Bonanza Goldfields Corp (OTC:BONZ) completes acquisition of Hybrid NFT Firm Marvion™ Holdings Limited

Rhea-AI Summary

Bonanza Goldfields Corp (OTC: BONZ) has completed its acquisition of Marvion Holdings Limited as of October 18, 2021. This strategic move gives BONZ 100% ownership of Marvion, a blockchain technology company specializing in Hybrid NFTs (h-NFTs) for media and entertainment. Dr. Herbert Lee, a director at BONZ, becomes the majority shareholder. Marvion recently launched Asia's first feature film NFT for 'Lockdown,' showcasing its potential in the NFT space. The leadership aims to expand into various entertainment sectors with innovative community engagement strategies.

Positive

• Acquisition of Marvion strengthens BONZ's market position in the NFT space.
• Launch of Asia's first feature film NFT indicates successful initial integration and market acceptance.
• Potential for diversification into music, books, comics, and games enhances future revenue prospects.

Negative

• Financial resources may not last as long as anticipated, posing risks for ongoing operations.
• As a holding company, BONZ may face challenges realizing expected benefits from Marvion's NFT offerings.

SINGAPORE, Oct. 26, 2021 /PRNewswire/ -- Bonanza Goldfields Corp (OTC: BONZ) ("Company") is pleased to announce that the acquisition of Marvion™ Holdings Limited ("Marvion"), initially announced on Oct. 25, 2021, was completed on Oct 18, 2021. 

Marvion™ is a metaverse blockchain technology company, unlocking, enhancing and preserving the value of media and entertainment intellectual property through blockchain and related technologies to create Hybrid NFTs™ (h-NFTs).

On completion of the acquisition, the Company will own 100% of Marvion.  Dr. Herbert Lee, the Company's director, will become the majority shareholder of BONZ .

Commenting on the completion, Dr Herbert Lee, Founder and Chairman of Marvion™ said, "I am delighted that the acquisition of Marvion was completed so efficiently.  Since the acquisition was announced, in a brief period of one month, the team had also achieved quite a few milestones.  One of the most significant ones was the fact that Marvion™ launched Asia's first feature film NFT for Lockdown.  The h-NFTs were for tickets to the gala premiere in London and were  snapped up almost instantly after the drop and I understand that the gala event was very well attended.  All in all, it is a very encouraging result.  With the completion of this corporate activity, we can now focus on the continued rapid development of the company and I am  looking forward to the many exciting projects in the pipeline."

Julian So, the interim CEO of Marvion™ commented, "Marvion™'s vision is to offer the ultimate community engagement, leveraging the best tools in both the digital metaverse and physical experience realms. Having successfully launched our h-NFT for movies, we are working very hard to implement our h-NFTs to other forms of entertainment, such as music, books, comics and games."

"I would also like to acknowledge the support and encouragement we have been getting from our investors and community. I would like to thank them for their enthusiasm and support. The level of success of Marvion™ depends on its community."

To keep up to date on the upcoming Hybrid NFT™️ projects, please visit www.Marvion.Media and join the Marvion™ Community on Telegram;  https://t.me/Marvion_Media.

Forward Looking Statements

This press release contains forward-looking statements. All statements other than statements of historical fact are forward-looking statements, which are often indicated by terms such as "anticipate," "believe," "could," "estimate," "expect," "goal," "intend," "look forward to," "may," "plan," "potential," "predict," "project," "should," "will," "would" and similar expressions. These forward-looking statements may include, but are not limited to, statements regarding future business activities including the expansion into the decentralized financing space. These forward-looking statements are not promises or guarantees and involve substantial risks and uncertainties. Among the factors that could cause actual results to differ materially from those described or projected herein include uncertainties associated with operating a business in Singapore and Hong Kong, ability to compete, that financial resources do not last for as long as anticipated, and that BONZ is a holding company that may not realize the expected benefits of NFT's offered by Marvion. A further list and description of these risks, uncertainties and other risks can be found in BONZ's regulatory filings with the U.S. Securities and Exchange Commission, including in its current report on Form 10 filed on October 25, 2021. Existing and prospective investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. BONZ undertakes no obligation to update or revise the information contained in this press release, whether as a result of new information, future events or circumstances or otherwise.

About BONZ

Bonanza Goldfields Corporation is a Las Vegas based mining and mineral exploration company, exploring gold and silver properties located in Goldfield, Tonopah and Comstock Mining Districts of Nevada, and the Chloride Mining District of Arizona.

The group is developing new business initiatives joining the latest blockchain technologies, through market merger and acquisitions to apply NFT into the media industry.

About Marvion^TM 

Marvion^TM is a metaverse blockchain technology company, unlocking, enhancing and preserving the value of media and entertainment intellectual property through blockchain and related technologies to create Hybrid NFTs. The company's vision is to offer the ultimate artist and fan engagement, leveraging technology in both digital metaverse and physical experience realms.  Marvion^TM will be adopting their Hybrid NFT (h-NFT) format across all minted NFTs. The h-NFTs will undergo full know-your-client (KYC) and verification processes prior to Marvion^TM acquiring the intellectual property. This is to ensure that only authentic and high quality NFTs are available on the platform.

More Information about Marvion^TM:

Website:          marvion.media 
Facebook:        facebook.com/marvionmetaverse
Instagram:       instagram.com/marvion.media
Twitter:           twitter.com/marvion_media
LinkedIn:          linkedin.com/company/marvion
Telegram:       t.me/marvion_media

About Hybrid NFT (h-NFT)

A h-NFT is an integrated, best in class, smart contract that can execute the transaction and also contains the specific legal terms of the intellectual property ownership, license and/or rights. When users purchase a Marvion^TM hybrid NFT, they receive the following:

• A copy of the sale and purchase agreement (SPA) for the purchase of the master license.
• Evidence or warranty of ownership of the relevant intellectual property.
• Sub-license agreement detailing the rights of the h-NFT holder.
• Image/video/music or other file, depending on what the intangible asset is.

For media queries, please contact:

Parkson Yip
Marketing and PR Team
Media@Marvion.Media

View original content:https://www.prnewswire.com/news-releases/bonanza-goldfields-corp-otcbonz-completes-acquisition-of-hybrid-nft-firm-marvion-holdings-limited-301408644.html

SOURCE Bonanza Goldfields Corp.

FAQ

What is the significance of Bonanza Goldfields Corp's acquisition of Marvion?

The acquisition enhances BONZ's capabilities in the blockchain and NFT sectors, positioning it for future growth.

When was the acquisition of Marvion by Bonanza Goldfields Corp completed?

The acquisition was completed on October 18, 2021.

What are Hybrid NFTs (h-NFTs) offered by Marvion?

h-NFTs are blockchain-based assets that integrate ownership rights and legal terms with digital media.

How will the acquisition impact BONZ's future projects?

The acquisition is expected to lead to the development of new NFT projects across various entertainment sectors.

What challenges could Bonanza Goldfields face after acquiring Marvion?

Challenges include managing financial resources effectively and successfully integrating Marvion's operations.