Integrated Media Technology Limited Announces Signature of Exclusive NFT Creative Agreement with Wan Fung Art Gallery
SYDNEY, January 31, 2022 /PRNewswire/ — Integrated Media Technology Limited (NASDAQ: IMTE) (“IMTE” or the “Company”), today announces that it has entered into an exclusive NFT creation agreement with Wan Fung Art Gallery to strike their masterpieces of Chinese fine art for sale on IMTE Auction market. The exclusive agreement is for a period of one year and renewable after agreement of both parties.
Wan Fung Art Gallery(www.wanfung.com.hk) situated in hong konghas been in operation since 1986. Wan Fung Art Gallery focus on the sale of paintings, calligraphy, drawings and artifacts. Wan Fung Art Gallery has galleries in beijing, Shanghai and Canton and in hong kong which has been ranked among the top 10 galleries in China. Pursuant to the agreement, IMTE will strike art works in NFT free of charge for Wan Fung Art Gallery, and these NFTs will be sold on our Auction market. A total of around 500 NFTs are should be minted and available on the Auction platform in February 2021.
Mr. Shulin KungCEO of Wan Fung Art Gallery said: “NFTs are set to transform the art world, changing not only how art is bought and sold, but also what art we individually enjoy and which artist. NFT will revolutionize the existing business model in the art world for digital art that can now be authenticated using blockchain technology.” Mr. Kung added, “I am thrilled to work with the Ouction team and the marketplace they have created. We look forward to using this new medium to reach art lovers around the world.
“We are honored to work with Wan Fung Art Gallery with their long history and strong reputation in the art world,” said Mr. Kim Chan, Ouction CEO. “This is our premier content provider in the art world, and we will continue to seek out other galleries, museums and contemporary artists to exhibit their work in the Ouction Marketplace.” Mr. Chan added, “NFTs will bring transparency to the art world using blockchain technology and public ledgers. Artists will be directly rewarded with resale royalties by embedding smart contracts in NFTs that award artists a percentage each time a work is purchased/used. This will create a new dimension for artists to sell their work digitally.”
About Integrated Media Technology Limited (“IMTE”)
IMTE is an Australian company specializing in the manufacture and sale of nano-coated plates for filters, the manufacture and sale of electronic glass, the operation of an online exchange platform for the trading of digital assets and the provision of financial research. For more information, please visit www.imtechltd.com.
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SOURCE Integrated Media Technology Limited