Business
JZZ Technologies, Inc. Enters into an Agreement to License up to 12 Million NFTs from Film and TV Content
JZZ Technologies, Inc. Enters into an Agreement to License up to 12 Million NFTs from Film and TV Content.
About this update from Ideal Group Of Companies Inc.
[{"type":"text","content":"Anderson, South Carolina--(Newsfile Corp. - May 11, 2022) - JZZ Technologies Inc. (OTC Pink: JZZI) has entered a license agreement for the non-exclusive NFT license / production rights for up to 12 million NFTs (100,000 frames with up 120 permutations per frame) of video content licensed by JZZ Technologies, Inc. Under the terms of the agreement, JZZ Technologies, Inc. acquired the rights to license at least 12 hours of video for the express purpose of creating, modifying, and selling NFT (Non-Fungible Token) digital artwork. Modifications and production of the NFTs from original frames are at the sole discretion of JZZ Technologies, Inc.NFTs are a digital asset that represents real-world objects like art, digital works and videos. They are bought and sold online, mostly using cryptocurrency. NFTs are generally encoded with the same underlying software as many cryptos using blockchains. NFTs are also designed as one of a kind, or one of a very limited run, each identified by a unique code.The content acquired by JZZ Technologies includes a variety of images, movie stock, TV stock, out takes, and B-Roll footage from the productions of Actor and Cinematographer Michelle Ciardulli. In all, the raw footage accounts for over 1 million raw images from video and stills, each of which can be artistically produced into numerous NFTs.The Agreement provides that Michelle Ciardulli shall provide a letter of authenticity, permission for publicity and bio information for the content, and Michelle Ciardulli for sales, marketing, and publicity purposes. Michelle Ciardulli will receive an upfront fee of 3 million shares of common stock of JZZ Technologies, Inc., plus 25% of sales compensation in the same manner as received for each NFT derived from the licensed content.JZZ Technologies, Inc. plans to create over 12 million NFTs from this material and market them through their online database of 30+ million seniors, and through social media channels.\"The acquisition of the rights to productions of Actor and Cinematographer Michelle Ciardulli is an important point for our planned digital acquisitions\", states Charles Cardona. \"There is a lot of rare and untapped film footage that is aligned with developing and selling NFTs that we produce. The works can quickly become a major revenue source for our company as we sell through our ready-made mark...