LiveXLive To Launch Digital Art Content Division In NFT Push

Live-stream and on-demand content platform LiveXLive plans to launch non-fungible tokens (NFTs) and a digital art content division with its sole focus on creating, producing, promoting and selling NFTs.

LiveXLive’s (LIVX) Chairman and CEO, Robert Ellin, said, “There is potentially significant value in building a dedicated business to support these new forms of digital assets from both a monetization and promotional perspective.”

Ellin added, “Our events across music, pop-culture, gaming, pay-per-view, podcasting/vodcasting and audio align perfectly with the value proposition NFTs represent to supefans and collectors across the world.”

Non-fungible tokens make use of blockchain technology and thus every NFT is unique and cannot be duplicated. This uniqueness makes these tokens valuable. They can represent digital files such as art, audio, videos, posters, album art and other creative works.

The company plans to launch 100 limited edition NFT festival posters for its annual virtual music festival, Music Lives. It will also capture “Best of” clips from the concert as NFTs.  (See LiveXLive stock analysis on TipRanks)

Last month, H. C. Wainwright analyst Kevin Dede reiterated a Buy rating on the stock with a $6 price target (7.7% upside potential).

Commenting on the company’s 3Q performance, Dede said, “Sales were up almost 2x from last year, propped up mostly by the acquisition of PodcastOne that closed July 1 last year.”

Dede added, “Meanwhile, there could be more M7A-related news nearer term, and we remain big fans of this one, as we have through thick and thin; the pretty Covid pivot alone should be enough to command ultimate confidence.”

Turning to rest of the Street, the stock has a Strong Buy consensus rating alongside an average analyst price target of $7 (25.7% upside potential) based on 3 unanimous Buys. Shares have gained about 250.3% over the past year.

LIVX stock forecast

Related News:
MSG Entertainment Inks Deal To Buy MSG Networks; Shares Tank 10% Ametek Inks Deal To Acquire Abaco Systems For $1.35B
Synlogic Posts Lower-Than-Expected 4Q Loss; Shares Gain