Global live-stream and on-demand media content platform, LiveXLive Media has announced that it will introduce non-fungible tokens (NFTs) and digital art content division – that is specifically centred around the creation, promotion, production, and selling of NFTs – into their line of business.
It serves to be a platform where artists could sell, create and promote their official NFTs in the form of music, photos, merchandise, posters, tickets and experiences – which provides more revenue streams for the artist.
“There is potentially significant value in building a dedicated business to support these new forms of digital assets from both a monetization and promotional perspective. 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,” said Robert Ellin, Chairman and CEO of LiveXLive.
Fans can find livestream concerts, on-demand audio, audio playlists, vod/podcasts, festivals, music news, docu-reality series and interviews featuring their favourite artists on LiveXLive’s platform. The roster includes well-known stars such as BTS, Billie Eilish, Camila Cabello, Madonna, Taylor Swift, Wiz Khalifa and more.
The purpose of this initiative is to create a revenue-share model that artists can benefit from, especially when concerts and touring are out of the question during this time of pandemic. Artists are able to offer contents and merchandise directly to their fans, breaking the barrier that was once between them.