Liquid Media Group Ltd. (YVR) stock prices were down 5.54% as of market close on April 19th, 2021, coming to a close at USD$2.56. Subsequent current market fluctuations saw a significant uptrend of 10.16%, placing the stock price at a comfortable USD$2.82.
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Collaboration with CurrencyWorks
This development came hot on the heels of YVR’s announcement in conjunction with CurrencyWorks of May 2021 as the release date of their premier Red Carpet NFTs. With the Red Carpet NFTs being notable collectors’ items, they are also very much about the experience of bringing fans closer to their favourite Hollywood media and celebrities.
Foray into NFTs
As an up and coming technology, the CEO of Liquid Media is hopeful for YVR’s chance to showcase the creativity and versatility associated with NFTs for its fans, the entertainment industry, and owners of intellectual property. With the release of Red Carpet NFTs, fans will be able to own hitherto unreleased footage of their favourite media or even attend future red carpet movie premiers. The possibilities are theoretically endless.
Expected Release Date
May 2021 will see YVR the rolling out of their NFTs being facilitated by the CurrencyWorks’ powered NFTainment.io, which is both a community of enthusiasts as well as a trading platform. Fans will be able to trade and discuss various NFTs, as well as speculate on YVR’ next NFT release.
What is an NFT?
While cryptocurrency is commensurate and able to be traded like-for-like, such is not the case with NFTs, which are entirely unique. NFTS allow the owners of intellectual properties to store information such as movie scenes, music, or gaming content. This way, they can leverage their brand, limited only by the scope of their imagination, and connect fans with media in a hitherto unprecedented manner, all the while adding new revenue streams to their businesses.
NFT Applicability
YVR’s Red Carpet NFTs will serve as a significant component of the company’s comprehensive solutions package for professional and budding video IP creator. YVR will facilitate the process from conception to monetization so that their user base can fully leverage their entertainment-related intellectual properties.
Capital from Direct Offering
On March 22nd, 2021, YVR announced the closing of its direct offering of 1,791,045 shares of its common stock. Each share is priced at USD$3.35, netting the company USD$6 million in gross proceeds. These funds are expected to be allocated towards the expansion of current businesses as well as for the acquisition of or investment in businesses. YVR also plans to use this capital to reduce its debt and manage capital expenditures as well as general corporate and working capital purposes.
YVR’s Future Outlook
With the rolling out of their NFTs just around the corner, and the consolidation of their financial position through the direct offering, YVR is hopeful for a lucrative future. Investors are also hopeful as indicated by the surge in YVR stock price following this announcement.
