- South China Morning Post newspapers expanded their revenue generation quite creatively by starting to sell NFTs related to historical events previously.
- The Non-Fungible Tokens (NFTs) are of the historical front pages of the newspaper.
- Now the SCMP has announced its new venture called Artifact Labs to explore the potential blockchain applications.
South China Morning Post (SCMP), the Hong-Kong based newspaper, was recently in the news for its launch of Hong Kong’s landmark Star Ferry pier in the virtual world.
Earlier, the newspaper took a move that goes beyond the narrative of newspapers only getting major revenues from advertisements. It rolled out the idea of selling Non-Fungible Tokens (NFTs) of its front pages from the historical events. And seems to be pretty confident that it is spinning it off its own division called Artifact labs.
These NFTs by SCMP are front pages from historical events, For instance, the handover of Hong Kong to China in the year 1997, THe Asian Financial Crisis, The Avian Flu, and the death of Princess Diana.
Flow is the blockchain network where its NFT collections are operated. The same blockchain also powers NBA Top Shot’s collection. The buyers can also put a bet on a particular NFT from a historical event, or they can buy a mystery box of front pages from selected events.
In the previous auction, the newspaper sold more than 1,000 NFTs which was approximately $127,000.
According to Joe Tsai, the Chairman of the SCMP newspaper, SCMP’s creation of Artifact Labs to explore the potential blockchain applications for media is a transformational step for their 118-year-old organization. Tsai also happens to be the co-founder and executive vice-chairman of Alibaba.
SCMP would remain to be the shareholder in Artifact Labs and would also look for third-party capital to facilitate funding to grow the company.
The Chairman hinted towards his inclination in the crypto industry via a Tweet he made public last December saying he likes crypto. And this step of the newspaper indicates his plans in space.
Earlier, the newspaper, the South China Morning Post (SCMP), announced the launch of Star Ferry Pier in the significant Metaverse The Sandbox.
These tokenized forms of significant historical events signify how the entities are innovatively using it and are providing a whole new level of experiences to the audience. It is to look forward to how the recently announced division would perform.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.