[PRESS RELEASE – Vancouver, British Columbia, 20th October 2022]
Holders Will Gain Access to the Alpha Release on November 1, 2022, Which is Being Designed to Provide the Highest Resolution and Most Realistic Metaverse Experience Technically Possible Today
Looking Glass Labs Ltd. (“LGL” or the “Company”) (NEO: NFTX) (OTC: LGSLF) (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, announces that its flagship studio, House of Kibaa (“HoK”) has set the launch date for the next step in the staged release (the “Alpha Release”) of its Pocket Dimension metaverse assets for November 1, 2022. The Company’s metaverse is being designed to provide the highest resolution and most realistic experience technically possible today.
HoK has been steadily developing its metaverse assets in order to meet the significant expected demand for them over the next decade. As recently reported in the Wall Street Journal, annual global spending by businesses and consumers related to the metaverse could reach $5trillion by 2030, according to a new report from consulting firm McKinsey & Co. E-commerce in the metaverse will comprise $2.0-2.6 trillion of the total, while virtual advertising endeavors will make up another $144-206 billion.
The Alpha Release will introduce holders to HoK’s overall metaverse experience, with the specific goals of testing simple features of each Pocket Dimension, exploring the environments and stress-testing multiplayer capabilities. HoK has been developing 11 ultra-realistic environments that include ten original Pocket Dimension environments and one Genesis Moon environment, all created using Unreal Engine 5. The Alpha Release plans to add further utility to each holder’s Web3 metaverse experience. HoK Genesis Members will also have access to their Genesis Moon environment. The Alpha Release will give access to early versions of the following features:
- Gated holder access;
- Multiplayer lobby options;
- Text chat capability;
- 2x Default avatar players;
- NPC hosts;
- In-game minigames;
- NFT interactions with image, video, and text; and
- Different architectures, for example, the HoK Lava Temple Gallery and Gutter Cat Gang Trap House
Following the Alpha Release, HoK will collect feedback from users in order to continue building additional features, with the goal of releasing full-featured Pocket Dimension to users in 2023 so they can begin building their own virtual worlds.
Background
The Pocket Dimension metaverse is a hyper-realistic digital world that is being built using the latest version of Unreal Engine in order to offer users a premium virtual experience. Pocket Dimensions feature ten different environments including Archipelago, Countryside, Dale, Dunes, Fjord, Marsh, Savanna, Tundra, Woodland and Zen, as well as the aforementioned Genesis Moon environment exclusively for Genesis Membership holders. Each environment offers users various forms of utility including but not limited to hosting events with their community, integrating custom structures and adding digital assets.
Pocket Dimension is a private space representing an area size of approximately four acres in which owners can visit, invite friends, display NFTs, create settings, collaborate with others or facilitate experiences through various utilities and uses. Parcels provide their owners with additional unique benefits such as being blockchain agnostic with wide NFT compatibility (Polygon, Ethereum, etc.), an extensive avatar system, a unique Non-Playable Characters host system and more. Landowners will also have access to the broader suite of utilities that HoK will develop over time.
Management Commentary
“As the metaverse and NFTs continue to see rapid growth and adoption, it is important for HoK to make Pocket Dimension available to users as soon as possible. Early adopters who purchased Pocket Dimension are keen to begin building their virtual spaces and establishing their presence in the metaverse,” said Dorian Banks, Chief Executive Officer at LGL. “I believe that collaborations with well-known music, sports and entertainment entities to come will be a catalyst for both the HoK metaverse as well as the broader metaverse ecosystem on a global scale,” added Mr. Banks.
ABOUT LOOKING GLASS LABS
Headquartered in Vancouver, British Columbia, Looking Glass Labs (“LGL”) is a Web3 platform specializing in non-fungible token (“NFT”) architecture, immersive metaverse environments, play-to-earn tokenization and virtual asset royalty streams. Its leading brand, House of Kibaa (“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. HoK has successfully released digital assets to include GenZeroes, which sold out in just 37 minutes for total proceeds to LGL of CAD 6.2 million, in addition to a perpetual 5% royalty stream on secondary market sales. HoK plans to launch a hyper-realistic metaverse built on the latest version of Unreal Engine in 2022.
To view LGL’s current investor presentation, please visit https://www.lgl.io/investors.
To join LGL’s mailing list, please subscribe via the following link: https://www.lgl.io/contact-us.
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