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NFT Infrastructure Company InfiniteWorld Announces a Partnership With Artist Sean Shim-Boyle to Develop Condition Reports for NFTs
Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Positive)
Tags
partnership
Rhea-AI Summary
In a collaboration with HBAR Foundation, artist Sean Shim-Boyle and InfiniteWorld are launching NFT Grade, a framework to enhance trust in NFTs by generating condition reports. Set to debut its beta this Spring 2022, NFT Grade utilizes Hedera Hashgraph to evaluate aspects like technology and environmental impact. This venture aims to bridge traditional art practices with innovative decentralized technology, addressing concerns over authenticity and valuation in the NFT market. The merger of InfiniteWorld with Aries I Acquisition Corporation (NASDAQ: RAM) is also expected to close in Q3 2022.
Positive
Collaboration with HBAR Foundation enhances credibility for NFT Grade.
NFT Grade aims to improve trust and transparency in the NFT market.
Utilization of Hedera Hashgraph suggests a sustainable blockchain approach.
Potential for increased monetization opportunities for artists.
Negative
Concerns over inadequate protections in the NFT market persist.
NFT Grade's effectiveness in the saturated market remains uncertain.
With the support of HBAR Foundation, NFT Grade will create a framework of trust to support a synthesis of traditional art production and innovative decentralized NFT technology.
MIAMI--(BUSINESS WIRE)--
Canadian-born artist Sean Shim-Boyle, known for his site-specific architectural interventions, partners with NFT infrastructure company InfiniteWorld to create NFT Grade, an application for generating condition reports for NFTs, which will launch the first beta this Spring 2022. NFT Grade will be developed in alignment with the traditional art world with the aim of establishing a baseline of trust and transparency for an emerging technology plagued by opaque business practices and inadequate protections for producers and consumers.
The public launch of NFT Grade will leverage Hedera Hashgraph, the world’s most sustainable, utilized, and enterprise-grade blockchain to assess the design, technology, environmental impact, storage, and compliance of NFTs. NFT Grade will go to market with support from the HBAR Foundation, an entity formed to fuel the development of the Hedera ecosystem by providing grants and other resources to developers.
Sean Shim-Boyle shared, "As a sculptor, I am acutely aware that the strength and durability of things can rarely be discerned by merely looking at them. While there is enormous potential for NFTs to serve the best interests of artists, artist estates, foundations, museums, galleries, and auction houses among others - tools to validate acts of integrity from artifice and to distinguish the work of con-men from the sincere are needed. First we must do no harm.”
Wes Geisenberger, VP of Sustainability & ESG at The HBAR Foundation, said, "The synthesis of NFTs and traditional art will only be possible with the advent of authentication technology like NFT Grade; we are very pleased NFT Grade is able to fill a critical role in our ecosystem as a trusted validation tool that institutions require. This is the first use case of the open-source Guardian for capturing the artists’ process digitally. Through this process we can ensure authenticity as art is shared in physical and digital formats and provide new monetization opportunities for artists. There is a huge financial opportunity around proving provenance of art pieces to make sure that the quality of pieces of artwork are upheld.”
Yonathan Lapchik, CEO of InfiniteWorld, expressed, “As an NFT infrastructure company, we operate at the cutting edge of decentralized technology, design, and authentication. Modeling the highest possible standards of practice is core to our mission and the key to our continued success and why our partnership with Sean and Hedera to build NFT Grade is timely and appropriate. We believe we have much to offer and much more to learn.”
InfiniteWorld, part of the SUKU Ecosystem, an NFT and metaverse infrastructure company that enables brands to create, monetize, and drive consumer engagement with digital content, is poised to become a publicly traded company through a SPAC merger via Aries I Acquisition Corporation (Nasdaq: RAM) ("Aries"), a special purpose acquisition company, that is expected to close in Q3 of 2022. InfiniteWorld has been highly sought after for its ability to create programs around NFTs and other digital assets that offer increased conversion at a lower cost than its competitors while deploying its technology at a faster rate.
No Offer or Solicitation
This press release is not a proxy statement or solicitation of a proxy, consent or authorization with respect to any securities or in respect of the potential transaction and does not constitute an offer to sell or a solicitation of an offer to buy any securities of Aries or InfiniteWorld, nor shall there be any sale of any such securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of the Securities Act.
Important Additional Information Regarding the Transaction Will Be Filed With the SEC
In connection with the proposed business combination, Aries intends to file with the SEC a registration statement on Form S-4 containing a preliminary proxy statement and a preliminary prospectus of Aries, and after the registration statement is declared effective, Aries will mail a definitive proxy statement/prospectus/consent solicitation statement relating to the proposed business combination to its stockholders and InfiniteWorld’s shareholders. This press release does not contain all the information that should be considered concerning the proposed business combination and is not intended to form the basis of any investment decision or any other decision in respect of the business combination. Aries’s stockholders and other interested persons are advised to read, when available, the preliminary proxy statement/prospectus/consent solicitation statement and the amendments thereto and the definitive proxy statement/prospectus/consent solicitation statement and other documents filed in connection with the proposed business combination, as these materials will contain important information about InfiniteWorld, Aries and the proposed business combination. When available, the definitive proxy statement/prospectus/consent solicitation statement and other relevant materials for the proposed business combination will be mailed to stockholders of Aries as of a record date to be established for voting on the proposed business combination. Such stockholders will also be able to obtain copies of the preliminary proxy statement/prospectus/consent solicitation statement, the definitive proxy statement/prospectus/consent solicitation statement and other documents filed with the SEC, without charge, once available, at the SEC’s website at www.sec.gov, or by directing a request to Aries I Acquisition Corporation, 23 Lime Tree Bay, P.O. Box 1569 Grand Cayman, Cayman Islands.
Participants in the Solicitation
Aries and InfiniteWorld and their respective directors, executive officers, other members of management, and employees, under SEC rules, may be deemed to be participants in the solicitation of proxies of Aries’ shareholders in connection with the proposed transaction. Information regarding the persons who may, under SEC rules, be deemed participants in the solicitation of Aries’ shareholders in connection with the proposed business combination will be set forth in Aries’ registration statement on Form S-4, including a proxy statement/prospectus, when it is filed with the SEC. Investors and security holders may obtain more detailed information regarding the names and interests in the proposed transaction of Aries’ directors and officers in Aries’ filings with the SEC and such information will also be in the Registration Statement to be filed with the SEC by Aries, which will include the proxy statement/prospectus of Aries for the proposed transaction.
