CBI Enters Into A Strategic Partnership Agreement With Chain Games, Publisher of Skill-Based and Play-to-Earn Games
- Creation of virtual universes dedicated to Skill-Based and Play-to-Earn games in AlphaVerse, the CBI metaverse
- License fee of US$2 million to CBI
- Consulting agreement in the blockchain universe
CRYPTO BLOCKCHAIN INDUSTRIES (CBI, Euronext Growth Paris: FR0014007LW0, ALCBI) announces that it has entered into a series of strategic partnership agreements with Chain Games, a publisher of skill-based games (games in which players can pay entry fees to compete against other users for prizes based on their own performance) and play-to-earn games (games in which a portion of the revenue is allocated among players according to their respective levels) all on the blockchain. The agreements include several stages, the initial being the creation of virtual universes dedicated to these games and the development of content in AlphaVerse, with a license fee of $2 million to be paid to CBI; a consulting agreement aimed at business development in the field of blockchain, whereby Chain Games will receive 1.5 million CBI shares; and various terms allowing CBI to acquire a minority equity stake in Chain Games by December 31, 2022.
The initial stage contemplated by these agreements is the development of Skill-Based and Play-to-Earn universes, games and content in AlphaVerse. Under the terms of the agreements, Chain Games will acquire a virtual space in the AlphaVerse hub. CBI has received a license fee of $2 million, paid in Chain Games tokens. This virtual space (Arena) is located in the Hub, the central point of AlphaVerse, and is accessible to all participants and gamers. This Arena will be mainly dedicated to skill-based and play-to-earn games and NFTs from Chain Games' catalogue. Chain Games will also develop its own universe dedicated to larger skill-based and play-to-earn games. This universe will be linked to the central AlphaVerse hub and will include Chain Games proprietary content and licensed NFTs. In these virtual universes, revenues will be shared between CBI and Chain Games based upon a formula established by the parties which accounts for the origins of the players.
For the second stage of this venture, the parties have established a consulting arrangement focused on business development. Chain Games will provide consulting to CBI which intends to rely on Chain Games' expertise and network to foster the development of its blockchain ecosystem. The 5-year action plan contemplates the identification and organization of meetings with potential partners, in particular: development studios, marketing specialists, and the creation of strategic alliances. For this consulting contract, Chain Games will be paid by receiving 1.5 million CBI shares and CRYSTAL tokens, the cryptocurrency of AlphaVerse.
For the final stage of this partnership, CBI has been granted the option to acquire up to 2.5% of the share capital of Chain Games, based on a valuation of Chain Games to be defined, which will remain in place until December 31, 2022.
The agreements between the parties also provide for different scenarios that may give rise to greater acquisition capacity using a similar formula and valuation which is intended to remain in place until December 31, 2022, within the strict limits set by the contracts and depending on CBI's available resources.
Adam Barlam. CEO of Chain Games, said: “After seeing live demos and the amazing quality of their soon to be released AlphaVerse, we knew we had to be a part of it and join forces with the CBI team! Their metaverse is hands down the most advanced we have witnessed, and we are grateful to be included in it with the Chain Games Arena and our own Chain Games Island. The opportunity to onboard users into this metaverse and onto the Chain Games platform is massive, and we are excited for how this will raise the stakes in immersive multiplayer experiences.”
Frédéric Chesnais, Chairman and CEO of CBI, said: "I am delighted to partner CBI with Chain Games and its talented team, and to put in place these strategic agreements to create new content for AlphaVerse. The skill-based and play-to-earn model of game development on the blockchain, which allows players to compete against one another within existing hit games, combat games, but also single player and car racing games and has its place within AlphaVerse. These initiatives and the business model chosen also illustrate the new possibilities offered by the blockchain and the crypto ecosystem. These are initiatives that are of particular interest to us and our goal is to use this type of business model in other areas in the blockchain field."
This statement includes forward looking statements and assumptions and should not be viewed as providing any investment or other advice. The realization of projects, as well as their operational budget and financing plan, remain fundamentally subject to numerous uncertainties, and the non-realization of the underlying assumptions may have a significant impact on the value of assets and liabilities.
About Chain Games
Chain Games is a blockchain-integrated gaming network that allows for decentralized games of skill, contests offering play-to-win and play-to-earn titles, enabling gamers to earn cryptocurrency for their efforts. Chain Games is developing a full-featured SDK (Software Development Kit) to help onboard AAA studios and indie developers into the blockchain gaming ecosystem, allowing them to easily connect their current, previous, and future titles seamlessly into the blockchain, and paving the way for an ever-expanding slate of new titles on the platform. Chain Games is committed to transitioning the blockchain gaming industry into the modern gaming era, and future plans include offering real money cash-based games, fantasy sports integration, and other cutting-edge technology to help facilitate our vision, platform and roadmap.
CRYPTO BLOCKCHAIN INDUSTRIES ("CBI") is a French company that develops, operates and invests in video games, business applications and selective projects related to blockchain, Non-Fungible Tokens ("NFTs") and crypto-currencies. Founded by Frédéric Chesnais, a well-known entrepreneur in the video game industry and a pioneer in blockchain, CBI aims to develop and enhance a portfolio of blockchain activities covering various sectors (video games, finance, logistics...) to take advantage of this technology, either through direct exploitation or in partnership. CBI has already made several investments and is currently developing a virtual world (metaverse) AlphaVerse, based on blockchain technology, which will open in summer 2022. CBI's shares (FR0014007LW0) have been admitted to listing on compartment E1 (qualified investors) of the Euronext Growth Paris market since October 26, 2021. More information on www.cbicorp.io.
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