While most Canadian investors are used to the association between the City of Vancouver and its pricey real estate, it seems as though its metaverse counterpart is just as lucrative. Local Web3 company, Looking Glass Labs (NEO:NFTX) is a trailblazer in the rapidly growing metaverse space that recently completed a successful sale of digital land parcels in its Project Origin metaverse. The sale was conducted by its flagship studio, House of Kibaa or HoK, and involved the sale of four-acre parcels of virtual land named Pocket Dimensions.
In total, Looking Glass Labs raised a $2.5 million from the land sales in just two days, as well as guaranteeing a further 5% in royalties from any secondary market re-sales. NFT land plots can be a hot commodity these days and have fetched a small fortune on platforms such as OpenSea. This was the first metaverse event of its kind for Looking Glass Labs and, with the industry still in its infancy, we can expect the Company to continue moving forward in that direction. Many analysts agree that the metaverse will be worth in the trillions of dollars by the end of this decade.
The Future is Bright for Looking Glass Labs
House of Kibaa’s Project Origin metaverse is anticipated by management to be Looking Glass Labs’ largest and most profitable segment in the future. This fiscal year alone, the Company already has earned approximately $10 million in revenues from the land sale, NFT drops, HoK memberships and royalties from NFT re-sales.
The Company has several other subsidiaries including GenZeroes Productions Inc., which is a digital media studio that is creating the first ever NFT-integrated live-action series. Users can interactively join in via their digital wallets and owners of exclusive NFTs also have the benefit of owning a fractional share in the series itself.
Project Origin is where users will be able to join the metaverse with their 3D-ready NFTs to interact with one another. Users can play communal games, trade NFTs, earn cryptocurrencies, and even engage with developers and creators through live metaverse events. Project Origin will be composed of 20 different interactive environments in an HTML5 coding ecosystem.
Looking Glass Labs is also positioning itself to be a leader in the NFT market by partnering with some of the biggest names in the industry. The Company is currently working with two of the most popular NFT collections to date in Gutter Cat Gang and Bored Ape Yacht Club. Don’t rule out further partnerships with what is becoming a thriving NFT scene in Vancouver, which is also home to the mega-NFT developer, Dapper Labs.
Finally, Looking Glass Labs is embracing the elements of Web3 by creating its own token that is appropriately called the $HOK token. This token is being planned to be used as an incentive in play-to-earn games similar to major crypto tokens like $AXS in Axie Infinity, $MANA in Decentraland, $SAND in the Sandbox, and $JEWEL in Defi Kingdoms. The first play-to-earn game that is expected to use the $HOK token is an NFT-battle game called Overlords.
Is NFTX a Good Investment?
Looking Glass Labs trades on the NEO exchange, which is a senior exchange based in Toronto that works to eliminate predatory behaviours that are often seen on OTC markets. Like with most tech stocks, shares of NFTX are trading lower right now due to general market bearishness and downward selling pressure. It has a 52-week trading range of $0.45 to $0.96 per share and is currently trading below both its key 50-day and 200-day moving averages, which indicates some bearish sentiment. But the author’s view is that this is likely a short-term trend that provides a unique buying opportunity for an promising stock over the long term.
As forward-looking investors, it is important to seek out global secular trends before they happen. While the metaverse, Web3 and NFTs have all been popular investments as of late, equities are not reflecting the long-term potential of this space. Looking Glass Labs is setting itself up for success with access to infinite revenues via royalties from secondary market NFT re-sales. Project Origin and Overlords are both hitting on major trends right now and are looking to corner the Web3 and DeFi markets. The pieces are there for Looking Glass Labs to be a leader in the metaverse, and all that shareholders need from the Company is for it to continue executing in the same way that it already has been doing so.