IRVINE, CA, Aug. 05, 2022 (GLOBE NEWSWIRE) -- UA Multimedia, Inc. (OTC: UAMM), a technology holding company and solution provider in the areas of blockchain, cryptocurrency, non-fungible token (NFT) and metaverse, is pleased to introduce its NFT swapping platform and to provide general business updates.
UA Multimedia has been developing a platform that will allow owners of NFTs to list and swap their NFTs for other digital assets, including cryptocurrencies.
As the NFT market became more mature, the space saw 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 had slowed the amount of NFT and crypto trading volume significantly across the board. The low liquidity resulted in many NFT owners unable to sell their digital assets.
To spur NFT and crypto trading activities, UA Multimedia will be offering a service that will allow owners of NFTs to swap their digital assets based on mutually agreed values. Not only NFTs on one blockchain can be swapped for NFTs on another blockchain, they can also be swapped for various cryptocurrencies. The Company will act as an intermediary to facilitate the exchanges.
The Company plans to launch a preliminary version of the platform later this month.
GogiSwap is a decentralized permissionless cryptocurrency exchange. The platform does not list any tokens. It strictly connects to a network of major crypto exchanges worldwide to provide users with the best price discovery and liquidity for efficient trading.
Unlike centralized exchanges, GogiSwap is a wallet-agnostic and non-custodial platform that does not require users to deposit funds into their accounts. All transactions are made via the user’s own digital wallets, thus allowing them to be in full control of their cryptos.
Due to stiff competition and weakness in the market, trading on the platform has been slow. The Company expects to see increasing activities in the near future as it plans to use this platform to make assisted exchanges and to support the NFT swapping service.
The Company is developing a platform that will allow users to create media contents and engage in social activities to earn rewards tokens. The application is scheduled 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 use the marketplace to mint and airdrop NFTs to its shareholders as shareholder rewards. Holders of the NFTs automatically get entered into periodic raffles for various prizes as well as a share of lottery winnings.
The Company plans to use this platform and other chain marketplaces to offer future NFTs as well as to support NFT swapping services.
GOGI Utility Token
The Company’s Binance Smart Chain BEP20 utility token, GOGI, has recently been airdropped to UA Multimedia’s shareholder as rewards. The token can also be earned by participating in or engaging with the Company’s services and activities.
GOGI is currently being traded at PancakeSwap, BakerySwap and dex.guru. Aside from these exchanges, the Company plans to list the token on additional exchanges once it has been more widely distributed.
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.
Merger and Acquisitions
To grow more rapidly, management is sourcing for potential acquisition candidates in the blockchain and crypto space. Additional details related to this initiative will be provided as things materialized.
“The recent changes in the crypto space required us to re-evaluate our business and direction going forward,” commented Michael Lajtay, CEO of UA Multimedia. “We are very excited about the current projects and their growth potential. We look forward to sharing more information as progress are made.”
About UA Multimedia, Inc.
UA Multimedia, Inc. is a technology holding company and solution provider with a focus on blockchain, cryptocurrency, NFT and metaverse. It is also a holding company seeking to acquire domestic and foreign entities who are in the same space.
Forward Looking Statements:
This 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. Those statements include the intent, belief or current 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. Prospective investors are cautioned that any such 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 as a result of various factors. Accomplishing the strategy described herein is significantly dependent upon numerous factors, many that are not in management's control. UA Multimedia, Inc. does not undertake any duty nor does it intend to update the results of these forward-looking statements.
UA Multimedia, Inc.