Addentax Group Corp. Launches a Metaverse Project with NFTCN-Bigverse, Bridging Blockchain, Internet Content, and Society through NFT Art Innovation

Rhea-AI Summary

Addentax Group Corp. (ATXG) announces a partnership with NFTCN-Bigverse to launch a new Metaverse project, aiming to establish an expansive NFT ecosystem in Asia. The project will merge blockchain technology, internet content, and society, providing users with VR art experiences. The company aims to secure a leading position in the Metaverse and NFT industry.

Positive

• Partnership with NFTCN-Bigverse opens up new opportunities for Addentax in the rapidly growing Metaverse and NFT sector.
• Commitment to responsible decision-making and thorough evaluation demonstrates the company's cautious approach to the potential project.

Negative

• Lack of specific details on the potential financial impact of the Metaverse project.

SHENZHEN, China, July 25, 2023 /PRNewswire/ -- Addentax Group Corp. ("Addentax" or the "Company") (Nasdaq: ATXG), an integrated service provider focusing on garment manufacturing, logistics services, and property management and subleasing, announces the launch of a brand-new Metaverse project in partnership with Hangzhou Yuanyuzhou Technology Co., Ltd ("NFTCN-Bigverse"), the largest and most active NFT trading platform in Asia. The project aims to establish an expansive NFT ecosystem, merging blockchain technology, internet content, and society.

Combining Addentax's extensive network in artificial intelligence ("AI") with NFTCN-Bigverse's technologies in encrypted chips, augmented reality ("AR"), and virtual reality ("VR"), both companies strive to establish a leading Metaverse society for NFT artists and collectors in Asia. The Metaverse ecosystem will be built on blockchain technology, integrating elements of blockchain, internet content, and society. Registered users will have access to their own VR art boxrooms, immersing themselves in a unique digital experience.

Mr. Hong Zhida, Chairman and CEO of Addentax, expressed his enthusiasm for this new venture, stating, "After venturing into the AI business with our recent game-as-a-service initiative, we are excited to explore the Metaverse and NFT space. With the entry of major internet corporations including but not limited to Meta Platforms, Inc. (formerly known as "Facebook") (Nasdaq: META) and Roblox Corporation (Nasdaq: RBLX) into this rapidly growing sector, we recognize the immense potential and popularity it holds. We are determined not to miss this opportunity and aim to secure our position as a frontrunner in the Metaverse and NFT industry."

The Company is taking a cautious approach to the potential Metaverse project, recognizing the significant challenges, capital and expertise required for its successful execution. The Company plans to engage with experienced professionals, including legal experts and AI programmers, to thoroughly assess the feasibility and suitability of undertaking this project.

"At Addentax, we prioritize responsible decision-making and thorough evaluation before embarking on any new venture. Our discussions with professional experts and AI programmers will help us understand the risks and challenges associated with the project, ensuring that we make informed choices," added Mr. Hong Zhida.

The Company will release further updates as the discussions progress and decisions are made. Addentax remains committed to exploring innovative opportunities that align with its core values and growth strategies.

About Addentax Group Corp. Corp.

Addentax Group Corp. Corp. is an integrated service provider specializing in garment manufacturing, logistics services, and property management and subleasing. Its apparel manufacturing business includes sales to wholesalers and is based in China. The logistics business, which includes delivery and express services, covers 79 cities in 7 provinces and 2 municipalities in China. The property management and subleasing business provides relevant services to clothing wholesalers and retailers in the apparel market. The epidemic prevention supplies business includes manufacturing and distributing quarantine products, as well as reselling supplies purchased from the third parties in domestic and overseas markets. More information please visit the website: https://www.addentax.com/.

Safe Harbor Statement

All statements other than statements of historical fact in this announcement are forward-looking statements in nature within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations and projections about future events and financial trends that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Words or phrases such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to" or other similar expressions are intended to identify such forward-looking statements. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to consider risk factors, including those described in the Company's filings with the SEC, that may affect the Company's future results. All forward-looking statements attributable to the Company and its subsidiaries or persons acting on their behalf are expressly qualified in their entirety by these risk factors. The forward-looking events discussed in this press release and other statements made from time to time by us or our representatives, may not occur, and actual events and results may differ materially and are subject to risks, uncertainties, and assumptions about us. We are not obligated to publicly update or revise any forward-looking statement, whether as a result of uncertainties and assumptions, the forward-looking events discussed in this press release and other statements made from time to time by us or our representatives might not occur.

Company Contact:

Public Relations Contact:
Addentax Group Corp. Corp.
Phone: + (86) 755 86961 405
cyseah@zgyingxi.com

Investor Relations Contact:

Sherry Zheng
Weitian Group LLC
1-718-213-7386
shunyu.zheng@weitian-ir.com

 

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SOURCE Addentax Group Corp.

FAQ

What is Addentax Group Corp. (ATXG) announcing?

Addentax is announcing a partnership with NFTCN-Bigverse to launch a new Metaverse project.

What is the goal of the new Metaverse project?

The project aims to establish an expansive NFT ecosystem in Asia, merging blockchain technology, internet content, and society.

What are the key technologies involved in the project?

The project will involve AI, NFTCN-Bigverse's technologies in encrypted chips, augmented reality, and virtual reality.

What is Addentax's approach to the potential Metaverse project?

The company is taking a cautious approach, prioritizing responsible decision-making and thorough evaluation before embarking on the new venture.