Graph Blockchain Acquires NFT Platform New World

Graph Blockchain (CSE: GBLC) has entered the world of non-fungible tokens, or NFT’s. The company this morning announced that it has closed on the acquisition of New World, whom is focused on the emerging space.

The simple premise of an NFT is that buyers receive exclusive rights to digital art, with the NFT living on the blockchain to enable the verification of ownership. New World specifically provides a “distribution canvas” to creators to enable them to sell their digital art via their platform. As per the website, the platform is still in a beta phase.

Under the terms of the arrangement, New World was acquired for a total figure of $6.0 million, which was settled in the form of units of the company. 46.2 million units of Graph Blockchain were issued in connection with the purchase, at a price of $0.13 per unit. Each unit contains one common share and one common share purchase warrant, with warrants being valid for a period of two years from the date of issuance, with an exercise price of $0.18 per share.

“Graph’s acquisition of New World gives us exposure to the quality art-focused NFT market, one of the fastest growing segments of the art world. NFT’s provide a new platform for artists to digitally showcase their work.”

Paul Haber, CEO

Performance milestones are also applicable in the transaction, which are to be paid with units, based on minimum net revenues in 2021 and 2022 being met, as well as the firm entering contracts with up to 100 artists by the end of 2021. Total potential earnouts have a value of roughly $15.0 million based on units being priced at $0.13 per each.

Graph Blockchain last traded at $0.06 on the CSE.


FULL DISCLOSURE: Graph Blockchain is a client of Canacom Group, the parent company of The Deep Dive. The author has been compensated to cover Graph Blockchain on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.

Video Articles

When 4% of Global Copper Disappears Overnight | David Gower – Emerita Resources

Mining M&A: Gold X2 Acquires Kesselrun Resources

They Said Oil Was Dead. They Were Wrong. | Michael Judson – Record Resources

Recommended

Military Seizes Power in Madagascar After President Flees

Altamira Gold Hits 395.5 Metres Of 0.4 g/t Gold At Maria Bonita

Related News

Graph Blockchain Invests In LINK For Proof Of Stake Mining

Graph Blockchain (CSE: GBLC) issued a very brief press release this morning, revealing the final...

Thursday, April 8, 2021, 07:18:32 AM

Graph Blockchain Acquires Cardano For Proof Of Stake Mining

Graph Blockchain (CSE: GBLC) this morning announced that it placed capital into Cardano, a digital...

Tuesday, March 30, 2021, 07:25:02 AM

Graph Blockchain To Focus On Altcoin Mining Using Proof Of Stake

Graph Blockchain (CSE: GBLC) this morning announced that it will be leveraging proof of stake...

Thursday, February 25, 2021, 08:09:43 AM

Graph Blockchain Identifies Cardano, Polkdadot As First Altcoins For Staking

Graph Blockchain (TSXV: GBLC) has further outlined its altcoin cryptocurrency purchase and staking strategy. The...

Wednesday, March 10, 2021, 09:09:47 AM

Graph Blockchain Places Further $2.0 Million Into Altcoins For Proof Of Stake

Graph Blockchain (CSE: GBLC) this morning issued a brief news release, indicating that it has...

Tuesday, April 6, 2021, 07:30:43 AM