NFT news and media website, NFT Plazas, announced the expansion of its media arm through the acquisition of the first-ever monthly print publication and on-chain NFT magazine, MagNFT.
NFT plaza purchased MagNFT for an undisclosed fee from MagMaster. He is an NFT veteran and highly respected member of the first NFT community circles. With this acquisition, NFT Plazas now has ownership over all the content that MagNFT produced throughout the past couple of years, as well as the social media channels and website.
MagNFT started in 2019 with the first magazine published in December 2019 and minted on Codex. The company has since published 24 issues worldwide and featured over 300 artists and content creators. Many notable names of today’s NFT art market have appeared in MagNFT in the first two years of its publication. Names like Xcopy, Coldie, Pransky, Trevor Jones, Jose Delbo, Beeple, and Alotta Money, just to name a few.
According to Chris Thomas the founder and CEO of NFT Plazas,
“We see the recent downturn in the Crypto and NFT markets as an opportunity. Our long-term strategy and careful planning now see us in the fortuitous position of being able to expand the NFT Plazas brand. We are delighted to successfully complete the acquisition of MagNFT and have big plans to build on its reputation and all its achievements to date”.
NFT Plazas Moving Despite Market Downturn
In the heat of market downturns, many companies are scaling back on their operations. Such as the recent announcement by the CEO of OpenSea, Devin Finzer, on the reduction of their workforce by 20%. However, NFT Plazas is steadily expanding, with the acquisition marking yet another step forward in its growth strategy.
Recall that NFT Plazas also launched the world’s first automated metaverse advertising system earlier this year. The first-of-its-kind solution for advertising in the metaverse, which helps onboard thousands of new businesses to NFTs and blockchain. And it aims to achieve this through a simple and efficient user interface.
As the NFT sphere evolved, and the potential of integrating NFTs in a virtual world, many new partnerships evolved over time. MagNFT also partnered with Metaverse-Billboard back in early 2020. This partnership will offer projects and artists the opportunity to rent over 200 billboards in Voxels for visibility and marketing.