UA Multimedia Provides Business Updates and Outlines Metaverse Initiatives

Rhea-AI Summary

UA Multimedia, Inc. (OTC Pink: UAMM) announced its focus on blockchain, cryptocurrency, and metaverse initiatives. Key updates include the launch of GogiSwap, a decentralized exchange for 250+ cryptocurrencies, and the upcoming GOGI token integration into its NFT marketplace, aimed for launch next week. Despite minor delays due to tech issues, the company anticipates significant growth in DeFi and metaverse projects, with an expected market revenue of $800B by 2024. The interim CEO expresses excitement about the potential in these sectors.

Positive

• Successful launch of GogiSwap, offering decentralized trading for over 250 cryptocurrencies.
• Upcoming launch of GOGI token integrated within the NFT marketplace, encouraging user engagement.
• Focus on high-growth areas: DeFi, NFTs, and the metaverse, with a projected market valuation of $800B by 2024.

Negative

• NFT marketplace launch delayed due to technical issues regarding blockchain transition from Ethereum to Binance Smart Chain.

IRVINE, CA, Jan. 04, 2022 (GLOBE NEWSWIRE) -- UA Multimedia, Inc. (OTC Pink: UAMM), a technology holding company and solution provider in the areas of blockchain, cryptocurrency, decentralized finance (DeFi), NFT and metaverse, is pleased to provide business updates and outline its metaverse initiatives for the near term.

UA Multimedia is currently focusing on developing its business based on three main areas: DeFi, NFT and Metaverse. 

DeFi

During December 2021, the Company launched its first DeFi component, GogiSwap (https://gogiswap.com).  GogiSwap is a decentralized permissionless cryptocurrency exchange.  The platform connects to a network of major crypto exchanges worldwide to provide users with the needed liquidity for efficient trading.  Users can securely trade between 250+ cryptocurrencies from 65+ blockchains.

Unlike centralized exchanges such as Coinbase, Binance or Kraken, GogiSwap is a non-custodian exchange and does not require users to provide personal information to open accounts.  All transactions are made via the users’ own digital wallets, thus allowing them to be in full control of their funds.

The Company is currently monitoring the DEX’s usage and will offer the mobile versions as well as additional features – such as farming and staking – based on demand.

GOGI Utility Token

A Binance Smart Chain BEP20 token, GOGI, was launched last month as part of the ecosystem.  GOGI can be obtained by airdrops, purchasing in the open market or earned via contests, community participation and conducting NFT transactions on the upcoming NFT marketplace.

GOGI is currently being traded at PancakeSwap, BakerySwap and dex.guru. Aside from these exchanges, GOGI token information can also be viewed at Blockspot.io.  The Company anticipates listing its token on other exchanges and data sites, such as Coinmarketcap and Coinpaprika, in the near future.

NFT Marketplace

The Company has been working to complete the implementation and testing of its beta NFT marketplace.  The launch is slightly behind schedule due to the technical issues related to switching from the Ethereum blockchain to Binance Smart Chain (BSC). 

The Company chose to go with BSC to offer an alternative to the current issue of performance and high gas fees associated with the Ethereum blockchain.  Based on demand, the marketplace may also be enhanced to allow transactions on the Ethereum blockchain as an additional option in the future.

The Company is also working on integrating the GOGI token into the marketplace.  This will allow users to earn GOGI as rewards for all transactions made on the platform.

The marketplace is expected to be launched next week.  The Company is currently looking for NFT creators to feature in its initial launch.  All interested parties should contact the Company at info@uammedia.com.

In conjunction with the Company’s own marketplace effort, the Company will also produce and sell NFTs on other marketplaces.

Metaverse

Metaverse is the next big technology frontier.  Bloomberg predicted its potential revenues to reach $800B by 2024.  As the next evolution of the internet, metaverse is the convergence of physical and digital realms.  It will impact a wide range of areas ranging from social media to commerce, education, entertainment and gaming, to name a few.

The Company plans to enter the metaverse market with small projects and gradually scale up over time. Some of the initial areas will include virtual real estate and metaverse NFT objects.  The Company is in discussions with potential partners to develop Play to Earn games as well as projects related to real estate, entertainment and commerce. 

To grow externally, management is also sourcing for potential acquisition candidates in these areas.  Additional details related to the projects will be provided as they move forward.

“This quarter marks the beginning of our rapid growth in the areas of DeFi, NFT and metaverse,” said Michael Lajtay, interim CEO of UA Multimedia.  “The business potential in these areas is gigantic and we are poised to capitalize on it starting this month.  We are very excited about the projects we have lined up for the near term and anxious to roll them out as soon as possible.”

About UA Multimedia, Inc.

UA Multimedia, Inc. is a technology holding company and solution provider with a focus on blockchain, cryptocurrency, decentralized finance (DeFi), NFT and metaverse.  It is also a holding company seeking to acquire domestic and foreign entities who are in the same space.

Corporate
Website: https://www.uammedia.com
Facebook: https://www.facebook.com/uamultimedia
Twitter: https://www.twitter.com/uamultimedia

GogiSwap
Website: https://www.gogiswap.com
Discord: https://discordapp.com/users/GogiSwap/
Telegram: https://t.me/gogiswaptoken
Twitter: https://www.twitter.com/GogiSwap

NFT
Twitter: https://www.twitter.com/BlueSkyNFT
TryShowTime: https://tryshowtime.com/BlueSkyNFT

Forward Looking Statements:

This release contains forward-looking statements within the meaning of Section 27a of the Securities Act of 1933, as amended and section 21e of the Securities and Exchange Act of 1934, as amended. Those statements include the intent, belief or current expectations of the Company and its management team. Some or all of the events or results anticipated by these forward-looking statements may not occur.  Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors. Accomplishing the strategy described herein is significantly dependent upon numerous factors, many that are not in management's control.  UA Multimedia, Inc. does not undertake any duty nor does it intend to update the results of these forward-looking statements.

Contact

UA Multimedia, Inc.
Investor Relations
949.229.1208
ir@uammedia.com

FAQ

What is the GogiSwap platform launched by UAMM?

GogiSwap is a decentralized permissionless cryptocurrency exchange where users can trade over 250 cryptocurrencies without personal information.

When will UAMM's NFT marketplace launch?

The NFT marketplace is expected to launch next week, though it faced delays due to technical issues.

What is the GOGI token associated with UA Multimedia?

GOGI is a Binance Smart Chain BEP20 token that can be earned through airdrops, purchases, and NFT transactions.

What are the main business focuses of UA Multimedia?

UA Multimedia focuses on DeFi, NFTs, and metaverse initiatives, aiming to capitalize on the expected growth in these sectors.