SUNRISE, Fla.
and DUBAI, UAE,
April 5, 2022 /PRNewswire/
-- 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.
View original
content:https://www.prnewswire.com/news-releases/nextplay-technologies-selected-by-dig-to-offer-fiat-payment-and-banking-services-for-its-blockchain-powered-nft-game-realms-of-ethernity-301517134.html
SOURCE Decentralised Investment Group (DIG); NextPlay
Technologies