mm2 Asia to launch NFT marketplace for entertainment, media digital collectibles

The marketplace will offer fans an opportunity to engage and participate in their favourite content in the form of NFTs. PHOTO: AFP

SINGAPORE (THE BUSINESS TIMES) - Entertainment company mm2 Asia announced on Tuesday (Jan 11) that it will be launching a new marketplace for licensed digital entertainment tokens and collectibles focusing on popular entertainment and media content from the region.

The marketplace, which will be named Metaviva and leverages blockchain technology, will offer fans an opportunity to engage and participate in their favourite content in the form of non-fungible tokens (NFTs), the company said in a bourse filing.

The Metaviva marketplace will serve as a hub for consumers to purchase, trade, sell and store digital tokens and will be interoperable across blockchain platforms such as Polygon and Ethereum, mm2 said. The collectibles include exclusive key art, audio visual footage, music, animation, merchandise and actual props from movies, TV series and events.

Mr Melvin Ang, founder and executive chairman of mm2 Asia, said the company predicts the market for digital collectibles will eclipse that of physical assets in the future.

"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," he added.

mm2 Asia said content producers from the region will also be invited to promote their NFTs on its marketplace. Metaviva's launch date will be announced in the coming weeks, it added.

The company also announced that it has entered into a non-binding term sheet with RHT Aldigi Financial for RHT Aldigi to invest in Metaviva.

Under the investment agreement for Metaviva, RHTLaw Asia LLP will provide legal services in relation to the NFT marketplace.

mm2 Asia shares were trading at 5.3 cents, 0.1 cent or 1.9 per cent higher, at 11.13am on Tuesday after the announcement.

Last week, mm2 Asia said its deal to sell its Cathay cinema business to local investment firm Kingsmead Properties for $84.8 million had fallen through.

It also signalled last Friday that a merger of its Cathay Cineplexes and Golden Village’s cinemas here is off the cards, announcing that the long-stop date of the agreement for the potential deal had lapsed on Dec 31.

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