NFT Technologies Inc., a technology company that partners with top brands to enter the world of web3, has completed the acquisition of Run It Wild, a Web3 development company. The move is aimed at enhancing NFT Tech’s Web3 development capabilities for leading brands and IP holders worldwide seeking unparalleled user experiences.
Run It Wild is a multidisciplinary blockchain, metaverse, and NFT development studio specializing in art, collectibles, and gaming. NFT Tech builds products that accelerate web3 adoption by infusing utility into digital assets. The company’s technology is designed to increase consumer engagement, enable digital asset ownership, and discover new business models.
Run It Wild founder Adam De Cata is CEO of NFT Tech and director of Run It Wild. As the industry evolves, he sees limitless possibilities for Web3 to transform the digital economy and create new avenues for value creation. Together, they will create purpose-led projects that are meaningful to existing fanbases globally.
Run It Wild has developed and advised on a web3 strategy for Linktree, delivered the first fully on-chain Elvis NFT strategy for the Estate of Elvis Presley, and produced the first NFT Activation to win a Cannes Lion award in Sports Entertainment for Tennis Australia’s AO Metaverse.
Adam onboarded Sotheby’s, the 250-year-old auction house, for their first Metaverse experience and oversaw other notable debuts, including Coca-Cola, Unilever, Australian Open, Samsung, and others.
The Transaction is anticipated to be completed pursuant to a share purchase agreement between NFT Tech and the vendor, dated July 7, 2022.
NFT Tech will issue 10,000,000 common shares and a cash payment of CAD 50,000 in exchange for acquiring all of the issued and outstanding shares of Run it Wild. Common shares issued in connection with the Agreement will be subject to certain transfer restrictions as set forth in the Agreement, including contractual lock-up for a period of 24 months.
NFT Tech has also closed a non-brokered private placement for a total of 1,170,299 units at the price of $0.15 per Unit for gross proceeds of $175,544.95. The net proceeds from the Private Placement are intended to be used to fund the cash portion of the purchase price of the acquisition of Run It Wild and for general working capital purposes.
