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The non-dilutive investment will see Polygon Studios provide funding for 50% of GameOn's ongoing product development costs in the burgeoning NFT space
VANCOUVER, B.C. & DUBAI, Dec. 2, 2021 /CNW/ -- GameOn Entertainment Technologies Inc. (CSE: GET) (OTCQB: GMETF), a leading game technology provider to media, sports and entertainment companies, is pleased today to announce a strategic partnership with Polygon ($MATIC) & Polygon Studios to build NFT-Based games on their Ethereum-based scaling platform. The deal will see Polygon Studios provide non-dilutive funding for 50% of GameOn's ongoing product development costs. GameOn's product team is spearheaded by Santi Jaramillo, former Head of Sports at Dapper Labs and creator of NBA Top Shot.
Polygon, a pioneering blockchain that has onboarded millions to the Web3 ecosystem, recently announced Polygon Studios and plans to commit USD$100 million to projects leading the transition to Web3. Investments include DraftKings, DeFine and now GameOn. MATIC, the native cryptocurrency of Polygon, recently outperformed Bitcoin and Ethereum. Blockchain-based game companies such as Forte have surpassed $1 billion valuations.
The Polygon blockchain boasts investors that include Mark Cuban, Kevin O'Leary and many other high-profile investors. GameOn continues to deepen its relationship with the lucrative Indian market that is nascent and primed for NFT and blockchain adoption, including a recent expanded partnership with entertainment super app MX Player, and a $6 million investment from its parent company, Times Internet.
The Polygon Studios investment allows GameOn to offer the full stack of capabilities from the creation, minting and selling of NFTs, to the game layers it already deploys for white label customers such as prediction and fantasy games, like the Chibi Dinos partnership. For GameOn shareholders, this collaboration provides an opportunity to participate in the upside of the burgeoning crypto and NFT spaces, while accelerating GameOn's product development in a non-dilutive manner.
"Leveraging Polygon's technology, GameOn continues to lean into blockchain and NFTs, bringing innovative gamification to the rapidly growing Web3 and metaverse economies," said Matt Bailey, GameOn CEO. "Through resource-driving partnerships and M&A, we'll continue to double down on being the one-stop shop for gamification, including NFT-based games."
"Polygon is dedicated to supporting companies that usher in the future of Web3," said Sandeep Nailwal, Polygon Co-Founder. "GameOn is one of the fastest-growing game technology providers in the blockchain space. We're excited to support their development of NFT-based games on Polygon."
On behalf of the Board of Directors:
Director & Chief Executive Officer
GameOn Entertainment Technologies Inc.
For more information:
Lambert & Co.
ABOUT GAMEON ENTERTAINMENT TECHNOLOGIES INC.
GameOn (CSE: GET) (OTCQB: GMETF) powers the biggest sports, media and entertainment companies with the most innovative white label game technologies. GameOn provides broadcasters, TV networks, streaming platforms, leagues, tournaments, sportsbooks and NFT projects with white label prediction games, fantasy games and NFT-based games. Since completing the Comcast NBCUniversal LIFT Labs Accelerator powered by Techstars in 2018, GameOn has secured revenue-generating partnerships with global companies including NBCUniversal, Bravo and MX Player.
GameOn has a dynamic and experienced management team led by CEO, Matt Bailey (Brooklyn Nets, Barclays Center), Chief Product Officer, Santiago Jaramillo (Dapper Labs, NBA Top Shot, EA Sports) and VP of Partnerships, Ryan Nowack (Madison Square Garden, New York Knicks, New York Rangers), as well as its Directors, J Moses (Take-Two Interactive), Shafin Tejani (Victory Square Technologies), Liz Schimel (Apple, Comcast, Meredith) and Carey Dillen (YYOGA, FIFA, IOC).
Polygon is the first well-structured, easy-to-use platform for Ethereum scaling and infrastructure development. Its core component is Polygon SDK, a modular, flexible framework that supports building and connecting Secured Chains like Optimistic Rollups, zkRollups, Validium, etc, and Standalone Chains like Polygon POS, designed for flexibility and independence. Polygon's scaling solutions have seen widespread adoption with 500+ Dapps, ~567M+ txns, and ~6M+ daily txns. If you're an Ethereum Developer, you're already a Polygon developer! Leverage Polygon's fast and secure txns for your Dapp, get started here.
ABOUT POLYGON STUDIOS
Polygon Studios is the Gaming and NFT arm of Polygon focused on growing the global Blockchain Gaming and NFT Industry and bridging the gap between Web 2 and Web 3 gaming through investment, marketing and developer support. The Polygon Studios ecosystem comprises highly loved games and NFT projects like OpenSea, Upshot, Aavegotchi, Zed Run, Skyweaver by Horizon Games, Decentraland, Megacryptopolis, Neon District, Cometh, and Decentral Games. If you're a game developer, builder or NFT creator looking to join the Polygon Studios ecosystem, get started here.
This news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking information") within the meaning of applicable securities laws. Forward-looking information is generally identifiable by use of the words "believes," "may," "plans," "will," "anticipates," "intends," "could," "estimates," "expects," "forecasts," "projects" and similar expressions, and the negative of such expressions. Forward-looking information in this news release include statements about GameOn's listing and commencement of trading on the CSE.
Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the Company's actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information. Forward-looking information is based on the reasonable assumptions, estimates, analysis and opinions of management made in light of its experience and perception of trends, current conditions and expected developments, and other factors that management believes are relevant and reasonable in the circumstances at the date such statements are made. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. All forward-looking information herein is qualified in its entirety by this cautionary statement, and GameOn disclaims any obligation to revise or update any such forward-looking information or to publicly announce the result of any revisions to any of the forward-looking information contained herein to reflect future results, events or developments, except as required by law.
Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
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SOURCE GameOn Entertainment Technologies Inc.
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