VANCOUVER, BC, August 9, 2022 /CNW/ – Looking Glass Labs Ltd. (“LGL” or the “Company”) (NEO: NFTX) (OTC: LGSLF) (FRA: H1N), a leading Web3 platform specializing in non-fungible tokens (“NFT“), immersive metaverse environments, play-to-earn tokenization and virtual asset royalty streams, is pleased to announce that it will acquire 100% of Web 3.0 Holdings Corp. (“Web 3.0 backgrounds“), a technology company that addresses the Business to Consumer (“B2C“) and business-to-business (“B2B“) infrastructure challenges in Web3 environments (the “Acquisition“or the”OKt”).
Web 3.0 Holdings has bundled a portfolio of retail-focused engagement and optimization assets, including cross-digital ID code scripts and digital distribution product frameworks. The acquisition will give LGL full access to Web 3.0 Holding’s proprietary retail technology platform.
LGL will pay shareholders of Web 3.0 Holdings a total of up to $3.15 million, payable in common shares of the Company, in accordance with the Agreement, at a deemed price per common share equal to the closing price on the day preceding the date of the Agreement. Closing of the acquisition is subject to final due diligence by LGL and approval by the NEO Exchange. In connection with the issuance of the Share Consideration, LGL plans to rely on Section 2.16 of the National Prospectus Exemption Rule, also known as the take-over bid prospectus exemption. . The agreement will allow LGL to address particular infrastructure challenges in Web3 environments, related to its own projects, in the future. Using both B2C and B2B digital commerce ecosystems, especially in the metaverse realm, can be beneficial, so addressing and addressing the challenges that both strategies provide will provide solutions for LGL and its continued technology evolution.
B2C refers to businesses that focus on the needs and interests of their consumers.1 B2B refers to businesses that focus on serving other businesses, rather than themselves. An example of B2B businesses includes software or manufacturing companies.1 Marketing strategies differ based on business classification. Research suggests that although B2C is the preferred commerce platform for Metaverse and Web3 businesses, there are a number of uses B2B can play in the Web3 and Metaverse industry, including brand collaborations, relationship building with partners, encouraging sharing and evangelization, advertising in the metaverse, product presentation, encouraging engagement and use of brand products and services, rewarding shareholders, customers and partners , the prevalence of data-driven marketing and more.2
ABOUT LOOKING GLASS LABS
Based at Vancouver, British ColumbiaLooking Glass Labs (“LGL“) is a Web3 platform specializing in the non-fungible token (“NFT“), immersive metaverse environments, play-to-earn tokenization and virtual asset royalty streams. Its leading brand, House of Kibaa (“HoK“), designs and organizes a next-generation metaverse for 3D assets, which allows functional art and collectibles to exist simultaneously in different NFT blockchain environments. HoK has successfully released digital assets to include GenZeroes , which sold out in just 37 minutes for a total proceeds to LGL of CAD 6.2 million, plus a 5% perpetual royalty stream on secondary market sales. HoK plans to launch a hyper-realistic metaverse built on the latest version of Unreal Engine in 2022.
Behalf LOOKING GLASS LABS LTD.
Dorian banksChief executive officer
This press release contains “forward-looking statements”. Statements in this press release that are not purely historical are forward-looking statements and include all statements regarding beliefs, plans, expectations or intentions regarding the future. These forward-looking statements include, among others: the closing of the acquisition, the company’s goal of becoming the premier digital studio specializing in NFT architecture, immersive metaverse design, and asset display monetization streams. virtual; the intention to build a portfolio of perpetual NFT royalty streams through collaborations, accretive acquisitions and other arrangements, to potentially generate consistent, risk-free and passive revenue; and short-term and future plans.
Important assumptions supporting these forward-looking statements include, among others, that: the company may mitigate risks associated with the blockchain and NFT industry; the ability to compete with other companies in the NFT market; the availability of sufficient funding to carry out the Company’s business development plans; favorable market conditions; the satisfactory completion of due diligence to be performed by the Company on Web 3.0 Holdings; and the integration of Web 3.0 Holdings technology with the Company’s current technology portfolio.
Although management considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect. These forward-looking statements are only predictions and involve known and unknown risks, uncertainties and other factors, including: the risk of integrating Web 3.0 Holdings’ technology with the Company’s technology and infrastructure; the continued growth and adoption of NFT and metaverse offerings by the consumer market; the cost of developing and designing NFTs and metaverses is economically viable; the Company is able to attract and retain a sufficient workforce with the desired skills to develop the Company’s NFT and metaverse offerings; the availability of offers provided by third parties in the NFT, metaverse development and online gaming market to identify potential transactions; the growing adoption of NFTs as a solution for various online gaming, entertainment and collecting uses; the Company having the ability to mitigate risks associated with the blockchain and NFT industry; the ability to compete with other companies in the NFT, metaverse development, content creation and collectibles market; the risk that the Company’s offers will not be accepted by the consumer, the risk that other competitors will offer similar digital offers; the risk that there may be adverse changes in general economic and business conditions; the risk that the Company will have negative operating cash flow and insufficient capital to complete the development of any of its technologies; the risk that the Company may not be able to obtain additional financing if required; the risk of increased capital and operating costs; the risk that the NFT technology may be subject to fraud and other failures; the risk that there will be technological and blockchain developments that render NFT solutions obsolete; risks related to regulatory changes or actions likely to hinder the development or operation of blockchain solutions; the risk of other competitors publishing similar blockchain offerings; the possible future non-viability of the NFT market generally; the volatile cost of the amount of computational effort required to perform specific operations on the blockchain, and other general risks involved with blockchain solutions.
Risks and uncertainties relating to the Company’s business are discussed in more detail in the Company’s disclosure documents, including its reports filed with Canadian securities regulators and which may be obtained from www.sedar.com.
Each of these risks could cause the Company’s actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. Additionally, while the Company has attempted to identify factors that could cause actual results, levels of activity, performance or achievements to differ materially from those described in the forward-looking statements, there may be Other factors that cause results, activity levels, performance or achievements not to be those anticipated, estimated or intended. These forward-looking statements are made as of the date of this press release, and the Company undertakes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the statements. forward-looking, except as required by applicable law, including the securities laws of United States and Canada. Although the Company believes that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be correct. The Company assumes no responsibility for the disclosure relating to any other company mentioned herein.
- “B2B vs. B2C Marketing: What’s the Difference?”, by Maria Waida, to crush, August 19, 2021, https://www.wrike.com/blog/b2b-vs-b2c-marketing-differences/#What-is-the-difference-between-BB-and-BC-marketing
- “B2B MARKETING IN THE ND WEB3 METAVERS”, by Steve Glaveski, Metavize, https://www.metavise.io/blog/b2b-marketing-in-the-metaverse-and-web3
SOURCE Looking Glass Labs Ltd.
For further information: Dorian Banks, Toll Free: +1 833 LGL-NFTX (833-545-6389), Email: [email protected]Twitter: @LGL_io