IRVINE, CA, Aug. 05, 2022 (GLOBE NEWSWIRE) — UA Multimedia, Inc. (OTC: UAMM ), a technology holding company and solutions provider in blockchain, cryptocurrency, non-fungible token (NFT) and metaverse, is pleased to introduce its NFT -exchange platform and provide general business updates.
UA Multimedia has developed a platform that will allow owners of NFTs to list and exchange NFTs for other digital assets, including cryptocurrencies.
As the NFT market became more mature, the space saw an increasing number of blockchains offering their own version of NFTs. Most NFT marketplaces only accept a limited number of payment methods and thus limit transaction activities.
The recent downturn in the crypto market had significantly slowed down the amount of NFT and crypto trading volume across the board. The low liquidity meant that many NFT owners were unable to sell their digital assets.
To stimulate NFT and crypto trading activities, UA Multimedia will offer a service that will allow owners of NFTs to exchange their digital assets based on mutually agreed values. Not only can NFTs on one blockchain be exchanged for NFTs on another blockchain, they can also be exchanged for different cryptocurrencies. The company will act as an intermediary to facilitate the exchanges.
The company plans to launch a preliminary version of the platform later this month.
GogiSwap is a decentralized permissionless cryptocurrency exchange. The platform does not display any tokens. It is strictly connected to a network of major crypto exchanges worldwide to provide users with the best price discovery and liquidity for efficient trading.
Unlike centralized exchanges, GogiSwap is a wallet-agnostic and non-custodial platform that does not require users to deposit funds into their accounts. All transactions are done via the user’s own digital wallets, so they can have full control over their cryptos.
Due to fierce competition and weakness in the market, trading on the platform has been slow. The company expects to see increasing activities in the near future as it plans to use this platform to make assisted exchanges and support the NFT exchange service.
The company is developing a platform that will allow users to create media content and engage in social activities to earn reward tokens. The program is scheduled to be launched this quarter.
Gogi Marketplace is a Binance Smart Chain NFT marketplace. The platform allows users to create, list, buy and sell NFTs on the Binance chain at minimal transaction costs.
The company recently used the marketplace to create and send NFTs to its shareholders as shareholder rewards. Holders of NFTs are automatically entered into periodic draws for various prizes as well as a share of lottery winnings.
The company plans to use this platform and other on-chain marketplaces to offer future NFTs as well as to support NFT exchange services.
GOGI Utility Token
The company’s Binance Smart Chain BEP20 utility token, GOGI, has recently been sent to UA Multimedia’s shareholder as a reward. The token can also be earned by participating in or engaging in the company’s services and activities.
GOGI is currently traded on PancakeSwap, BakerySwap and dex.guru. Apart from these exchanges, the company plans to list the token on more exchanges once it has become more widespread.
Metaverse is the next big technology front. Bloomberg predicted its potential revenue to reach $800 billion by 2024. As the next evolution of the internet, the metaverse is the convergence of physical and digital realms. It will affect a wide range of areas ranging from social media to commerce, education, entertainment and gaming, to name a few.
The company plans to enter the metaverse market with small projects and gradually scale up over time.
Mergers and acquisitions
To grow faster, management is looking for potential acquisition candidates in the blockchain and crypto space. Further details related to this initiative will be provided as things materialize.
“The recent changes in the crypto space required us to reassess our business and direction going forward,” commented Michael Lajtay, CEO of UA Multimedia. “We are very excited about the current projects and their growth potential. We look forward to sharing more information as progress is made.”
About UA Multimedia, Inc.
UA Multimedia, Inc. is a technology holding company and solution provider focused on blockchain, cryptocurrency, NFT and metaverse. It is also a holding company that seeks to buy domestic and foreign units that are in the same area.
This release contains forward-looking statements pursuant to Section 27a of the Securities Act of 1933, as amended, and Section 21e of the Securities and Exchange Act of 1934, as amended. These statements include the intention, belief or current expectations of the Company and its management. Some or all of the events or results anticipated by these forward-looking statements may not occur. Potential investors are cautioned that such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors. Achieving the strategy described here is significantly dependent on a number of factors, many of which are not within management’s control. UA Multimedia, Inc. assumes no obligation and does not intend to update the results of these forward-looking statements.
UA Multimedia, Inc.