Business
Future Fintech Enters into Strategic Cooperative Letter of Intent to Develop Metaverse Platform
NEW YORK, Dec. 1, 2021 /PRNewswire/ -- Future FinTech Group Inc. (NASDAQ: FTFT) ("hereinafter referred to as "Future FinTech", "FTFT" or "the Company"), a
About this update from Future Fintech Group Inc.
[{"type":"text","content":"NEW YORK, Dec. 1, 2021 /PRNewswire/ -- Future FinTech Group Inc. (NASDAQ: FTFT) (\"hereinafter referred to as \"Future FinTech\", \"FTFT\" or \"the Company\"), a leading blockchain-based e-commerce business and a fintech service provider, announced today that it signed a Strategic Cooperative Letter of Intent with Faya Digital Technology Co., Ltd. (\"Faya Digital\") to establish a metaverse research and operations platform. The metaverse is a combination of multiple elements of technology that encompasses virtual reality, online gaming and social media as well as a range of human activity where users can interact within a digital universe.\nFTFT and Faya Digital plan to establish the joint venture Future Metaverse (Chengdu) Co., Ltd. (\"Future Metaverse\") and will cooperate to develop a new underlying technology engine, HyperVerse Version 1.0, to run the platform. The two parties plan to initially develop 18 non-fungible token (\"NFT\") avatar products and three blockchain games. FTFT plans to leverage Faya Digital's resources such as the metaverse ecosystem project CITY (1.07 million dapp users), the blockchain game ecosystem project DO (570,000 active game users), etc., to contribute to the market development and future profitability of the HyperVerse Version 1.0 ecosystem platform. \nFaya Digital is a comprehensive R&D company dedicated to building a symbiosis of virtual reality and a new digital space by using blockchain, augmented reality, non-fungible token (\"NFT\") and other technologies. Faya Digital has successfully developed NFT avatar products such as 'Luckydoge', 'Violent Panda', 'Boring Ape Evolution', 'Binance Lion King' and other NFT products using HyperVerse, its metaverse technology engine. Faya Digital's products have been highly recommended by leading NFT platforms such as OpenSea and Binance.\nShanchun Huang, CEO of FTFT, said, \"We are excited to enter the metaverse sector where we foresee a myriad number of possibilities for consumer and business interactions in the Web 3.0 era. As the metaverse ecosystem is still in its initial stages, we see an immense opportunity to introduce a range of products and activities that have substantial value and that can generate future profitability. Towards that end, we plan to implement a clear strategic plan for Future Metaverse and deploy a top technical team to capit...