Looking Glass Labs Ltd (LGL) has provided its 2023 outlook for the company and its wholly-owned subsidiary, House of Kibaa (HoK) together with a summary of its most significant achievements from throughout 2022.
“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 in a statement.
“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,” he added.
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The company noted that 2022 was a fascinating year in technology, but said 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 said it 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.
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 revenues;
- HoK partnered with Polygon Studios to scale and further develop key infrastructure solutions;
- Received over C$2.5 million in metaverse land sale proceeds in April 2022;
- Produced and released 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.
Headquartered in Vancouver, British Columbia, LGL is a leading Web3 innovation platform specializing in consumer engagement applications to leverage immersive metaverse environments, play-to-earn tokenization and blockchain monetization strategies.
Its leading brand, HoK, designs and curates a next-generation metaverse for 3D assets, which allows functional art and collectibles to exist simultaneously across different NFT blockchain environments. HoK has successfully released digital assets including GenZeroes, which sold out in just 37 minutes for total proceeds to LGL of C$6.2 million, in addition to a perpetual 5% royalty stream on secondary market sales.
Contact the author at jon.hopkins@proactiveinvestors.com