via NewMediaWire –
NextPlay Technologies, Inc. (Nasdaq:
NXTP), a digital business ecosystem for digital advertisers,
consumers, video gamers and travelers, has entered into a
preliminary agreement with Decentralised Investment Group (DIG), a
leading global blockchain technology company, to develop and
operate an exclusive fiat payment platform for DIG customers.
Upon execution of a definitive agreement, NextBank
International, NextPlay’s global banking unit, would provide DIG
customers with access to its Fintech platform, which would enable
these customers to purchase and monetize DIG assets. This would
initially include in-game assets from Realms of Ethernity (RoE),
the world’s first MMORPG (massively multiplayer online role-playing
games) game. Realms of Ethernity is a blockchain World of
Warcraft-inspired virtual world filled with hundreds of immersive
and action-packed play-to-earn games where developers and players
can build, own and monetize their gaming experience offered by
DIG’s subsidiary, XYZZY. XYZZY develops blockchain-powered
games that allow players to acquire or earn real assets from their
gameplay, such as NFT treasures and unique rewards with real world
value.
The payment platform would allow customers to purchase and sell
in-game assets using fiat currencies. NextBank would also offer
bank accounts to DIG customers for their fiat deposits, subject to
the customer passing NextBank compliance verification.
Todd Bonner, head of NextPlay’s Fintech division, stated: “As a
pioneer in the technology space that builds, invests in and
accelerates disruptive blockchain products and services, DIG is an
ideal partner for expanding our NextBank services and revenue
streams through international online banking. We also see the
potential to eventually expand the scope of our engagement from
XYZZY in-game assets to DIG’s other cryptocurrency platforms.”
NextBank plans to issue payment cards to DIG customers who have
funded their bank accounts at NextBank. DIG also intends to market
NextBank banking services to its customers worldwide.
The gaming market is expected to grow at a compound annual
growth rate (CAGR) of nearly 9% to approximately $340 billion by
2027, with much of the revenue generated by in-game purchases.
Typically, video game players can purchase in-game items, like
skins, upgrades or rewards for use in the games they play, but do
not actually own the items. However, the NextPlay/DIG solution
would permit gamers to purchase an actual ownership interest in the
items they acquire, thereby encouraging greater game play as well
as resulting in additional game monetization for the developer.
“We see the decentralization of financial assets and
transactions as the future, with this enabled by blockchain and
crypto technology,” commented Haydn Snape, DIG’s global managing
partner and CEO. “As part of this new world, we believe products
that provide equitable, accessible, and trusted open systems will
promote individual liberty and economic freedom across the globe.
We have selected NextPlay as a partner to join us in this mission
and help us provide an in-game experience that enables players to
truly own real-world assets, with this made possible through
NextBank’s unique banking technology and fiat payment
platform.”
NextPlay and DIG are currently in the process of negotiating
definitive agreements to formalize the relationship, which they
hope to finalize in the near term, subject to completion of due
diligence and satisfaction of market, regulatory and other
customary closing conditions.
About DIG
Decentralised Investment Group (DIG) is a multinational
blockchain technology conglomerate holding company headquartered in
Dubai and committed to making impactful investments within
blockchain. DIG seeks out exclusive investment opportunities within
the metaverse space and turns them into industry-leading products
aimed at disrupting the metaverse. Ultimately, DIG is a key player
in the decentralised investment ecosystem, using blockchain
solutions to revolutionize the industry and make it a more
equitable place for all. For more information, visit
decentralisedinvestment.group.
About XYZZY
XYZZY is a Miami-based metaverse gaming company, owned and
powered by the Dubai-based multinational holding company
Decentralised Investment Group (DIG), which is bringing together
the world of gaming with the world of decentralised finance through
revolutionary blockchain technology. With the development and
launch of a number of notable and uber popular blockchain games
like Realms of Ethernity (realmsofethernity.com) under its belt, as
well as its expertise in NFT digital assets, virtual land,
tokenized ownership and other crypto products, XYZZY has already
proven itself to be a leader in the blockchain gaming space,
bridging the virtual world with the physical world to disrupt the
play-to-earn digital game ecosystem. For more information, visit
www.xyzzy.ai.
About NextBank
NextBank is an International Financial Entity (IFE) operating
under the laws of the Commonwealth of Puerto Rico. The bank is
licensed under Act 273 by the Office of the Commissioner of
Financial Institutions (OCIF). It offers concierge banking
services and specialized lending products to successful
entrepreneurs and companies. NextBank is a wholly owned subsidiary
of NextPlay Technologies, Inc. (Nasdaq: NXTP). For more
information, visit next.bank.
