Victory Square Portfolio Company, GameOn Partners with NBA Player-Backed NFT Project Chibi Dinos for First-of-its-Kind Gamification

Rhea-AI Summary

Victory Square Technologies (VSQTF) has announced a partnership between its portfolio company GameOn Entertainment and Chibi Dinos. This collaboration utilizes GameOn's NFT Prediction Game, generating USD $120,000 in revenue with a projected 80% gross profit. The contract also involves a 50% revenue share from NFT sales. GameOn's innovative fan engagement technology aims to expand its market reach beyond traditional sectors, enhancing its revenue streams through uncapped NFT sales. The Chibi Dinos NFTs sold out quickly, showcasing strong market demand.

Positive

• Partnership with Chibi Dinos expected to generate USD $120,000 in revenue.
• Projected 80% gross profit from the partnership.
• 50% revenue share from NFT sales enhances potential earnings.
• Expansion into a new customer base beyond sports and entertainment.

Negative

• None.

VANCOUVER, British Columbia, Oct. 13, 2021 (GLOBE NEWSWIRE) -- Victory Square Technologies Inc. (“Victory Square" or the "Company") (CSE:VST) (OTC:VSQTF) (FWB:6F6) a company that provides investors access to a diverse portfolio of next generation technology companies in key sectors including: the Creator Economy, Digital Health, Gaming, Web 3.0, VR/AR and Green Tech, is pleased to announce that its portfolio company GameOn Entertainment Technologies Inc. (“GameOn”) (CSE: GET) (OTCQB: GMETF) (FSE: 9E7) signed a partnership with Chibi Dinos.

The partnership entails Chibi Dinos utilizing GameOn’s NFT Prediction Game product to give their 10,000 digital dinos utility in gaming. The deal guarantees GameOn USD$120,000 in revenue with an expected gross profit of 80%. The deal also includes a 50% revenue share of primary and secondary sales of at least one new NFT drop related to the Chibi Dinos NFT Prediction Game.

“NFT creators need ways to give their digital collectibles utility beyond collecting and trading, and that’s where GameOn adds value with our innovative fan engagement technologies,” said Matt Bailey, GameOn CEO. “Partnering with Chibi Dinos presents a whole new category of customers for GameOn beyond sports, TV and live events rights holders, allowing us to expand our total addressable market. Revenue streams like primary and secondary market NFT sales are uncapped, in perpetuity and therefore particularly lucrative.”

Chibi Dinos are 10,000 NFTs of different chibis—a Japanese slang word describing something short, often a specific type of caricature where characters are drawn in an exaggerated way. Chibi Dinos are dressed in dinosaur suits and in the jersey of 10 basketball teams, all backed by current and former NBA players including Michael Carter-Williams, Kendrick Perkins and R.J. Hampton, serving as team captains.

Chibi Dinos sold out in 18 minutes on minting day on August 20, priced at 0.06 Ethereum (ETH). The collectibles are now available on OpenSea, a peer-to-peer secondary marketplace for NFTs with more than $1 billion in sales to-date.

Launched in July, GameOn’s NFT Predictor, spearheaded by Santiago Jaramillo, former Head of Sports at Dapper Labs (NBA Top Shot), enables fans of rights holders who partner with GameOn to build up their collection by acquiring NFTs - images, video or audio - by either purchasing via primary drops or a third-party marketplace. From there, they leverage those assets to make predictions about upcoming events and are rewarded with status, recognition, prizes and exclusive NFTs for finishing high on leaderboards. Completed collections of high-value NFTs can then be traded in for real-life rewards including tickets, merchandise and other exclusive offerings.

GameOn has a dynamic and experienced management team led by its CEO, Matt Bailey (Brooklyn Nets, Barclays Center), Chief Product Officer, Santiago Jaramillo (Dapper Labs, NBA Top Shot, EA Sports) and VP of Partnerships, Ryan Nowack (Madison Square Garden, New York Knicks, New York Rangers), as well as its Directors, J Moses (Take-Two Interactive), Shafin Tejani (Victory Square Technologies), Liz Schimel (Apple News) and Carey Dillen (YYoga). GameOn began trading on the Canadian Securities Exchange (CSE) under the symbol ‘GET’ on June 1, 2021.

Check out VictorySquare.com and sign up to VST's official newsletter at www.VictorySquare.com/newsletter.

