Media Publishares, publisher of Vogue, Esquire, Robb Report and Buro. in Singapore, has partnered with video tech company VIDY to launch and develop an NFT (or non-fungible tokens) platform catering to the fashion, arts and music industry.
Slated to launch in Q3 of 2021, the NFT platform touts a 360-degree navigable virtual environment showcasing digital fashion, art, music and design. According to VIDY, key features of the platform include minting, trading and auctioning of NFTs through a tokenised system, along with the ability to host social interaction. The NFT platform will target a digitally-savvy audience looking for luxury items with low environmental impact while also engaging creators exploring a virtual identity for their designs and new revenue streams for their craft. It is also said to focus on building virtual creativity as a skill set while promoting sustainable consumption. As such, the platform will donate a percentage of NFT sales towards organisations "tackling real-world problems" to ensure a positive connection between the virtual and physical worlds.
Established in 2016, VIDY is a San Francisco-based blockchain-powered digital advertising tool that rewards viewers with its native cryptocurrency, VIDYCOIN. The company said its technology is used by over 70 global media publishers such as CNN Indonesia, CNBC Indonesia, Vogue Singapore, Esquire Singapore, among many others,
Matthew Lim, co-founder and CEO Asia of VIDY, VIDY will lead the technology and blockchain development for the new platform, given its unique experience in dealing with traditional businesses and crypto. “The NFT market grew over 229% since 2020 to reach over USD500 million. However, it’s still in early stages and has a long way to go with regards to infrastructure development. With the metaverse and rise of digital models, people will be able to live in a parallel virtual world where they can own a digital identity and purchase items not just in a digital file, but as any unique asset in their virtual land, similar to their physical world," Lim added.
By creating a NFT platform which essentially acts as a virtual marketplace between creatives and users, Michael von Schlippe (pictured), president of Media Publishares said it allows the publisher to provide a unique shoppable platform coupled with content for the community in the form of education, interaction and entertainment. “Media Publishares has always been ahead of the curve with its innovative approach to storytelling as lead by our anchor titles Vogue, Esquire, Robb Report and Buro. Singapore. What we see is a new creative renaissance where creativity and technology are driving change together," he said.
Media Publishares is not the only brand looking to get a slice of the NFT pie. Last week, hotel chain JEN by Shangri-La hosted a giveaway of a NFT art piece featuring Bruce Lee. In an Instagram post, JEN encouraged consumers to participate in the giveaway by tagging a friend and following its Instagram page. The giveaway spans across eight cities where JEN has a presence in, namely Singapore, Johor, Penang, Hong Kong, Manila, Beijing, Shenyang, and Maldives.
Globally, NFT has also garnered the attention of prominent figures such as Twitter CEO Jack Dorsey and American rock band Kings of Leon. Dorsey, for instance, tweeted a link to a platform named Valuables, putting his 21 March 2006 tweet up for bid. Meanwhile, rock band Kings of Leon sold its album package comprising a vinyl and digital download in the form of an NFT priced at US$50. Other creators who have tapped into NFTs include the Nyan Cat meme creator, who sold an NFT for close to US$600,000 in February, and artist Mike Winkelmann (also known as Beeple) selling a digital image at British auction house Christie's for US$69.3 million.
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