Creatd Announces Intention to Spin-off the OG Collection, Inc. onto Upstream as it Sells Out its Newly Dropped NFT Collection
The Company expects to have Creatd dually listed on Upstream in January of 2023. Followed quickly by filing for initial listing of its wholly-owned subsidiary, OG Collection, Inc., on Upstream, the blockchain-powered securities exchange, prior to its previously announced spin-out onto the OTC marketplace.
Creatd's OG Collection has announced that it has sold over 900 of 1000 pieces from its most recent NFT drop in its first day of release, and expects the balance to be sold-out imminently.
NEW YORK, Dec. 16, 2022 /PRNewswire/ -- Creatd, Inc. (OTCQB: CRTD) ("Creatd" or the "Company"), the parent company of the OG Collection, Inc. ("OG Collection"), today announced that its recently-dropped collection of non-fungible token (NFT) art has nearly sold out, generating its most successful Ethereum-based revenue opportunity since inception. The OG Collection maintains a 10% royalty on all future sales in the secondary market.
The new generative NFT drop featured 1,000 one-of-a-kind images from the OG archives, which was established to create new digital and physical art from rare materials from the collection and form an innovative avenue for NFT and fine art collectors alike.
Commented Chairman and CEO, Jeremy Frommer, "The combination of our proprietary technology and, even more importantly, our first-party data, gives us a unique edge for brands seeking partners to help them leverage the NFT space. We have not only a seasoned and scientific method for targeting ideal audiences for NFTs, but an ability to ideate new use-case scenarios for brands that do not rely on just the standalone value of an image. I can see a day where all creators on Vocal have the ability to monetize their content through the NFT marketplace."
Mr. Frommer continued, "It is not unusual that in order for a collectibles or exchange-based marketplace to mature, it must shed the majority of its previous iteration and the cottage industries surrounding it that rapidly become legacy in nature. I have seen this countless times in the financial services space. The future lies in blockchain-powered exchanges like Upstream, where we intend on listing the OG Collection, Inc., prior to its spin-off onto the OTC market. This tactic will make it difficult for any short, let alone naked shorts, to deliver the new entity to our current base of physical shareholders, as they cannot utilize the blockchain-listed stock for a borrow. And I know that our shareholders will insist on it. Together with them, we will break this stranglehold the shorts have on us and other like-minded companies."
Creatd, Inc. (OTCQB: CRTD) is a company with a mission to provide economic opportunities to creators and brands by multiplying the impact of platforms, people, and technology. Creatd's pillars work together to create a flywheel effect, supporting our core vision of creating a viable and safe ecosystem for all stakeholders in the creator economy.
Creatd IR: https://investors.creatd.com;
Vocal Platform: https://vocal.media;
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SOURCE Creatd, Inc.