About NextPlay Technologies
NextPlay Technologies, Inc. (Nasdaq: NXTP) is a technology
solutions company offering games, in-game advertising,
crypto-banking, connected TV and travel booking services to
consumers and corporations within a growing worldwide digital
ecosystem. NextPlay’s engaging products and services utilize
innovative AdTech, Artificial Intelligence and Fintech solutions to
leverage the strengths and channels of its existing and acquired
technologies. For more information about NextPlay Technologies,
visit www.nextplaytechnologies.com, and follow us on Twitter
@NextPlayTech and LinkedIn.
Forward-Looking Statements
This press release includes “forward-looking statements” within
the meaning of, and within the safe harbor provided by the Safe
Harbor Provisions of the Private Securities Litigation Reform Act
of 1995, Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended.
Forward-looking statements give our current expectations, opinions,
belief or forecasts of future events and performance. A statement
identified by the use of forward-looking words including “will,”
“may,” “expects,” “intends,” “projects,” “anticipates,” “plans,”
“believes,” “estimate,” “should,” and certain of the other
foregoing statements may be deemed forward-looking statements.
Although the Company believes that the expectations reflected in
such forward-looking statements are reasonable, these statements
involve risks and uncertainties that may cause actual future
activities and results to be materially different from those
suggested or described in this news release. Factors that may cause
such a difference include risks and uncertainties including, and
not limited to, satisfactory completion of due diligence related to
the proposed arrangements with DIG, followed by execution of
definitive agreements governing the terms and conditions thereof;
our need for additional capital which may not be available on
commercially acceptable terms, if at all, which raises questions
about our ability to continue as a going concern; the fact that the
COVID-19 pandemic has had, and is expected to continue to have, a
significant material adverse impact on the travel industry and our
business, operating results and liquidity; current regulation
governing digital currency activity is often unclear and is
evolving; the future development and growth of digital currencies
are subject to a variety of factors that are difficult to predict
and evaluate, many of which are out of our control; the value of
digital currency is volatile; amounts owed to us by third parties
which may not be paid timely, if at all; certain amounts we owe
under outstanding indebtedness which are secured by substantially
all of our assets and penalties we may incur in connection
therewith; the fact that we have significant indebtedness, which
could adversely affect our business and financial condition; our
revenues and results of operations being subject to the ability of
our distributors and partners to integrate our alternative lodging
rental (ALR) properties with their websites, and the timing of such
integrations; uncertainty and illiquidity in credit and capital
markets which may impair our ability to obtain credit and financing
on acceptable terms and may adversely affect the financial strength
of our business partners; the officers and directors of the Company
have the ability to exercise significant influence over the
Company; stockholders may be diluted significantly through our
efforts to obtain financing, satisfy obligations and complete
acquisitions through the issuance of additional shares of our
common or preferred stock; if we are unable to adapt to changes in
technology, our business could be harmed; our travel business
depends substantially on property owners and managers renewing
their listings; if we do not adequately protect our intellectual
property, our ability to compete could be impaired; our long-term
success depends, in part, on our ability to expand our property
owner, manager and traveler bases outside of the United States and,
as a result, our business is susceptible to risks associated with
international operations; unfavorable changes in, or
interpretations of, government regulations or taxation of the
evolving ALR, Internet and e-commerce industries which could harm
our operating results; risks associated with the operations of, the
business of, and the regulation of, Longroot and NextBank
International (formerly IFEB); the market in which we participate
being highly competitive, and because of that we may be unable to
compete successfully with our current or future competitors; our
potential inability to adapt to changes in technology, which could
harm our business; the volatility of our stock price; the fact that
we may be subject to liability for the activities of our property
owners and managers, which could harm our reputation and increase
our operating costs; and that we have incurred significant losses
to date and require additional capital which may not be available
on commercially acceptable terms, if at all. More information about
the risks and uncertainties faced by NextPlay are detailed from
time to time in NextPlay’s periodic reports filed with the SEC,
including its most recent Annual Report on Form 10-K and Quarterly
Reports on Form 10-Q, under the headings “Risk Factors”. These
reports are available at www.sec.gov. Other unknown or
unpredictable factors also could have material adverse effects on
the Company’s future results and/or could cause our actual results
and financial condition to differ materially from those indicated
in the forward-looking statements. Investors are cautioned that any
forward-looking statements are not guarantees of future performance
and actual results or developments may differ materially from those
projected. The forward-looking statements in this press release are
made only as of the date hereof. The Company takes no obligation to
update or correct its own forward-looking statements, except as
required by law, or those prepared by third parties that are not
paid for by the Company. If we update one or more forward-looking
statements, no inference should be drawn that we will make
additional updates with respect to those or other forward-looking
statements.
SOURCE: NextPlay Technologies, Inc.
DIG Company Contact:
Jumana Al DarwishVP of Communications+971 58 568
7432press@decentralisedinvestment.groupNextPlay Company
Contact:Richard MarshallDirector of Corporate DevelopmentTel:
(954) 888-9779
Email: richard.marshall@nextplaytechnologies.com
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