NFT Tech Announces Investment in Move to Earn (“M2E”) Project Walken to Lower Web3 Entry Barriers while Gamifying and Rewarding Physical Activity
VANCOUVER, British Columbia–(BUSINESS WIRE)–NFT Technologies Inc. (NEO: NFT | Frankfurt: 8LO) (“NFT Tech”), a leading technology company to mainstream decentralized ownership, NFTs and the metaverse for public markets, announced today its participation in the Move-to-Earn (M2E) project Walken.
M2E is a cultural phenomenon in the crypto space that began with projects like Sweatcoin and Pokémon Go. Walken is a Web3 lifestyle app that connects real-life activities with online gaming and crypto earning. Like all M2E games, the more users move, the more game currency they earn. The game’s tokens, WLKN, can either be reinvested into the game or cashed out.
“This sector is growing extremely quickly. One of the market leaders already has a market cap of over $6B US (STEPN) and people of all ages are still walking around collecting pokémon on Pokémon Go. That’s why we’re firm believers that this is a sector to further bring adoption to the crypto ecosystem. Whether you’re collecting pokémon or earning points on your Fitbit, a lot of people are already participating in move to earn without knowing it. We’re super excited to be participating in this project and expect the M2E sector to continue to grow,” said Wayne Lloyd, Executive Chairman of NFT Tech.
NFT Tech’s investment, along with NFT Tech consultant Adam De Cata’s experience in delivering merchandising and other deals to M2E projects, are set to play a key role in Walken’s success. In addition to bringing strategic partners to assist in the WLKN token launch, the relationship is facilitating Walken’s exploration into new protocols and trends and making important connections for the team to strengthen the existing ecosystem.
“We’re happy to welcome NFT Tech’s participation. Having a public company supporting us helps us stand out from the crowd. With NFT Tech’s crypto expertise, we see their involvement as something much bigger than a simple investment and expect to see further collaboration in the future,” said Alexei Kulevets, Co-Founder and CEO of Walken.
NFT Tech entered into an agreement with the team behind Walken on June 3, 2022. According to the agreement, NFT Tech will provide financial support for the Walken project and to collaborate with the creators by leveraging NFT Tech’s broad experience in cryptogaming and capital markets and providing advice on navigating M2E in the broader P2E and Web3 landscape.
A similar project, STEPN, an app built on Solana’s blockchain that rewards users for walking, jogging, or running outside, recorded over 650,000 monthly active users in May 2022. STEPN is earning up to $100 million every month, which is more than double the number for April, which was triple the figure for March. Approximately 30% of STEPN’s users come from outside of crypto, which highlights how M2E can onboard people to Web3 – a task that other applications have yet to achieve.
Walken is a Move-to-Earn mobile app built by a team that uses the movement detection capabilities of standard smartphones and wearable devices to capture the step counts of users, who are then rewarded with WLKN tokens for in-app game play and NFTs. Developed by the team behind Appyfurious and GetFit Apps, Walken is dedicated to linking gaming and crypto to a healthy, active lifestyle.
About NFT Tech
NFT Tech works to develop infrastructure, assets, real estate and IP in the metaverse, build and generate revenue from P2E and M2E games, and bring insights and benefits to the public markets. By bridging the gap between traditional capital markets and the Web3 space, NFT Tech is mainstreaming decentralized ownership, NFTs, and the metaverse. Current projects include founding the GOAT Guild and Fuku.
Cautionary Note on Forward-Looking Information
This press release contains certain forward-looking statements within the meaning of applicable securities laws with respect to the Company. These forward-looking statements generally are identified by words such as “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” and similar expressions. Forward-looking statements in this press release include statements relating to popularity and staying power of M2E games; benefits of investment in the Walken project; and the benefit to Walken through NFT Tech’s involvement in the project.. Although the Company believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward-looking statements and information because the Company can give no assurance that they will prove to be correct. Since forward-looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release including, without limitation, the risk factors described in the Prospectus. Readers are cautioned that the foregoing list of factors is not exhaustive. The forward-looking statements included in this news release are expressly qualified by this cautionary statement. The forward-looking statements and information contained in this news release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable laws.
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