Subject to the Findings of the Special Committee, the Company Preparing to Form a New Business UnitThrough Which it Will Deploy Resources to Focus on the use of ArtificialIntelligence to Advance its Web3, NFT and Metaverse Initiatives
Vancouver, British Columbia – January 4, 2023 / Cision / – Looking Glass Labs Ltd. (“LGL” or the “Company”) (NEO: NFTX) (AQSE: NFTX) (OTC: LGSLF) (FRA: H1N), a leading Web3 platform specializing in immersive metaverse environments, play-to-earn tokenization and blockchain monetization strategies, announces that based on the recent advances in artificial intelligence (“AI”) technologies including the development of ChatGPT by OpenAI, the Company has created a special committee (the “Special Committee”) to explore the opportunity set and consider its strategic merit for the formation of a new business unit. LGL has appointed Dorian Banks, Chief Executive Officer; Francis Rowe, Chief Financial Officer; and Lucas Russell, Independent Director to the Special Committee, with Mr. Banks being named as its inaugural Chairperson.
As previously announced, the Company successfully incorporated AI into its most recent Genesis Member NFT airdrop last month. LGL has identified its Pocket Dimension metaverse offering as the Company’s potential first use of ChatGPT technology. Based on the appeal of Pocket Dimension to users simultaneously located in various countries around the world, translating conversations instantly for maximum potential market penetration through the use of AI is significant and strongly preferable to the more onerous, costly and time-consuming traditional translation process.
A strength of OpenAI's language system is its ability to understand conversational nuances in a user’s inputs and output more conversational dialogue, as opposed to the more literal and less natural word-for-word translation technologies most commonly used today. Additionally, OpenAI’s technology is fast and translates in near real-time. Accordingly, the Special Committee has been tasked with assessing the formation of a new business unit to pursue not only LGL’s own translations but also the development and commercialization of a product or service to market to third parties.
“Assembling the Special Committee to assess the adoption of ChatGPT for LGL’s own applications as well as for third-party opportunities is an acknowledgement of the large potential of AI technology for Web3 uses. Seeing what OpenAI has developed and its motivation to make the use of AI universal and safe aligns with our goals and projects,” said Dorian Banks, Chief Executive Officer at LGL. “We are devoted to introducing, developing, and using evolving technologies for the benefit of our users and clients. We look forward to receiving the Special Committee’s findings and further understanding ChatGPT’s potential for our enterprise,” added Mr. Banks.
Understanding ChatGPT and OpenAI
ChatGPT is a chatbot launched by OpenAI, a research and deployment company dedicated to ensuring that the use of AI benefits all of humanity and directly builds safe and useful apps using its developed AI models. It was built on OpenAI’s GPT-3.5 large language models and includes both supervised and reinforcement learning techniques. ChatGPT is an AI-based technology that interacts in a conversational way. Its dialogue format makes it possible for ChatGPT to answer follow-up questions, admit its mistakes, challenge incorrect premises and reject inappropriate requests.
OpenAI has developed language translation models that have been trained on many different languages, including but not limited to English, Spanish, French, German, Chinese, Japanese, Korean, Russian, and Arabic. These models are able to translate between any two languages that they have been trained on, allowing for a wide range of language pairs. The performance of these models continues to improve as they are further trained on additional data, and they are able to handle a wide variety of languages and language pairs with a high degree of accuracy.
More information about OpenAI and its most recent development, ChatGPT, can be found by visiting the following URL: https://openai.com.
ABOUT LOOKING GLASS LABS
Headquartered in Vancouver, British Columbia, Looking Glass Labs (“LGL”) is a leading Web3 innovation platform specializing in consumer engagement applications to leverage immersive metaverse environments, play-to-earn tokenization and blockchain monetization strategies. Its leading brand, House of Kibaa (“HoK”), designs and curates a next generation metaverse for 3D assets, which allows functional art and collectibles to exist simultaneously across different NFT blockchain environments. HoK has successfully released digital assets to include GenZeroes, which sold out in just 37 minutes for total proceeds to LGL of CAD 6.2 million, in addition to a perpetual 5% royalty stream on secondary market sales.
On behalf of LOOKING GLASS LABS LTD.
Dorian Banks, Chief Executive Officer
This news release contains “forward-looking statements.” Statements in this news release that are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations, or intentions regarding the future. Such forward-looking statements include, among other things: the continued development of Pocket Dimension, development of immersive metaverse environments, play-to-earn tokenization and blockchain monetization strategies; pursuing partnerships to monetize blockchain and Web3 opportunities; and the near-term projects and future projects.
The material assumptions supporting these forward-looking statements include, among others, that: the Company could mitigate the risks associated with the blockchain and NFT industry; the ability to compete with other businesses in the NFT market; the availability of sufficient funding to carry out the Company's business development plans; favourable market conditions; the ability of HoK to sell all or substantially all of its product offerings; the market acceptance for its products; and the ability to use ChatGPT and OpenAI.
Although management considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect. These forward-looking statements are only predictions and involve known and unknown risks, uncertainties and other factors, including: the continued growth and adoption of NFT and metaverse offerings by the consumer market; the cost of developing and designing NFTs and metaverses is economically viable; the Company being able to attract and retain a sufficient workforce with desired skillsets to develop the Company's NFT and metaverse offerings; the availability of offerings provided by third-parties in the NFT, metaverse development and online gaming market to identify potential transactions; the increasing adoption of NFTs as a solution for various online gaming, entertainment and collectible uses; the Company having the ability to mitigate the risks associated with the blockchain and NFT industry; and the ability to compete with other businesses in the NFT, metaverse development, content creation and collectibles market.
Although management considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect. These forward-looking statements are only predictions and involve known and unknown risks, uncertainties and other factors, including: the risk that the Company's offerings are not accepted by the consumer, the risk that other competitors may offer similar digital offerings; the risk that there may be negative changes in general economic and business conditions; the risk that the Company may have negative operating cash flow and not enough capital to complete the development of any of its technologies; the risk that the Company may not be able to obtain additional financing as necessary; the risk that there may be increases in capital and operating costs; the risk that the NFT technology may be subject to fraud and other failures; the risk that there may be technological changes and developments in the blockchain that make the NFT solutions obsolete; risks relating to regulatory changes or actions which may impede the development or operation of the blockchain solutions; the risk that other competitors may release similar blockchain offerings; the potential future unviability of the NFT market in general; the volatile cost of the amount of computational effort required to execute specific operations on the blockchain, and other general risks involved in the blockchain solutions.
Risks and uncertainties about the Company’s business are more fully discussed in the Company’s disclosure materials, including its reports filed with the Canadian securities regulators and which can be obtained from www.sedar.com.
Any of these risks may cause the Company’s actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. Further, although the Company has attempted to identify factors that could cause actual results, levels of activity, performance or achievements to differ materially from those described in forward-looking statements, there may be other factors that cause results, levels of activity, performance or achievements not to be as anticipated, estimated or intended. These forward-looking statements are made as of the date of this news release, and the Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements, except as required by applicable law, including the securities laws of the United States and Canada. Although the Company believes that any beliefs, plans, expectations and intentions contained in this news release are reasonable, there can be no assurance that any such beliefs, plans, expectations or intentions will prove to be accurate. The Company does not assume any liability for disclosure relating to any other company mentioned herein.
SOURCE: LOOKING GLASS LABS LTD.