Looking Glass Labs Announces Metaverse Milestones as Part of Technical Product Update

The Firm Additionally Announces the Appointment of Lucas Russell to its Board of Administrators, in Place of Carl Chow who has Resigned to Pursue Different Endeavours

VANCOUVER, BC, Dec. 29, 2022 /CNW/ – Looking Glass Labs Ltd. (“LGL” or the “Firm”) (NEO: NFTX) (AQSE: NFTX) (OTC: LGSLF) (FRA: H1N), a number one Web3 platform specializing in immersive metaverse environments, play-to-earn tokenization and blockchain monetization methods, pronounces that its wholly-owned subsidiary, Home of Kibaa (“HoK“), has considerably superior the event of its Pocket Dimension metaverse providing (the “Pocket Dimension“). By way of the upcoming achievement of quite a few avatar-based and architecture-related milestones, the Firm expects to set a brand new normal for the metaverse business.

Pocket Dimension has already reached, and can quickly additionally attain, a number of new thresholds for its digital world:

• 10,000 distinctive generative avatars in ultra-high decision through Unreal 5;
• 12,000 distinctive generative Gutter Cat Gang avatars in ultra-high decision;
• Holders personal their metaverse to make use of and design as they so select;
• Holders of membership tokens are every entitled to obtain a free metaverse; and
• A generative avatar undertaking with a spin-off live-action video sequence, GenZeroes.

Beforehand, the Alpha Update of Pocket Dimension Alpha Update launch within the fourth quarter of 2022 included the next upgrades for customers:

• 11 distinctive four-acre parcels of ultra-realistic land;
• Two inventory playable avatars;
• 4 NFT artwork galleries displaying inventory paintings;
• Non-player character host interactions;
• Mini video games; and
• The Gutter Lure Home in affiliation with the Gutter Cat Gang.

The 2022 end-of-year replace to Pocket Dimension at the moment in progress consists of the next enhancements:

• Extremely-high decision artwork galleries to show a consumer’s NFTs from their linked pockets;
• A bigger assortment of roughly 60 inventory playable avatars; and
• A patch supervisor for simpler entry to future updates (Home windows build-only, presently).

In early 2023, HoK will likely be working so as to add Unity 4 and pixel streaming to Pocket Dimension. This addition is designed to allow Pocket Dimension to be accessible on nearly any machine and bandwidth connection, which is anticipated to be a milestone for the metaverse business.

For a pattern of the Pocket Dimension expertise, please observe this hyperlink to view the Pocket Dimension Alpha Launch Cinematic Trailer: https://vimeo.com/779389633/1abc25dbe0.

Administration Commentary

“By staying targeted on the event of the most effective Pocket Dimension expertise attainable for our customers, we have already got and nonetheless are reaching new milestones for the metaverse business on an ongoing foundation. Creating distinctive, lifelike and pleasurable experiences for our customers within the digital realm is our important precedence. We firmly consider that the Pocket Dimension will proceed to garner constructive suggestions as we roll it out extra totally in 2023,” stated Dorian Banks, Chief Government Officer at LGL. “We’re dedicated to heightening each consumer and consumer engagement by executing on revolutionary initiatives and, in flip, including worth to LGL as an organization,” added Mr. Banks.

Change of Administrators

The Firm pronounces that Carl Chow has resigned from its Board of Administrators to pursue different endeavours. The Board of Administrators thanks Mr. Chow for his service to the Firm over the previous yr. In his place, LGL pronounces that Lucas Russell has been appointed to the Board of Administrators efficient right now.

Mr. Russell has over a decade of expertise within the monetary markets and has been concerned with entrepreneurial companies for over 15 years, together with the event and financing of start-ups. He has served on boards and government groups of a number of publicly traded corporations, guiding them from non-public to public companies together with the turnaround and eventual sale of a hashish firm which was led from close to chapter to an eight-figure exit in beneath two years.

Mr. Russell has been an early and lively investor in a number of profitable crypto start-ups and at the moment serves as CEO & President of Cloud 9 Web3 Applied sciences (CSE: CNI), the place he’s actively growing new Web3 applied sciences and implementing its new enterprise technique and course. Mr. Russell is captivated with constructing firm worth and discovering accretive acquisitions for firms.

Mr. Russell at the moment doesn’t personal any Widespread Shares of the Firm.

In 2018 Mr. Russell was sanctioned by the Mutual Fund Sellers Affiliation of Canada (“MFDC”) for misconduct leading to a fantastic of $2,500 fantastic plus $2,500 in prices, and “prohibited from conducting securities associated enterprise in any capability whereas within the make use of of or related to a MFDA Member for a interval of 6 months”. It’s famous nonetheless that there was no consumer grievance and the MFDC discovered no proof of consumer loss or hurt or any proof that Mr. Russell acquired any monetary or different advantages by way of his conduct.

