Looking Glass Labs

The Alpha Demo was an opportunity for LGL to share the Project Origin experience with interested people as well as to provide more information about its recently announced sale of Pocket Dimension land parcels within Project Origin scheduled for April 16-17, 2022. Specifically, the Alpha Demo gave people the opportunity to explore three separate galleries by toggling through various 3D-ready NFT avatars via the menu system, walking around and experiencing different hyper-realistic environments. Beyond being an exciting experience, the key purpose of the Alpha Demo was to show the proof-of-concept for Project Origin’s ability to dynamically load NFTs into three virtual art galleries, over two separate blockchains (Ethereum and Polygon).

HoK is currently developing the Project Origin metaverse ecosystem and digital distribution service. The studio is striving to provide users with a spectacular 3D world in which to create, share, learn, and prosper within while providing opportunities for people, communities, creators and companies to engage in a hyper-realistic environment. All of the Company’s current NFT collections have been 3D-rigged for Project Origin. By connecting their wallets to Project Origin, users will be able to access advanced features and engage with the NFTs and the communities in new ways:

PLAY – Mini-games and activities will be personalized based on the NFTs they own;
TRADE – Real-time NFT swaps will be able to be carried out, similar to trading cards;
EARN – Earning coins and rewards in the environment will provide more incentive to engage; and
ENGAGE – Communities and creators can engage on a new level by hosting live events and providing a new level of communication.

The Project Origin metaverse is being designed with a focus on hyper-realism and state-of-the-art utilities. Users, communities and companies will be able to engage in a premium digital space that will be enjoyable and immersive. With 20 planned environments inspired by the real world, Project Origin will function as the ultimate portal to the next generation of metaverse experiences. Additionally, Project Origin is being designed with HTML5 interoperability so that brands can utilize their existing web experiences and existing design teams can work to quickly provide engaging displays in the world.

The conference was created to bring people who are both involved in and new to the NFT industry and to bridge conversations about DeFi and Blockchain technology, workshops, panels, pitch competitions, creative installations, and immersive art and performance.

Management Commentary

“It was a privilege to address attendees as a speaker during Miami NFT Week and it was also a thrill to show a small sample of our Project Origin metaverse via the Alpha Demo to many people for the first time. Miami NFT Week was a great opportunity to interact with countless members of the Web3 community as part of Miami Tech Month overall,” said Jason Nguyen, Chief Creative Officer of LGL. “I believe that we made a strong impression on a lot of industry leaders with our metaverse ecosystem and I look forward to even more people experiencing our hyper-realistic virtual world once the sale of Pocket Dimension land parcels is complete on April 17^th and Project Origin becomes functional this year,” added Mr. Nguyen.

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 its flagship studio, House of Kibaa (“HoK“), has entered into a collaborative arrangement (the “Collaboration“) with Polygon Studios, the NFT, gaming and metaverse arm of Polygon (MATIC). The Polygon blockchain has developed an assortment of fin-tech solutions for traditional finance as well as cryptocurrency and the blockchain. Polygon has become highly respected in the blockchain ecosystem for its scaling and infrastructure solutions that have been adopted by more than 1,200 applications, with over 600 million total transactions processed, 60 million unique user addresses and over USD 5 billion in assets secured. Recently, Polygon raised USD 450 million in a round of financing that was led by Sequoia Capital India, thereby bringing its total market capitalization to approximately USD 12 billion, as of the date hereof, as it seeks to ambitiously broaden its portfolio of Ethereum scaling solutions¹.

Under the Collaboration, HoK will benefit from technical and business support for all of its strategic pillars including HoK, the GenZeroes NFT collection, the GenZeroes live-action series as well as HoK’s Project Origin metaverse set to launch in 2022. Polygon Studios will also provide cross-promotional support for HoK and its projects by identifying opportunities for other collaborations with Polygon Studios’ clients and collaborators. Further, Polygon Studios has agreed to amplify HoK’s content by re-posting it on its social media channels including the main Polygon Twitter account (Verified, with over 1.2 million followers).

Polygon is an important scaling solution that works on top of the Ethereum blockchain, which has become slow and expensive to use due to its popularity. Currently, the Ethereum blockchain can process about 14 transactions per second with each transaction costing approximately USD 25 or much higher at peak times. However, Polygon makes things cheaper and faster by processing some transactions on its proprietary proof-of-stake blockchain, otherwise known as a ‘Layer 2’ solution given that the Ethereum blockchain is described as ‘Layer 1’. By comparison, Polygon states that it can process up to 65,000 transactions per second with fees costing less than a fraction of a cent, plus network fees.² Polygon boasts investors that include Mark Cuban, Kevin O’Leary and many other high-profile investors.

Thanks to Polygon’s scalable nature, lower fees, and faster transaction times, it has developed into the ideal ecosystem for metaverse and gaming projects. With the ability to support a large number of users, projects do not have to worry about gas wars or hefty gas fees when network traffic picks up. This is great for games and metaverses that plan on supporting a robust number of users.

Polygon recently launched Polygon Studios as an initiative dedicated to growing blockchain-based gaming with NFT integrations on a global scale in order to bridge the gap between Web2 and Web3 ecosystems through investment, marketing and developer support. In January of this year, video gaming and esports icon Ryan Wyatt, commonly known by his “Fwiz” alias, resigned from his position as Head of Gaming at YouTube to become Chief Executive Officer of Polygon Studios. Through relationships with collaborators like Atari, OpenSea and Decentraland, Polygon Studios is strategically building its presence in the modern digital media world, which is expected by LGL’s management to provide multiple advantages and opportunities for HoK and the Company’s other assets.

More information about Polygon can be accessed on its website at the following link: http://polygon.io

Management Commentary

Dorian Banks, Chief Executive Officer of LGL said, “Establishing a formal collaboration with Polygon is expected to create a number of exciting opportunities for our Company as digital media continues its rapid shift towards NFTs and the metaverse in 2022. In the late 2010s, scalability issues plagued many cryptocurrency and blockchain projects, which is a problem that Polygon sought to solve with its product suite for efficiently scaling Ethereum applications. This is something that we intend to leverage when we launch HoK’s Project Origin metaverse this year, in addition to other offerings. Further, we believe there is considerable value to be had from potential arrangements with Polygon’s well-known collaborators in other industries such as technology, entertainment, sports and video gaming. We look forward to working with Polygon as our newest strategic ally in the blockchain space, with several noteworthy HoK launches set to take place in the coming months.”

Service Provider Engagement

The Company also announces that it has engaged OGIB Corporate Bullletin (“OGIB“), an arm’s length party to the Company, to write and publish newsletters about the Company (collectively, the “Services“) for a 12-month period. The Company has agreed to pay to OGIB CAD 200,000 plus GST for the Services. The compensation paid by the Company for the Services does not include securities or options to purchase securities of the Company.

Tag: Looking Glass Labs

Looking Glass Labs’ Subsidiary House of Kibaa Conducts Alpha Demo of Origin Metaverse at Miami NFT Week

Looking Glass Labs’ Subsidiary House of Kibaa Partners with Polygon Studios on NFTs, Scaling and Other Infrastructure Solutions

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