Global Fiber Technologies (OTC: GFTX) announced that its subsidiary, Authentic Heroes Inc., has inked a letter of intent (“LOI”) to create a joint venture with Maestro Entertainment Corp. The agreement outlines the terms of licensing Maestro’s music catalog of more than 10,000 master recordings as well as leveraging Maestro’s industry relationships to pursue opportunities for combined venue. According to the announcement, the agreement will create a synergy between the companies. Initial collaboration will include creating and selling non-fungible music tokens along with vinyl records that will be available individually or bundled together. Maestro Entertainmenthas acquired the rights to more than 16,000 master song recordings from the 1940s, 1950s, 1960s and 1970s from some of the most recognizable bands and singers in the music industry. Catalog songs include numerous genres from classical and country to rock and reggae. “Taking classic recordings and turning them into collectible ‘NFT bundles’ that include both an NFT and remastered vinyl albums is how both parties look to bring to market a unique value package for the collector community,” said Global Fiber Technologies president and chair Chris Giordano in the press release. “We further [believe] that by giving collectors the provenance and immutability on our blockchain that will preserve their value and rightful ownership.”
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About Global Fiber Technologies Inc.
Global Fiber Technologies is an ECO-technology holding company that specializes in the repurposing of textile fibers. The company operates through three subsidiaries: Authentic Heroes Inc., ECOTEK360 and Fiber-chain LLC. GFTX uses its patented technologies and proprietary trade secrets to bring cutting-edge attributes and value-added properties to textile and apparel industries. The company will market its branded products to both the B2B and B2C markets, which will include the corporate, hotel, hospital, and military and e-commerce consumer markets. For more information, visit the company’s website at www.GlobalFiberTechnologies.com
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