| Under the Collaboration, House of Kibaa will Benefit from Polygon’s Scalability for its P2E, Metaverse and NFT-Based Initiatives, as well as from Technical Support, Cross-Promotional Opportunities and Other Potential Collaborative Business Arrangements |
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 that its flagship studio, House of Kibaa (“HoK“), has entered into a collaborative arrangement (the “Collaboration“) with Polygon Studios, the NFT, gaming and metaverse arm of Polygon (MATIC). The Polygon blockchain has developed an assortment of fin-tech solutions for traditional finance as well as cryptocurrency and the blockchain. Polygon has become highly respected in the blockchain ecosystem for its scaling and infrastructure solutions that have been adopted by more than 1,200 applications, with over 600 million total transactions processed, 60 million unique user addresses and over USD 5 billion in assets secured. Recently, Polygon raised USD 450 million in a round of financing that was led by Sequoia Capital India, thereby bringing its total market capitalization to approximately USD 12 billion, as of the date hereof, as it seeks to ambitiously broaden its portfolio of Ethereum scaling solutions1.
Under the Collaboration, HoK will benefit from technical and business support for all of its strategic pillars including HoK, the GenZeroes NFT collection, the GenZeroes live-action series as well as HoK’s Project Origin metaverse set to launch in 2022. Polygon Studios will also provide cross-promotional support for HoK and its projects by identifying opportunities for other collaborations with Polygon Studios’ clients and collaborators. Further, Polygon Studios has agreed to amplify HoK’s content by re-posting it on its social media channels including the main Polygon Twitter account (Verified, with over 1.2 million followers).
Polygon is an important scaling solution that works on top of the Ethereum blockchain, which has become slow and expensive to use due to its popularity. Currently, the Ethereum blockchain can process about 14 transactions per second with each transaction costing approximately USD 25 or much higher at peak times. However, Polygon makes things cheaper and faster by processing some transactions on its proprietary proof-of-stake blockchain, otherwise known as a ‘Layer 2’ solution given that the Ethereum blockchain is described as ‘Layer 1’. By comparison, Polygon states that it can process up to 65,000 transactions per second with fees costing less than a fraction of a cent, plus network fees.2 Polygon boasts investors that include Mark Cuban, Kevin O’Leary and many other high-profile investors.
Thanks to Polygon’s scalable nature, lower fees, and faster transaction times, it has developed into the ideal ecosystem for metaverse and gaming projects. With the ability to support a large number of users, projects do not have to worry about gas wars or hefty gas fees when network traffic picks up. This is great for games and metaverses that plan on supporting a robust number of users.
Polygon recently launched Polygon Studios as an initiative dedicated to growing blockchain-based gaming with NFT integrations on a global scale in order to bridge the gap between Web2 and Web3 ecosystems through investment, marketing and developer support. In January of this year, video gaming and esports icon Ryan Wyatt, commonly known by his “Fwiz” alias, resigned from his position as Head of Gaming at YouTube to become Chief Executive Officer of Polygon Studios. Through relationships with collaborators like Atari, OpenSea and Decentraland, Polygon Studios is strategically building its presence in the modern digital media world, which is expected by LGL’s management to provide multiple advantages and opportunities for HoK and the Company’s other assets
