Tag: Looking Glass Labs Ltd.

looking-glass-labs-recaps-2022-and-provides-2023-outlook

Looking Glass Labs Recaps 2022 and Provides 2023 Outlook

December 22, 2022 Published by

 

Looking Glass Labs Ltd. (“LGL” or the “Company”) (NEO: NFTX) (AQSE: NFTX) (OTC: LGSLF) (FRA: H1N), a leading Web3 platform specializing in immersive metaverse environments, play-to-earn tokenization and blockchain monetization strategies, is pleased to provide a summary of its most significant achievements from throughout 2022. Additionally, management is providing its outlook for the Company and its wholly owned subsidiary, House of Kibaa (“HoK“), for 2023.

Outlook

2022 was a fascinating year in technology, but many investors can be forgiven for still having difficulty discerning the technology-based sectors on the bleeding edge of innovation. Despite LGL being an early mover in the metaverse space with its own set of notable achievements, the Company continues to evolve in an industry that is, so far, better known for other reasons. Ever since Facebook became Meta last October and then proceeded to invest another nearly US$15 billion into the metaverse, the industry has produced mixed results including but not limited to NFT darling, Yuga Labs, achieving a $4 billion valuation just under one year into its existence.

Looking ahead to 2023, LGL continues to be focused on building industry leading products that are firmly rooted in immediate consumer engagement with the continued development of the first live-action series, entitled GenZeroes, as well as its proprietary metaverse platform, Pocket Dimension, which is expected to come to market in the first quarter of 2023. These two flagship products are blurring the lines between familiar user experiences and Web3 technology applications to provide corporate and brand partners with new ways to engage their customers. LGL is actively pursuing partnerships with multiple major brands and organizations across the media, marketing, automotive and entertainment industries to leverage the improved engagement and monetization benefits for which the blockchain and Web3 have great potential.

2022 Highlights

LGL’s most notable highlights from 2022 in chronological order include:

  • 3D modelling technology of HoK’s NFT infrastructure became core to the development of the HAPEBEAST NFT collection by Digimental Studio that realized in excess of $100 million in secondary revenues1;
  • HoK partnered with Polygon Studios to scale and further develop key infrastructure solutions;
  • Received over CAD$2.5 million in Metaverse land sale proceeds in April 2022;
  • Produced and release the first-ever live action sci-fi series backed by NFTs;
  • Showcased HoK’s GenZeroes Live-Action Series at Comic-Con International 2022; and
  • Launched Alpha Release of Pocket Dimension Metaverse Assets at the beginning of November.

Further information regarding the Company’s news releases and accomplishments can be found here.

Management Commentary

“I am proud of the Company’s accomplishments this year, thanks to the hard work and dedication of our entire enterprise including both LGL and HoK. Looking back, I am grateful for both our successes and our challenges as they have helped shape the Company that we have today,” said Dorian Banks, Chief Executive Officer at LGL. “Going forward, our management team believes that there is currently more opportunity than ever in the metaverse industry. We intend to pursue significant contracts and important partnerships in 2023 as major global brands continue to announce Web3 initiatives,” added Mr. Banks.

looking-glass-labs’-alpha-release-of-pocket-dimension-metaverse-assets-generates-positive-user-reviews-ahead-of-beta-release

Looking Glass Labs’ Alpha Release of Pocket Dimension Metaverse Assets Generates Positive User Reviews Ahead of Beta Release

December 5, 2022 Published by

 

Looking Glass Labs Ltd. (“LGL” or the “Company”) (NEO: NFTX) (AQSE: NFTX) (OTC: LGSLF) (FRA: H1N), a leading Web3 platform specializing in non-fungible token (“NFT“) architecture, immersive metaverse environments, play-to-earn tokenization and virtual asset royalty streams, announces that it and its flagship studio, House of Kibaa (“HoK“), have received positive reviews regarding its November 2, 2022 release (the “Alpha Release“) of its Pocket Dimension digital metaverse assets (the “Pocket Dimension“). Increased engagement on the Company’s Twitter platform and positive reviews from users are a testament to the success of the Alpha Release for both LGL and HoK. The Company’s metaverse is continually being designed to provide the highest resolution and most realistic experience technically available today.

