UA Multimedia, Inc., a technology holding company and solution provider in the areas of blockchain, cryptocurrency, decentralized finance (DeFi), NFT and metaverse, is pleased to provide business updates and outline its metaverse initiatives for the near term.
UA Multimedia is currently focusing on developing its business based on three main areas: DeFi, NFT and Metaverse.
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DeFi
During December 2021, the Company launched its first DeFi component, GogiSwap (https://gogiswap.com). GogiSwap is a decentralized permissionless cryptocurrency exchange. The platform connects to a network of major crypto exchanges worldwide to provide users with the needed liquidity for efficient trading. Users can securely trade between 250+ cryptocurrencies from 65+ blockchains.
Unlike centralized exchanges such as Coinbase, Binance or Kraken, GogiSwap is a non-custodian exchange and does not require users to provide personal information to open accounts. All transactions are made via the users’ own digital wallets, thus allowing them to be in full control of their funds.
The Company is currently monitoring the DEX’s usage and will offer the mobile versions as well as additional features – such as farming and staking – based on demand.
GOGI Utility Token
A Binance Smart Chain BEP20 token, GOGI, was launched last month as part of the ecosystem. GOGI can be obtained by airdrops, purchasing in the open market or earned via contests, community participation and conducting NFT transactions on the upcoming NFT marketplace.
GOGI is currently being traded at PancakeSwap, BakerySwap and dex.guru. Aside from these exchanges, GOGI token information can also be viewed at Blockspot.io. The Company anticipates listing its token on other exchanges and data sites, such as Coinmarketcap and Coinpaprika, in the near future.
NFT Marketplace
The Company has been working to complete the implementation and testing of its beta NFT marketplace. The launch is slightly behind schedule due to the technical issues related to switching from the Ethereum blockchain to Binance Smart Chain (BSC).
The Company chose to go with BSC to offer an alternative to the current issue of performance and high gas fees associated with the Ethereum blockchain. Based on demand, the marketplace may also be enhanced to allow transactions on the Ethereum blockchain as an additional option in the future.
The Company is also working on integrating the GOGI token into the marketplace. This will allow users to earn GOGI as rewards for all transactions made on the platform.
The marketplace is expected to be launched next week. The Company is currently looking for NFT creators to feature in its initial launch. All interested parties should contact the Company at [email protected].
In conjunction with the Company’s own marketplace effort, the Company will also produce and sell NFTs on other marketplaces.
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Metaverse
Metaverse is the next big technology frontier. Bloomberg predicted its potential revenues to reach $800B by 2024. As the next evolution of the internet, metaverse is the convergence of physical and digital realms. It will impact a wide range of areas ranging 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 scale up over time. Some of the initial areas will include virtual real estate and metaverse NFT objects. The Company is in discussions with potential partners to develop Play to Earn games as well as projects related to real estate, entertainment and commerce.
To grow externally, management is also sourcing for potential acquisition candidates in these areas. Additional details related to the projects will be provided as they move forward.
“This quarter marks the beginning of our rapid growth in the areas of DeFi, NFT and metaverse,” said Michael Lajtay, interim CEO of UA Multimedia. “The business potential in these areas is gigantic and we are poised to capitalize on it starting this month. We are very excited about the projects we have lined up for the near term and anxious to roll them out as soon as possible.”