Valiant Eagle Inc (OTCMKTS: PSRU) has announced that Cinevision Global has signed a letter of intent (LOI) that enables, Fungy, Valiant Eagle’s NFT platform, to sell the company’s television and film catalogue. Fungy’s NFT marketplace will be launched in the coming weeks.
Cinevision titles place Valiant Eagle in a position of success
Cinevision film library has more than 2000 titles. Some of these titles feature prominent actors such as Mel Gibson, Bruce Lee, Sandra Bullock, George Clooney, Michelle Pfeiffer, Burt Reynolds, among others. Such a film library will make Fungy a unique and leading NFT.
According to Xavier Mitchell, the CEO of Valiant Eagle, this might have a value of about $4 billion if Fungy is successful. Valiant Eagle has a goal to make about $1.3 million and $4 million in revenue for Cinevision after just three months of operation.
In July, the company purchased all the rights to many iconic titles, including the movie Fist of Fury, which features the actor Bruce Lee. A total of 12 titles were purchased in the deal and will provide content for Fungy.
Valiant Eagle planned to cut off the supply of these movies. In theory, this will increase their value, that is, if they are in demand. Using these iconic films will give them high-quality and meaningful NFTs, which will lead to high revenues.
NFTs have seen an increase in revenue
NFTs have seen high profits in 2021 and, as a result, have gained the attention of multi-national companies. For instance, Visa bought an NFT worth $150,000 from CryptoPunks in August 2021. Cuy Sheffield, Visa’s head of Crypto, believes the NFT will be used heavily in social media, entertainment and retail in the future. Christie’s, a famous auction house, sold an NFT at $69.3 million, the highest price an NFT has fetched so far.
NFTS are digital assets used in different industries to represent real-world objects like music, sports collectables, art pieces and videos. They are purchased and sold online, often using cryptocurrency. The software that encodes NFTs is generally similar to that of cryptocurrency. NFTs have become a preferred way to buy and sell digital artwork and, as such, have seen an increase in their use. By June 2021, NFTs had generated $2.5 million.