “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."

Ang said that while the NFT market today represents a fraction of the physical asset market, it believes that the market for digital collectibles will eclipse that of the physical in the future. "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," he added. 

For instance, mm2 Asia said that in November last year, Warner Bros launched 100,000 avatars to promote the release of The Matrix Resurrection, which then saw hundreds of thousands of fans reportedly crashing partner Nifty’s website due to max capacity-induced “infrastructure issues”. In December, Sony and AMC Theatres collaborated to offer Spider-Man: No Way Home NFTs in a marketing promotion, demonstrating the potential for various applications. The advance ticket sales, which included an NFT, crashed both the AMC and Fandango websites when launched. Scalpers were also reported to be offering tickets for between US$200 and US$25,000 each.

Also making his mark in the NFT scene this year is Syed Saddiq, member of parliament for Muar in Malaysia. He recently collaborated with charitable organisation NFT4HOPE to release a collection of NFTs featuring his face. With this collection, the organisation aims to raise funds for the flood victims in Malaysia. A total of four NFTs can be seen on NFT4HOPE's site, and have been labelled as either "Super Rare" or "Ultra Rare". Titled "Metamorphosis", the "Ultra Rare" copy is a hybrid of digital and physical artwork by contemporary artist, Jaee Tee.

Photo courtesy: 123RF

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