The developer of infrastructure for metaverses and non-fungible token (NFT) InfiniteWorld will enter the Nasdaq stock exchange through a merger with a special purpose acquisition company (SPAC) Aries I Acquisition Corporation.
Thus, the estimated capitalization of the new company is $700 million. Securities will receive a JPG ticker. Moreover, the deal is scheduled to close in the first half of 2022.
Furthermore, InfiniteWorld shareholders will own approximately 74.5% of the combined company. Also, a maximum of 81% upon reaching certain share price benchmarks in the range of $15 to $25 per unit.
Accelerating the development and expanding partnerships with brands
According to the statement, this step will accelerate the development of the platform and expand partnerships with brands. InfiniteWorld helps the latter create and monetize digital assets and NFT, as well as interact with consumers and fans.
InfiniteWorld has collaborated with over 75 creators and brands. According to the company, it recently merged with strategic partner DreamView.
“With up to $15 trillion of wealth expected to flow into digital assets over the next 10 years, we are witnessing the birth of a new global asset class and economic system. InfiniteWorld’s unparalleled technology infrastructure underscores the transition of commerce to the digital world.” Thane Ritchie, Aries Chairman said in the statement.
Metaverse, GameFi, NFT and dApps
At the end of October, Facebook announced a large-scale rebranding and reorientation of the company to create its own metaverse. Against this background, the prices of tokens of projects from the GameFi and virtual worlds spheres have increased significantly.
Recall that earlier in November, the investment company Sfermion received $100 million to create a metaverse. “We created this fund based on the notion that NFTs are the trojan horse to crypto mass adoption and the next multi-trillion-dollar industry”. Said Andrew Steinwold, Managing partner of Sfermion.
For the same purpose, KuCoin crypto exchange launched a $100 million fund. Early-stage startups from emerging economies, primarily from Africa and South America, will receive funds. In addition to metaverses, the foundation focuses on supporting projects in the field of GameFi, NFT and dApps. Part of the funding will go to educational initiatives.