Netccentric to launch Web 3.0 creator platform in joint venture with RedSquare Technologies
Netccentric (ASX: NCL) is launching a Web 3.0 creator platform in joint venture with Malaysia-based software development company RedSquare Technologies.
The duo will launch NFT Technologies Sdn Bhd (NFT Tech), which Netccentric says will place it at the forefront of the Web 3.0 revolution, and give brand owners the ability to issue non-fungible tokens (NFTs) in collaboration with influencers in a “cost-efficient and friendly manner”.
Netccentric will invest about $200,000 into developing NFT Tech, and issue it a loan up to the value of $133,000.
Initially, Netccentric will hold all of the 600,000 initial shares of NFT Tech. However, under the joint venture, RedSquare can become a shareholder by injecting “assets and intellectual property” rights linked to four key milestones. If all milestones are met, RedSquare can own a 40% interest in NFT Tech.
“We are delighted to launch NFT Tech in partnership with RedSquare and are excited by the opportunity to develop Netccentric into a Web 3.0 creator platform,” Netccentric executive chairman Ganesh Kumar Bangah said.
“We are building the infrastructure for digital content ownership on the internet and apps that make it possible for the layman to use.”
“NFTs in our mind are not only asset class, but a technology to help us hit our goal.”
Mr Kumar Bangah said the NFTs on the new platform will carry utility – meaning they can be exchanged for physical goods, services and rewards from well-known brands which are already spending money to attract and retain consumers.
“Our ultimate aspiration is to become as indispensable to digital creators as the design software platform Canva is to designers.”
Mr Kumar Bangah said the joint venture will “empower” the group to “stand out” by providing a “unique online-to-offline proposition” to its brand clients and influencer network.
“We see a strong growth trajectory ahead for well-regulated NFTs that provide safety, security, credibility and a positive user experience.”
Mr Kumar Bangah added that through NFT Tech, the company looked forward to bringing NFTs with real-world utility to the masses.
It is planned NFT Tech will generate revenue through two business models.
The first model is aimed at large brands and enterprises and will comprise NFT Tech consulting, developing and assisting brand owners in creating and managing NFTs in collaboration with influencers.
This revenue will be based on a managed service where NFT Tech will provide design, software and mobile app for users to use the NFTs. It will have an influencer marketing mechanism powered by Netccentric’s existing Nuffnang social influencer and content marketing platform.
NFT Tech will collect a monthly subscription and a royalty fee every time an NFT is transacted.
The other avenue of revenue generation is a software as a services (SaaS) model.
In this division, NFT Tech will provide a creator application via a SaaS for small-to-medium enterprises and creators.
Netccentric says this a more affordable offering for clients with lower budgets.
Similar to the first business model, revenue will be collected via a monthly SaaS subscription along with a royalty for each time an NFT is transacted.