Las Vegas-based Bonanza Goldfields Corp. plans to acquire metaverse blockchain technology firm Marvion Media Limited. The gold mining firm is looking to ride on NFT boom as a new business model.
The popularity of NFTs or Non-Fungible Tokens continues to grow as more people and companies join the market trend with innovative applications of this blockchain technology.
Read More: Innovative Blockchain Tech Applications Lead to Rise of NFTs
NFTs Are The Revenue Models For Metaverse?
Metaverse refers to shared virtual worlds where virtual land, digital art, and names can be bought and sold. Such transactions generally performed using digital currency. NFT is opening up new opportunities and revenue models for metaverse.
According to William Quigley, Co-founder of stablecoin Tether and a pioneer in the cryptocurrency space, metaverse is a huge economic force that’s going to change people’s lives significantly in coming years. In fact, Quigley believes that NFTs are the revenue model for metaverse.
In May, Realm, a new NFT microverse platform, raised $2.25M in a seed funding round led by Alphabit with strategic investments from NGC, Genesis Block Ventures, LD Capital, Moonrock, and SL2 amongst other funds.
Bonanza Goldfields Corp To Acquire Marvion Media Limited
Marvion Media Limited is a metaverse blockchain technology company, unlocking, enhancing and preserving the value of media and entertainment intellectual property through blockchain and related technologies to create Hybrid NFTs.
The company’s vision is to offer the ultimate artist and fan engagement, leveraging technology in both digital metaverse and physical experience realms. Marvion will be adopting their Hybrid NFT (h-NFT) format across all minted NFTs. The h-NFTs will undergo full know-your-client (KYC) and verification processes prior to Marvion acquiring the intellectual property. This is to ensure that only authentic and high quality NFTs are available on the platform.
Bonanza Goldfields Corp (OTC: BONZ) has signed an MoU with Marvion Media Limited to gain its complete ownership.
According to the MoU, Bonanza Goldfields Corp (BONZ), a company publicly traded in the OTC Markets, will eventually own 100% of Marvion Media Limited. Bonanza Goldfields Corp would be renamed to Marvion Media Limited after the acquisition, making it the world’s first h-NFT company to be listed in the United States.
It will increase the accessibility of metaverse and blockchain technology companies to mainstream retail investors. Additionally the market will experience a further increase of high growth listed NFT companies to enable investors to diversify their blockchain related portfolio allocations.
Commenting on the business model, Julian So, interim CEO of Marvion™ Media Limited said:
“Marvion is focused on addressing one of the key concerns facing NFT owners – intellectual property (IP) ownership. Many NFT investors we have engaged with are unaware that as an NFT owner, they do not own the underlying IP associated with the art work within the NFT smart contract. The IP actually continues to reside with the artist. What this means is that NFT owners have no right to take legal action against IP infringements. This is a critical issue that Marvion hopes to address through the Hybrid NFTs. This will disrupt the media and entertainment industry.”
Each h-NFT contains the following:
- sales and purchase agreement for the purchase of the license
- evidence or representation of ownership of intellectual property
- transfer deed for the transfer of the relevant portion of the license to the h-NFT holder
- ownership title (to the licensing rights) written into the description
- the intangible asset
Sharing his views on the acquisition, So commented:
“We are very excited at this latest development. The growth of NFT has been skyrocketing in the last few months and we have seen very keen interest in what we are doing. I understand that some stakeholders and investors have some reservations, especially when NFT is such a new business model. To help address this, the company wanted to be listed in order to instill a high level of transparency and governance in this nascent industry.”