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CBI signs an agreement to acquire Xave World, a metaverse devoted to music
CBI signs an agreement to acquire Xave World, a metaverse devoted to music
Developed since 2020, Xave World offers a wide range of features and experiences: communities, NFT marketplace, concerts, recordings and a dedicated cryptocurrency
Xave World will become part of AlphaVerse, the CBI metaverse that already covers various genres and experiences around gaming, music and many other fields
With this acquisition, CBI is further strengthening its strategy in the world of music, as already illustrated by the United at Home and Rave Age universes
CRYPTO BLOCKCHAIN INDUSTRIES (CBI, Euronext Growth Paris: FR0014007LW0, ALCBI) is today announcing that it has signed an agreement to acquire Xave, a blockchain technology company based in Barcelona and Argentina that has been developing Xave World, a dedicated music metaverse, since 2020. With its own cryptocurrency (Xave Coin) and marketplace (Xave Market), the Xave World metaverse offers a range of entertainment and concert experiences, creation tools and various NFTs around music and artists.
Xave World Metaverse harnesses the blockchain to create innovative experiences around music. The universe has various technologies and tools available so that artists and content creators can create their own concerts, sell tickets and NFTs, and broadcast via streaming for instance, to develop and promote their communities. Looking beyond music as a vehicle for sharing and experiences, users will be able to monetize their own experiences and support the development of established or emerging artists.
Through this acquisition, Xave will become part of the Alphaverse, interconnecting all experiences around music, enabling all Alphaverse users to enjoy the shows and proposals for creators and artists launched by Xave. With music as its core focus for development, AlphaVerse aims to establish a dynamic approach through engagement and sharing between the various universes connected to the AlphaVerse hub.
The agreement signed today is based on a $500,000 payment (self financed) and the equivalent of $1,500,000 in CBI shares when it closes, and includes two earnouts. On the one hand, $1,000,000 of CBI shares submitted when additional features are delivered in the Xave universe, and on the other hand, up to $2,000,000 in cash and the equivalent of $5,000,000 in CBI shares subject to the Xave universe’s future profitability level. At each stage, the payments will be based on the market value of CBI shares. All of the CBI shares delivered are subject to holding commitments for six months, then one tenth will be freed up each month, while noting that their potential sale may not exceed 5% of the daily transaction volumes.
The Xave team, which is led by six executive producers, supported by an ecosystem of stakeholders and developers, will be able to share in the long-term success of the new combined structure through a bonus based on 15% of the cash generated through the Xave universe over the five years following its launch, scheduled for the fourth quarter of 2022. The finalization of this acquisition, following the review by a transfer auditor, is scheduled for August 15, 2022 at the latest. CBI will fund the cash section of this operation through its equity.
Xave World Metaverse has a decentralized economy using its own cryptocurrency - Xave Coin - which has been publicly traded on the Probit Global exchange since March 2022. Xave has created its own NFT marketplace, Xave Market, which operates as a digital store specialized in NFT sales. Xave has developed an innovative model that makes it possible to help fund artists, their work and their concerts, and be part of their success. The NFTs are not only digital assets, but also open up access to exclusive experiences directly with the artists (VIP passes for physical or virtual concerts, exclusive live streaming, unique and exclusive access to listen to new tracks, etc.). Users and artists will also be able to own part of Xave World’s open metaverse by purchasing their own plots of land and building personalized homes or spaces within Xave World. Each plot of land hides a secret, function or precious material, which owners will be able to discover and capitalize on.
Learn more at https://xave.world
Disclaimer:
The realisation of projects, as well as their operational budget and financing plan, remain fundamentally subject to uncertainties, and the non-realisation of the underlying assumptions may have a significant impact on the value of assets and liabilities.
About CBI
CRYPTO BLOCKCHAIN INDUSTRIES (“CBI”) is a French company that develops, operates and invests in video games, business applications and selected projects relating to the blockchain, non-fungible tokens (“NFTs”) and cryptocurrencies. Founded by Frédéric Chesnais, a renowned gaming industry entrepreneur and blockchain pioneer, CBI aims to develop and unlock value from a portfolio of blockchain activities across multiple industries (video games, finance, logistics, etc.) with a view to capitalizing on this technology, either directly or through partnerships. CBI has already made several investments and is currently developing AlphaVerse, a blockchain technology-based virtual world or metaverse that will be opening in summer 2022. CBI has been admitted to trading on the EI compartment (qualified investors) of the Euronext Growth Paris market since October 26, 2021. Learn more at www.cbicorp.io.
Contacts
CBI | Listing Sponsor | Financial Communications |
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