SINGAPORE: UnUsUaL Development Pte. Ltd., a wholly owned subsidiary of UnUsUaL Limited, has entered into a strategic partnership to expand into the fast-growing NFT market.
UnUsUaL will jointly incorporate a new entity, FunBase Pte. Ltd. with Season Culture Pte. Ltd. and a third party angel investor. UnUsUaL will hold 30% of the equity interest in FunBase with the option to increase their stake to 51% over the next 3 years.
UnUsUaL and Season Culture have extensive experience and access to performing artistes and talents across China, Korea, Taiwan, Macau, Hong Kong, Malaysia and Singapore to help the venture to explore multiple application of NFTs.
NFTs have gained tremendous popularity over the last year, with sales of NFTs surging to $2.5 billion in sales in 1H2021, up from just $13.7 million a year ago1. Several world-renowned artistes such as BTS2, Grimes and Rolling Stones have adopted NFTs, selling tokenized versions of their music tracks or virtual and real-world merchandise to generate fan loyalty and revenue.
Chief Executive Officer of UnUsUaL, Mr Leslie Ong said, “We believe NFTs will be a game-changer in the live events space. Artists and organisers are no strangers and have started to embrace the technology to also create NFTs of their own for their fans. Our future events will have an expanded offerings in the form of NFTs in various format such as special edition event collectibles, digital tickets, audio video assets and etc. The potential is limitless.
This will in turn help us to build and grow an interactive fan-based community of these events which also serves as an alternative distribution channel for future product innovation”.
Established in 1997, UnUsUaL Limited started as a stage, sound and lighting equipment rental business. It has grown to become one of the leading names in concert promotion and event production in Asia.
Its presence in Singapore is represented by UnUsUaL Entertainment, UnUsUaL Productions, UnUsUaL Development; UnUsUaL Productions in Malaysia; and UnUsUaL Entertainment International in Hong Kong.