Victory Square Technologies Inc (CSE:VST, OTCQX:VSQTF). announced that its portfolio company GameOn Entertainment Technologies Inc. has signed a partnership with Chibi Dinos.
The partnership entails Chibi Dinos utilizing GameOn’s NFT Prediction Game product to give their 10,000 digital dinos utility in gaming.
The deal guarantees GameOn US$120,000 in revenue with an expected gross profit of 80%. “The deal also includes a 50% revenue share of primary and secondary sales of at least one new NFT drop related to the Chibi Dinos NFT Prediction Game,” said the company.
“Non-fungible token (NFT) creators need ways to give their digital collectibles utility beyond collecting and trading, and that’s where GameOn adds value with our innovative fan engagement technologies,” GameOn CEO Matt Bailey said in a statement.
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“Partnering with Chibi Dinos presents a whole new category of customers for GameOn beyond sports, TV and live events rights holders, allowing us to expand our total addressable market. Revenue streams like primary and secondary market NFT sales are uncapped, in perpetuity and therefore particularly lucrative.," Bailey added.
Chibi Dinos are 10,000 NFTs of different chibis — Japanese slang for a very specific type of caricature. Chibi Dinos are dressed in dinosaur suits and in the jersey of 10 basketball teams, all backed by current and former NBA players including Michael Carter-Williams, Kendrick Perkins, and RJ Hampton, serving as team captains.
Chibi Dinos sold out in 18 minutes on minting day on August 20, 2021, priced at 0.06 Ethereum each, noted the company. The collectibles are now available on OpenSea, a secondary marketplace for NFTs which has clocked up over $1 billion in sales.
Launched in July, GameOn’s NFT Predictor, spearheaded by Santiago Jaramillo, former head of Sports at Dapper Labs (NBA Top Shot), enables fans who partner with GameOn to build up their collection by acquiring NFTs. From there, they leverage those assets to make predictions about upcoming events and are rewarded with status, recognition, prizes and exclusive NFTs for finishing high on leaderboards, said the company.
Completed collections of high-value NFTs can then be traded in for real-life rewards including tickets, merchandise and exclusive offerings.
Victory Square Technologies builds and invests in promising startups. It has a portfolio of over 20 companies using artificial intelligence, virtual reality, and blockchain to disrupt sectors as diverse as fintech, insurance, health, and gaming.
Contact the author Uttara Choudhury at uttara@proactiveinvestors.com
Follow her on Twitter: @UttaraProactive