NextPlay Technologies, Inc. (NASDAQ: NXTP) (the “Company”), a digital business ecosystem for digital advertisers, consumers, video gamers and travelers, has partnered with Soma Innovation Lab and NFT Pro to launch NextPlay X Soma Labs, a design and innovation lab focused on developing non-fungible tokens (NFTs), social games, and Metaverse virtual worlds for major brands, creators, and agencies.
The joint venture will leverage Soma’s extended reality solutions, NFT Pro’s non-fungible token technology platform and in-game advertising, game development, crypto-banking, smart TV, travel booking engine and other NextPlay digital technologies to create foundational pathways to the Metaverse. This includes travel destinations, game worlds, museums, malls, shops, social clubs and more – all experienced in the metaverse.
Considered the next evolution of the internet, the Metaverse is an immersive online virtual world that integrates augmented reality, virtual reality, 3D holographic avatars, interactive video, and other means of digital communication and interaction. The Metaverse is a hyper-real alternate world in which you can coexist via a computer or television screen, or by using special glasses or goggles for a more immersive experience.
As a demonstration of this interconnected ecosystem, in a few weeks the company plans to launch Issue by Travel Magazine (“Issue”), an adventure travel portal that will offer inviting ramps into the metaverse. As an extension of NextPlay’s existing travel magazine, Issue will feature immersive content, XR showrooms, minigames, NFT offerings and more, all created by NextPlay X Soma Labs.
NextPlay’s technical teams will lead the lab’s development efforts, including conceptualization, character development and asset design, as well as building marketplaces offering NFT smart contracts.
Soma brings expertise in the production of virtual reality, augmented reality and mixed reality media to the joint effort, as well as the creation of film, game, television and music video content for global brands and agencies. of advertising from around the world.
In addition to creating metaverse spaces, the lab will provide end-to-end solutions for brands and advertisers to launch their own fully customizable, NFT-based experiences and marketplaces right on their website. NFT Pro will support the lab’s NFT digital asset offerings. NFTs can represent real-world objects like art, music, game elements, and videos, and are typically encoded with the same underlying technology as cryptocurrencies.
“NextPlay X Soma Labs will help shape and develop the rapidly evolving world of digital goods and tokens, as well as the emerging metaverse,” commented Karen Morgan, CMO of Soma Innovation Lab. “The importance for brands, designers and agencies to enter this space with high urgency was recently underlined with the renaming of Facebook to Meta and it highlighted the vast emerging opportunities of Global consumer engagement and monetization featured by the Metaverse.
“We believe that we are only at the beginning of a digital renaissance in the world of art and content creation,” Morgan continued. “We now have a unique opportunity to create a thriving ecosystem of brands, artists, collectors and curators who will help us create metacommunities at the intersection of culture and commerce. “
According to NextPlay Co-CEO Bill Kerby: “The metaverse is emerging as the next wave of consumer engagement beyond the Internet as we know it. It will allow people to build, buy, sell, play, collaborate and play together in real life Our new digital innovation and design lab is positioned to be at the forefront of the development of Metaverse spaces and multi-purpose opportunities. – points of contact for advertisers and brands.
“NextPlay X Soma Labs will live at the center of our digital ecosystem of games, crypto-banking, fintech, smart TV, travel, tourism and entertainment,” Kerby added. “We see him interconnecting these powerful segments of our business with the goal of generating new high-margin revenue streams. “
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