Vancouver, British Columbia – NFT Technologies Inc. (NEO: NFT | Frankfurt: 8LO) (the “Company” or “NFT Tech”)† a leading technology company engaged in mainstreaming decentralized ownership, NFTs and the public markets metaverse, today announced its proposed acquisition (the “Transaction”) of Sherwa Online Services (“Sherwa”), a private company responsible for the development of the Sherwa gaming platform (“Sherwa platform”).
The Sherwa Platform is a gaming platform that creates a space where gamers can participate and interact with a gaming community, participate in community events, and create connections between players to enhance any form of online play. After the release of its gaming platform, Sherwa focused on building unique Web3 applications and products to help Web2 gamers in Web3 P2E gaming. In the past, Sherwa worked with major developers such as Riot Games and Epic Games Store to enable better gaming experiences for their players.
“In P2E gaming, players are the most valuable asset and with this acquisition, NFT Tech will gain access to more than one million dedicated users,” said Wayne Lloyd, Executive Chairman of NFT Tech. “The bargaining power this gives NFT Tech in collaboration and business discussions with games to earn games cannot be quantified in words. We are very excited to bring these users to P2E. Exciting times to explore the opportunities in space with such a large pool of gamers when we look at leaders in the ecosystem like Axie infinity, who have 300,000 monthly active users but a fully diluted market cap of $4.2 billion US to have.”
NFT Tech’s ability to deliver Web3 projects for blue-chip brands, along with Sherwa’s access to more than 1 million gamers worldwide, will help the company realize its long-term ambition to help transform the gaming industry. The combined offerings of NFT Tech’s new gaming platform and the new addition of Sherwa’s gamers base will enhance NFT Tech’s ability to empower some of the largest gaming studios to quickly win over players by offering them competitive rewards.
“We are thrilled to be joining NFT Tech,” said Luiz Persechini, CEO and co-founder of Sherwa. “The move from Web2 to Web3 gaming is extremely interesting and exciting for us. The NFT Tech team is visionary and exactly what our team needs to grow our business. We have already worked with major game publishers such as Riot and Epic games and are excited to bring our relationships and expertise to this growing trend in gaming.”
Last week, Epic Games announced that they will support P2E gaming on their platform of more than 160 million users, as well as the listing of the first NFT game on the Sherwa Platform, “Grit”. This move represents the power of the P2E gaming space within both gaming in general and crypto and highlights the direction in which the “microtransaction” economy is heading: instead of simple transactions between players and game developers, transactions between players are increasing – and developers take a cut. Games like CS:GO are a good example, where players can earn skins for completing a match, and then sell the skins for real money. The CS:GO skin industry is valued at $50 billion, with billions of dollars worth of skins switching hands between players every year. The fee per transaction on CS:GO is 10%. In addition, Discord, primarily a gaming chat platform that allows players to talk to other players via voice, is valued at $15 billion US.
NFT Tech and Sherwa’s current shareholders entered into a binding letter of intent with respect to the Transaction on June 16, 2022, which is subject to various conditions for completion, including entering into a definitive agreement. Upon closing of the transaction, NFT Tech is expected to issue a total of 2,500,000 common shares issued pro rata to Sherwa shareholders in exchange for acquiring all of Sherwa’s issued and outstanding shares. Under the terms of the agreement, NFT Tech will acquire Sherwa’s outstanding related party loans and expects to settle those loans upon closing.
Founded in 2018 by Luiz Persechini, André Gross and Pedro Vasconcellos, Sherwa is a startup created to develop smart solutions for the modern gamer, in a safe environment and with the necessary support to ensure gamers’ enjoyment. The company, headquartered in Canada, is owned by gamers and is aimed at gamers. In April 2022, Sherwa reached the 1,000,000 downloads milestone.
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About NFT technology
NFT Tech works to develop infrastructure, assets, real estate and IP in the metaverse, build and monetize P2E and M2E games, and bring insights and benefits to the public markets. Bridging the gap between traditional capital markets and the web3 space, NFT Tech is mainstreaming decentralized ownership, NFTs and the metaverse. Current projects include the creation of the GOAT Guild and Fuku.
Find NFT Tech Online:
Warning on Forward-Looking Information
This press release contains certain forward-looking statements within the meaning of applicable securities laws with respect to the company. These forward-looking statements are generally identified by words such as “believe”, “project”, “expect”, “anticipate”, “estimate”, “plan”, “strategy”, “future”, “opportunity”, ” plan”, “may”, “would”, “will”, “would” and similar expressions. Forward-looking statements in this press release include statements regarding the completion of the Sherwa acquisition and the closing date thereof; benefits realized from the Transaction; expansion of the company’s NFT developments and product offerings; potential benefits and requirements for direct-to-consumer NFT projects; potential benefits, development and adoption of web3 and related applications; plans to accelerate growth and transformation of the company’s game industry; and the continued and strengthening public acceptance of NFTs, P2E Games and related offerings.While the company believes that the expectations and assumptions upon which such The forward-looking statements and information are based on reasonable grounds, undue reliance should not be placed on the forward-looking statements and information, as the Company makes no warranty that they will prove to be. right. Because forward-looking statements and information relate to future events and conditions, by their nature they involve inherent risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including, but not limited to, the risk factors described in the Prospectus. Readers are cautioned that the foregoing list of factors is not exhaustive. The forward-looking statements in this press release are expressly qualified by this cautionary statement. The forward-looking statements and information in this press release are made as of the date hereof, and the company assumes no obligation to publicly update or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless required by applicable law.
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This press release does not constitute an offer to sell or a solicitation of an offer to sell securities in the United States. The securities have not been and will not be registered under the US Securities Act of 1933 (the “US Securities Act”) or any state securities laws and may not be offered or sold within the United States or to US Persons (as defined in Regulation S under the US Securities Act), unless registered under the US Securities Act and applicable state securities laws or an exemption from such registration is available.
Wayne Lloyd, Executive Chairman