JZZ Technologies Inc (OTCMKTS:JZZI) on May 3, 2022, confirmed entering into fresh purchase agreement where Databoss Inc. of North Brunswick, New Jersey will be buying the non-exclusive NFT license rights of to up to twelve million NFTs of video content.
Market Reaction
On Tuesday, JZZI stock ended flat at $0.0049 with more than 1.18 million shares, compared to its average volume of 1.09 million shares. The stock moved within a range of $0.0093 – 0.0110 after opening trade at $0.0106.
JZZ Technologies, Inc. Enters into Agreement to License Up To 12 million NFTs from its Film, TV, and Video Content for Digital Marketing
Databoss Inc will be paying the firm $1,200,000 for the license rights payable in Shubh Coin, cryptocurrency developed Neel Sawant and Databoss, Inc.
A widely owned digital asset representing real-world objects such as art, digital works, and videos, NFT’s are bought and sold onlineusing cryptocurrency. Encoded with same underlying software as blockchains, NFTs are also designed for limited runs, identified by a unique code.
In 2021, the market for NFTs reached $41 billion, matching the total value of the entire global fine art market.NFTs can vary in value from some dollars to many thousands. JZZ Technologies Inc is planning to create more than five million NFTs from the material and market them.
Charles Cardona, CEO of JZZ Technologies said that this is the first of the planned major content licensing agreement in the entertainment industry. Cardona added that the firm aims to harness sale of NFTs for generating much revenue on an ongoing basis. The CEO added that it is a natural revenue stream for the firm deploying digital marketing to sell NFTs.
Key Quote
“This is the first of what we plan as a major content licensing agreement in the entertainment industry,” states Charles Cardona, CEO of JZZ Technologies. “We plan to use the sale of NFTs to generate significant revenue for the company on an ongoing basis. It’s a natural revenue stream for us, employing our digital marketing to sell NFTs based on this potential wide array of content.”
Traders Review
JZZI stock is trading above the 20-Day and 50-Day Moving averages of $0.0045 and $0.0045 respectively. However, the stock is trading below the 200-Day moving average of $0.0075.
