NFT Plazas Acquires First-Ever Print Publication and On-Chain NFT Magazine, MagNFT
Leading NFT news and media website, NFT Plazas, announced today it will be expanding its media arm through the strategic acquisition of the first-ever monthly print publication and on-chain NFT magazine, MagNFT.
Finzer said the job cuts would allow the company to maintain five years of growth at current volumes under various potential downturn scenarios. Last month, cryptocurrency exchange Coinbase said it would cut about 1,100 jobs, or 18 percent of its workforce.
MagNFT was founded in 2019 with the first magazine being published in December 2019 and minted on Codex. The company has since published 24 issues worldwide and featured over 300 artists and content creators. In its first two years, many recognizable names of today’s NFT art market have appeared in MagNFT, like Xcopy, Coldie, Pransky, Trevor Jones, Jose Delbo, Beeple, and Alotta Money, just to name a few.
We see the recent downturn in the Crypto and NFT markets as an opportunity
Our long term strategy and careful planning now sees us in the fortuitous position of being able to expand the NFT Plazas brand. We are delighted to have successfully completed the acquisition of MagNFT, and have big plans to build on its reputation and all its achievements to date. — Chris Thomas, Founder and CEO of NFT Plazas.
While many companies are announcing the scaling back of their operations, such as the recent announcement made by CEO of OpenSea, Devin Finzer, that they are reducing their workforce by 20%, NFT Plazas is steadily growing, with the acquisition marking yet another step forward in its growth strategy.
The media company also launched the world’s first automated metaverse advertising system earlier this year. A first-of-its-kind solution for advertising in the metaverse, helping onboard thousands of new businesses to NFTs and blockchain through a simple and efficient user interface.
About MagNFT: MagNFT is a monthly print magazine founded in 2019
It was the first ever on-chain magazine using the Codex Protocol. Over the years, the company featured the top creators in the industry and created a large network of high profile collectors.
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 in offering projects and artists the opportunity to rent over 200 billboards in Voxels for visibility and marketing needs.
About NFT Plazas: Founded in 2018, and formerly known as DCL Plazas, NFT Plazas is the number one news site dedicated to growing the NFT and Metaverse space. Our mission is to spread the word about the associated benefits that come with these exciting new experiences and technologies. NFT Plazas covers Games, CryptoArt, Collectibles, Metaverse, and Industry news from around the globe.