Malaysian-based ASX-listed Netccentric Limited (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 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 press release.
“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,” it added.
“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 (~AUD200,000) in cash 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 mobile app for users to utilise the NFTs and an influencer marketing mechanism powered by Nuffnang, Netccentric’s 100%-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 that the group’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.
“We are building the infrastructure for digital content ownership on the Internet and apps that make it possible for the layman to use. NFTs in our mind are not only asset class but a technology to help us hit our goal. NFTs on our platform will carry utility, which means they can be exchanged for physical goods, services and rewards from well-known brands who are already spending money to attract and retain consumers,” said Ganesh.
“Our ultimate aspiration is to become as indispensable to digital creators as the Australia-based design software platform Unicorn, Canva is to designers.”
“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,” explained Ganesh.
“We chose RSQ to partner with us on this JV based on their product and development expertise, which will complement our existing technology stack while accelerating the roll-out of our Web 3.0 product roadmap.
“We see a strong growth trajectory ahead for well-regulated NFTs that provide safety, security, credibility and a positive user experience. NFT Tech is well-placed to develop and provide this, and we look forward to bringing NFTs with real-world utility to the masses through our uniquely strong and diverse network of influencers.”
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.
NFT Tech will be led by Naven Prasad as chief executive officer and chief technology officer. RSQ’s chief operating officer, Justin Wong, will join NFT Tech as chief product officer.
Founded in 2018, software development company RSQ focuses on enabling enterprises and governments to scale people, processes, and product through scalable technologies. Its areas of expertise include blockchain, fintech, govtech and media.
Some of RSQ’s notable clients include Boost (one of Malaysia’s leading eWallet providers), Monsta Infinite (a Blockchain Play2Earn game utilising NFTs in monster battles), Malaysia’s Ministry of Youth and Sports, and China Press Berhad.