KUALA LUMPUR: Malaysian-based ASX-listed Netccentric Ltd (Netccentric) today finalised a joint-venture to kickstart its transformation into a Web 3.0 creator platform.
The joint-venture with RedSquare Technologies Sdn Bhd (RSQ) would see the progressive emergence of NFT Technologies Sdn Bhd (NFT Tech), the JV company set to place Netccentric at the forefront of the Web 3.0 revolution.
NFT Tech's platform will empower brand owners to issue NFTs in collaboration with influencers in a cost-efficient and user-friendly manner, the company said in a statement.
The NFTs issued by the platform will provide real-world utility and applications, enabling consumers to earn rewards and enjoy unique experiences with their favourite influencers.
For brands, the tokens will provide opportunities to increase revenue, build loyalty and gain access to Web 3.0 analytics.
Influencers in the group's network will be able to promote and market NFTs minted using NFT Tech to their followers.
In return, influencers will be able to earn income linked to their issuance and transactions involving the NFTs.
Under this partnership, Netccentric will invest RM600,000 into NFT Tech, with RSQ to earn its participation as a shareholder through the achievement of staged development milestones.
NFT Tech is currently wholly owned by Netccentric and was incorporated for this JV to develop and operate the Web 3.0 platform.
Revenue generation is planned through a two-pronged business model - enterprise managed services and a creator software-as-a-service (SaaS) application.
Under the enterprise model, NFT Tech will consult, develop and assist brand owners to create and manage NFTs in collaboration with influencers.
The revenue model will be based on a managed service where NFT Tech will provide design, the software stack and a mobile app for users to utilise the NFTs and an influencer marketing mechanism powered by Nuffnang, a Netccentric-owned social influencer and content marketing platform.
Meanwhile, under the SaaS model, NFT Tech will provide a creator application via software as a service for small-to-medium enterprises (SMEs) and creators
Netccentric executive chairman Ganesh Kumar Bangah said the company's transition into becoming a Web 3.0 creator platform is set to generate value for all its stakeholders, especially brands and influencers.
"The experience and capabilities that we have built throughout the years for the Netccentric-Nuffnang Group set to position us strongly as the world moves into Web3.0," said Ganesh.
"This joint venture will place Netccentric at the forefront of the Web 3.0 revolution and empower the Group to stand out by providing a unique online-to-offline proposition to our brand clients and influencer network," he added.