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Tokens.com Increases Ownership in Metaverse Group to 70%
Rhea-AI Impact
(Moderate)
Rhea-AI Sentiment
(Very Positive)
Tags
Rhea-AI Summary
Tokens.com Corp. (OTCQB: SMURF) has invested an additional CAD $3.5 million into the Metaverse Group, increasing its ownership to 70%. The funds will be utilized to acquire virtual NFT land across popular metaverses like Decentraland and The Sandbox. CEO Andrew Kiguel has been appointed Chairman of Metaverse Group, which will benefit from strategic oversight. With metaverse real estate gaining traction, Tokens.com is well-positioned to expand its portfolio through this investment.
Positive
Increased ownership in Metaverse Group to 70%.
Strategic investment of CAD $3.5 million aimed at expanding virtual land holdings.
Appointment of Andrew Kiguel as Chairman of Metaverse Group to oversee operations.
Negative
None.
TORONTO--(BUSINESS WIRE)--
Tokens.com Corp. (NEO Exchange Canada: COIN)(Frankfurt Stock Exchange: 76M) (OTCQB US: SMURF) (“Tokens.com” or the “Company”), a publicly traded company that invests in revenue-generating crypto and blockchain assets linked to Decentralized Finance (“DeFi”), Non-Fungible Tokens (“NFT”) and metaverse real estate, is pleased to announce The Company has invested an additional CAD$3.5 million dollars into the Metaverse Group.
Metaverse Group will issue new shares to Tokens.com that will increase its ownership to 70%. The proceeds will be used by Metaverse Group to purchase additional parcels of virtual NFT land in the most popular metaverses including: Decentraland, Somnium Space, The Sandbox, Cryptovoxels and Upland.
In addition, Tokens.com has entered into a consulting agreement with Metaverse Group to provide oversight and strategic direction with Andrew Kiguel, CEO of Tokens.com, being appointed as the Chairman of Metaverse Group. Tokens.com will be compensated for its services through options to purchase additional shares in Metaverse Group.
“I would like to thank the team at Tokens.com for their continued support and investment in the Metaverse Group. We look forward to deploying the additional capital into purchasing new locations into metaverse real estate. We will seek out strategic locations in the different metaverses as we deploy our capital. We will also use the capital to continue to build and rent our portfolio of real estate. These are exciting times and we have only begun.” said Lorne Sugarman CEO, Metaverse Group
Metaverses are becoming increasingly popular as blockchain technology is making it easier for people to work, play games, and communicate in a virtual environment. Some of the largest companies including Facebook, Microsoft, and Nike have announced their support and entrance into the metaverse.
Tokens.com has also solidified its presence through the Tokens.com Tower, which is currently under construction in Decentraland’s Crypto Valley and will be complete by early 2022. The tower will host future crypto conferences and events. The tower will also have leases, and will rent out virtual spaces to other companies. Since announcing the Tokens.com Towerseveral parties have expressed interest in renting out the spaces.
“This is a step forward for Tokens.com as the additional investment will fuel organic growth and present us with a greater depth to explore opportunities in new territories of the metaverses. Through Metaverse Group, Tokens.com will continue to add to their market-leading metaverse real estate portfolio, which will continue to give shareholders more access to metaverse NFTs," commented CEO, Andrew Kiguel.
About Metaverse Group
The Metaverse Group is a vertically integrated NFT based metaverse real estate company. The group, with its global headquarters in Decetraland’s Crypto Valley, also owns in excess of a 7 figure real estate portfolio across many leading worlds. The company intends to continue to purchase, develop and rent out its portfolio of real estate assets.
Tokens.com Corp is a publicly traded company that owns an inventory of DeFi and NFT based cryptocurrencies. Through a process called staking, Tokens.com’s inventory of cryptocurrencies is used to earn additional tokens. In addition, Tokens.com co-owns Metaverse Group, one of the world’s first NFT based, virtual real estate blockchain companies. Through its growing digital asset inventory, Tokens.com provides public market investors with a simple and secure way to gain exposure to cryptocurrencies linked to DeFi and NFTs.
Further information can be found on the Company’s website: Tokens.com.
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This news release includes certain forward-looking statements as well as management’s objectives, strategies, beliefs and intentions. Forward looking statements are frequently identified by such words as “may”, “will”, “plan”, “expect”, “anticipate”, “estimate”, “intend” and similar words referring to future events and results. Forward-looking statements are based on the current opinions and expectations of management. All forward-looking information is inherently uncertain and subject to a variety of assumptions, risks and uncertainties, including the speculative nature of cryptocurrencies, as described in more detail in our securities filings available at www.sedar.com. Actual events or results may differ materially from those projected in the forward-looking statements and we caution against placing undue reliance thereon. We assume no obligation to revise or update these forward-looking statements except as required by applicable law.
