Looking Glass Labs' Live-Action NFT Series "GenZeroes" Featured in Deadline Hollywood
As NFT Trading Volumes Clear $23 Billion in 20211, the Use Cases for NFTs in Areas such as Entertainment are Beginning to Attract Mainstream Industry Attention such as Deadline Hollywood's Coverage of GenZeroes
VANCOUVER, BC, Jan. 18, 2022 /CNW/ - Looking Glass Labs Ltd. ("LGL" or the "Company"), a digital platform specializing in non-fungible tokens ("NFTs"), utility non-fungible token ("uNFT") architecture, immersive extended reality ("XR") metaverse design and virtual asset royalty streams, is pleased to announce that its upcoming GenZeroes live-action, NFT-based series (the "GenZeroes Series"), which is being produced by the Company's media production subsidiary, has been featured in a Deadline Hollywood ("Deadline") article dated January 11, 2022 (the "Article"). The Article highlighted the involvement of Hawkeye and Van Helsing star Aleks Paunovic as an actor and executive producer for the GenZeroes Series as well as the unique approach to funding and distributing original entertainment media through NFTs. Earlier in January 2022, LGL announced the launch of GenZeroes Productions Inc. ("GZP") as its subsidiary for original media production with NFT integrations.
With the GenZeroes Series being among the first of any live-action shows to be based on NFTs, the Article described the mechanics of gaining access to the episodes when they are released. Through LGL's flagship studio, House of Kibaa ("HoK"), the Company has planned for viewers to be able to purchase NFTs that will grant access to the GenZeroes Universe. While the benefits associated with each NFT are expected to vary, all NFTs will provide their holders with the ability to watch the GenZeroes Series as well as to claim digital comics and collectible items. Subject to complying with any regulatory matters, the premium-level NFTs are expected to confer fractional ownership of the GenZeroes Series, which could enable holders to realize a share of its profits or residual cash flows. Additionally, the Deadline Article reported that the GenZeroes Series is fully financed and the first episode will be released in early March of 2022.
Deadline is a publication of Penske Media Corporation, whose other brands include Variety, Rolling Stone and WWD (Women's Wear Daily). The full Article in Deadline about the GenZeroes Series can be accessed via the following link: https://deadline.com/2022/01/hawkeye-van-helsing-aleks-paunovic-nft-series-genzeroes-1234908029.
Dorian Banks, Chief Executive Officer of LGL commented, "High-profile media publications have been frequently reporting on NFTs, cryptocurrencies, the blockchain and the metaverse, however, this is most commonly done in the context of technology or business. While concepts such as NFTs are very much applicable to the media and entertainment industries, publications in these areas are rarely discussing these topics in depth, as their use cases are still quite new in practice. With the release of the first GenZeroes Series episode expected to occur in approximately two months' time, this NFT-based series is becoming newsworthy both as a feat of technology and as a novel innovation in entertainment. As such, we are pleased that a top-tier Hollywood publication like Deadlne is covering the GenZeroes Series, as well as its production team members like Aleks Paunovic and HoK as its originator. We are confident that this type of exposure will be instrumental to driving exposure and establishing credibility as LGL ventures to grow its presence in the rapidly evolving NFT ecosystem, a space that I believe stands to grow considerably by building upon its $23 billion trading volume in 2021.1"
Service Provider Disclosure
The Company has retained Integral Wealth Securities Limited ("Integral") to provide ongoing strategic advice and support services with regard to the Company's ongoing capital markets activities. Pursuant to the agreement, Integral will perform general capital market and advisor support services, with a focus on maintaining active and orderly trading in the markets for LGL's securities. In conjunction with the services rendered by Integral, the Company will pay to Integral a monthly cash fee of $6,000, with a term of three (3) months from the date of execution of the agreement. After the 3rd month of the term, LGL may terminate the agreement at any time upon 30 days' notice. Integral will not receive any securities of the Company as compensation, and Integral does not currently own any securities of LGL. However, Integral may acquire a direct interest in the securities of the Company. The Company and Integral act at arm's length.
