UA Multimedia Announces the Launch of its Beta NFT Marketplace
Company further expands into the multi-billion-dollar NFT market
IRVINE, CA, April 01, 2022 (GLOBE NEWSWIRE) -- UA Multimedia, Inc. (OTC Pink: UAMM), a technology company with a focus in blockchain, cryptocurrency, DeFi, NFT and metaverse, today announces the launching of its beta NFT marketplace further expanding its presence in the multi-billion-dollar NFT market.
The global NFT market has grown to $25 billion in 2021 and projected to reach $80 billion by 2025. Many companies have experienced fast growth in this space including the largest NFT marketplace, OpenSea, who saw its valuation rise to $13.3 billion based on its recent $300 million funding round.
The Company’s beta Gogi Marketplace () is a Binance Smart Chain digital marketplace that allows users to discover, buy and sell digital collectibles using BNB. The gas fees for transactions made on the Binance chain are a fraction of those on Ethereum.
One of the compelling reasons for the Company’s to build its platform for the Binance chain is its speed and low transaction cost. The low cost should encourage more users to adopt the concept of digital assets and collectibles thus pushing it further into the mainstream. Providing speeds four times that of Ethereum, BNB chain is more suitable for high volume transactions such as games as well.
Gogi Marketplace will gradually expand to accept listings in a wide range of categories such as art, music, watches, rare spirits, luxury goods, and even cars or real estate. Sellers can opt to sell either digital files or a combination of digital and physical items as an NFT.
The Company plans to expand the marketplace to support multi-chain transactions such as Ethereum and Solana in the future. This will allow users to transfer assets between chains thus allowing them to be accessible to various markets.
Adding to the crypto exchange GogiSwap, Gogi Marketplace is the second component in the Gogi ecosystem. The third component will involve solutions in the metaverse. The Company plans to create NFTs for the virtual world as well as building its presence in the metaverse such as Sandbox, Decentraland and soon to be available Bored Ape Yacht Club.
In addition to developing games, the Company has plans to develop e-commerce solutions for the metaverse using its marketplace and GOGI token to buy and sell virtual and physical goods. Users will eventually be able to use GogiSwap currency exchange service to convert other cryptos into BNB or GOGI to conduct transactions or participate in various games or events in the Company’s metaverse.
“The Gogi Marketplace launch marks the second milestone in our ecosystem initiative,” commented Michael Lajtay, CEO of UA Multimedia. “The growth potential in the NFT and metaverse market is enormous and we firmly believe that our expansion in this space will position us as a major player and a direct beneficiary of such growth.”
About UA Multimedia, Inc.
UA Multimedia, Inc. is a technology company with a focus in blockchain, cryptocurrency, decentralized finance (DeFi), non-fungible token (NFT) and metaverse. The Company’s mission is to offer products and services in these areas as well as seeking to acquire entities and assets that are in the same space.
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Forward Looking Statements:
This release contains forward-looking statements within the meaning of Section 27a of the Securities Act of 1933, as amended and section 21e of the Securities and Exchange Act of 1934, as amended. Those statements include the intent, belief or current expectations of the Company and its management team. Some or all of the events or results anticipated by these forward-looking statements may not occur. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors. Accomplishing the strategy described herein is significantly dependent upon numerous factors, many that are not in management's control. UA Multimedia, Inc. does not undertake any duty nor does it intend to update the results of these forward-looking statements.
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