Crowd Media will leverage its Talking Head platform in the burgeoning NFT sector in a deal with a market leader of telling stories through AI and NFTs.
Disruptive media tech company Crowd Media (ASX:CM8) have entered a deal with developers behind NFT project Impssbl Corporation as it moves to gain a strong foothold in the NFT market globally.
Crowd Media and Impssbl have executed a Binding Heads of Agreement (HOA) to integrate Crowd’s Talking Head technology into the NFT marketplace as a series of interactive Non-Fungible Tokens.
Impssbl specialises in the application of digital assets in storytelling where the NFTs are integrated with AI to tell stories through Web3 mediums.
Under the Heads of Agreement, Crowd Media will grant Impssbl access to the Talking Head platform for the purpose of developing a ‘bridge’ that will convert an AI generated Talking Head (aka a digital avatar) into NFT artwork.
Impssbl will lead the NFT creation process and will execute the marketing and sales of the created series.
Three-phase project
Crowd Media said the NFT project will be in three phases:
- Phase 1 (Technical Integration) – Integrating Crowd Media’s Talking Head platform to Impssbl art resources and technically proofing the mutual creation of visual-conversational-chatbot as a Non-Fungible Token
- Phase 2 (First Commercialisation) – Develop and market full digital and interactive NFT Series
- Phase 3 (Scale Commercialisation) – Develop and market multiple series of NFTs on various channels.
Phase 1 is anticipated to be completed before the end of Q1 FY23. Marketing initiatives will then be rolled out by Impssbl with details for the first collection’s mint expected to be confirmed in Q2 FY23.
Shared profits
Profits generated from the first and future NFT series will be shared. Impssbl will be allocated 70% and Crowd Media to 30%, after expenses for technology development and marketing spend are recouped.
For NFT authentication, Impssbl – or an account designated by Impssbl – will be classified as the ‘Creator’ of any NFT series created under the HOA. Impssbl will collect all Creator fees and share profits with Crowd Media on a quarterly basis receiving its entitlement in ETH.
Crowd Media’s newly appointed CEO Idan Schmorak said digital avatars generated by its Talking Head platform have all been unique in nature between their visual and audio elements which is why the NFT landscape was identified as an opportunity to monetise the technology.
“Through Impssbl, we have found a partner in the space that not only specialises in the creation of NFTs but is also able to create utility for them in the form of interactive communication and storytelling,” Schmorak said.
“With these NFTs, collectors are not getting a picture, they will be getting an interaction. And in the future as we scale the project up utilising Crowd’s Talking Head platform, collectors will be able to acquire an interaction with a celebrity avatar that is personally made for them.”
Impssbl founder and CEO Alessandro Botteon said the company was excited to be working with Crowd Media on the project having seen the deep tech capabilities of its Talking Head platform and capability to rapidly roll out highly lifelike avatars.
“By building them into the NFT landscape, this is an opportunity to offer a collection of NFTs that will interact with their users, giving owners a unique experience with their NFTs that can mirror real people,” Botteon said.
Solid turnaround
The company is now accelerating to a monetisation phase, finishing the first half with underlying EBITDA profit of $36,099.
The solid results were attributed to part of a strategy that it’s been able to execute successfully under stringent financial management and the leadership of Schmorak.
This article was developed in collaboration with Crowd Media, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.