Looking Glass Labs Receives Over CAD 2.5 Million in Metaverse Land Sale Proceeds

April 19, 2022

Fiscal Year to Date, the Company has Received the Equivalent of Over CAD 9.4  Million in Gross Proceeds From the Sale of its NFTs, Royalty and Consulting  Income  

Vancouver, British Columbia – April 19, 2022 / Cision / – Looking Glass Labs Ltd. (“LGL” or the  “Company”) (NEO: NFTX) (FRA: H1N), a leading Web3 platform specializing in non-fungible token  (“NFT”) architecture, immersive metaverse environments, play-to-earn tokenization and virtual asset  royalty streams, is pleased to announce initial results from its highly anticipated Land Sale conducted by  its flagship studio, House of Kibaa (“HoK”), that began on April 16, 2022 (the “Land Sale”). The Land  Sale consisted of four-acre parcels of virtual land (with each parcel being a “Pocket Dimension”) within a  consumer-focused area of its broader metaverse, codenamed “Project Origin” (the “Origin metaverse”).  

The Company reports gross proceeds totaling approximately CAD 2.59 million from the Land Sale, which  further validates the product-market fit of its premium NFT, metaverse and P2E offerings. LGL will earn  5% royalties from all secondary market re-sales of Pocket Dimensions on marketplaces such as OpenSea  and LooksRare. Fiscal year to date, the Company has received the equivalent of over CAD 9.40 million in  gross proceeds from the sale of its NFTs, royalty and consulting income. The sale of Pocket Dimensions  was the inaugural metaverse event for LGL. In the near future, HoK plans to sell other consumer-focused  metaverse assets as well as business-oriented dimensions as the Origin metaverse becomes ready for use.  All unsold Pocket Dimensions will be minted and reserved by HoK as inventory for future use or sale nearer  to or shortly after the alpha launch of the Origin metaverse.  

Management Commentary 

Dorian Banks, Chief Executive Officer of LGL said, “Generating gross proceeds of over $2.5 million for  LGL by HoK in one weekend is an exciting part of our business, as many community members purchased  the first of our digital metaverse assets ever to be offered for sale. In the near future, we are planning to  launch an innovative new NFT collection, the details of which are expected to be announced shortly.” Mr.  Banks added, “Pocket Dimensions are for the early adopters that are ready to take part in shaping the future  of social metaverse environments. We’ll be rolling out more details around the metaverse launch in the  coming weeks and stay tuned for announcements about the alpha launch as well.”  


Headquartered in Vancouver, British Columbia, Looking Glass Labs (“LGL”) is a Web3 platform  specializing in non-fungible token (“NFT”) architecture, immersive metaverse environments, play-to-earn 

tokenization and virtual asset royalty streams. 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. HoK plans to launch a hyper-realistic  metaverse built on the latest version of Unreal Engine in 2022.  


“Dorian Banks” 

Dorian Banks, Chief Executive Officer 

Twitter: @DorianBanks 

For further information, please contact:  

Dorian Banks  

Toll-Free: +1 833 LGL-NFTX (833-545-6389)  

Email: info@lgl.io 

Twitter: @LGL_io 

Forward-Looking Information 

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 development of the Project Origin metaverse, the integration of Pocket Dimension into the  Project Origin metaverse, enhancing features of Pocket Dimension from time to time, the Company's goal  to become the leading digital studio specializing in NFT architecture, immersive metaverse design and  virtual asset display monetization streams; intention to build out a portfolio of perpetual NFT royalty  streams through collaborations, accretive acquisitions and other arrangements, to potentially result in  consistent, de-risked and passive revenue; 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; and the ability of HOK to sell all or  substantially all of its offerings. 

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 consumers; 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 market, 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.