NEW YORK, NY / ACCESSWIRE / October 14, 2021 / Image Protect Inc. (OTC PINK:IMTL) (https://imageprotect.com/) ("Image Protect", "IMTL", or the "Company"), an emerging Media Company, is pleased to announce and detail the official launch of Tokentunz.com, a music site built to release original music by independent artists direct to their fan base utilizing NFTs with blockchain technology.
The Company has reached an agreement and executed it with hip hop artist Jim Jones. The Agreement details a Christmas theme song set to be released for this December and the Agreement calls for a major Feature artist to be included on the Record. The Record will be released as an NFT and a portion of the Publishing, and streaming revenue will be paid directly to the NFT owner for the life of the song. The Company is set to release seven thousand NFTs at $99.00 each, giving the NFT owner a larger portion of the revenue. The smart contract in the architect of the NFT will incorporate a direct payment to the NFT holder based on 25% of the combined revenue from the publishing and streaming revenue. The agreement calls for Tokentunz.com to mint 7,000 NFTs which provides the Company and the Artist an instant revenue event of $693,000.00 on the day of release if all NFTs are sold. Based on historical record sales of Jim Jones's music, which includes "We fly High" a Single that went Platinum, the Music NFT could result in a substantial financial return in relation to the cost of the NFT for the owner and due to the fact, it's a Christmas themed song, it could return streaming and Publishing revenue far into the future. This also provides the Artist and Company with an immediate revenue stream, as opposed to waiting for the Royalty revenue to commence. The company is in talks with several Artists and Producers to build a steady stream of Artists that utilize the NFTs to directly drop records to their fan base without the cumbersome agreements and contracts of the traditional Record label path.
Image Protect CEO, Lawrence Adams, "We are extremely excited about being first to market by delivering an NFT of a Record single by a major Artist with streaming and Publishing revenues sent directly to the NFT holder. To be Partnering with Jim Jones at our launch, is an honor and we plan on continuing this model far past the December release with many Artists."
Per the Industry Blog, CoinTelegraph, With or without the buzz, one of the most powerful and overlooked impacts of NFTs is on the music industry. NFTs have the power to change the game for independent artists by providing a new way to earn an income (while connecting with fans), and this kind of change has been long overdue.
About Image Protect
Image Protect (IMTL) is a media company with a Platform in cryptocurrency, blockchain, and digital assets. Their unique digital asset library and proprietary technology was developed by company subsidiary Fotofy. The Company owns and operates www.legendNFTs.io which is an auction for NFTs of Hip Hop Artist and major Sports figures. Recently Company launched Tokentunz.com a website for Music NFTs. The Company is a tech and Media company that brings Fans and Artist close and allows interaction and provides a platform and makes revenue in the process.
Safe Harbor Provision
Cautionary statement for purposes of the "Safe Harbor" provisions of the Private Securities Litigation Reform Act of 1995: Information in this news release contains forward-looking statements that involve risks, uncertainties and assumptions. If such risks or uncertainties materialize or such assumptions prove incorrect, the results of the Company and its consolidated subsidiaries could differ materially from those expressed or implied by such forward-looking statements and assumptions. All statements other than statements of historical fact are statements that could be deemed forward-looking statements. Risks, uncertainties and assumptions include the execution and performance of contracts by the Company and its customers, suppliers and partners. The Company disclaims any obligation to update or revise statements contained in this news release based on new information or otherwise.
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SOURCE: Image Protect, Inc.