VANCOUVER, British Columbia, Oct. 25, 2021 (GLOBE NEWSWIRE) -- Looking Glass Labs Ltd. (“LG Labs” or the “Company”), is pleased to announce that it has entered into an arrangement with YNG DNA – an American fashion label founded by Zaire Wade, the son of basketball superstar Dwayne Wade – in which LG Labs’ House of Kibaa (“HoK”) studio has produced a special 12-piece collection of non-fungible tokens (“NFTs”) to be distributed randomly among an assortment of NFTs bundled into virtual packages (“Packs”). All Packs will be issued under the YNG DNA brand and will become available for purchase at 10:00 am Pacific Time / 1:00 pm Eastern Time on Monday, October 25, 2021 via the following website: https://nfts.yng-dna.com/#/home.
Packs of NFTs offered by YNG DNA will be offered in two formats – a 10-card “Big Pack” and a 20-card “Huge Pack” formats priced at US$20 and US$40, respectively. Each Pack can contain virtual trading cards featuring artwork and photography by Sir Charles Media, Konda, HoK, and Lars Kommienezuspadt. A subset of NFT cards featuring photography showcasing the YNG DNA brand can also be included in the Packs, with collectible variants such as Youth, Throwback, Signature Series, and Blessings, as shown in the image from the YNG DNA website below. Further, a set of 12 rare NFTs produced by HoK known as YNG DNA Meta NFTs will be randomly distributed and entitle holders to a unique set of benefits that could include exclusive access to a physical merchandise collection and eligibility to use YNG DNA Meta NFTs in the HoK metaverse.
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/bb7bb957-454f-46c7-b182-2a44e32ab250
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The rarest YNG DNA Meta NFT is a one-of-a-kind card of Zaire Wade that was produced exclusively by HoK, which will be redeemable by its holder for either (i) a live and interactive gameplay session involving the most recent NBA2K video game title and played against Zaire Wade; or (ii) a live game (played through digital teleconference) of the one-on-one basketball-based game known as H-O-R-S-E against Zaire Wade, with the option for the session to be professionally recorded and edited at no cost to the holder. In addition to the choice of either of these benefits, the holder of the one-of-one Zaire Wade YNG DNA Meta NFT will also be entitled to an HoK metaverse avatar to be made available in the future.
All YNG DNA Meta NFT benefits require redemption of the NFT on Polygon. Please refer to the YNG DNA NFTs Frequently Asked Questions page at https://nfts.yng-dna.com/#/faq to obtain more information about this requirement, as well as regarding various other aspects of the upcoming YNG DNA NFT drop.
HoK’s Genesis members are entitled to claim one Big Pack of YNG DNA NFT cards free of charge. Please contact HoK for more information if you are a Genesis member and wish to claim a Big Pack. Further information can be found on the HoK Discord channel, which can be accessed by clicking here: https://discord.com/invite/houseofkibaa
Management Commentary
Dorian Banks, Chief Executive Officer of LG Labs commented, “We have enjoyed a remarkable level of ongoing support from the HoK community, which is exemplified by our recent NFT offering of GenZeroes that sold out in just 37 minutes and generated a total of CA$6.2 million for the Company, as was previously announced. With sustained public interest in NFTs, we believe that HoK’s partnership with Zaire Wade and his YNG DNA brand is a brilliant opportunity to combine our respective strengths and bring YNG DNA into the HoK metaverse. The rarest YNG DNA Meta NFT offers a true once-in-a-lifetime opportunity for basketball fans to enjoy the game with Zaire Wade, the son of NBA legend Dwayne Wade. We believe this will be the first of many high-profile brand collaborations for HoK and we wish all participants in the YNG DNA NFT drop the very best of luck with their Pack purchases.”
Disclaimer Regarding Zaire Wade NFT Benefit Redemption
Fulfillment of any of the aforementioned benefits is facilitated by Electric Token under its own agreement with YNG DNA. LG Labs does not have any role in the fulfillment of either benefit and cannot be held responsible in the event of a dispute.
