.SCMPNews has found selling NFTs of its front pages to be a successful business. Now it's spinning off the division into its own company. thesamreynolds reports
Media organizations are always looking for new sources of revenue beyond selling ads against print copy. Hong Kong’s South China Morning Post appears to have found one in selling Non Fungible Tokens of its front pages from historical events, and has such confidence in the business that its spinning it off into its own division called Artifact Labs.
The SCMP’s NFTs are front pages from historical events such as the handover of Hong Kong to China in 1997, the Avian flu outbreak, the Asian Financial Crisis, and the death of Princess Diana. Its NFT collection exists on Flow, a blockchain built by Dapper Labs, which also powers NBA’s Top Shot collection.
Buyers can bid on a specific NFT from a historical event, or buy a mystery box of front pages from selected events.“SCMP’s creation of ‘Artifact Labs’ to explore the potential of blockchain applications for media is a transformational step for our 118-year old organization,” said SCMP Chairman Joe Tsai.SCMP will continue to be a shareholder in ‘Artifact Labs’, and will seek third-party capital to help fund the company’s growth, according to a press release.
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