Gaming platform

NFT Technologies to acquire Sherwa gaming platform – Gaming/esport

NFT Technologies has proposed the acquisition of Sherwa Online Services, a private company responsible for developing the Sherwa gaming platform.

Following the release of its gaming platform, Sherwa focused on creating unique Web3 applications and products to help Web2 gamers access Web3 P2E games.

In the past, Sherwa has partnered with big developers like Riot Games and Epic Games Store to provide better gaming experiences for their players.

NFT Technologies’ ability to deliver Web3 projects for blue-chip brands, along with Sherwa’s access to over one million gamers worldwide, will help the company achieve its long-term ambition to help to transform the gaming industry.

With the combined offering of NFT Technologies’ new gaming platform and the new addition of Sherwa’s player base, NFT Technologies will be better able to provide some of the biggest game studios with the ability to win fast. players by offering them competitive rewards.

NFT Technologies and the current shareholders of Sherwa entered into a binding letter of intent regarding the transaction on June 16, 2022, which is subject to several conditions to completion, including entering into a definitive agreement.

Upon closing of the transaction, NFT Technologies is expected to issue an aggregate of 2,500,000 common shares, issued on a pro rata basis to Sherwa shareholders in exchange for acquiring all issued and outstanding shares of Sherwa.

Under the terms of the agreement, NFT Technologies will assume Sherwa’s outstanding related party loans and expects to settle these loans at closing.

Wayne Lloyd, Executive Chairman of NFT Technologies, said that in play-to-earn (P2E) games, gamers are the most valuable asset and with this acquisition, NFT Technologies accesses over one million users. dedicated.

He said: “The bargaining power this gives NFT Technologies in partnerships and business discussions with play-to-win games cannot be quantified in words. We are extremely happy to bring these users into P2E.

“Exciting times to explore opportunities in the space with such a large number of players when we look at ecosystem leaders, like Axie infinity which have 300,000 monthly active users but have a fully diluted market cap of 4 .2 billion dollars.”

Luiz Persechini, CEO and Co-Founder of Sherwa, said, “The shift from Web2 gaming to Web3 gaming is extremely interesting and exciting for us. The NFT Technologies team is visionary and that is exactly what our team needs to grow our business. We have already worked with major game publishers like Riot and Epic Games and are excited to bring our relationships and expertise to this growing gaming trend.”

Last week, Epic Games announced that it would support P2E games on its platform of over 160 million users, as well as listing the first NFT game on the Sherwa platform, Grit.

This decision represents the strength of the P2E gaming space both in gaming generally and in crypto and highlights the direction in which the “microtransaction” economy is going: instead of simple transactions between players and game developers, transactions between players themselves are increasing – and developers are taking a cut.

Founded in 2018 by Luiz Persechini, André Gross and Pedro Vasconcellos, Sherwa is a startup created to develop smart solutions for the modern gamer, in a safe environment and with the necessary support to ensure gamer enjoyment. Based in Canada, the company is gamer-owned and gamer-focused. In April 2022, Sherwa reached the milestone of 1,000,000 downloads.