NFT Investments disclosed its desire to buy Pluto Digital PLC, a crypto technology and venture firm, in a recent announcement.
The Publication by NFT Investments
Pluto Digital PLC (“Pluto”) is a crypto technology and venture business, whereas NFT Investments specializes in the market for non-fungible tokens. The two companies have signed a non-binding letter of intent (LOI) for the purchase of £96 million ($130 million).
However, because the Pluto Ventures division has invested extensively in NFTs and NFT games, the acquisition is expected to establish a big worldwide metaverse corporation and extend NFT Investments’ reach in the NFT industry.
Pluto stockholders will own 70.5 percent of the new company after the transaction, which will constitute a reverse takeover of NFT Investments. Jonathan Bixby, Executive Chairman of NFT Investments, commented on the current deal:
“We are very excited about the prospects of Pluto and NFT merging to create a large global metaverse company. This is a transformational deal that will provide us with the scale to expand and diversify our investment portfolio in a rapidly growing sector and thereby create long-term value for shareholders.”
Pluto has been collaborating with Maze Theory to create high-quality games that use token economics in order to make progress in the NFT and Metaverse areas. Pluto Digital formed Pluto V, a venture capital arm that has made investments in a variety of Web 3 initiatives and NFT assets during the previous year. The company secured a $40 million fund in March 2021, with Argo Blockchain, a London-listed bitcoin miner, as its principal investor.
The Expanding NFT Market
The rise in the NFT and Metaverse area over the last year has attracted investors and organizations looking to profit from this burgeoning industry. Projects like Axie Infinite, Decentraland, and The Sandbox have produced significant value using blockchain games or Play2Earn games.
While the NFT market is still in its infancy, 2021 was the strongest year on record for it. According to statistics from DappRadar, the market generated over $23 billion in trade volume, which was significantly more than the $100 million reported in 2020.
Furthermore, one of the industry’s most dominating marketplaces, OpenSea, has been valued at $10 billion by venture capital investors. Furthermore, the popularity of space has been bolstered by a huge number of celebrities and athletes hopping on the NFT bandwagon. According to a recent story, media behemoth Twitter has become the latest to join the expanding NFT fever.