MuseWorks Labs Announces the Launch of The Broadway Exchange, the Premiere Marketplace for Digital Collectibles, Connections and Real-World Experiences for Theatre Fans
NEW YORK, May 23, 2022 /PRNewswire/ -- MuseWorks Labs is a new theatre IP company founded by Tony Award-winning Broadway producers Sue Gilad and Larry Rogowsky and a team of founding partners with deep experience running companies, developing marketing and advertising campaigns and producing award-winning film and television shows. MuseWorks partners with the theatre community to create, promote and sell compelling digital collectibles and amazing experiences that build deeper connections between fans and creators. The company is committed to helping theatre thrive in the digital economy so that it can be more inclusive, resilient and equitable.
Today, MuseWorks is launching The Broadway Exchange (www.bwayx.com), the premiere marketplace for digital collectibles, connections and real-world experiences for theatre fans. Leveraging web3 and NFTs, The Broadway Exchange will bring the magic of theatre to life for millions of fans around the world.
"Broadway fans are passionate, engaged and highly dedicated to their favorite shows – both iconic productions and the latest in cutting-edge theatre," said Ron Guirguis, CEO of MuseWorks Labs. "They want more ways to connect with the shows they love and to express their passion, but until now they've had little opportunity to do so. We're filling that gap – providing fans with opportunities to create deeper connections with the theatre community by offering exclusive experiences and digital collectibles that they can buy, sell and share with other fans."
The Broadway Exchange builds on the tradition of theatre merchandise by creating authorized digital collectibles crafted from the IP of production partners. Ech collection is unique, drawing on the scenes, songs, costumes and set designs of partner shows. These collectibles offer more than a pretty image or song – they include features and benefits that fans love, such as access to free tickets, behind-the-scenes events and meet and greets with artists, actors and writers.
"We help fans own a piece of their favorite shows," Guirguis said.
According to Sue Gilad, president of MuseWorks Labs, the timing of the launch couldn't be better. "The past two years of the pandemic have been brutal for live theatre," Gilad said. "We believed we needed a better way to help the theatre community build something long-lasting that could keep productions alive, help fund future projects and help make the economics of theatre more resilient and equitable for everyone. The Broadway Exchange is the right idea at the right time."
Theatre producers agree. May We All: A New Country Musical which opens in Nashville in June, was one of the first partners on board. Michael Barra, May We All's executive producer said, "Our show features both the music from some of country's biggest stars as well as the performances of some of Broadway's favorite stars. Theatre fans and country music fans are among the most passionate out there, and this allows us to provide special collectible moments for both. We're confident that our audiences will want new and exciting ways to commemorate and celebrate their favorite moments from May We All by collecting our NFTs."
Broadway Cares/Equity Fights AIDS, which is the philanthropic heart of Broadway, was also an early partner of The Broadway Exchange. "Broadway Cares/Equity Fights AIDS is committed to working with everyone in the theater community - those onstage, behind the scenes and in the audience - to support organizations across the country that help those living with HIV/AIDS, battling COVID and facing other debilitating illnesses," said Tom Viola, executive director of Broadway Cares/Equity Fights AIDS. "We are excited to partner with The Broadway Exchange to explore these cutting-edge opportunities to connect with theater fans while continuing vital support that provides meals and medication, health care and hope to so many."
The nonprofit is partnering with The Broadway Exchange to create Broadway Cares-specific digital collectibles, starting with a series promoting Broadway Backwards, the annual fundraiser taking place on May 23 at the New Amsterdam Theatre.
In addition, Broadway Cares will share in the proceeds of the sales of all NFTs on The Broadway Exchange, regardless of the show or production. This is part of The Broadway Exchange's commitment to caring for the community. In total, 3% of all gross sales will be donated to charitable organizations, including Broadway Cares and The Entertainment Community Fund (formerly known as The Actors Fund).
The Broadway Exchange's commitment to the community is also reflected in its approach to sustainability. The company partnered with white-label NFT marketplace provider Xooa to build The Broadway Exchange and to mint its NFTs for theatre on an environmentally sustainable chain (max 10g of carbon for the life of each NFT). In addition, The Broadway Exchange is buying carbon offsets to ensure that every collectible it sells will be 100% carbon neutral.
Supporting those who make live theatre happen is central to The Broadway Exchange's mission. That is why ninety percent of the profits of all sales made through The Broadway Exchange will go to the shows and be shared directly with actors, writers, directors, designers and other members of the creative community. And because of the power of NFTs, the creative community will continue to benefit from secondary sales of NFTs through royalties that pay creators every time the collectible is sold.
Providing additional financial support to those pursuing their careers in live theatre could potentially be a lifeline for many artists. Tony-nominated Broadway actor Jeannette Bayardelle is a founding member of The Broadway Exchange's Creative Council, which provides advice, input and guidance from the creator's perspective. She has long supported financial literacy for artists through her organization From Broadway to Wall Street.
"To truly support Broadway, we must help support the Broadway community," Bayardelle said. "By providing a revenue stream that will exist long after the curtains close, The Broadway Exchange is leveraging new technology and innovations to demonstrate their commitment to us. I'm thrilled to be part of this exciting new journey."
For more information about MuseWorks, please contact Jacquelyn Grant by email at [email protected] or by phone at 202-813-5360.
About MuseWorks Labs
MuseWorks Labs is digital collectibles company dedicated to helping live theatre thrive in the digital economy so that everyone benefits. We partner with the theatre community to create, promote and sell compelling digital collectibles and amazing experiences that build deeper connections between fans and creators. Fans can purchase these unique assets on The Broadway Exchange. The Broadway Exchange marketplace is powered by blockchain technology provider, Xooa, which specializes in building white-label NFT marketplaces for brands and IP owners.
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SOURCE MuseWorks Labs