On behalf of the board,

Shafin Diamond Tejani
Chief Executive Officer
Victory Square Technologies

For further information about the Company, please contact:

Investor Relations Contact – Edge Communications Group
Email: ir@victorysquare.com
Telephone: 604 283-9166

Media Relations Contact – Howard Blank, Director
Email: howard@victorysquare.com

ABOUT GAMEON ENTERTAINMENT TECHNOLOGIES INC.

GameOn (CSE: GET) (OTCQB: GMETF) (FSE: 9E7) powers the most-watched content in the world with the most innovative white label fan engagement technologies. GameOn provides broadcasters, TV networks, OTT platforms, leagues, tournaments, sportsbooks and NFTs with interactive, social experiences around sports, television and live events. Since completing the Comcast NBCUniversal LIFT Labs Accelerator powered by Techstars in 2018, GameOn has secured white label projects with several partners in sports and entertainment. Through our innovative gamification technologies and meta-layers, including first-of-its-kind NFT integration, we bring fans closer to their favorite sports and entertainment content and increase engagement through community, competition and rewards.

ABOUT VICTORY SQUARE TECHNOLOGIES INC.

Victory Square (VST) builds, acquires and invests in promising startups, then provides the senior leadership and resources needed to fast-track growth. The result: rapid scale-up and monetization, with a solid track record.

VST's sweet spot is the cutting-edge tech that's shaping the 4th Industrial Revolution. Our portfolio consists of 20+ global companies using AI, VR/AR and blockchain to disrupt sectors as diverse as fintech, insurance, health and gaming.

What we do differently for startups

VST isn't just another investor. With real skin in the game, we're committed to ensuring each company in our portfolio succeeds. Our secret sauce starts with selecting startups that have real solutions, not just ideas. We pair you with senior talent in product, engineering, customer acquisition and more. Then we let you do what you do best — build, innovate and disrupt. In 24-36 months, you'll scale and be ready to monetize.

Forward Looking Statement

This news release contains “forward-looking information” within the meaning of applicable securities laws relating to the outlook of the business of Victory Square, including, without limitation, statements relating to GameOn and its business, execution of business strategy, future performance and future growth, business prospects and opportunities of Victory Square and its related portfolio company, including GameOn, and other factors beyond our control. Such forward-looking statements may, without limitation, be preceded by, followed by, or include words such as “believes”, “expects”, “anticipates”, “estimates”, “intends”, “plans”, “continues”, “project”, “potential”, “possible”, “contemplate”, “seek”, “goal”, or similar expressions, or may employ such future or conditional verbs as “may”, “might”, “will”, “could”, “should” or “would”, or may otherwise be indicated as forward-looking statements by grammatical construction, phrasing or context. All statements other than statements of historical facts contained in this news release are forward-looking statements. Forward-looking information is based on certain key expectations and assumptions made by the management of Victory Square, including, but not limited to, the GameOn being able to complete its planned development and growth strategy, the ability of GameOn to maintain its business as presently contemplated, the ability of GameOn to continue to retain service providers and customers, the ability of GameOn to provide services in accordance with applicable laws and regulations, the business and future business of GameOn, and such other assumptions presented in the Company’s disclosure record. Although Victory Square believes that the expectations and assumptions on which such forward looking information is based are reasonable, undue reliance should not be placed on them because Victory Square can give no assurance that they will prove to be correct. Actual results and developments may differ materially from those contemplated by these statements. The statements contained in this news release are made as of the date of this news release. Victory Square disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.

The Canadian Securities Exchange has neither approved nor disapproved the contents of this news release and accepts no responsibility for the adequacy or accuracy hereof.

FAQ

What is the significance of the GameOn and Chibi Dinos partnership for VSQTF?

The partnership is expected to generate USD $120,000 in revenue and significantly expands GameOn's market reach, enhancing revenue potential.

How much profit is anticipated from the GameOn and Chibi Dinos collaboration?

The collaboration is projected to have a gross profit of 80%.

What revenue sharing structure is included in the GameOn deal with Chibi Dinos?

GameOn will receive a 50% revenue share from primary and secondary NFT sales related to the Chibi Dinos.

What does the Chibi Dinos NFT represent?

Chibi Dinos are digital collectibles styled as caricatured characters in dinosaur suits, backed by former NBA players.

When did the Chibi Dinos NFTs sell out?

The Chibi Dinos NFTs sold out in just 18 minutes on August 20.