Non-fungible tokens (NFTs) are shaking up the music industry, and stars like Eminem, Steve Aoki and Shawn Mendes have already jumped at the chance to influence how artwork, music and other assets are valued. As artists auction unique content, they are empowering themselves with a new stream of revenue to supplement income lost to paused live performances.
NFT consumerism is relatively untapped by China’s massive market. Like Facebook, YouTube and other popular U.S. social media and demand-side platforms, many NFT channels including Nifty Gateway and Rarible remain inaccessible behind China’s great firewall.
Realizing the untapped opportunity, Los Angeles-based East Goes Global social media, branding and DSP/playlisting management agency is bridging the NFT gap that exists between the U.S. and China. The company’s founder Andrew Spalter recently announced a new partnership with CryptoArt.ai, Asia’s largest NFT marketplace, to provide western content creators with a platform on which to integrate NFT sales, auctions, collection and transfers.
As the U.S. gains early access to China’s developing NFT Market, artists face new opportunity to build global success.
“We are very excited to be partnering with China’s largest and most reputable NFT platform, CryptoArt.ai.,” Spalter says. “Our partnership will enable our clients to continue to bridge the gap by accessing China’s still developing NFT market seamlessly.”
CryptoArt.ai hosted Shanghai’s first Global NFT Crypto Art Exhibition from May 29 to June 6. The auction generated more than 1,576,300 RMB (about $246,000 USD). Among the most popular NFT sales, “Rainbow Haze” by rising NFT artist mbsjq sold for 400,000 RMB.
The CryptoArt.ai exhibition is significant, Spalter explains, considering the lack of access to NFT platforms in China. Now, after launching three years ago, East Goes Global is using its social media, branding, and IP disruption to empower U.S. artists, celebrities, brands, and influencers in China.
Business expansion was organic at East Goes Global. Spalter explains that he began noticing an increasing number of his clients sourcing new opportunities unrelated to his core service, social media management. Intrigued by brand-new campaigns and television show opportunities that appeared, he stepped back and realized that his company could also provide licensing, trademark, IP, distribution, touring, merchandise and other services.
“That was the big eye-opening moment … in the sense that we no longer market ourselves as your multi-media agency, but more as your go-to for all things China. And that’s where we’re at now,” Spalter says.
East Goes Global has secured almost 63 million reported followers for some of the biggest U.S. stars in the world on Chinese platforms. With a combined reach of more than three billion, the opportunity is great with support across verticals like Weibo, Douyin, Bilibili, QQ and NetEase.
According to CryptoArt.ai, the partnership with East Goes Global will call for superstar IP and NFT, combined with European and American pop music trends, to diversify content on the CryptoArt.Ai platform. Based on the Ethereum ERC-721 protocol, the process integrates NFT generation, sales, auction, collection and transfer.
Qin JianXin, founder of CryptoArt.ai, says, “Our mission is to advance the global development of NFT/CryptoArt. With this partnership, we now have access to the world’s most well-known celebrities and personalities, and we are excited to bring China’s fast-growing NFT market global.”
CryptoArt.ai has made its mark in the NFT space with offline crypto art exhibitions. In addition to the NFTart auction with NOVA, the marketplace teamed up with world-renowned crypto artists PAK and Song Ting for a commercial auction of art, “Art Evolves With Time,” that transacted 169 ETH, or $595,308.