ABOUT LOOKING GLASS LABS

Headquartered in Vancouver, British Columbia, Looking Glass Labs (“LGL“) is a number one Web3 innovation platform specializing in client engagement functions to leverage immersive metaverse environments, play-to-earn tokenization and blockchain monetization methods. Its main model, Home of Kibaa (“HoK“), designs and curates a subsequent era metaverse for 3D belongings, which permits useful artwork and collectibles to exist concurrently throughout completely different NFT blockchain environments. HoK has efficiently launched digital belongings to incorporate GenZeroes, which offered out in simply 37 minutes for whole proceeds to LGL of CAD 6.2 million, along with a perpetual 5% royalty stream on secondary market gross sales.

To view LGL’s present investor presentation, please go to https://www.lgl.io/investors. 
To hitch LGL’s mailing record, please subscribe through the next hyperlink: https://www.lgl.io/contact-us.

On behalf of LOOKING GLASS LABS LTD.

“Dorian Banks“
Dorian Banks, Chief Government Officer 
Twitter: @DorianBanks

Ahead-Looking Info

This information launch comprises “forward-looking statements.” Statements on this information launch that aren’t purely historic are forward-looking statements and embody any statements relating to beliefs, plans, expectations, or intentions relating to the longer term. Such forward-looking statements embody, amongst different issues: the continued growth of Pocket Dimension, growth of immersive metaverse environments, play-to-earn tokenization and blockchain monetization methods; pursuing partnerships to monetize blockchain and Web3 alternatives; and the near-term initiatives and future initiatives.

The fabric assumptions supporting these forward-looking statements embody, amongst others, that: the Firm may mitigate the dangers related to the blockchain and NFT business; the power to compete with different companies within the NFT market; the provision of adequate funding to hold out the Firm’s enterprise growth plans; beneficial market situations; the power of HoK to promote all or considerably all of its product choices; the market acceptance for its merchandise; and the power to realize the milestone thresholds for the Pocket Dimension.

Though administration considers these assumptions to be affordable based mostly on info at the moment accessible to it, they might show to be incorrect. These forward-looking statements are solely predictions and contain identified and unknown dangers, uncertainties and different elements, together with: the continued progress and adoption of NFT and metaverse choices by the buyer market; the price of growing and designing NFTs and metaverses is economically viable; the Firm having the ability to appeal to and retain a adequate workforce with desired skillsets to develop the Firm’s NFT and metaverse choices; the provision of choices supplied by third-parties within the NFT, metaverse growth and on-line gaming market to establish potential transactions; the growing adoption of NFTs as an answer for numerous on-line gaming, leisure and collectible makes use of; the Firm being able to mitigate the dangers related to the blockchain and NFT business; and the power to compete with different companies within the NFT, metaverse growth, content material creation and collectibles market.

Though administration considers these assumptions to be affordable based mostly on info at the moment accessible to it, they might show to be incorrect. These forward-looking statements are solely predictions and contain identified and unknown dangers, uncertainties and different elements, together with: the chance that the Firm’s choices usually are not accepted by the buyer, the chance that different rivals might supply related digital choices; the chance that there could also be damaging adjustments on the whole financial and enterprise situations; the chance that the Firm might have damaging working money movement and never sufficient capital to finish the event of any of its applied sciences; the chance that the Firm might not be capable of acquire further financing as vital; the chance that there could also be will increase in capital and working prices; the chance that the NFT expertise could also be topic to fraud and different failures; the chance that there could also be technological adjustments and developments within the blockchain that make the NFT options out of date; dangers referring to regulatory adjustments or actions which can impede the event or operation of the blockchain options; the chance that different rivals might launch related blockchain choices; the potential future unviability of the NFT market on the whole; the risky value of the quantity of computational effort required to execute particular operations on the blockchain, and different common dangers concerned within the blockchain options.

Dangers and uncertainties in regards to the Firm’s enterprise are extra totally mentioned within the Firm’s disclosure supplies, together with its experiences filed with the Canadian securities regulators and which may be obtained from www.sedar.com.

Any of those dangers might trigger the Firm’s precise outcomes, ranges of exercise, efficiency or achievements to be materially completely different from any future outcomes, ranges of exercise, efficiency or achievements expressed or implied by these forward-looking statements. Additional, though the Firm has tried to establish elements that would trigger precise outcomes, ranges of exercise, efficiency or achievements to vary materially from these described in forward-looking statements, there could also be different elements that trigger outcomes, ranges of exercise, efficiency or achievements to not be as anticipated, estimated or supposed. These forward-looking statements are made as of the date of this information launch, and the Firm assumes no obligation to replace the forward-looking statements, or to replace the the explanation why precise outcomes may differ from these projected within the forward-looking statements, besides as required by relevant regulation, together with the securities legal guidelines of america and Canada. Though the Firm believes that any beliefs, plans, expectations and intentions contained on this information launch are affordable, there may be no assurance that any such beliefs, plans, expectations or intentions will show to be correct. The Firm doesn’t assume any legal responsibility for disclosure referring to every other firm talked about herein.

SOURCE Looking Glass Labs Ltd.

For additional info: Dorian Banks, Toll-Free: +1 833 LGL-NFTX (833-545-6389), Electronic mail: [email protected], Twitter: @LGL_io