Global Tech Industries Group, Inc. and DTXS Auction Ltd. enter into Memorandum of Understanding to Bring Chinese Art into GTII’s Metaverse.
Global Tech Industries Group (OTCQB: GTII) has signed a memorandum of understanding with DTXS Auction Ltd. to develop a unique metaverse showcasing Chinese art and antiques. This venture includes the integration of art pieces such as Picasso's 'Quatre Femmes Nues Et Tete Sculptee' within virtual museums. The company aims to create up to 100 decentralized virtual structures and introduce Play-to-Earn games linked to its planned GFT Token. The metaverse launch is anticipated in Q2 2022.
- Collaboration with DTXS presents a strong partnership for enhancing GTII's metaverse.
- Development of a Chinatown art district may attract significant user engagement and investment.
- Acquisition of valuable art pieces enhances the company's asset portfolio.
- No assurance of profitability or sufficient revenue generation from the new venture.
- High expenses expected in development stages could impact financial stability.
- Dependence on success of Play-to-Earn games and NFT auctions presents operational risks.
New York, NY, Jan. 10, 2022 (GLOBE NEWSWIRE) -- Global Tech Industries Group, Inc. (OTCQB: GTII) (“GTII” or the “Company”), www.gtii-us.com, a Nevada corporation, announced today that is has executed a memorandum of understanding (“MOU”) with DTXS Auction Ltd. (“DTXS”), a wholly owned subsidiary of DTXS Silk Road Investment Holdings Co. Ltd. (“Silk Road”), a Hong Kong corporation listed on the Hong Kong Stock Exchange, aimed at bringing Chinese art and antiques into GTII’s evolving metaverse (“Metaverse”).
As part of GTII’s Metaverse operation, which will include the 1934 Picasso work titled “Quatre Femmes Nues Et Tete Sculptee”, as well as other art in GTII’s collection, the Company is actively engaged in securing up to 100 virtual structures in a decentralized metaverse to develop virtual museums and art galleries. Additionally, GTII has retained a team of consultants to manage the day-to-day Metaverse operation, as well as art dealers specializing in Western art.
Per the MOU, DTXS will endeavor to develop the Metaverse’s first Chinatown art district, which will display art pieces from the greatest eras of Chinese antiquity, including those that have rarely been accessible to Western audiences. Together with DTXS, GTII’s Metaverse museums and galleries will display famous works of art from East to West.
Finally, and in connection with its pending S-1 application for token dividend distribution, GTII plans to develop and implement Play-to-Earn Games linking the Company’s planned GFT Token to a retail environment in the Metaverse.
GTII Metaverse launch is tentatively expected to occur in the second quarter of 2022. The Company will provide periodic updates to shareholders regarding its progress.
David Reichman, GTII’s Chief Executive Officer, stated “GTII has already acquired, and will continue to seek to acquire, European and American art from different periods aimed at offering museums in Metaverse environments, which is an exciting new business opportunity for the Company. GTII, together with DTXS, hopes to offer virtual art world opportunities to its shareholders in order for them to participate in invitation-only NFT auctions, fireside chats, and the chance to acquire virtual shares of historically important collection of art.”
About Global Tech Industries Group, Inc.: GTII, a publicly traded Company incorporated in the state of Nevada, specializing in the pursuit of acquiring new and innovative technologies.
About DTXS Auction Limited. DTXS is a wholly owned subsidiary of DTXS Silk Road Investment Holdings Co. Ltd. Silk Road is Hong Kong Stock Exchange listed company with its principal business in: (i) art auctions and collection- related operations; (ii) production and sales of fine wine; and (iii) properties investment and development. Silk Road’s parent group is a privately-held conglomerate headquartered in Xian, PRC, which focuses on cultural industries, cultural heritage and museum operations, and financial investment covering cultural industries, tourism, galleries and museums, hotels, and other cultural and tourism-related real estate operations. It founded the Tang West Market Museum, which is the only privately owned “First Class State Level Museum” in the Peoples Republic of China.
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Global Tech Industries Group, Inc.
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Info@gtii-us.com
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