Singapore, 11 January 2022 – Singapore’s leading media entertainment and content company mm2 Asia (“mm2”) today announced that it will be launching a new NFT marketplace named Metaviva for licensed digital entertainment tokens and collectibles focusing on popular entertainment and media content from the region. mm2 and RHT Aldigi Financial Holdings (“RHT Aldigi”) have also entered into a non-binding term sheet for RHT Aldigi to invest in Metaviva.
Powered by blockchain technology, the marketplace will offer fans an opportunity to engage and participate in their favourite content in the form of non-fungible tokens (“NFT”). Collectibles include exclusive keyart, audio visual footages, music, animation, merchandise and extending to even actual props from movies, TV series and events. The marketplace 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. Content producers from the region will also be invited to promote their NFTs on the marketplace. The marketplace’s launch date will be announced in the coming weeks.
“Today the NFT asset market represents a fraction of the physical asset market. We believe that in the near future, the market for digital collectibles will eclipse that of the physical. 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. At mm2, we are always looking out for new ways to engage with consumers,” says Melvin Ang, Founder and Executive Chairman of mm2 Asia.
He continues, “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. 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.”
Jayaprakash Jagateesan, RHT Aldigi Financial Holdings Chief Executive Officer, 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. This market place will not be limited to mm2 content alone.”
Under the investment agreement for Metaviva, RHTLaw Asia LLP will also provide legal services in relation to the NFT marketplace to ensure the highest level of trust and compliance.