(Image via Looking Glass Labs Ltd.)
A Vancouver-based Web3 platform specializing in non-fungible token (NFT) architecture, immersive metaverse environments, and virtual asset royalty streams, went public on the
NEO Exchange on Thursday.
Looking Glass Labs Ltd. (NEO: NFTX, Forum) creates and issues NFT collections and provides support services to brands, artists, and communities who require technical, legal, promotional or creative assistance.
The company’s CEO, Dorian Banks said that they chose the NEO following a review of a variety of exchanges, because it is a senior exchange that provides added liquidity and exposure for the company’s investors, which is also expected to enable NFTX’s growth in its core areas of the Metaverse, NFTs, and the blockchain.
“Management feels that NEO shares our passion for Web3 technologies and its endless range of opportunities, and we are looking forward to the increased visibility of trading on the NEO Exchange. Additionally, we expect this listing to provide LGL with the opportunity to reach a broader range of institutional and retail investors, while having greater access to capital.”
NEO President Jos Schmitt remarked that the blockchain ecosystem continues to grow at “an astonishing rate”, and he touted NFTX as one of the companies that is “shaping the digital future.”
“Looking Glass Labs is an innovator in this rapidly evolving field, and their decision to list on the NEO Exchange – Canada’s Tier 1 exchange for the innovation economy – was a strategic one. We wish them a warm welcome on this milestone day and look forward to serving as a catalyst for their growth as a publicly listed company.”
On Thursday, Looking Glass Labs also provided a summary of its most significant developments as well as commercial guidance for the first half of 2022.
Highlights:
- Reported strong financial results for the first fiscal quarter of 2022 with CAD 5.7 million of total comprehensive income generated by the Company on revenues of CAD 6.5 million for the period ended October 31st, 2021;
- Earned approximately18.12 ETH in aggregate NFT royalty revenue from October 1, 2021 through February 1st, 2022 from the resale of the HoK Genesis and GenZeroes NFTs, from which the Company earns perpetual royalties of 10% and 5%, respectively;
- Sold all 10,000 GenZeroes NFTs in 37 minutes in October for net proceeds of $6.2 million (CAD);
- Established its global corporate headquarters in Vancouver and began hiring personnel in technical, creative, administrative and executive roles, with the development of the integrated LGL Headquarters Metaverse Visitor Experience set to begin in 2022;
- Became a member of the DigiBC industry organization, alongside other global organizations such as Electronic Arts, Sony Pictures Imageworks, Animal Logic, Industrial Light & Magic and The Coalition (Microsoft);
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FULL DISCLOSURE: Looking Glass Labs Inc. is a client of Stockhouse Publishing.