Looking Glass Labs Ltd. (“LGL” or the “Company”) (NEO: NFTX) (OTC: LGSLF) (FRA: H1N), a leading Web3 platform specializing in non-fungible token (“NFT“) architecture, immersive metaverse environments, play-to-earn tokenization and virtual asset royalty streams, is pleased to announce that it is to acquire 100% of Web 3.0 Holdings Corp. (“Web 3.0 Holdings“), a technology company that is addressing Business to Consumer (“B2C“) and Business to Business (“B2B“) infrastructure challenges within Web3 environments (the “Acquisition” or the “Agreement”).
Web 3.0 Holdings has aggregated a portfolio of retail-focused engagement and optimization assets, including crossover digital identity code scripts and digital distribution product frameworks. The Acquisition will allow LGL full access to Web 3.0 Holding’s proprietary retail technology platform.
LGL will pay the shareholders of Web 3.0 Holdings an aggregate of up to $3.15 million, payable in common shares of the Company, as per the Agreement, at a deemed price per common share equal to the closing price on the day prior to the Agreement date. Closing of the Acquisition is subject to final due diligence by LGL and NEO Exchange approval.. In connection with the share consideration issuance, LGL anticipates relying on Section 2.16 of the National Instrument – Prospectus Exemptions, also known as the take-over bid prospectus exemption. The Agreement will allow LGL to address particular infrastructure challenges within Web3 environments, related to its own projects, going forward. The use of both B2C and B2B digital commerce ecosystems, specifically in the Metaverse realm, can be beneficial, so addressing and tackling the challenges that both strategies propose, will provide solutions for LGL and its continued evolution of technology.
B2C refers to businesses that are focused on the needs and interests of its consumers. B2B refers to businesses that are focused on serving other businesses, instead of themselves. An example of B2B businesses includes software or manufacturing companies. The marketing strategies differ based on the classification of businesses. Research suggests that although B2C is the preferred commerce platform for Metaverse and Web3 companies, there are a number of uses B2B can play in the Web3 and Metaverse sector including brand collaborations, partner relationship development, incentivizing sharing and evangelizing, advertising in the metaverse, showcasing products, incentivizing engagement and use of brand products and services, rewarding shareholders, clients, and partners, prevalence of data-driven marketing and more.