How the maker of movie franchise Ah Boys to Men is hopping onto Web3

Mm2 Entertainment, one of Asia’s major film production companies, made a decisive entry into the Web3 space in 2021 with the launch of Metaviva, then an NFT marketplace. Amid the height of the crypto craze, Metaviva had grand plans to capitalize on it.

Metaviva head Darren Ho / Photo credit: Metaviva

However, the firm went back to the drawing board when consumers ended up having to navigate through a tedious 17-step process to use the platform.

Mm2 Entertainment, which is listed on the Singapore bourse, offers a wide range of services in the media and entertainment space, including film production and distribution, content licensing, and event management.

One of Mm2 Entertainment’s notable and widely recognized properties is the Ah Boys to Men movie franchise. The company has also been involved in the production and distribution of other titles.

The SGX-listed firm’s revenue grew 50% to US$113 million in FY 22 on the back of the Covid-19 pandemic recovery in Singapore and Malaysia. In the same period, losses also fell by nearly 60% to US$35.8 million.

Mm2 Entertainment established Metaviva as a subsidiary to gain deeper insights from a younger and more digitally savvy audience and generate additional revenue streams.

Initially, Metaviva offered services related to the creation, buying, and selling of NFTs. The platform also included a marketplace where creators could mint and list their digital assets like artwork, collectibles, and other forms of digital media.

However, users raised concerns about the complexity of creating NFTs and the volatility of cryptocurrencies. They desired a more user-friendly experience and the option to make purchases using traditional payment methods like credit cards.

Users also emphasized the importance of receiving tangible benefits or rewards when buying NFTs.

This led Metaviva to focus on bridging the existing gap between Web2 and Web3 users.

“Before we even think about reaching the moon, our rocket must be able to carry people and those people must know how to navigate the journey,” Darren Ho, Mm2 Entertainment’s head of digital and Web3 initiatives, tells Tech In Asia.

From ground zero

Metaviva’s three-pronged approach to solve the Web3-bridging problem involves providing a user-friendly interface, integrating mainstream payment options, and forging relevant partnerships.

The company introduced the Metaviva (MV) Pass, a Web3 loyalty program for the media and entertainment space.

The building blocks

Landing a slam dunk

Lights, Camera, Films!