Looking Glass Labs (NFTX.NE) is a Vancouver-based Web3 technology platform focused on NFT architecture, immersive XR metaverse design, play-to-earn tokenization and virtual asset royalty streams. The company’s portfolio offers a variety of current and expected revenue sources including House of Kibaa (HoK) NFT drops, the Project Origin metaverse, a live-action series, a play-to-earn (P2E) game, $HOK utility token and third-party consulting services, among others.
The HoK digital studio, the company’s flagship brand, creates and curates next-generation 3D-rigged assets that enable the simultaneous existence of functional art and collectibles across diverse NFT/metaverse spaces. The Project Origin metaverse ecosystem and digital distribution services are currently being developed by HoK to provide users with an interactive 3D world for recreational and business purposes. The company has announced its first virtual land asset sale, consisting of up to 10,000 four-acre parcels, each of which is a “Pocket Dimension” within HoK’s Project Origin metaverse, on April 16 and 17. HoK also intends to create structures such as galleries and shops to display and monetize people’s collections and corporate brands in its metaverse.
HoK launched the Genesis Membership in 2021, selling the first minted Genesis Memberships for USD 500 each to generate USD 490,000 in four weeks. On the secondary market, the memberships have experienced an approximate price increase of 2,000% in just nine months. Genesis members receive lifetime access to regular airdrops of HoK-produced digital assets, secret Discord channel access, and allowlist access to future releases. HoK also released the GenZeroes NFT collection last year as a generative series of 10,000 unique 3D avatars that sold out in 37 minutes for a total of approximately CAD 6.2 million, with a 5% royalty stream on secondary market sales. LGL is currently working on GenZeroes, the first live-action show based on NFTs, and plans to launch a hyper-realistic metaverse using the most current version of Unreal Engine this year.
The company is also creating strategic partnerships, which is a long-term strategy that will help HoK scale while also boosting the value that it provides for its platform and other NFT communities. The company recently partnered with Polygon Studios and YellowBlocks to expand its metaverse and NFT technologies.
The Metaverse is still in its early phases of growth, however, the market is predicted to reach a value of $678.8 billion by 2030, growing at a compounded annual growth rate (CAGR) of 39.4% over the forecast period. Looking Glass Labs seems to be well-positioned to benefit from this via its diverse portfolio of digital lands, NFT drops, tokenized assets, metaverse utilities and consulting services.
Although it would be difficult to predict the short-term share price movement for Looking Glass Labs, the company is poised to become one of the largest beneficiaries of this young and fast-rising market. The company already has a sizable customer base and product portfolio aimed at both the NFT and metaverse markets, which has the potential to create strong competitive advantages for the future. The successful execution of its plan could result in significant returns for early investors.