Looking Glass Labs Ltd said it continues to execute on its growth initiatives, revenue milestones, utility NFT and metaverse development pipeline, as it recaps milestones from 2021 and gives an overview for the first half of 2022.
“We are excited to provide investors with an opportunity to gain access and exposure to the NFT, cryptocurrency, and metaverse ecosystems through our strategic pursuit to generate long-term value,” said Dorian Banks, CEO of Looking Glass Labs in a statement.
He added: “Our core areas of focus saw significant mainstream adoption over the past year from the consumer, enterprise and institutional user categories. As such, we believe that our expertise in these disciplines is positioning LGL as a leader in these dynamic spaces, as some of the world's most influential brands, individuals and organizations embrace NFT and metaverse technologies as defining pillars of the digitally immersive era that we are now entering.”
READ: Looking Glass Labs says its GenX NFT collection by House of Kibaa 'verified' on LooksRare NFT Marketplace
In 2022, the company is planning an early-stage walkthrough of the House of Kibaa (HoK) metaverse, which is code-named “Project Origin”. This is expected in the third quarter of 2022.
Looking Glass said that it is expecting a major sale of land in connection with the launch of the HoK Project Origin metaverse, and launch a play-to-earn (P2E) game title under the GenZeroes brand later this year.
Additionally, a proprietary token for transactions in the Project Origin metaverse, as well as in the GenZeroes P2E game, and free monthly drops of NFTs for HoK “Genesis” holders, such as the Gems collection released in January 2022.
The continuing rollout of the GenZeroes NFT-based live-action series by GZP, under the leadership of award-winning actors and writers Aleks Paunovic, Jeremy Smith, and Matt Venables are also on the list for 2022, while also maintaining a presence at major industry events such as ComicCon San Diego, NFT LA, and NFT.NYC, among others, the company said.
Milestones for 2021 include:
- Realized considerable value throughout 2021 from the rapid growth of engagement within the community of its flagship studio, HoK, which is working to launch a hyperrealistic metaverse on the Unreal Engine 5 this year
- Sold all 10,000 GenZeroes NFTs in just 37 minutes in October for net proceeds of CAD 6.2 million
- Reported strong financial results for the first fiscal quarter of 2022 with C$5.7 million of total comprehensive income generated by the Company on revenues of CAD 6.5 million for the period ended October 31, 2021;
- Earned approximately18.12 ETH in aggregate NFT royalty revenue from October 1, 2021 through February 1, 2022 from the resale of the HoK Genesis and GenZeroes NFTs, from which the company earns perpetual royalties of 10% and 5%, respectively;
- Retained to produce metaverse-ready 3D asset collection for Gutter Cat Gang and also produced the 3D asset based on the Bored Ape Yacht Club;
- Launched its media production subsidiary, GenZeroes Productions Inc. (GZP), and announced the upcoming release of “GenZeroes”, which is a ten-episode, live-action series that will be the first of its kind to be released as an NFT and developed under the leadership of award-winning filmmakers and actors to include Aleks Paunovic, Jeremy Smith and Matt Venables;
- Established its global corporate headquarters in Vancouver and began hiring personnel in technical, creative, administrative and executive roles, with the development of the integrated LGL Headquarters Metaverse Visitor Experience set to begin in 2022;
- Became a member of the DigiBC industry organization, alongside other global organizations such as Electronic Arts, Sony Pictures Imageworks, Animal Logic, Industrial Light & Magic and The Coalition (Microsoft);
- Hosted a private event at NFT.NYC in New York City following the successful launch of the GenZeroes NFTs;
- Achieved the listing of all 10,000 HoK GenX NFTs on the Rarity.tools ranking database
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