Metaverse Platform, InfiniteWorld, Going Public on Nasdaq; Owns $93 Million in Cryptocurrencies
Metaverse infrastructure platform for brands, InfiniteWorld has announced that it is going public via a Special Purpose Acquisition Company (SPAC), Aries, at a valuation of $700 million and will be listed on the Nasdaq under the ticker “JPG.”
Aries is a black check company that completed its $145 million IPO in May this year. Thane Ritchie, Chairman of Aries said,
“With up to $15 trillion of wealth expected to flow into digital assets over the next 10 years, we are witnessing the birth of a new global asset class and economic system with significant implications for brands aiming to capture mind and wallet share of consumers.”
InfiniteWorld provides the infrastructure to create digital assets and NFTs and engage with customers in the Metaverse. Its NFT architecture is built on top of the SUKU protocol and provides a secure transfer of ownership of digital assets.
Under this transaction, up to $171 million of cash will be provided to the combined company. The deal is expected to close in the first half of next year.
All of InfiniteWorld’s stockholders will roll 100% of their equity holdings into it, and they will represent 74.5% of the ownership of the combined company.
InfiniteWorld also owns cryptocurrencies valued at about $93 million.
It currently has 130 employees and has partnered with more than 75 brands, including Wintermute, GSR, Morgan Creek Digital, Coinvestors, Bill Shihara, among others. Recently, it combined with one of the key strategic partners, DreamView.
“Branded content will be king in the Metaverse,” said Nathaniel Hunter, Chief Operating Officer of InfiniteWorld.
The company is already creating digital content for leading brands like Amazon, Disney, Wayfair, Mattel, Target, Warner Brothers, Bleacher Report, and others.