Looking Glass Labs Ltd (LGL) said its wholly-owned studio House of Kibaa (HoK) has entered into a strategic alliance with Nasdaq-listed DatChat, Inc, a blockchain-enabled cybersecurity, metaverse advertising platform and social media company.
Under the agreement, DatChat’s non-fungible token (NFT) monetization platform VenVūū will be integrated into HoK’s Project Origin metaverse.
Both entities are expected to mutually benefit from the cross-promotion of each other’s platforms and products.
“I look forward to our teams working together to develop better outcomes, not only for our companies, but also for content creators and the metaverse community at large,” Jason Nguyen, chief creative officer of LGL said in a statement.
READ: Looking Glass Labs says House of Kibaa subsidiary raises gross proceeds of C$2.59M from inaugural virtual land sale
"It is imperative at these early stages to keep adding value to the metaverse experience for our trusting community members and I feel that this alliance with DatChat has the strong potential to do exactly that," he added.
DatChat’s patented technology offers users a traditional texting experience while providing control and security for their messages. Its Messenger & Private Social Network via application presents technology that allows users to change how long their messages can be viewed before or after users send them, prevents screenshots, and hides encrypted photos in plain sight on camera rolls.
“The alliance enables us to market and perform certain complimentary business activities together and seamlessly integrate the VenVūū NFT monetization platform into Project Origin,” said DatChat CEO Darin Myman.
“I expect this to strengthen DatChat’s VenVūū presence as a leading NFT monetization platform while allowing HoK to leverage VenVūū to create further asset opportunities for content creators.”
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