The following statistics demonstrate that the Alpha Release of the Pocket Dimension has increased users’ organic engagement and follower growth of the Company:

  • An increase of 18% in Q4 compared to Q3 in overall engagement of Twitter users with respect to HoK;
  • An increase of 8% in the last 28 days, and an increase of 148% in November, compared to October in Twitter likes of the Company’s content;
  • An increase in Twitter replies to HoK content by 140%;
  • An increase in new Discord Twitter members of 180% on a weekly basis since the start of the campaign, which started on October 18, 2022; and
  • An increase in organic Twitter impressions by 7.5% in the last 28 days, and reaching 65% of all October impressions since November 1, 2022.

Positive user reviews regarding the Alpha Release of the Pocket Dimension have typically been received according to the following themes:

  • The artistic and paradise-like environment of the metaverse;
  • The quality of the metaverse; and
  • The value of the metaverse compared to others.
Background

The Pocket Dimension metaverse is a hyper-realistic digital world that is being built using the latest version of Unreal Engine in order to offer users a premium virtual experience. Each Pocket Dimension features one of eleven different environments including Archipelago, Countryside, Dale, Dunes, Fjord, Marsh, Savanna, Tundra, Woodland and Zen, as well as the aforementioned Genesis Moon environment exclusively for Genesis Membership holders. Each environment offers users various forms of utility including but not limited to hosting events with their community, integrating custom structures and adding digital assets.

Pocket Dimension is a private space representing an area size of approximately four acres in which parcels provide their owners with additional unique benefits such as being blockchain agnostic with wide NFT compatibility (Polygon, Ethereum, etc.), an extensive avatar system, a unique Non-Playable Characters host system and more. Landowners will also have access to the broader suite of utilities that HoK will develop over time.

Management Commentary

“As the metaverse and NFTs continue to see rapid growth, it is important for HoK to make Pocket Dimension accessible to users, which is what we aimed to do with the Alpha Release. The positive reviews that users have delivered thus far are encouraging to our team at LGL, and we are thrilled that the Alpha Release has resulted in satisfied users and increased engagement on the Company’s Twitter platform,” said Dorian Banks, Chief Executive Officer at LGL.

looking-glass-labs-receives-over-cad-2.5-million-in-metaverse-land-sale-proceeds

Looking Glass Labs Receives Over CAD 2.5 Million in Metaverse Land Sale Proceeds

April 19, 2022 Published by

 

Looking Glass Labs Ltd. (“LGL” or the “Company”) (NEO: NFTX) (FRA: H1N), a leading Web3 platform specializing in non-fungible token (“NFT“) architecture, immersive metaverse environments, play-to-earn tokenization and virtual asset royalty streams, is pleased to announce initial results from its highly anticipated Land Sale conducted by its flagship studio, House of Kibaa (“HoK“), that began on April 16, 2022 (the “Land Sale“). The Land Sale consisted of four-acre parcels of virtual land (with each parcel being a “Pocket Dimension“) within a consumer-focused area of its broader metaverse, codenamed “Project Origin” (the “Origin metaverse“).

The Company reports gross proceeds totaling approximately CAD 2.59 million from the Land Sale, which further validates the product-market fit of its premium NFT, metaverse and P2E offerings. LGL will earn 5% royalties from all secondary market re-sales of Pocket Dimensions on marketplaces such as OpenSea and LooksRare. Fiscal year to date, the Company has received the equivalent of over CAD 9.40 million in gross proceeds from the sale of its NFTs, royalty and consulting income. The sale of Pocket Dimensions was the inaugural metaverse event for LGL. In the near future, HoK plans to sell other consumer-focused metaverse assets as well as business-oriented dimensions as the Origin metaverse becomes ready for use. All unsold Pocket Dimensions will be minted and reserved by HoK as inventory for future use or sale nearer to or shortly after the alpha launch of the Origin metaverse.

