mm2 Asia’s NFT Market for Regional Entertainment

Earlier this year, mm2 Asia, one of the region’s leading film and online content producers, launched its own NFT marketplace, Metaviva. Taking advantage of a trend that was taking the world by storm, the company wanted to create a special space for its entertainment collections in Asia.

“Recent internet developments have brought about a significant change in user behavior,” said Angelin Ong, mm2 Asia’s general manager for North Asia. “Metaviva should be a place where fans can engage directly with their favorite Asian creators and engage as a community.”

NFTs from the ‘Oh Girls Go Army’ collection seen on Metaviva / Metaviva screenshot

While some NFT markets are operational, most are unorganized. For example, OpenSea, the largest NFT marketplace by trading volume, allows almost anyone to list their projects on the platform.

With new NFT collections released every day, it’s incredibly difficult for projects to stand out.

“Regional content is often lost in a global sea of ​​content. It made sense to have a dedicated platform for education and development,” says Ong.

Traditional brands and NFTs

Initially, NFTs gained notoriety with independent artists and developers who wanted to monetize their work. There are a variety of reasons for creating NFT projects – from offering collectibles to sharing company revenue – but most of them tend to operate like startups.

The founders create a roadmap based on buyers deciding to “monetize” an NFT. Funds from the minting process are then used to complete the roadmap.

Metaviva shows how a similar model can also be used by existing brands.

Currently, the website lists a collection inspired by mm2 Asia’s film Ah Girls Go Army. When viewers purchase two tickets to the film from Cathay Cineplexes, they will receive a code to redeem an NFT from the collection.

metaviva ah girls go to the army
Artwork from the Ah Girls Go Army NFT collection / Photo credit: mm2 Asia

Rather than creating a new one, these NFTs serve as an extension of an existing IP address. They are preferred over physical collectibles because they can also be used to reward owners with future utility perks.

For traditional brands adapting to blockchain technology, NFTs can be a way to expand their marketing efforts and add more value to their core offerings.

Speaking of Metaviva’s NFT collections, Ong said, “They will be project specific and each will have its own roadmap based on the makers vision. As a general indicator, they are meant to serve more than just collections.

Exclusive access

“NFTs are not just an image file on a blockchain,” Ong says. They have the potential to offer utilities such as exclusive access to content, community benefits, blockchain trading and more.

This is not possible with physical collections because they are not as easily verifiable as NFTs. Due to their unique presence on the blockchain, NFTs are also an ideal alternative to traditional tickets.

Festivals such as Coachella and sporting events hosted by the National Basketball Association (NBA) and the Ultimate Fighting Championship (UFC) have explored such a model. The latter two used NFTs as contest entries, providing VIP seating and meeting opportunities to a limited number of owners.

“Mm2 does business with concerts and events, so we consider NFTs to be access cards and collectibles,” says Ong. “NFTs have the advantage of being not only a digital memory of the event, but a smart contract that can provide enhanced digital security. They also act as a conduit for future fan services.”

Find the general attractiveness

“NFT” was the Collins Dictionary’s Word of the Year for 2021. Despite widespread interest, it can still be quite difficult for new users to purchase one for themselves.

From setting up a crypto wallet to charging gas fees, there’s plenty to look for when you begin your NFT journey. With Metaviva, mm2 Asia hopes to streamline this process.

“We want to make the NFT collection more accessible to the general public. We put a lot of thought into making the process simpler and more general,” Ong says.

crypto wallet
Metaviva allows users to register with their email address and automatically creates a crypto wallet for them / Photo credit: Zipmex

Because Metaviva was built with a focus on entertainment and media, its target audience is not necessarily existing crypto users. The platform could pave the way for crypto adoption in Asia by bringing consumer IP addresses and content to the blockchain.

As a result, fans might be more involved in the development of movies and other media projects in the future.

“We hope Metaviva will be a place where fans can meaningfully interact with their favorite content. NFT holders can be involved in the creation of projects and possibly be rewarded with privileges and special experiences.

Selected image credit: mm2 Asia

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