Futureverse and Animoca Brands form strategic partnership with mutual investment to fuel technology stack and token ecosystem growth
Los Angeles, CA, June 28, 2024 (GLOBE NEWSWIRE) -- Futureverse, a leader in AI and metaverse technologies, and Animoca Brands, the company driving digital property rights to help build the open metaverse, have entered into a Memorandum of Understanding (MoU) for a strategic partnership to enhance the reach and capabilities of Futureverse's advanced metaverse technology stack by leveraging Animoca Brands’ extensive ecosystem of blockchain-based products, including games and other forms of digital entertainment. The partnership will also accelerate the growth of the Futureverse token ecosystem, which includes The Root Network's ROOT token, the ASTO token powering Futureverse's AI protocol, and the SYLO token facilitating SYLO’s communication and social graph protocol. Under the MoU, Futureverse and Animoca Brands intend to undertake an equity swap involving shares of each other (or their respective group companies) valued at US$5 million.
Futureverse and Animoca Brands will work to grow the Futureverse Platform and its generative AI technology throughout Animoca Brands' extensive portfolio of investments in over 400 Web3 projects. Futureverse has spearheaded the development of The Root Network as a sophisticated yet user-friendly L1 optimized for seamless interoperability across the open metaverse. Animoca Brands and Futureverse will collaborate to strategically foster the growth of the Futureverse token ecosystem.
At the core of the Futureverse Platform is a suite of AI and metaverse tools that seamlessly blend the ease of accessibility of Web2 with the power and interoperability of Web3. This suite of tools includes Pass, a digital passport that allows users to effortlessly oversee their identity, data, collectibles, value, permissions, and status across diverse experiences; DOT (Dynamic Object Transfer), a revolutionary tool empowering brands, developers, and agencies to craft high-quality, interoperable digital collectibles or game assets; and the Swappables and Wearables Engine designed for developers building apps, games, and digital experiences that want to be able to compose and decompose collectibles from one another. Additionally, Futureverse is trailblazing generative AI assets with DOC (Dynamic Object Creator), which enables text-to-3D creation, and JEN, a high-fidelity text-to-music platform.
Futureverse recently showcased its proprietary technology, innovation and creativity with Reebok Impact, a first-of-its-kind AI fashion experience accessible through Instagram allowing users to seamlessly create custom digital sneakers via direct message. Propelling sneaker enthusiasts into the future of fashion, Futureverse showcased its commitment to making the complexities of Web3 technology invisible while maintaining the benefits of digital ownership and interoperability.
Futureverse recently announced The Readyverse, developed by its Readyverse Studios venture, which has secured an exclusive partnership with Warner Bros. Discovery to bring the Ready Player One franchise to the metaverse (see announcement of 4 January 2024). The Readyverse will harness the power of the Futureverse Platform and The Root Network to pioneer a groundbreaking discovery experience within the open metaverse.
As part of the partnership, The Readyverse will collaborate with Mocaverse, the marquee growth network with an interoperable infrastructure layer of Account, Identity, Reputation, and PointFi systems seeded by Animoca Brands, to advance interoperability across experiences within the Moca Network, contributing to the expansion and scalability of the open metaverse.
Proposed transaction details
Futureverse and Animoca Brands intend to undertake an equity swap valued at US$5 million, on the following terms. Animoca Brands shall subscribe for Futureverse shares based on a valuation of US$754 million for the entire issued share capital of Futureverse, and Futureverse shall subscribe for shares in Animoca Brands Corporation Limited at A$4.5 per share (indicatively resulting in the issue of 1,658,375 Animoca Brands shares assuming a A$:US$ exchange rate of $0.67).
The transaction is subject to, among others, entry into definitive agreements and board approval of both Futureverse and Animoca Brands Corporation Limited, and is expected to be completed within the next 2 months.
Management commentary
“Animoca Brands is the clear market leader in Web3 game publishing and its expertise and reach in growing this ecosystem is unparalleled. We are excited to deepen our strategic ties with and bring our world leading AI, Web3 gaming technology and A-list IP to help supercharge its portfolio,” said Aaron McDonald, co-founder of Futureverse.
“We are excited to partner with Futureverse, whose innovative AI and metaverse technologies are set to transform the digital landscape,” said Yat Siu, executive chairman and co-founder of Animoca Brands. “This strategic partnership and mutual investment will allow us to leverage Futureverse’s advanced technology stack to significantly enhance our portfolio of over 400 Web3 investments. With Futureverse's sophisticated L1 blockchain, The Root Network, and its suite of AI-driven tools, we see significant potential to accelerate the growth of our ecosystem.”
About Futureverse
Futureverse is a leader in revolutionary AI and metaverse technologies that enable open, scalable, and interoperable apps, games and experiences. Focused on building the technological infrastructure of the open metaverse, Futureverse maintains one of the largest digital collectible communities in the world and has amassed an expansive cultural footprint within the metaverse space and beyond through strategic partnerships with the world's leading IP and brands. To date, Futureverse has built innovative experiences with renowned organizations including Warner Brothers, FIFA, Mastercard, Authentic Brands Group, Reebok, and Muhammad Ali, along with the recent launch of Readyverse Studios, exclusively bringing the Ready Player One franchise to the metaverse across web3. For more information, visit futureverse.com.
About Animoca Brands
Animoca Brands (ACN: 122 921 813), a Deloitte Tech Fast winner, a Fortune Crypto 40 company, one of the Top 50 Blockchain Game Companies 2024, and one of the Financial Times’ High Growth Companies Asia-Pacific 2023, is a Web3 leader that leverages blockchain to deliver digital property rights to consumers around the world to help to establish the open metaverse. The company develops and publishes a broad portfolio of products including original games such as The Sandbox, PHANTOM GALAXIES™, Life Beyond, and Crazy Defense Heroes, and products utilizing popular intellectual properties from the worlds of sports and entertainment, such as The Walking Dead, Power Rangers, MotoGP™, and Formula E. It has multiple subsidiaries, including The Sandbox, Blowfish Studios, Quidd, GAMEE, nWay, Pixowl, Forj, Lympo, Animoca Brands Japan, Grease Monkey Games, Eden Games, Darewise Entertainment, Notre Game, TinyTap, SPORTPASS, PIXELYNX, WePlay Media, Gryfyn, and Azarus. Animoca Brands is one of the most active investors in Web3, with a portfolio of over 400 Web3 investments, both directly and through Animoca Ventures, including Yuga Labs, Axie Infinity, Polygon, Consensys, Magic Eden, Fireblocks, OpenSea, Dapper Labs, Yield Guild Games, and many more. For more information visit www.animocabrands.com or follow on X (Twitter), YouTube, Instagram, LinkedIn, Facebook, and TikTok.
Press contacts
Futureverse: futureverse (at) wearetheuntold.com
Animoca Brands: press (at) animocabrands.com
The Untold futureverse (at} wearetheuntold.com
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