MANHATTEN BEACH, Calif.--(BUSINESS WIRE)--SPIN, a legendary American music media company, and NAX, a company that brings liquidity to corporate assets, today announce a partnership to release sustainable Non-Fungible Tokens (NFTs) featuring SPIN’s celebrated photography. As the first major music media brand to make its full content archive available via NFT, SPIN will leverage NAX’s software and methodology, alongside its historic 36-year IP library, to introduce an environmentally conscious option.
One of the major critiques of NFTs today is their negative CO2 impact on the environment as a result of mining. This new marketplace will utilize ESG friendly and energy-efficient technology and ultimately aims to accelerate the sustainable advancement of the NFT space.
SPIN NFT selections will feature highly-collectable rare photography, videos, and signed, limited-edition covers and related media. Custom collaborations with artists, celebrities, musicians and brands and exclusive videos and TV-quality behind-the-scenes footage are also being considered for minting. NFT tie-ins with SPIN’s physical art galleries, events and experiential installations will provide unique value-added opportunities on the platform.
Jimmy Hutcheson, CEO, SPIN said: “A music, media and art collectibles marketplace supported by NAX’s digital expertise and marketplace technology, fueled by SPIN’s access to talent, celebrities and brands is a no brainer. We are excited to launch this with NAX and create something really special for the fans.”
In addition to being environmentally-friendly, the platform will provide favorable terms to artists, and a streamlined onboarding process for consumers.
NFTs will be released to the marketplace on a recurring basis, allowing for a continual feed of fresh images, collector packs and other assets for fans to engage with. Over time, the joint marketplace will expand to feature a broad selection of distinguished brands and personalities curated by SPIN.
Jeff Schumacher, CEO and Founder, NAX said: “I am thrilled that NAX can help bring liquidity to SPIN’s iconic catalog of music assets. Through this transformative NFT partnership, we are able to unlock the enormous value of these assets and open them up to the public market in an environmentally sustainable way.”
To sign up for updates on SPIN’s NFT releases, please visit https://www.spin.com/nft/
About SPIN
SPIN is one of the most recognizable names in music journalism and pop culture. It’s acquisition by Next Management Partners in early 2020 has launched a new generation for the legendary media group, putting the brand back where it belongs at the center of the cultural zeitgeist. Recent covers have featured some of today’s biggest stars, like Run the Jewels, Machine Gun Kelly, and Kehlani, coupled with in-depth interviews, merchandise, and original video content.
About NAX
NAX is a platform to create asset-backed products, ventures and securities for the world's leading institutions. The company co-leads the commercialization of these initiatives with its partners. NAX maintains its headquarters in Manhattan Beach, CA for North America and Paris, France for Europe with offices in Palo Alto, New York, London, and Frankfurt. In 2021, it will be expanding to Singapore, Tokyo and Sydney.
