- Graph Blockchain has closed its acquisition of art-focused non-fungible tokens business New World Inc.
- The $6,000,000 purchase price was satisfied through the issuance of an aggregate of 46,153,846 units in the capital of Graph
- New World shareholders can earn additional bonus milestone-based payments
- New World is an augmented reality art-focused NFT company
- Graph Blockchain is a development company that provides high-performance blockchain solutions
- Graph Blockchain Inc. (GBLC) opened trading at C$0.06 per share
Graph Blockchain (GBLC) has closed its acquisition of art-focused non-fungible tokens business New World Inc.
NFT’s are unique files that live on a blockchain and are able to verify ownership of a work of digital art. Buyers get limited rights to display the digital artwork they represent, but they are also buying rights to a digital asset they may be able to resell later.
The $6,000,000 purchase price was satisfied through the issuance of an aggregate of 46,153,846 units in the capital of Graph, at a deemed price of $0.13 per unit. Each unit includes one common share and one common share purchase warrant. Each warrant allows the holder to acquire an additional common share of Graph Blockchain at an exercise price of $0.18 per share during the 24-month period following closing.
In addition, the shareholders of New World can earn additional bonus milestone-based payments of up to $13,000,000, based on achieving minimum net revenue of $1,500,000 as at the end of 2021, with a minimum net profit percentage of 25 per cent and achieving minimum net revenue of $6,000,000 as at the end of 2022 with a minimum net profit percentage of 50 per cent.
The shareholders of New World can also earn an additional 15,000,000 common shares of Graph Blockchain, based on New World entering into contractual relationships with a minimum of 100 artists by December 31, 2021.
“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,” said Paul Haber, Chief Executive Officer of Graph Blockchain.
“The attraction of NFT art is that it provides both artists and collectors entry to each other that did not exist 10 months ago. Previously obscure artists are seeing sales soar while amateur collectors grow their collections,” said Andrew Ryu, Chairman of the Company.
Mike Winkelmann, a US-based digital artist, recently sold an NFT photo piece entitled Everydays: the First 5000 Days for $69 million in March through Christie’s Auction House, becoming the third-highest price paid for a work done by an artist who is still alive.
New World is an augmented reality art-focused NFT company that allows creators, musicians, and celebrities to have access to an NFT distribution canvas to create and sell digital art. By selling digital art, artists are able to reach a broader market, and as a result of the blockchain, continue to benefit financially through economic participation in future sales.
New World has built this platform and has already signed such notable artists as Diogo Snow, who has produced numerous pieces for celebrity clients including Drake, and Fetty Wap, an American rapper, singer and songwriter.
Graph Blockchain gives investors exposure to the vast emerging market of cryptocurrencies with the significant technological disruption and potential gains altcoins represent.
Graph Blockchain Inc. (GBLC) opened trading at C$0.06 per share.
