GameOn Entertainment Technologies Inc. (GET:CSE; GMETF:OTC; 9E7:FSE) has partnered with immersive content creator, Tetavi, to create a never-before-seen, non-fungible-token (NFT) music discovery game. It’s GameOn’s largest contract so far.
The partnership between GameOn and Tetavi will let fans build their own “record label” via undiscovered artist NFTs.
The game will leverage GameOn’s underlying blockchain tech that gives users the ability to mint music-based NFTs that provide fans an opportunity to invest in the world’s upcoming and often undiscovered artists.
It works like this: You listen to an artist’s music, and if you like it, you can invest in them by purchasing NFTs; and then you receive royalties as that artist becomes more popular.
“You can make some serious money, if you're picking the right ones,” GameOn CEO Matt Bailey told Streetwise.
Bailey says GameOn’s booked revenue across 2022 and 2023 now totals more than $1 million with an expected gross profit of 80%, not including revenue-sharing arrangements.
He says that there are millions more in the revenue pipeline.
Expanding Footprint in NFT Ecosystem
Tetavi uses volumetric video technology and unique algorithms to make photorealistic digital content. Think of the best computer-generated effects you’ve seen in films — only better.
The company wants to connect people through creative self-expression in the latest virtual social networking spaces, Metaverse and Web3, a decentralized version of the Internet that’s governed by blockchain.
Through partnerships with Chibi Dinos, and now Tetavi, GameOn’s primary business is NFTs and the company wants to continue to expand its footprint in the NFT ecosystem.
“If we look at our books, 90% of revenue booked through 2023 is NFT games, because that's where the biggest revenue opportunity is. And we plan to tap into a few different ways to generate revenue through all of these partnerships,” Bailey explained.
GameOn generates revenue from these partnerships in different ways: upfront setup fees, monthly licensing fees, as well as shared revenue from the initial minting and secondary sales of NFTs.
Earlier this year, GameOn announced a partnership with Polygon and Polygon Studios
to build NFT-based games on Polygon’s scaling platform, which executes transactions using the Ethereum crypto currency and blockchain. Polygon has a $20 billion market cap.
The deal sees Polygon Studios provide non-dilutive funding for 50% of GameOn’s ongoing product development costs. GameOn’s product team is spearheaded by Santi Jaramillo, former Head of Sports at Dapper Labs and creator of NBA Top Shot.
“Polygon is a strategic partner and one of the world's biggest blockchains. We are building our NFT blockchain capabilities on Polygon. So as we're bringing on engineers or working with freelancers or agencies to help build out our blockchain capabilities on Polygon, they are covering half the cost of that with no dilution to the company,” Bailey told Streetwise.
Polygon has invested millions into the Web3 ecosystem and recently announced that Polygon Studios will commit $100 million to projects making the transition to Web3.
Some of the investments so far include Draftkings Inc. (DKNG:NASDAQ), DeFine, and now GameOn.
Blockchain-based gaming can be lucrative. One company, Forte, recently raised $185 million based on a post-money $1 billion valuation. The Polygon blockchain also boasts well-known investors such as Mark Cuban and Kevin O’Leary.
Despite a growing list of partnerships and business relationships, GameOn’s share price has lost more than half its value since September 2021. Bailey remains steadfast that the company is headed in the right direction.
“It's not a secret what's been going on in the market and the external factors. But everyone is comfortable with our business that has never been better,” Bailey said. “We need to just keep our heads down, focus on the business, and when investors come back to the to the micro-cap markets, we're going to be here with real revenue, fundamentals, and really good traction.”
GameOn trades in a 52-week range of $0.98 and $0.12 with about 63 million shares outstanding.
Disclosures:
1) Brian Sylvester compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. He or members of his household own securities of the following companies mentioned in the article: GameOn Entertainment Technologies Inc. He and members of his household are paid by the following companies mentioned in this article: None. His company has a financial relationship with the following companies referred to in this article: None.
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