Looking Glass Labs Ltd (LGL) has announced that it raised gross proceeds of about C$2.59 million from the highly anticipated virtual land sale conducted by its flagship studio, House of Kibaa (HoK).
Codenamed Project Origin, the land sale consisted of four-acre parcels of virtual land—with each parcel being a Pocket Dimension—within a consumer-focused area of its broader metaverse.
The Vancouver, British Columbia-based LGL said the inaugural metaverse event that began on April 16, 2022, further validates the product-market fit of its premium non-fungible token (NFT), metaverse and P2E offerings.
“Generating gross proceeds of over $2.5 million for LGL by HoK in one weekend is an exciting part of our business, as many community members purchased the first of our digital metaverse assets ever to be offered for sale,” LGL CEO Dorian Banks said in a statement. “In the near future, we are planning to launch an innovative new NFT collection, the details of which are expected to be announced shortly.”
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LGL will earn 5% royalties from all secondary market re-sales of Pocket Dimensions on marketplaces such as OpenSea and LooksRare, the company said.
In the fiscal year to date, it has received the equivalent of over C$9.40 million in gross proceeds from the sale of its NFTs, royalty and consulting income.
All unsold Pocket Dimensions will be minted and reserved by HoK as inventory for future use or sale nearer to or shortly after the alpha launch of the Origin metaverse.
HoK plans to sell other consumer-focused metaverse assets as well as business-oriented dimensions as the Origin metaverse becomes ready for use.
“Pocket Dimensions are for the early adopters that are ready to take part in shaping the future of social metaverse environments. We’ll be rolling out more details around the metaverse launch in the coming weeks and stay tuned for announcements about the alpha launch as well,” Banks added.
LGL is a Web3 platform specializing in NFT architecture, immersive metaverse environments, play-to-earn tokenization and virtual asset royalty streams. Its leading brand, HoK, designs and curates a next-generation metaverse for 3D assets, which allows functional art and collectibles to exist simultaneously across different NFT blockchain environments.
HoK has successfully released digital assets to include GenZeroes, which sold out in just 37 minutes for total proceeds of C$6.2 million to LGL, in addition to a perpetual 5% royalty stream on secondary market sales. HoK plans to launch a hyper-realistic metaverse built on the latest version of Unreal Engine in 2022.
Contact the author at jon.hopkins@proactiveinvestors.com