ESE Entertainment Inc. (TSX-V:ESE) said that through its Metaverse division it has forged a partnership with Metachain Technologies Inc to expand on the company's current esports revenue streams.
Metachain is a privately held technology company with years of technical experience in metaverse-related technologies, including virtual reality, augmented reality, 3D design, blockchain and smart contract development, minting non-fungible tokens (NFTs), developing and launching cryptocurrency native tokens (tokens) and decentralized finance applications (DeFi).
In a statement, ESE Entertainment CEO Konrad Wasiela said: "ESE is committed to increasing revenue opportunities within its current esports portfolio, and the creation of our Metaverse division announced on January 24, 2022, solidifies our commitment.”
He added: “Monetization using the metaverse requires a skillset that is not easy to find based on the current demand and access to human resources. Metachain Technologies provides the solution we are looking for based on their technical skills in all aspects of the metaverse."
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Meanwhile, Metachain Technologies CEO Matt Connelly said his company had recruited a highly trained and functioning technical development team with experience in all aspects of the metaverse.
“This allows us to attract high growth companies like ESE and assist them in increased revenue opportunities by accessing the metaverse," added Connelly.
Any issuance of NFTs or tokens following the partnership with Metachain will be conducted in accordance with applicable securities laws, noted the Europe-focused entertainment and technology company.
ESE Entertainment also operates its own ecommerce channels, esports teams, and gaming leagues.
Contact the author Uttara Choudhury at uttara@proactiveinvestors.com
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