NextPlay Completes Acquisitions of AI-Powered Game Development Platform and Crypto Asset Management Technology
NextPlay Technologies, Inc. has completed the previously announced acquisitions of artificial intelligence (AI) game development and crypto asset management technologies that further enhance its digital business ecosystem for digital advertisers, consumers, and video gamers.
The company acquired the assets, patents and video game development technology of Fighter Base Publishing, Inc. (FBP) along with its Make It Games™ (‘MIG’) brand. FBP’s proprietary AI animation tools enable game or film characters to animate themselves, and be more lifelike in appearance and behavior, saving producers time and money over traditional animation.
Fighter Base Publishing was founded by Mark Vange, who joined NextPlay as its chief technology officer in July of last year. Vange has authored more than 41 U.S. patents of breakthrough technologies, which have defined the video gaming industry. He earlier served as the chief technology officer of Electronic Arts Interactive (EAI) following EAI’s acquisition of a company he founded.
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“We see MIG’s AI technology enabling not only rapid game development, but also faster ad creation, advertising optimization, and richer metaverse experiences across our NextPlay ecosystem,” stated NextPlay co-CEO Nithinan ‘Jessie’ Boonyawattanapisut. “We believe that it will support faster product time-to-market and higher-margin digital asset monetization, as well as potentially generate licensing revenue from game and film studios, ad agencies and content creators.”
NextPlay secured the new crypto technology through the acquisition of the assets of Token IQ, Inc., an early innovator in digital asset management and smart compliant token technology that was also founded by Vange. Token IQ’s foundational IP employs a distributed ledger, like Ethereum or Stellar, to reconcile legal and regulatory requirements around digital assets, including Know Your Customer (KYC) challenges, anti-money laundering (AML) and shareholder rights enforcement. These factors represent the most common pain points currently affecting the crypto markets.
NextPlay plans to initially deploy the Token IQ technology through its NextBank International and Longroot Thailand subsidiaries, where it will be used to more effectively and securely serve our cryptocurrency customers. The technology is also available to license partners.
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Nithinan ‘Jessie’ Boonyawattanapisut, commented: “Given its powerful capabilities, we expect Token IQ technology to eventually become core to all of our products and services as we focus on delivering consumer-engaging products across multiple media channels. This ranges from our Longroot asset-based cryptocurrencies, digital insurance tokens, HotPlay in-game tokens, and to our future NextBank fintech services.”
The Token IQ acquisition also brings with it software development talent that will support the integration of the technology across NextPlay’s various digital platforms, as well as further the company’s Intellectual Property (‘IP’) development.
“We believe that the significant opportunity these acquisitions have brought to us greatly strengthens our global technology IP,” added Boonyawattanapisut. “These new technology platforms are expected to further accelerate our global initiatives, as we continue to transform NextPlay into a powerhouse in online advertising, interactive digital media, gaming, fintech, and the emerging metaverse.”
In January, the company reported record quarterly revenue of $4.2 million for its third fiscal quarter ended November 30, 2021, up 59% from the previous quarter, with gross margin expanding to 53.5% from 51.9%. Cash, cash equivalents and restricted cash totaled $21.4 million as of November 30, 2021.
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