IRVINE, CA, Aug. 05, 2022 (GLOBE NEWSWIRE) — UA Multimedia, Inc. (OTC: UAMM), a technology holding company and solutions provider in the areas of blockchain, cryptocurrency, non-fungible tokens (NFT) and Metaverse, is pleased to introduce its NFT exchange platform and provide general business updates.
UA Multimedia has developed a platform that will allow NFT owners to list and exchange their NFTs for other digital assets, including cryptocurrencies.
As the NFT market has become more mature, the space has seen an increasing number of blockchains offering their own version of NFTs. Most NFT marketplaces only accept a limited number of payment methods, thus limiting transaction activities.
The recent downturn in the crypto market has significantly slowed NFT and crypto trading volume across the board. Low liquidity has prevented many NFT owners from selling their digital assets.
To boost NFT and crypto trading activities, UA Multimedia will offer a service that will allow NFT owners to trade their digital assets based on mutually agreed values. Not only can NFTs on one blockchain be exchanged for NFTs on another blockchain, but they can also be exchanged for various cryptocurrencies. The Company will act as an intermediary to facilitate the exchanges.
The company plans to launch a preview version of the platform later this month.
GogiSwap is a permissionless decentralized cryptocurrency exchange. The platform does not list any tokens. It strictly connects to a network of major crypto exchanges around the world to provide users with the best price discovery and liquidity for efficient trading.
Unlike centralized exchanges, GogiSwap is a wallet-independent and non-custodial platform that does not require users to deposit funds into their accounts. All transactions are made through the user’s own digital wallets, allowing them to have full control of their cryptos.
Due to fierce competition and a weak market, trading on the platform has been slow. The Company expects to see its business increase in the near future, as it plans to use this platform to perform assisted trading and to support the NFT exchange service.
The company is developing a platform that will allow users to create media content and engage in social activities to earn reward tokens. The app is expected to launch this quarter.
Gogi Marketplace is a Binance Smart Chain NFT marketplace. The platform allows users to mint, list, buy and sell NFTs on the Binance Chain at minimal transaction cost.
The company recently used the marketplace to create and distribute NFTs to its shareholders as shareholder rewards. Holders of NFTs are automatically entered into periodic raffles for various prizes as well as a share of lottery winnings.
The Company plans to use this platform and other marketplace channels to offer future NFTs as well as support NFT exchange services.
GOGI utility token
The company’s Binance Smart Chain BEP20 utility token, GOGI, was recently airdropped to UA Multimedia shareholder as a reward. The token can also be earned by participating or engaging with the Company’s services and activities.
GOGI is currently traded on PancakeSwap, BakerySwap and dex.guru. Besides these exchanges, the company plans to list the token on additional exchanges once it has been more widely distributed.
Metaverse is the next big technological frontier. Bloomberg predicted that its potential revenue would reach $800 billion by 2024. As the next evolution of the Internet, the metaverse is the convergence of physical and digital domains. This will impact a wide range of areas from social media to commerce, education, entertainment and gaming, to name a few.
The company plans to enter the metaverse market with small projects and gradually expand over time.
Merger and acquisition
To grow faster, management is looking for potential acquisition candidates in the blockchain and crypto space. Additional details related to this initiative will be provided as things materialize.
“Recent changes in the crypto space have forced us to reassess our business and our direction for the future,” commented Michael Lajtay, CEO of UA Multimedia. “We are very excited about the projects underway and their potential for growth. We look forward to sharing more information as progress is made.
About UA Multimedia, Inc.
UA Multimedia, Inc. is a technology holding company and solutions provider focused on blockchain, cryptocurrency, NFT and metaverse. It is also a holding company that seeks to acquire domestic and foreign entities that are in the same space.
This press 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. These statements include the current intention, belief or 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. Potential investors are cautioned that these 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 due to a variety of factors. The achievement of the strategy described here is significantly dependent on many factors, many of which are beyond management’s control. UA Multimedia, Inc. assumes no obligation and does not intend to update the results of any such forward-looking statements.
UA Multimedia, Inc.