Management Commentary

Dorian Banks, Chief Executive Officer of LGL said, “Generating gross proceeds of over $2.5 million for LGL by HoK in one weekend is an exciting part of our business, as many community members purchased the first of our digital metaverse assets ever to be offered for sale. In the near future, we are planning to launch an innovative new NFT collection, the details of which are expected to be announced shortly.” Mr. Banks added, “Pocket Dimensions are for the early adopters that are ready to take part in shaping the future of social metaverse environments. We’ll be rolling out more details around the metaverse launch in the coming weeks and stay tuned for announcements about the alpha launch as well.”

looking-glass-labs-to-present-at-the-2022-maxim-virtual-growth-conference

Looking Glass Labs to Present at the 2022 Maxim Virtual Growth Conference

March 25, 2022 Published by

 

Looking Glass Labs Ltd. (“LGL” or the “Company”) (NEO: NFTX) (FRA: H1N), a leading Web3 platform specializing in non-fungible token (“NFT“) architecture, immersive metaverse environments, play-to-earn tokenization and virtual asset royalty streams, is pleased to announce that it will be presenting at the 2022 Maxim Virtual Growth Conference (the “Conference“) from March 28-30, hosted by Maxim Group LLC (“Maxim Group“). The Company will attend the Conference and present in a fireside chat format on March 30th from 10:30-11:00 AM Eastern Time in Track 2. The Conference is expected to provide the Company with significant networking and business development opportunities as well as allow it to communicate its strategy and business model to a variety of attendees.

The Conference will provide a unique opportunity for attendees to interact with executives and institutional investors in a virtual manner. Investors will hear from leaders and executives from a wide range of sectors including Biotech, Clean Energy, Electric Vehicles, Financial Services, Fintech and REITS, Gaming and Entertainment, Healthcare, Healthcare IT, Infrastructure, Shipping and Technology, Media, and Telecom. The Conference will feature company presentations, fireside chats, roundtable discussions, and live Q&A with CEOs moderated by Maxim Group research analysts, with over 300 companies expected to be in attendance. The Conference is separated into three days, with each day broken down into two separate tracks.

For more information about the Conference please visit: https://m-vest.com/events/2022-virtual-growth-conference?utm_source=activecampaign&utm_medium=Email&utm_term=Banking&utm_content=invite&vgo_ee=gQJWUVKFZZ1xE1e%2BvAr6oNFAQtcGIE%2B98nSSsTrhP7o%3D.

Founded in 2002, Maxim Group is a leading full-service investment bank, securities and wealth management firm with headquarters in New York City. Maxim Group provides a comprehensive variety of financial services including investment banking, global institutional sales, equity research, fixed income and derivative sales & trading, merchant capital, private wealth management, and prime brokerage services to a diverse range of corporate clients, institutional investors, and high-net-worth individuals. Maxim Group is a registered broker-dealer with the U.S. Securities and Exchange Commission and the Municipal Securities Rulemaking Board.

Management Commentary

“It is a privilege to participate in the 2022 Maxim Virtual Growth Conference and the Company is looking forward to the chance to convey its story to attendees as well as learn from other presenting companies. The Conference is also an opportunity to build a stronger relationship with the Maxim Group, which we appreciate as LGL endeavours to expand its horizons beyond Canada and the APAC region into the United States,” said Dorian Banks, Chief Executive Officer of LGL.

looking-glass-labs-to-acquire-development-division-of-laca-solutions-and-establishes-apac-web3-office

Looking Glass Labs to Acquire Development Division of LACA Solutions and Establishes APAC Web3 Office

February 24, 2022 Published by

 

Looking Glass Labs Ltd. (“LGL” or the “Company”) (NEO: NFTX) (FRA: H1N), a leading Web3 platform specializing in non-fungible token (“NFT“) architecture, immersive metaverse environments, play-to-earn tokenization, and virtual asset royalty streams, is pleased to announce it has entered into a letter of intent (“LOI“) to acquire the Development Division of LACA Solutions Corporation (“LACA“). The Development Division contains certain proprietary technologies and intellectual property, as well as the employment contracts of 13 talented individuals equipped with over 140 years of combined experience in gaming, programming and Web3 applications. Upon closing of the acquisition, the Development Division is intended to become the foundation of LGL’s new base of operations in Vietnam, which is one of the world’s leading jurisdictions for NFT, metaverse and play-to-earn (“P2E“) gaming development.

