Vinco Ventures Announces Two Million Dollar Pre-Sale of the First of Three Exclusive Emmersive-NFTs (E-NFTs)

Rhea-AI Summary

Vinco Ventures, Inc. (BBIG) announced that its subsidiary, Emmersive Entertainment, has successfully pre-sold its first package of three exclusive Emmersive NFTs for $2 million to a private investor. The NFT package is anticipated to generate additional revenue through a future digital art auction. Emmersive aims to redefine the digital art landscape with augmented reality experiences, enhancing the intersection of entertainment and technology. The collection's first artist has been filmed, with completion expected in 45-60 days.

Positive

• Pre-sale of exclusive Emmersive NFTs for $2 million indicates strong investor interest.
• Potential for additional revenue through future digital art auction.
• Emmersive aims to innovate in digital art and entertainment combining technology and finance.

Negative

• None.

Bethlehem, PA, May 11, 2021 (GLOBE NEWSWIRE) -- Vinco Ventures, Inc. (NASDAQ: BBIG) a leader in selective acquisitions who leverage new market opportunities by utilizing the B.I.G. Strategy: Buy. Innovate. Grow. today announced its subsidiary, EVNT Platform, LLC (d/b/a Emmersive Entertainment), has pre-sold the first of three exclusive Emmersive NFTs (E-NFTs) released as a package investment to a private third-party investor.

The deal structure includes an initial payment of Two Million Dollars ($2,000,000) for the three-celebrity set. The unique digital assets are expected to generate additional monies through revenue sharing based upon their individual sale prices determined in an upcoming digital art auction at one of the world’s preeminent auction houses.

“We are thrilled to have executed our first pre-sales in the space,” said Emmersive Co-Founder, David J. Kovacs. “We will re-define digital art and entertainment through our Augmented Reality Experience and look to continue to push the limits on technology. We are confident this is only the beginning as our company becomes an industry leader within the NFT universe,” added Kovacs.

Erik Hicks, Co-Founder of Emmersive Entertainment said, “This is the first step in the combination of entertainment, technology and finance for our organization. We are creating a unique experience that will revolutionize the entertainment industry while creating immeasurable value to the collector.”

Emmersive Entertainment has filmed the first artist in the three-piece collection with plans to complete it in its entirety within the next 45-60 days.

About Vinco Ventures, Inc.

Vinco Ventures, Inc. (BBIG) is a mergers and acquisition company focused on digital commerce and consumer brands. Vinco’s B.I.G. (Buy. Innovate. Grow.) strategy will seek out acquisition opportunities that are poised for scale and grow said acquisitions through targeted traffic and content campaigns. For more information visit Investors.vincoventures.com.

Forward-Looking Statements and Disclaimers

To the extent any statements contained in this press release contains “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995 and the information that are based upon beliefs of, and information currently available to, the company’s management as well as estimates and assumptions made by the company’s management. These statements can be identified by the fact that they do not relate strictly to historic or current facts. When used in this presentation the words “estimate,” “expect,” “intend,” “believe,” “plan,” “anticipate,” “projected” and other words or the negative of these terms and similar expressions as they relate to the company or the company’s management identify forward-looking statements. Such statements reflect the current view of the company with respect to future events and are subject to risks, uncertainties, assumptions and other factors relating to the company’s industry, its operations and results of operations and any businesses that may be acquired by the company. Should one or more of these risks or uncertainties materialize, or the underlying assumptions prove incorrect, actual results may differ significantly from those anticipated, believed, estimated, expected, intended, or planned. Although the company believes that the expectations reflected in the forward-looking statements are reasonable, the company cannot guarantee future results, performance, or achievements. Except as required by applicable law, including the security laws of the United States, the company does not intend to update any of the forward-looking statements to conform these statements to actual results.

Investor Relations: 
Aimee Carroll 
Phone: 866-900-0992 
Email: Investors@vincoventures.com

FAQ

What recent announcement did Vinco Ventures (BBIG) make regarding NFTs?

Vinco Ventures announced the pre-sale of its first exclusive Emmersive NFTs for $2 million.

How much was the initial payment for the Emmersive NFT package sold by BBIG?

The initial payment for the Emmersive NFT package was $2 million.

What is the expected outcome of the Emmersive NFTs sold by Vinco Ventures?

The Emmersive NFTs are expected to generate additional revenue through a digital art auction.

Who is behind the Emmersive Entertainment subsidiary of BBIG?

Emmersive Entertainment is co-founded by David J. Kovacs and Erik Hicks.

What is the timeframe for completing the NFT collection by Emmersive?

The completion of the NFT collection is expected within 45-60 days.