Creatd Announces Intention to Spin-off the OG Collection, Inc. onto Upstream as it Sells Out its Newly Dropped NFT Collection
Creatd, Inc. (OTCQB: CRTD) announced its intent to dual-list on Upstream in January 2023, with plans to spin off OG Collection, Inc. and subsequently list it on the OTC market. The OG Collection successfully sold over 900 of a limited NFT drop within the first day, marking a significant revenue milestone. The new NFT drop features unique images from OG archives and includes a 10% royalty on secondary market sales. CEO Jeremy Frommer highlighted the unique advantages of the company's technology and first-party data in aiding brands in the NFT space.
- Over 900 out of 1,000 NFTs sold on first day, indicating strong demand.
- 10% royalty on all future secondary market NFT sales.
- Intention to dual-list on Upstream enhances market visibility and investor access.
- None.
- 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
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."
About Creatd
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: https://creatd.com;
Creatd IR: https://investors.creatd.com;
Vocal Platform: https://vocal.media;
Investor Relations Contact: ir@creatd.com
Forward-Looking Statements
Any statements that are not historical facts and that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions or future events or performance (often, but not always, indicated through the use of words or phrases such as "will likely result," "are expected to," "will continue," "is anticipated," "estimated," "intends," "plans," "believes" and "projects") may be forward-looking and may involve estimates and uncertainties which could cause actual results to differ materially from those expressed in the forward-looking statements. We caution that the factors described herein could cause actual results to differ materially from those expressed in any forward-looking statements we make and that investors should not place undue reliance on any such forward-looking statements. Further, any forward-looking statement speaks only as of the date on which such statement is made, and we undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of anticipated or unanticipated events or circumstances. New factors emerge from time to time, and it is not possible for us to predict all of such factors. Further, we cannot assess the impact of each such factor on our results of operations or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. This press release is qualified in its entirety by the cautionary statements and risk factor disclosure contained in our Securities and Exchange Commission filings.
View original content to download multimedia:https://www.prnewswire.com/news-releases/creatd-announces-intention-to-spin-off-the-og-collection-inc-onto-upstream-as-it-sells-out-its-newly-dropped-nft-collection-301705386.html
SOURCE Creatd, Inc.
FAQ
What is Creatd's plan for OG Collection, Inc. stock?
How successful was the recent NFT drop by Creatd?
What revenue opportunity did the NFT drop generate for Creatd?
What royalties does OG Collection maintain on NFT sales?
Who is the CEO of Creatd, and what did he say about NFTs?
