SYDNEY, Jan. 31, 2022 /PRNewswire/ -- Integrated Media
Technology Limited (NASDAQ: IMTE) ("IMTE" or the "Company"),
announces today the signing of an exclusive NFT creation agreement
with Wan Fung Art Gallery to mint
their Masterpieces of Chinese fine art for sale on IMTE's Ouction marketplace. The exclusive
agreement is for a term of one year and renewable upon the
agreement of both parties.
Wan Fung Art Gallery,
(www.wanfung.com.hk) located in Hong
Kong, has been in operation since 1986. Wan Fung Art Gallery focus on the sale of
paintings, calligraphies, drawings and artifacts. Wan Fung Art Gallery has galleries in
Beijing, Shanghai and Guangzhou and in Hong Kong which was ranked as one of the top
10 galleries in China. Pursuant to the Agreement, IMTE shall
mint the art works into NFT at no
cost to Wan Fung
Art Gallery, and these NFTs will be sold on our Ouction marketplace. A total of about
500 NFTs are expected to be minted
and available on the Ouction platform in February 2021.
Mr. Shulin Kung, CEO of
Wan Fung Art Gallery stated, "NFT's
are poised to transform the art world, changing not only how art is
bought and sold, but what art we individually value and which
artist. NFT will revolutionize the existing trading model in the art world for
digital art which now can be authenticated using blockchain
technology." Mr. Kung further
stated, "I am pleased to work with the Ouction team and the
marketplace they have created. We look forward to using this new
medium to reach art lovers worldwide."
"We are honored to work with Wan Fung
Art Gallery with their long history and solid reputation in
the art world," stated Mr. Kim
Chan, CEO of Ouction. "This
is our first content provider in the art world, and we will
continue to seek other galleries, museums, and contemporary artists
to display their artwork on Ouction marketplace." Mr. Chan further
added, "NFTs will bring transparency into the art world using
blockchain technology and public ledgers. Artists will be rewarded directly with resale
royalties by embedding smart contracts in NFTs that award artists a
percentage every time a work is purchased/used. This will create a
new dimension for artists to sell their works
digitally."
About Integrated Media Technology Limited ("IMTE")
IMTE is an Australian company engaged in the business of
manufacture and sale of nano coated plates for filters, the
manufacture and sale of electronic glass, the operating of an
online exchange platform for trading in digital assets and the
provision of financial research. For more information, please visit
www.imtechltd.com.
Safe Harbor Statement
This press release contains certain statements that may include
"forward-looking statements." All statements other than statements
of historical fact included herein are "forward-looking
statements." These forward-looking statements are often identified
by the use of forward-looking terminology such as "believes,"
"expects" or similar expressions, involve known and unknown risks
and uncertainties. Although the Company believes that the
expectations reflected in such forward-looking statements are
reasonable, they do involve assumptions, risks, and uncertainties,
and these expectations may prove to be incorrect. You should not
place undue reliance on these forward-looking statements, which
speak only as of the date of this press release. The Company's
actual results could differ materially from those anticipated in
these forward-looking statements as a result of a variety of
factors, including those discussed in the Company's periodic
reports that are filed with the Securities and Exchange Commission
and available on its website (http://www.sec.gov). All
forward-looking statements attributable to the Company or persons
acting on its behalf are expressly qualified in their entirety by
these factors. Other than as required under the securities laws,
the Company does not assume a duty to update these forward-looking
statements.
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SOURCE Integrated Media Technology Limited