HONG KONG, April 12, 2022 – Grown Up Group Investment Holdings Limited (HKSE:1842) (“GUGI” or “the Company”) announces today that on April 6, 2022, the Company has entered into a Memorandum of Understanding (“MOU”) with Ace Corporation Limited (“Ace”), a subsidiary company of Integrated Media Technology Limited (NASDAQ: IMTE) (“IMTE”).
The already signed MOU between the Company and Ace includes projects and expansions of GUGI’s operations such as: GUGI will join the project of establishing a Metaverse, a futuristic multi-functional platform that will serve several purposes for a broad target audience. Both parties are to be co-developers of Non-Fungible Tokens (NFT) content as well as other digital assets. The company firmly believes that project will serve to further strengthen it’s financial position by investing in the future and diversifying investments.
The Metaverse, which will be proudly developed by GUGI due to their knowledge of local culture and technical expertise, will have a geographical focus on Asia and China in the areas of, but not limited to, culture and art. A Metaverse refers to by many experts as a 3D version of the internet and computing at large, an expanse of digital space where users can interact with each other in real-time and get similar experiences to what they experience in the real world. GUGI believes that digital assets such as cryptocurrencies and NFTs have the potential to play an important role in the future Metaverse. By using technologies such as Virtual Reality (VR), Augmented Reality (AR) and digital features we already use on a daily basis, GUGI feels confident about being able to create a Metaverse where users can simulate and historical events, learn about and experience various cultures, using social media functions and much more.
GUGI and IMTE (the Parties) have already agreed to formalize the definitive agreement of the cooperation. GUGI will also receive support in finding prospective themes and contents for the virtual rooms in the Metaverse. Once the development and acquisition of the Metaverse have been completed by GUGI, Ace shall immediately begin to promote it and to all its members in order to have users share/display NFTs in the established Metaverse. GUGI will also receive support in locating additional prospective content providers to further promote the interest of the Parties and strive for a profitable outcome for GUGI and GUGI’s investors.
The Parties will jointly evaluate the Metaverse once available for testing and use for a reasonable test period of no less than two (2) months; the evaluation will include consumer acceptance at the Metaverse, platform performance for effectiveness, and user experience in the Metaverse virtual world.