LiveXLive Media (LIVX) Gains After Launching NFT Division

March 26, 2021 1:08 PM EDT

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LiveXLive Media (Nasdaq: LIVX) gained 9% intra-day after the company announced today that it will launch NFTs (non-fungible tokens) and digital art content division that will focus solely on the creation, production, promotion, and selling of NFTs as part of LiveXLive's robust multi-faceted businesses that encompass original video content, pay-per-views, mega events, podcasting and vodcasting, merchandise and audio businesses.

LiveXLive plans to collaborate with artists to create, promote and sell NFTs in the form of music, merchandise, photographs, tickets, posters and experiences. This is another avenue that LiveXLive has created to provide multiple revenue streams benefiting artists. Launching with 100 limited edition of the first ever NFT festival poster for Music Lives, LiveXLive's annual virtual music festival.

NFTs, or non-fungible tokens, are a type of digital asset where ownership is recorded on a digital ledger blockchain. Each NFT is unique and can be viewed as a collectible that cannot be duplicated, making them singular and potentially valuable. NFTs can represent digital files, such as art, audio, videos, posters, album art and other forms of creative work.

"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," stated Robert Ellin, Chairman and CEO of LiveXLive.

LiveXLive's platform offers livestream concerts, festivals, music news, docu-reality series and interviews, as well as on-demand audio and audio playlists and vodcasts/podcasts. LiveXLive has powered global pay-per-view and livestream hits with some of the world's most renowned talent, including Billie Eilish, Billy Joel, Blake Shelton, BTS, Camila Cabello, Dua Lipa, Harry Styles, J Balvin, Jennifer Lopez, Kacey Musgraves, Kygo, Madonna, MonstaX, Paul McCartney, Pitbull, Taylor Swift, Wiz Khalifa, and Yungblud.

LiveXLive's live-stream PPV initiative was created as a revenue-share model to support artists during a time when concerts and touring are at a standstill. LiveXLive's PPV platform allows artists to go direct-to-consumer and perform full-length concerts and shows with unique behind-the-scenes footage, docu-reality-style coverage coupled with premium tiered pricing with tickets that include VIP experiences, exclusive merchandise, digital meet-and-greets, and other event-exclusive perks.

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