IRW-PRESS: Looking Glass Labs Ltd.: Looking Glass Labs Raises Over $2.5 Million Through Metaverse Land Sale
Year-to-date, the company has earned the equivalent of more than $9.4 million in gross proceeds from the sale of its NFTs, royalties and consulting services.
Vancouver, British Columbia – April 19, 2022 – Looking Glass Labs Ltd. (LGL or the Company) (NEO: NFTX) (FSE: H1N), a leading Web3 platform focused on non-fungible token (NFT) architecture, immersive metaverse environments, gaming tokenization to earn and Virtual Asset Royalty Streams is pleased to announce the first results of the highly anticipated Land Sale, led by its flagship studio House of Kibaa (HoK), which commenced on April 16, 2022 (the Land Sale). The land sale consisted of virtual four-acre plots of land (each plot representing a pocket size) in a portion intended for consumers of its larger metaverse, named Project Origin (the original metaverse).
The company reports gross proceeds from land sales totaling approximately $2.59 million, further demonstrating the commercial viability of its high-value NFT, Metaverse, and P2E offerings. LGL will receive 5% royalties on all resales of Pocket Dimensions on marketplaces such as OpenSea and LooksRare. In the year-to-date, the company has earned gross proceeds equivalent to over $9.40 million from the sale of its NFTs and licensing and consulting fees. The sale of Pocket Dimensions marked LGL’s entry into the Metaverse. In the near future, HoK plans to sell other consumer-facing Metaverse assets as well as enterprise-facing dimensions once the original Metaverse is live. Any unsold Pocket Dimensions will be minted and reserved by HoK as inventory for future use or sale shortly before or after the launch of Origin Metaverse Alpha.
Dorian Banks, CEO of LGL, commented: “Having HoK bring in over $2.5 million for LGL in one weekend is an exciting aspect of our business as many community members see the first of our digital assets purchased by Metaverse. In the near future, we plan to launch a new innovative NFT collection, details of which will be announced shortly. Mr. Banks added that Pocket Dimensions is for those who want to get involved early in shaping the future of metaverse social environments. We’ll be sharing more details about the launch of Metaverse in the coming weeks. And we will also keep you updated on the alpha launch.
ABOUT LOOKING GLASS LABS
Based in Vancouver, BC, Looking Glass Labs (LGL) is a web3 platform based on non-fungible token architecture (NFT), immersive metaverse environments, game tokenization to earn, and royalty income via virtual assets are specialized. Leading brand, House of Kibaa (HoK), designs and curates a next-generation metaverse for 3D assets, allowing functional art and collectibles to coexist in disparate NFT blockchain environments. HoK successfully released digital assets including GenZeroes, which sold out in just 37 minutes and earned LGL total revenue of C$6.2 million, in addition to a 5% perpetual royalty on secondary market sales. HoK plans to introduce a hyperrealistic metaverse based on the latest version of the Unreal Engine in 2022.
On behalf of LOOKING GLASS LABS LTD.
Dorian Banks, Managing Director
For more information please contact:
Toll Free: +1 833 LGL-NFTX (833-545-6389)
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, but are not limited to: the development of the Project Origin Metaverse, the integration of Pocket Dimension with the Project Origin Metaverse, improving the functionality of Pocket Dimension from time to time, the Company’s objective to become the leading digital studio specializing in NFT architecture, immersive metaverse design and monetization flows for rendering virtual assets; the intention to build a portfolio of sustainable NFT royalty streams through collaborations, value-added acquisitions and other arrangements that can generate consistent, low-risk, passive revenue; and short-term and future plans.
The key assumptions on which these forward-looking statements are based include, among others, that the company can mitigate the risks associated with the blockchain and NFT industry, that it is able to compete with other companies in the NFT, that sufficient funds will be available to implement the Company’s business development plans, that favorable market conditions will exist and that HOK will be able to sell all or substantially all of its offerings.
Although management believes 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 continued growth and consumer acceptance of NFT and Metaverse offerings; the cost of developing and designing commercially viable NFTs and metaverses; the Company’s ability to attract and retain sufficient employees with the desired skills to develop the Company’s NFT and Metaverse offerings; the availability of third party offerings in the NFT, Metaverse development and online gaming marketplaces to identify potential transactions; the growing acceptance of NFTs as a solution for various online games, entertainment and collectibles; the Company’s ability to mitigate risks associated with the blockchain and NFT industries; and the ability to compete with other companies in the NFT, Metaverse development, content creation and collectibles markets.
Although management believes 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 that the Company’s offerings will not be accepted by the consumer market; the risk of other competitors providing similar digital offerings; the risk that general economic and business conditions will change adversely; 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 needed; the risk of increased capital and operating costs; the risk that the NFT Technology is subject to fraud and other errors; the risk of technological and blockchain developments rendering NFT solutions obsolete; risks related to regulatory changes or actions that may impede the development or operation of blockchain solutions; the risk of other competitors launching similar blockchain offerings; the potential future unprofitability of the NFT market generally; the fluctuating cost of the computational effort required to perform certain operations on the blockchain and other general risks associated with blockchain solutions.
The risks and uncertainties associated with the Company’s business are discussed in more detail in the Company’s filings, including reports filed with Canadian securities regulators, which are available at www.sedar.com.
Each of these risks could cause the Company’s actual results, levels of activity, performance or achievements to differ materially from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. Although the Company has attempted to identify factors that could cause actual results, business, performance or achievements to differ materially from those described in the forward-looking statements, there may be other factors that that the results, activity, performance or achievements are not as expected. , estimated or predicted. 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 forward-looking statements, except as required by law, including laws on the securities of the 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 of information relating to other companies mentioned herein.
SOURCE: LOOKING GLASS LABS LTD.
The source language (usually English) in which the original text is published is the official, authorized and legal version. This translation is included for better understanding. The German language version may be abridged or summarized. No responsibility or liability is accepted for the content, accuracy, adequacy or correctness of this translation. From the translator’s point of view, the report does not constitute a recommendation to buy or sell! Please note the original English notification at www.sedar.com, www.sec.gov, www.asx.com.au/ or the company’s website!
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