Former Head of Partnerships at Decentraland Joins NFT Tech as CEO to Lead Expansion into Tier 1 Brand Partnerships
VANCOUVER, British Columbia, 07 July 2022–(BUSINESS TEL)–NFT Technologies Inc. (NEO: NFT) (“Company” or “NFT Tech”)A leading technology company that leverages decentralized ownership, NFTs and the metaverse for public markets, announced today that it has entered into a definitive agreement to acquire Run It Wild (“Transaction”), a multidisciplinary blockchain, metaverse and NFT development. The appointment of Studio as well as Run It Wild’s Adam De Cata as NFT Tech’s new CEO took effect immediately. Adam replaces Mario Nawfal, who will serve as strategic advisor to NFT Tech.
With the acquisition of Run It Wild, NFT Tech expands its NFT development and partnerships to the world’s leading brands and intellectual property owners seeking to create unique NFT experiences directly for consumers. The transaction complements NFT Tech’s industry-leading NFT infrastructure, investment and win-win gaming offerings.
“The acquisition of Run It Wild is one of NFT Tech’s most significant steps yet towards mainstreaming NFTs and metadata,” said Wayne Lloyd, NFT Tech Chairman of the Board. “Run It Wild most It is a gateway for brands to navigate through the possibilities of Web3 and is responsible for pioneering some of the most successful ‘firsts’ in the industry. We’re excited to have Adam among us and can’t wait to see what we’ve accomplished under his leadership.”
Adam is the founder and director of Run It Wild, the world’s first fully decentralized, 3D virtual reality platform built on the Ethereum blockchain, and Head of Partnerships at Decentraland. As a recognized leader in the blockchain, NFT and metaverse spaces, he brings a strong pedigree in licensing and brand management, spending his early career managing iconic brands like Batman, Harry Potter, Looney Tunes, Scooby-Doo, Superman and The. Warner Bros. for Big Bang Theory
“I am honored to join the strong team at NFT Tech and help build on what the firm has already achieved. They have established themselves as the only publicly traded company focused on spreading real-world utility and value in NFTs to mainstream adoption and as an industry, what can only be achieved. “Expanding our combined offerings will not only greatly accelerate our growth, but will also drive some of the most iconic global brands and their consumers into the metaverse through unique NFT experiences.”
With Adam and Run It Wild comes a team of creative technologists specializing in creating digital and virtual world experiences for brands and artists. They developed and advised a web3 strategy for Linktree and delivered the first fully chained Elvis NFT for the Elvis Presley Mansion. As Head of Partnerships for Decentraland, Adam joined Sotheby’s, the 250-year-old auction house, for their first Metaverse experience and oversaw other notable outlets including Coca-Cola, Unilever, Australian Open, Samsung and others.
About the Transaction
The transaction is expected to be completed pursuant to a share purchase agreement (“Agreement”) between NFT Tech and the seller dated July 7, 2022. Upon closing of the transaction, NFT Tech will issue 10,000,000 common shares and pay in cash. C$2,000,000 for the purchase of all issued and outstanding shares of Run it Wild. Pursuant to the Agreement, in connection with the Transaction, certain key employees of Run It Wild, including Mr. De Cata, will enter into new employment agreements with NFT Tech (“Main Employee Agreements”) to continue providing services to NFT Tech.
Under the terms of the contract, the seller is entitled to additional “earnings” payments up to a maximum of C$5,000,000. Such earnings payments will be equal to $1 million for every $2 million in revenue generated by Target’s agency business in the nine months following the closing of the Transaction and will be subject to full continuation of at least half of the Key Employee Agreements. effective from the date of payment. The Seller, at its sole discretion, may elect to receive up to 50% of earnings payments in ordinary shares of the Company, and the price calculated per share will equal the volume weighted price. The average price of common stock on the NEO Exchange for the five trading days immediately preceding the current settlement date. Notwithstanding the foregoing, if such issuance would result in the creation of a new controller, the Company would in no event be required to pay the earnings payment as equity.
Ordinary shares issued in connection with the Agreement will be subject to certain transfer restrictions set forth in the Agreement, including contractual lock-in for a period of twenty-four (24) months.
The Agreement provides, among other things, unsolicited contracts and may be terminated by (i) mutually, by written agreement, (ii) by the Company, upon written notice, by breach, serious adverse material impact on the Target, or closure of the target. The Transaction that does not take place on the external date under the Contract; and (iii) the breach or closure of the Transaction by the Seller, upon written notice, that does not occur on the external date under the Contract.
Completion of the transaction is subject to obtaining NEO Exchange approval, executed Key Employee Agreements and lockout agreements, and other customary closing conditions for transactions of this nature. No assurance or guarantee can be given that the Conditions will be met or the Transaction will be completed.
About Run it Wild
Run It Wild is a multidisciplinary blockchain, metaverse and NFT development studio specializing in arts, collectibles and gaming. Australian Open, with a broad portfolio of top brands like Linktree and Elvis Presley to creators like Alex Trochut and David McLeod, Run It Wild has found the product market fit to partner with brands. Web 3.0.
About NFT Technology
NFT Tech works to develop infrastructure, assets, real estate and IP in the metadata, generate and generate revenue from P2E and M2E games, and bring insight and benefits to public markets. NFT Tech bridges the gap between traditional capital markets and the Web3 space, expanding decentralized ownership, NFTs and metadata. Current projects include the establishment of the GOAT Guild and Fuku.
Follow us on social media:
Warning Notice on Forward-Looking Information
This press release contains certain forward-looking statements within the meaning of applicable securities laws with respect to the Company. These forward-looking statements are often defined by words such as “believe”, “anticipate”, “expect”, “anticipate”, “anticipate”, “intend”, “strategy”, “future”, “opportunity”, “plan” . ,” “could”, “should”, “would”, “would”, and similar statements. Forward-looking statements in this press release include statements regarding the completion of the purchase of Run It Wild and its closing date; benefits from the transaction; and Appointment of Adam De Cata as CEO of NFT Tech; expansion of the company’s NFT developments and product offerings; potential benefits and demands for direct-to-consumer NFT projects; potential benefits, development and acceptance of web3 and related applications; continued support of Run It Wild employees employment and the value of their experience; plans to accelerate growth; and continued public acceptance of NFTs. While the Company believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, forward-looking statements and information should not be unduly relied upon because the Company believes them Forward-looking statements and information about future events and They inherently involve risks and uncertainties, as they deal with circumstances. Many factors, including but not limited to the risk factors described in the prospectus, could cause actual future events to differ materially from the forward-looking statements in this press release. Readers are warned that the above list of factors is not exhaustive. The forward-looking statements contained in this news release are expressly defined by this warning statement. The forward-looking statements and information contained in this newsletter have been made as of the date set forth herein, and the Company undertakes no obligation to publicly update or revise any forward-looking statements or information, whether due to new information, future events, or otherwise. , unless required by applicable law.
No securities regulator has endorsed or endorsed the content of this newsletter. Neo Exchange has not reviewed or endorsed this press release for the adequacy or accuracy of its content.
This newsletter does not constitute an offer or a solicitation to sell any securities in the United States. The securities have not been and will not be registered under the U.S. Securities Act of 1933 (“U.S. Securities Act”) or any state securities law, and may not be offered or sold in or in the United States.
U.S. Persons (as defined in Regulation S under the U.S. Securities Act), unless registered or exempted from registration under the U.S. Securities Act and applicable state securities laws.
View the source version on businesswire.com: https://www.businesswire.com/news/home/20220707005835/en/
Email: [email protected]
Telephone: +1 (604) 800-5838