Looking Glass Labs Ltd (LGL) said it has generated first-quarter 2022 revenue of C$6,496,863, which it attributed primarily to “strong” non-fungible token (NFT) sales as well as royalty and miscellaneous income.
The company also recorded total comprehensive income for the period of C$5,770,700 and net income of $0.10 per share.
“The House of Kibaa (HoK) community continues to grow at a rapid pace, which drove sales of NFT collections like GenZeroes in addition to secondary market resales from which LGL earns royalties in perpetuity,” Looking Glass Labs CEO Dorian Banks said in a statement.
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“Our team believes that this community’s growing interest has generated a desirable level of momentum for HoK, which we will work to sustain and build upon with the launch of HoK’s metaverse that is set to take place in the 2022 calendar year,” Banks added.
As well, Looking Glass Labs noted that its total assets increased by 7,349% to C$17,949,671 as of October 31, 2021.
Looking Glass Labs is a digital agency specializing in non-fungible token architecture, immersive extended reality (XR) metaverse design, and virtual asset royalty streams. Its leading brand, House of Kibaa, is a digital studio at the forefront of technologies in the blockchain, NFT, and XR metaverse sectors.
Contact Sean at sean@proactiveinvestors.com