Corporate Update
Additionally, the Company is pleased to announce the appointment of Mr. Carl Chow to the Board of Directors of the Company. Mr. Chow served on the board of directors for a Singapore domiciled company, Interact Investments Inc., from 2010 to 2015 and held a position as an Investor Relations senior manager for NewAge Financing Limited, from 2006 until 2009. His role and responsibilities were composed of liaising with start-up companies and locating strategic Venture Capital funding. Mr. Chow completed a diploma in Financial Management from the British Columbia Institution of Technology. LG Labs also announces the resignation of Mr. Troy Grant from its Board of Directors. The Company thanks Mr. Grant for his contributions and wishes him all the best in his future endeavours.
ABOUT LOOKING GLASS LABS
Based in Vancouver, British Columbia, Looking Glass Labs is a digital agency specializing in non-fungible token (“NFT”) architecture, immersive extended reality (“XR”) metaverse design and virtual asset royalty streams. Its leading brand, House of Kibaa (“HoK”), is a digital studio at the forefront of technologies in the blockchain, NFT and XR metaverse sectors. HoK designs and curates a next generation metaverse for 3D assets, which allows functional art and collectibles to exist simultaneously across different NFT blockchain environments.
On behalf of LOOKING GLASS LABS LTD.
“Dorian Banks”
Dorian Banks, Chief Executive Officer
For further information, please contact:
Dorian Banks
Tel: 604-687-2038
Forward-Looking Information
This news release contains “forward-looking statements.” Statements in this news release that are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations, or intentions regarding the future. Such forward-looking statements include, among other things: the Company's goal to become the leading digital studio specializing in NFT architecture, immersive metaverse design and virtual asset display monetization streams; and to build out a portfolio of perpetual NFT royalty streams through collaborations, accretive acquisitions and other arrangements, to potentially result in consistent, de-risked and passive revenue.
The material assumptions supporting these forward-looking statements include, among others, that: the Company could mitigate the risks associated with the blockchain and NFT industry; and the ability to compete with other businesses in the NFT market.
Although management considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect. These forward-looking statements are only predictions and involve known and unknown risks, uncertainties and other factors, including: the continued growth and adoption of NFT and metaverse offerings by consumers; the cost of developing and designing NFTs and metaverses is economically viable; the Company being able to attract and retain a sufficient workforce with desired skillsets to develop the Company's NFT and metaverse offerings; the availability of offerings provided by third-parties in the NFT, metaverse development and online gaming market to identify potential transactions; the increasing adoption of NFTs as a solution for various online gaming, entertainment and collectible uses; the Company having the ability to mitigate the risks associated with the blockchain and NFT industry; and the ability to compete with other businesses in the NFT, metaverse development, content creation and collectibles market.
Although management considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect. These forward-looking statements are only predictions and involve known and unknown risks, uncertainties and other factors, including: the risk that the Company's offerings are not accepted by the consumer, the risk that other competitors may offer similar digital offerings; the risk that there may be negative changes in general economic and business conditions; the risk that the Company may have negative operating cash flow and not enough capital to complete the development of any of its technologies; the risk that the Company may not be able to obtain additional financing as necessary; the risk that there may be increases in capital and operating costs; the risk that the NFT technology may be subject to fraud and other failures; the risk that there may be technological changes and developments in the blockchain that make the NFT solutions obsolete; risks relating to regulatory changes or actions which may impede the development or operation of the blockchain solutions; the risk that other competitors may release similar blockchain offerings; the potential future unviability of the NFT market in general; the volatile cost of the amount of computational effort required to execute specific operations on the blockchain, and other general risks involved in the blockchain solutions.
Risks and uncertainties about the Company’s business are more fully discussed in the Company’s disclosure materials, including its reports filed with the Canadian securities regulators and which can be obtained from www.sedar.com.
Any of these risks may cause the Company’s actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. Further, although the Company has attempted to identify factors that could cause actual results, levels of activity, performance or achievements to differ materially from those described in forward-looking statements, there may be other factors that cause results, levels of activity, performance or achievements not to be as anticipated, estimated or intended. These forward-looking statements are made as of the date of this news release, and the Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements, except as required by applicable law, including the securities laws of the United States and Canada. Although the Company believes that any beliefs, plans, expectations and intentions contained in this news release are reasonable, there can be no assurance that any such beliefs, plans, expectations or intentions will prove to be accurate. The Company does not assume any liability for disclosure relating to any other company mentioned herein.
