CBI enters into a strategic partnership agreement with Chain Games, publisher of skill-based and play-to-earn games
- Creation of virtual universes for skill-based and play-to-earn games in AlphaVerse, the CBI metaverse
- $2 million license fee to CBI
- Consulting contract in the blockchain universe
CRYPTO BLOCKCHAIN INDUSTRIES (CBI, Euronext Growth Paris: FR0014007LW0, ALCBI) announces that it has been received a number of strategic Partnership agreements with Chain Games, a publisher of skill games (games where players can pay entry fees to compete against other users for prizes based on their own performance) and play-to-earn games (games where a portion of earnings are allocated to players based on their respective tiers) Everyone on the blockchain. The agreements include several stages, the initial the creation of virtual universes dedicated to these games and the development of content in AlphaVerse, with a royalty of 2 million dollars get paid to CBI; a consulting contract for business development in the field of blockchaingiving Chain Games 1.5 million CBI shares; and various conditions enabling CBI to acquire a minor oneity participation in chain games by December 31, 2022.
The initial phase contemplated by these agreements is the development of skill-based and play-to-earn universes, games and content in AlphaVerse. Under the terms of the agreements, Chain Games will acquire a virtual space in the AlphaVerse hub. CBI has received a $2 million royalty paid in Chain Games tokens. This virtual space (arena) is located in the hub, the central point of AlphaVerse, and is accessible to all participants and gamers. This arena will be primarily dedicated to skill and play-to-earn games, as well as NFTs from the Chain Games catalogue. Chain Games will also develop its own universe dedicated to larger skill and play-to-earn games. This universe will be connected to the central AlphaVerse hub and will contain copyrighted content from Chain Games and licensed NFTs. In these virtual universes, revenue is split between CBI and Chain Games based on a formula set by the parties that takes into account player origins.
For the second phase of this venture, the parties have entered into a consulting agreement focused on business development. Chain Games will advise CBI, which intends to rely on Chain Games’ expertise and network to foster the development of its blockchain ecosystem. The 5-year action plan provides for the identification and organization of meetings with potential partners, in particular: development studios, marketing specialists and the creation of strategic alliances. For this consulting contract, Chain Games will be paid by receiving 1.5 million CBI shares and CRYSTAL token, AlphaVerse’s cryptocurrency.
For the final phase of this partnership, CBI has been granted an option to acquire up to 2.5% of Chain Games’ share capital based on a to-be-determined valuation of Chain Games, which will remain in place until December 31, 2022.
The agreements between the parties also envision various scenarios that may result in greater acquisition capacity using a similar formula and valuation, which is scheduled to remain in place until December 31, 2022, within the strict limits set by the contracts and subject to the available CBI resources.
Adam Barlam. Managing Director of Chain Games, said: “After seeing live demos and the amazing quality of their upcoming AlphaVerse, we knew we had to be a part of it and team up with the CBI team! Their metaverse is undoubtedly the most advanced we’ve seen, and we’re grateful to be included in it with Chain Games Arena and our very own Chain Games Island. The opportunity to engage users with this metaverse and the Chain Games platform is tremendous, and we’re excited to see how this will raise the stakes for immersive multiplayer experiences.”
Frederic Chesnais, President and CEO of CBIsaid, “I’m excited to bring CBI together with Chain Games and their talented team and make these strategic agreements to create new content for AlphaVerse. The skill-based and play-to-earn model of game development on the blockchain that allows players to compete within existing hit games, fighting games, but also single-player and car racing games, and has its place within AlphaVerse. These initiatives and the chosen business model also illustrate the new possibilities that the blockchain and the crypto ecosystem offer. These are initiatives that are of particular interest to us and our goal is to leverage this type of business model in other areas in the blockchain space.”
This statement contains forward-looking statements and assumptions and should not be construed as investment or other advice. The realization of projects as well as their operating and financing plan are fundamentally reserved numerous Uncertainties and non-compliance with underlying assumptions can have a significant impact on the value of assets and liabilities.
About chain games
Chain Games is a blockchain-integrated gaming network that enables decentralized skill games and competitions that offer play-to-win and play-to-earn titles and allow players to earn cryptocurrency for their efforts. Chain Games is developing a fully functional SDK (Software Development Kit) to help AAA studios and indie developers onboard into the blockchain gaming ecosystem, allowing them to seamlessly bring their current, past and future titles onto the blockchain and to pave the way for an ever-growing list of new titles on the platform. Chain Games is committed to bringing the blockchain gaming industry into the modern gaming era, and in the future we plan to offer real-money cash games, fantasy sports integration and other cutting-edge technologies to achieve our vision, Support platform and roadmap.
CRYPTO BLOCKCHAIN INDUSTRIES (“CBI”) is a French company that develops, operates and invests in video games, business applications and select projects related to blockchain, non-fungible tokens (“NFTs”) and cryptocurrencies. Founded by Frédéric Chesnais, a well-known entrepreneur in the video game industry and pioneer of blockchain, CBI aims to develop and improve a portfolio of blockchain activities, covering different sectors (video games, finance, logistics …) of these Technology, either through direct use or in partnership. CBI has already made several investments and is currently developing a virtual world (metaverse) AlphaVerse, based on blockchain technology, which will open in summer 2022. CBI shares (FR0014007LW0) have been admitted to listing on compartment E1 (qualified investors) of Euronext Paris Growth Market since October 26, 2021. More information at www.cbicorp.io.
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