TORONTO, Sep 27, 2021 (GLOBE NEWSWIRE) – Media Central Corporation, Inc. (CSE: FLYY; FSE: 3AT) (“Media Central” or the “company” or “we” or “we”) announced today ‘ hui that she sells NFTs of nine iconic magazine covers published by Magazine NOW and the Georgia Straight as collectibles featuring Grimes, Drake, Seth Rogan and other Canadian artists who have defined the vibrant arts and entertainment history of Vancouver and Toronto.
The sale of NFT is aligned with Media Central’s strategy to develop new digital revenue models in order to diversify its revenue sources and enhance the quality of its information products. Media Central previously announced that it introduced similar strategic innovations by entering into a deal with an arts and entertainment news aggregator. www.creatornews.com and the soon to be launched CreatorStack paid blogging platform.
According to cnet.com, the exuberant interest in NFTs has created a digital market that generated more than $ 250 million in sales in 2020. NFT is an acronym for “Non-fungible Tokens.” NFTs are a new type of investment backed by the authenticity created by blockchain for digital assets such as a work of art. NFTs are an extension of the investments consumers have historically made in collectibles such as Baseball Trading Cards, Beanie Babies, and Pokemon Cards. Buyers who buy Magazine NOW Where Georgia Straight NFTs will have a registration and hashtag code showing a unique token associated with their purchase. Buyers can resell the token based on its market-based appreciation. Media Central retains ownership of the magazine covers through its copyright license of all content published in its two signature publications.
“The investment value and appreciation of NFTs have become better understood over time. As we follow the rapid evolution of media, it is evident that crypto as a currency and blockchain as a secure place to record and store transactions will play a role in the future of media and buying habits. of consumers, ”said Emmanuel Manos Pavlakis. , Chairman of the Board of Directors of Media Central. “The generational popularity of Georgia Straight and Magazine NOW spanning nearly 100 years and displayed at rarible.com/georgiastraight and rarible.com/now is our first attempt to capitalize on the opportunity that NFTs provide for diversified revenue growth.
Media Central’s NFTs are sold using Ethereum cryptocurrency stored in a “digital wallet” which can be found at metamask.io. Purchases are made in an auction environment. There is no opening auction and Media Central determines whether or not to accept bids as they are placed.
Blockchain innovation eliminates ‘auction house’ practices, human valuation and designer biases, as well as the costs associated with paying an ‘intermediary’ when valuing paintings, sculptures, photographs, animations, audio.
Ironically, it was Christie’s who auctioned Beeple’s EVERYDAYS: THE FIRST 5000 DAYS for $ 69.3 million as the first NFT sale recorded in early 2020. Mike Winkelmann, aka Beeple, talks about how NFTs became the latest digital innovation.
“We are under no illusions that future sales of NFT to us will be like winning the lottery,” said Kirk MacDonald, president of Media Central Corporation Holdings. “That said, we are confident that we have new digital assets that will appeal to NFT buyers and allow them to own a slice of history in our communities.”
About Media Central Corporation Inc.
Media Central Corporation Inc. (CSE: FLYY, FSE: 3AT) is an alternative media company set to acquire and develop high quality publishing assets starting with the recent acquisition of Vancouver Free Press Corp., the purchase of NOW Communications Inc. and the launch of the CannCentral.com digital cannabis platform and ESports ECentralSports.com point of sale.
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About Vancouver Free Press Corp.,
Vancouver Free Press Corp. owns and operates Georgia Straight and straight.com. Established in 1967 as Vancouver’s news, lifestyle and entertainment weekly, the Georgia Straight has been an integral part of the active urban west coast lifestyle for over 50 years. The print edition of The Straight is published weekly on Thursdays and daily online at www.straightc.om The Georgia Straight features an award-winning editorial collection of features, articles and reviews. Regular coverage includes news, tech, arts, music, fashion, travel, health, cannabis and food, plus Vancouver’s most comprehensive listings of entertainment and special events. . Vancouver Free Press Corp. is a wholly owned subsidiary of Media Central Corporation Inc. (CSE: FLYY, FSE: 3AT).
About NOW Central Communications Inc.
NOW Central owns and operates NOW Magazine and nowtoronto.com. Since 1981, NOW has been the voice of Toronto news and entertainment, published in newspapers every Thursday and daily on nowtoronto.com. NOW has been a leading, defining and pioneering independent and alternative voice publication for over 38 years. NOW Central Communications Inc. is a wholly owned subsidiary of Media Central Corporation Inc. (CSE: FLYY, FSE: 3AT).
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SOURCE: Media Central Corporation Inc.