|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cryptocurrency News Articles
Vinyl Group Acquires Eco-Friendly NFT Marketplace Serenade to Expand Its Reach into the UK and European Markets
Sep 30, 2024 at 05:06 pm
As part of the deal, Max Shand, the founder and CEO of Serenade, will join Vinyl Group as an employee.
Music credits company Vinyl Group has acquired Serenade, an eco-friendly NFT marketplace, for $1.6 million to expand into the UK and European markets.
What Happened: Vinyl Group announced Monday that it has acquired 100% of Serenade’s UK subsidiary in an all-scrip transaction.
The company paid $800,000 in shares upfront, which are to be held in escrow for 12 months. The remaining shares, subject to performance, will be issued later.
Serenade’s platform is built on the Polygon blockchain and focuses on helping artists and fans connect through digital collectibles, powered by NFC-enabled Smart Format collectibles.
The crypto firm, launched in 2021, has seen sales of its collectibles grow 56% month-on-month since the start of 2024. In H1, the platform sold over 12,000 units.
Vinyl Group said the company’s commercial relationships with leading labels will provide greater leverage in the NFT marketplace.
The music credits company also highlighted Serenade’s collaborations with over 200 global music artists, including high-profile names like Sum 41, Muse, Liam and Noel Gallagher.
Additionally, the company has secured partnerships with over 100 record labels, including major industry players like Warner Music Group, Beggars Group, and Concord.
This vast network provides Vinyl Group with a direct pipeline into a rapidly growing fan base for digital music collectibles, further diversifying its offerings at Vinyl.com.
Vinyl Group expects the acquisition to break even on a pro forma basis and noted that Serenade’s revenue contributions will lead to a combined revenue run rate of $2 million for Vinyl.com.
As part of the deal, Max Shand, the founder and CEO of Serenade, will join Vinyl Group as an employee.
Shand will play a critical role in driving the integration of Serenade into the Vinyl.com platform.
Under the terms of his employment, Shand will receive 5 million stock options, which will vest in two tranches.
Related News: Matrixport Acquires Swiss-Based Crypto Finance Asset Management
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
If you believe that the content used on this website infringes your copyright, please contact us immediately (info@kdj.com) and we will delete it promptly.
-
- The Egg That Broke the Internet: Promises Unfulfilled and Investors Left Wondering
- Sep 30, 2024 at 10:30 pm
- The brand behind one of the most-liked photos on the internet entered the cryptocurrency realm earlier this year when a crypto enthusiast acquired the rights to the @world_record_egg Instagram account. With 5.2 million followers, the “egg” is a hot property.
-
- Toncoin (TON) and Solana (SOL) Likely to Trade Up Into Rollblock (RBLK) Positions, Thanks to Its Huge Potential for 1000x Gains Going Forward
- Sep 30, 2024 at 10:25 pm
- Earning yield on crypto assets is a surefire way to maximize profits and the Rollblock (RBLK) presale offers incredible returns of up to 30%