The strategic acquisition of an AI-Powered, Web3 platform and its assets will accelerate MetaWorks‘ vision to extend fan and user engagement into movies, music, education, and more.
Fairfield, CA., June 27, 2023 (GLOBE NEWSWIRE) — MetaWorks Platforms, Inc. (“MetaWorks” or the “Company”), (CSE: MWRK and OTCQB: MWRK), an award-winning Web3 company that owns and operates platforms in the entertainment & technology space, is pleased to announce that it has signed a definitive agreement to acquire the Metaverse platform and AI Avatar assets of Apex VR Holdings, Inc., the parent company of the UtopiaVR.com Metaverse Platform.
The agreement marks a significant milestone for MetaWorks as it seeks to strengthen its position in the rapidly evolving Web3 space. Under the terms of the agreement, MetaWorks will acquire the assets of UtopiaVR, including its Web3 business metaverse platform, Chat GPT-powered AI avatar technology, and domain portfolio, including UtopiaVR.com. The agreement also includes a patent-pending IP technology relating to metaverse haptics that will hold potential for future development and licensing opportunities.
MetaWorks will seek to expand on UtopiaVR’s GPT (Generative Pre-trained Transformer) AI-powered avatars and metaverse environments to create immersive experiences in film, music, and education. The acquisition would extend MetaWorks’ capabilities in many areas, most notably in the film space. Upon closing the Company will immediately begin building new metaverse experiences for the recently acquired Web3 and NFT movie assets for the upcoming film, The Skulleton, and for the first full-length NFT feature film ever released, Zero Contact.
MetaWorks Platforms, Inc. President Scott Gallagher commented on today’s news, “We plan to finalize the closing of this transaction in the next week. The acquisition of UtopiaVR represents a major leap forward for our company and our platform. This transaction is completely in line with our belief that for metaverse platforms and Web3 technologies to scale truly, they must be accessible, frictionless, and drive real value. The UtopiaVR metaverse platform can be accessed from any smartphone, tablet, or PC anywhere in the world without needing an expensive headset or additional device. And by building on the Chat GPT powered AI Avatar technology Utopia was already working on, we can build complete and compelling metaverse experiences for films, music, and education that drive real revenue.”
Regarded as the next iteration of the internet or Web3, the metaverse is where the physical and digital worlds come together in environments like UtopiaVR and others. The global metaverse was valued at over $65 Billion in 2022 and is expected to surge to over $900 Billion by 2030. The media and entertainment vertical is expected to reach more than $25 Billion in 2023, fueled by a rise in virtual concerts and events being carried out in the metaverse. AI-powered avatars are also expected to play a major role in the entertainment side of the metaverse as the technology evolves, specifically in content creation, security, digital Identity, and personalization.
For details on the agreement, see the Form 8-K filed with the Securities and Exchange Commission on June 23, 2023.
About MetaWorks Platforms, Inc.
MetaWorks Platforms, Inc. (CSE: MWRK and OTCQB: MWRK) is an award-winning Web3 company that owns and operates blockchain platforms in the entertainment technology space that empower Fortune 5000 brands to create and monetize content for their communities, empowering their transition to Web3. MetaWorks Platforms owns and operates movie distribution platforms Vuele.io and MusicFX.io, its fan engagement platform that creates deeper connections between fans and artists using Web3 technologies.
Scott Gallagher, President