Founded in 2017 by Son Nguyen in Ho Chi Minh City, Vietnam, LACA works with clients in a variety of industries including blockchain, gaming, software outsourcing, payment processing, loyalty reward programs as well as customer promotion services. With extensive experience working in the US, Japan. the EU, and Singapore, LACA develop a roster of notable local and international clients. LACA’s Founder and CEO, Son Nguyen, has more than 20 years of experience in the information technology industry. His partner, Tin Nguyen, is based in Georgia, USA, is a strategic member of LACA’s board with 20 years of experience focused primarily on product and enterprise development.

Transaction Rationale

Company management views the intended acquisition as being both strategic and accretive from a human capital perspective, as the ability to quickly add talent and experience in the rapidly evolving Web3, NFT and P2E gaming industries is a competitive advantage for growth that is expected to benefit customers, shareholders and other stakeholders alike. From an organizational design perspective, the Company is planning for the Development Division to fall under its wholly owned subsidiary and flagship studio, House of Kibaa (“HoK“).

The Development Division will be focused on assisting HoK with Unreal Engine gaming, Web3 development as well as front-end and back-end web programming. Specifically, a redemption portal is being targeted as the Development Division’s nearest term project, which is being planned to include: a front-end launcher; and local database systems for internal assets and games. Future projects are also expected to include the creation of avatar systems, NFT renting contracts, user-friendly NFT minting tools, treasure box systems, HTML5 integration and testing for HoK’s Origin metaverse, game development services for third parties and other research and development projects for the Company.

Further, the Company is pleased to announce that it is in the process of establishing a corporate office in  Ho Chi Minh City, Vietnam which  intended to function as LGL’s APAC Web3 Campus (pictured below in the form of an architectural rendering):

The consideration payable for LGL’s acquisition of LACA’s Development Division shall consist of up to CAD 500,000 cash and up to CAD 1 million in common shares in the capital of LGL, payable as follows:

  • CAD 50,000 cash payable within 10 days from the date of acceptance of the LOI by LACA;
  • CAD 50,000 cash upon the execution of the formal and binding transaction agreement (“Definitive Agreement“);
  • CAD 100,000 cash upon the successful transfer of the employment of the 13 individuals within the Development Division to LGL or an affiliate of LGL;
  • CAD 100,000 cash within 90 days from the Development Division achieving certain milestones mutually agreed to between the parties, as further set out in the Definitive Agreement;
  • CAD 200,000 cash within 120 days from the Development Division achieving certain milestones mutually agreed to between the parties, as further set out in the Definitive Agreement;
  • CAD 500,000 of common shares in the capital of LGL upon the Development Division achieving certain milestones in connection with a launch of an HoK token; and
  • CAD 500,000 of common shares upon the Development Division achieving certain milestones in connection with the alpha launch of HoK’s metaverse and subsequent virtual land sales.

The issuance of any common shares of LGL as contemplated in the LOI remains subject to a Definitive Agreement and approval from the Neo Exchange.

Management Commentary

Dorian Banks, Chief Executive Officer of LGL said, “Acquiring the development division of LACA is strategic for LGL as it marks our first purchase of assets overseas. We are optimistic that the transaction of operations in Vietnam will only help us achieve our goals as a company.” Mr. Banks added, “The HoK VN Studio is a project that LGL is excited about, and to have LACA onboard and working with us is encouraging.”

Service Provider Engagement

The Company also announces that it has engaged MarketSmart Communications Inc. (“MarketSmart”), an arm’s length party to the Company, to provide investor relations services and the management of the Company’s social media channels (collectively, the “Services”) for an initial period of six (6) months with the option to renew at the Company’s election. The Company has agreed to pay to MarketSmart CAD 9,500 plus GST per month for the Services. In addition to the monthly retainer, the Company has granted to MarketSmart an aggregate of 100,000 stock options (each an “Option”), each Option is exercisable to purchase one (1) common share in the capital of the Company at CAD 0.76 per common share for a period of two (2) years and shall vest in one-third (1/3) tranches over a period of 18 months.

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