Looking Glass Labs Receives Over CAD 2.5 Million in Metaverse Land Sale Proceeds


Looking Glass Labs Ltd. (“LGL” or the “Company”) (NEO: NFTX) (FRA: H1N), a leading Web3 platform specializing in non-fungible token (“NFT“) architecture, immersive metaverse environments, play-to-earn tokenization and virtual asset royalty streams, is pleased to announce initial results from its highly anticipated Land Sale conducted by its flagship studio, House of Kibaa (“HoK“), that began on April 16, 2022 (the “Land Sale“). The Land Sale consisted of four-acre parcels of virtual land (with each parcel being a “Pocket Dimension“) within a consumer-focused area of its broader metaverse, codenamed “Project Origin” (the “Origin metaverse“).

The Company reports gross proceeds totaling approximately CAD 2.59 million from the Land Sale, which further validates the product-market fit of its premium NFT, metaverse and P2E offerings. LGL will earn 5% royalties from all secondary market re-sales of Pocket Dimensions on marketplaces such as OpenSea and LooksRare. Fiscal year to date, the Company has received the equivalent of over CAD 9.40 million in gross proceeds from the sale of its NFTs, royalty and consulting income. The sale of Pocket Dimensions was the inaugural metaverse event for LGL. In the near future, HoK plans to sell other consumer-focused metaverse assets as well as business-oriented dimensions as the Origin metaverse becomes ready for use. All unsold Pocket Dimensions will be minted and reserved by HoK as inventory for future use or sale nearer to or shortly after the alpha launch of the Origin metaverse.

Management Commentary

Dorian Banks, Chief Executive Officer of LGL said, “Generating gross proceeds of over $2.5 million for LGL by HoK in one weekend is an exciting part of our business, as many community members purchased the first of our digital metaverse assets ever to be offered for sale. In the near future, we are planning to launch an innovative new NFT collection, the details of which are expected to be announced shortly.” Mr. Banks added, “Pocket Dimensions are for the early adopters that are ready to take part in shaping the future of social metaverse environments. We’ll be rolling out more details around the metaverse launch in the coming weeks and stay tuned for announcements about the alpha launch as well.”

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