Gaming development investment firm iCandy Interactive [ASX:ICI] is on the up today.
The small-cap holding company is trading 4.17% higher at the time of writing. This move has come on the back of news that the firm is exploring new avenues to draw in more players.
It seems that the metaverse will be the newest digital playground that iCandy looks to explore — working in tandem with a new partner to bring these ambitions to life.
Let’s take a look at the details…
Metaverse mania
Together with Froyo Lab, a developer of a Web 3.0 gaming platform, iCandy plans to release several metaverse games. On top of this, the first project is set to use a series of NFTs (non-fungible tokens) as well.
It’s clear that the pair are looking to capitalise on the strong popularity in this space at the moment. After all, we’ve seen plenty of hype and hyperbole around several other NFT projects.
With a stated term of seven years for this partnership, though, iCandy is clearly hoping for some longevity — a factor that we will have to wait and see pan out in the years to come.
Right now, though, this agreement has already locked in $4 million of guaranteed revenue.
As iCandy reports:
‘In developing the partnership with Froyo Lab, the iCandy management has conducted its independent due diligence on Froyo Lab. Froyo Lab has raised US$6million in funding from reputable institutional investors. iCandy management has spoken to multiple institutional investors that participated in the round of funding and confirmed the funding. In addition Froyo Lab has provided proof of funds to iCandy to show that they are in position to pay iCandy the sum of A$4million as minimum guarantee for the Misfit series. ICI is satisfied with the proof of funds provided by Froyo Lab.’
What’s next for iCandy?
With this deal now locked in, the focus for iCandy will turn to development. Indeed, as management notes themselves, their recent acquisition of Lemon Sky Studios has given them the talent and tools to kick off this metaverse pivot.
As for whether it will pay off more than it already has, time will tell.
For investors, though, it clearly presents an exciting and interesting opportunity.
If you’re looking for more metaverse stocks to pick from, there are plenty to choose from. In fact, our tech stock experts have found the best ways to jump on this trend right now. Including a number of Web 3.0 investments that could net you some big returns.
For all the details, and the names of these stocks, click here.
Regards,
Ryan Clarkson-Ledward,
For Money Morning