ABOUT LOOKING GLASS LABS
Headquartered in Vancouver, British Columbia, Looking Glass Labs is a digital platform specializing in non-fungible token ("NFT") architecture, immersive extended reality ("XR") metaverse design, and virtual asset royalty streams. Its leading brand, House of Kibaa ("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 completely sold out in just 37 minutes for total proceeds to LGL of $6.2 million, in addition to a perpetual 5% royalty stream on secondary market sales. HoK plans to launch a hyper-realistic metaverse built on the Unreal 5 engine in 2022.
On behalf of LOOKING GLASS LABS LTD.
This news release contains "forward-looking statements." Statements in this news release that are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations, or intentions regarding the future. Such forward-looking statements include, among other things: the Company's goal to become the leading digital studio specializing in NFT architecture, immersive metaverse design and virtual asset display monetization streams; to build out a portfolio of perpetual NFT royalty streams through collaborations, accretive acquisitions and other arrangements, to potentially result in consistent, de-risked and passive revenue; and fractionalizing ownership of the GenZeroes Series.
The material assumptions supporting these forward-looking statements include, among others, that: the Company could mitigate the risks associated with the blockchain and NFT industry; and the ability to compete with other businesses in the NFT market.
Although management considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect. These forward-looking statements are only predictions and involve known and unknown risks, uncertainties and other factors, including: the continued growth and adoption of NFT and metaverse offerings by consumers; the cost of developing and designing NFTs and metaverses is economically viable; the Company being able to attract and retain a sufficient workforce with desired skillsets to develop the Company's NFT and metaverse offerings; the availability of offerings provided by third-parties in the NFT, metaverse development and online gaming market to identify potential transactions; the increasing adoption of NFTs as a solution for various online gaming, entertainment and collectible uses; the Company having the ability to mitigate the risks associated with the blockchain and NFT industry; and the ability to compete with other businesses in the NFT, metaverse development, content creation and collectibles market.
Although management considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect. These forward-looking statements are only predictions and involve known and unknown risks, uncertainties and other factors, including: the risk that the Company's offerings are not accepted by the consumer, the risk that other competitors may offer similar digital offerings; the risk that there may be negative changes in general economic and business conditions; the risk that the Company may have negative operating cash flow and not enough capital to complete the development of any of its technologies; the risk that the Company may not be able to obtain additional financing as necessary; the risk that there may be increases in capital and operating costs; the risk that the NFT technology may be subject to fraud and other failures; the risk that there may be technological changes and developments in the blockchain that make the NFT solutions obsolete; risks relating to regulatory changes or actions which may impede the development or operation of the blockchain solutions; the risk that other competitors may release similar blockchain offerings; the potential future unviability of the NFT market in general; the ability to comply with evolving regulatory matters; the volatile cost of the amount of computational effort required to execute specific operations on the blockchain, and other general risks involved in the blockchain solutions.
Risks and uncertainties about the Company's business are more fully discussed in the Company's disclosure materials, including its reports filed with the Canadian securities regulators and which can be obtained from www.sedar.com.
Any of these risks may cause the Company's actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. Further, although the Company has attempted to identify factors that could cause actual results, levels of activity, performance or achievements to differ materially from those described in forward-looking statements, there may be other factors that cause results, levels of activity, performance or achievements not to be as anticipated, estimated or intended. These forward-looking statements are made as of the date of this news release, and the Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements, except as required by applicable law, including the securities laws of the United States and Canada. Although the Company believes that any beliefs, plans, expectations and intentions contained in this news release are reasonable, there can be no assurance that any such beliefs, plans, expectations or intentions will prove to be accurate. The Company does not assume any liability for disclosure relating to any other company mentioned herein.
SOURCE Looking Glass Labs Ltd.
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