The advent of Web3 technology will transform many online business models as we know them today. Looking Glass Labs emphasizes using NFT technology, gamified tokenization, immersive metaverses, and virtual asset royalty flows. Those four pillars will be crucial in establishing a free and decentralized internet.
The Progress To Date
Tackling the decentralized internet through NFT architecture is a long-term approach. The general populace has yet to warm up to Web3 and regain control of their data. Although earning rewards and using digital money is appealing, one cannot decentralize the internet without supporting infrastructure.
Looking Glass Labs aims to contribute to building that infrastructure and other crucial Web3 pillars. For instance, House of Kibaa, the leading brand under the Looking Glass Labs umbrella, has built a next-gen metaverse for 3D assets.
The release of digital assets by House of Kibaa attracted strong interest from investors and enthusiasts. One of its projects, called GenZeroes, sold out in 37 minutes and raised CA$ 6.2 million. Those proceeds will be used for the Looking Glass Labs vision, enabling the team to keep building the necessary infrastructure to onboard Web2 users. In addition, GenZeroes is subject to a 5% royalty flow from secondary market sales.
The vision of Looking Glass Labs is to solve some lingering issues affecting mainstream NFT adoption. Creating and purchasing non-fungible tokens remains a complex procedure. Furthermore, there need to be more applications that bring utility to an NFT. There isn’t sufficient appeal to bring novices and crypto-curious users over into NFTs except for monetary gain. Even then, those users are turned off by the many blockchains they must explore, the restrictive utility of NFTs, and the lack of transferring assets to a different chain without compromising functionality.
House of Kivaa has a solution in the works to address that issue. A new ecosystem is being built for 3D digital assets capable of retaining functionality and the ability to exist across various blockchain environments. In essence, it will unlock cross-chain NFT functionality, streamlining access and exploration of the non-fungible token industry. The Genesis NFT collection – spanning 809 NFTs – was sold in mid-2021 to exclusive private access to future House of Kivaa private sales, generating US$490,000 in initial sales. A total of US$305,000 was added through royalty sales.
Building An Immersive Future
The initial success of Looking Glass Labs and House of Kivaa pave the way for the next stage of the roadmap. That includes launching a GenZeroes live-action video series, funded entirely through the NFT collection and its secondary market activity. In addition, there was a sale for the GenX NFT collection – generating nearly US$6 million – which are tied to the GenZeroes lore.
Users who own a GenX NFT were granted access to the initial land sale, adding another US$2 million to Looking Glass Labs’ war chest. With the GenZeroes live-action concept in the works, all GenX NFTs gained broader utility, and LGL secured additional revenue streams. It is a solid example of how Looking Glass Labs brings top-tier NFT and Web3 solutions to businesses exploring the paradigm of a decentralized internet.
Other projects under the Looking Glass Labs banner include Overlords (a play-to-earn digital collectible card game) and Pocket Dimension (the native metaverse environment). The team will advance its metaverse products to a functional phase, allowing NFT and landholders to start staking their assets.
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