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Creatd Inc (NASDAQ:CRTD) looked to spin off its media library, The OG Collection, and its associated Web 3.0 business, OG Gallery, into a new publicly-traded entity. Creatd would retain a minority interest in the spun-off entity.
What Happened: Founder and Chair Jeremy Frommer said, "With the completion of our recently launched proprietary technology platform, the OG Gallery, the new company will be one of the few Web 3.0 pure-play publicly traded companies."
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The library of content reflects the diverse range of subjects and themes embedded in the OG Collection and Bob Guccione's publishing empire.
Photographic prints, 35mm and 120mm negatives, slides, and even glass negatives make up the most significant component of the media library.
The Penthouse, Viva, and OMNI photoshoots, dating from 1973 to 1995, are some of the most exciting and voluminous components within the collection.
Why It Matters: The separation of The OG Collection and Creatd will enable the Company to benefit from the potential upside of the collection's intangible value while reducing Creatd's costs and allowing management to prioritize growth across Creatd's core revenue lines and its flagship product, Vocal.
Creatd will be able to leverage the technology for the OG Gallery across all of its four pillars, particularly its Creatd Partners agency business.
The spin-off should immediately improve the Company's balance sheet.
The Company is currently employing a sophisticated DAM platform in partnership with Starchive, a leader in the Digital Asset Management space.
Starchive CEO Richard Averitt said: "Starchive allows creators the ability to mint NFTs directly to the blockchain. We recently made our first purchase of a well-positioned plot that will house the OG Gallery in the Metaverse. The Decentraland location will be constructed this fiscal year and will offer creators exclusive experiences in the Metaverse."
Price Action: CRTD shares closed higher by 1.79% at $1.14 on Tuesday.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.