Looking Glass Labs Ltd announced that it has entered into an arrangement with Venyl - a prominent blockchain technology innovator - to pursue integration opportunities with the company's’s flagship studio House of Kibaa (HoK).
This will be alongside potential integrations within HoK’s hyper-realistic metaverse, expected to be launched in the second half of 2022.
Through its website, Venly has approximately 1.5 million end users for its custodial crypto wallet solutions that are offered in Widget and API formats.
Venly recently issued an NFT called MetaRing to position holders in the figurative center of the metaverse. Based on the premise that there will be many metaverses as the Web3 iteration of the Internet matures, the MetaRing NFT is meant to facilitate an interconnected ecosystem of metaverses, which holders can explore based on certain privileges associated with each metaverse.
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In other words, a MetaRing NFT can be thought of as a VIP-type of pass for holders to access various metaverse environments, with benefits that can include but are not limited to early admission, discounts, in-game utilities, airdrops and access to exclusive areas or attributes of a given metaverse.
“Venly has developed an impressive array of technologies that have been instrumental in unlocking value for blockchain projects of all kinds for several high-profile names in the tech industry,” said Dorian Banks, CEO of Looking Glass Labs in a statement. “With metaverses set to surge in popularity in 2022, I believe Venly’s MetaRing NFT will encourage many users to check out a wide variety of metaverses, in each of which they will enjoy certain unique advantages.”
He added: “Moreover, Venly will be reinvesting revenues from the sale of its MetaRing NFTs into land in partner metaverses (such as that of HoK) and to offer member-only events for holders of MetaRing NFTs.”
As the launch of the HoK metaverse nears, Banks said that the company is going to work with Venly to curate a top-tier experience for MetaRing NFT holders who wish to explore, and potentially join, the HoK community.
“We believe this partnership can be a catalyst for growing HoK’s community footprint as metaverses become mainstream," Banks noted.
Under the arrangement, HoK will grant holders of Venly’s MetaRing NFT select privileges and utilities in the upcoming HoK metaverse, which is code-named Project Origin and is being built using the most advanced version of the Unreal Engine available for launch later this year.
In return, Venly will be the facilitator of metaverse initiatives in the HoK ecosystem by introducing up to 1.5 million users from its community to Project Origin. Venly is also committed to investing in HoK’s products and land once its metaverse is launched.
By bringing increased utility to the MetaRing NFT collection, the arrangement is expected to give holders more opportunities to utilize their NFTs, for example, first as being a wearable item in Project Origin and then as an access token to events held in the metaverse.
“We are happy to deepen our relationship by integrating the MetaRing in HoK’s very own metaverse “Project Origin”, bringing an additional layer of VIP experiences to the Ring holders,” Banks noted. “I've been privileged to glimpse some parts of the project already, and all I can say is people will be salivating when they see the Origin metaverse,” added Stefan Colins, Metaverse Partnerships director at Venly.
RSU grants
Looking Glass Labs also announced that it granted an aggregate of 675,000 restricted stock units (RSUs) to directors and officers of the company on February 16, 2022.
The RSUs entitle the eligible parties the ability to acquire one common share in the capital of the company underlying each such RSU upon such holder delivering a notice of acquisition to the company in accordance with the RSU Plan for a period of five years from issuance.
The RSUs were priced at $0.85 per underlying common share, based on the closing price of the company’s common shares on the trading day prior to the grant.
Contact Ritika at ritika@proactiveinvestors.com