Touchpoint Group Holdings, Inc., a media and digital technology holding company, announced it plans to pursue its own non-fungible token (“NFT”) blockchain platform with the aim of integrating the NFTs into its Touchpoint video streaming platform for celebrities and influencers.
Spencer Christopher, CTO of Touchpoint, said, “After intensive review, and based on positive industry feedback, we have decided to develop our own in-house NFT solution, which we believe provides the best opportunity to develop a highly customized solution for our celebrity clients. NFT’s have reshaped the modern collectables industry and we are excited to give artists this incredible opportunity to reshape their creations in the digital world.”
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By utilizing the Ethereum blockchain, these NFTs will be used to authenticate pieces of digital assets, allowing for easy identification and added value. In recent times, celebrities have sought out digital artists to mint their own non-fungible tokens to tokenize everything from music to artwork, to special live experiences. Touchpoint will integrate NFTs into its Touchpoint Connect platform further enhancing its application that offers video live streaming, content library and merchandising to its celebrity and influencer customers.
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NFTs are a growing trend in the music industry. Transactions using NFTs allow audiences to participate in auctions for unique content from the artists they love. The company will look to leverage its relationship with Hip Hop mogul Russell Simmons to offer an NFT marketplace platform for artists and performers to partake in this growing blockchain opportunity.
The Company further noted it will not license the NFT technology from existing NFT platforms and is not bound by any agreements or understandings that would limit its rights to develop the platform in-house. The Company believes this approach will enable it to maximize both the market opportunity and value for shareholders.
