Looking Glass Labs' Subsidiary House of Kibaa Partners with Polygon Studios on NFTs, Scaling and Other Infrastructure Solutions

March 3, 2022

Under the Collaboration, House of Kibaa will Benefit from Polygon’s Scalability  for its P2E, Metaverse and NFT-Based Initiatives, as well as from Technical  Support, Cross-Promotional Opportunities and Other Potential Collaborative  Business Arrangements 

Vancouver, British Columbia – March 03, 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 that its flagship studio, House of Kibaa ("HoK"), has entered into  a collaborative arrangement (the “Collaboration”) with Polygon Studios, the NFT, gaming and metaverse  arm of Polygon (MATIC). The Polygon blockchain has developed an assortment of fin-tech solutions for  traditional finance as well as cryptocurrency and the blockchain. Polygon has become highly respected in  the blockchain ecosystem for its scaling and infrastructure solutions that have been adopted by more than  1,200 applications, with over 600 million total transactions processed, 60 million unique user addresses and  over USD 5 billion in assets secured. Recently, Polygon raised USD 450 million in a round of financing  that was led by Sequoia Capital India, thereby bringing its total market capitalization to approximately USD  12 billion, as of the date hereof, as it seeks to ambitiously broaden its portfolio of Ethereum scaling  solutions1.  

Under the Collaboration, HoK will benefit from technical and business support for all of its strategic pillars  including HoK, the GenZeroes NFT collection, the GenZeroes live-action series as well as HoK’s Project  Origin metaverse set to launch in 2022. Polygon Studios will also provide cross-promotional support for  HoK and its projects by identifying opportunities for other collaborations with Polygon Studios’ clients and  collaborators. Further, Polygon Studios has agreed to amplify HoK’s content by re-posting it on its social  media channels including the main Polygon Twitter account (Verified, with over 1.2 million followers).  

Polygon is an important scaling solution that works on top of the Ethereum blockchain, which has become  slow and expensive to use due to its popularity. Currently, the Ethereum blockchain can process about 14  transactions per second with each transaction costing approximately USD 25 or much higher at peak times.  However, Polygon makes things cheaper and faster by processing some transactions on its proprietary  proof-of-stake blockchain, otherwise known as a ‘Layer 2’ solution given that the Ethereum blockchain is  described as ‘Layer 1’. By comparison, Polygon states that it can process up to 65,000 transactions per  second with fees costing less than a fraction of a cent, plus network fees.2 Polygon boasts investors that  include Mark Cuban, Kevin O’Leary and many other high-profile investors. 

Thanks to Polygon’s scalable nature, lower fees, and faster transaction times, it has developed into the ideal  ecosystem for metaverse and gaming projects. With the ability to support a large number of users, projects  do not have to worry about gas wars or hefty gas fees when network traffic picks up. This is great for games  and metaverses that plan on supporting a robust number of users.  

Polygon recently launched Polygon Studios as an initiative dedicated to growing blockchain-based gaming  with NFT integrations on a global scale in order to bridge the gap between Web2 and Web3 ecosystems  through investment, marketing and developer support. In January of this year, video gaming and esports  icon Ryan Wyatt, commonly known by his "Fwiz" alias, resigned from his position as Head of Gaming at  YouTube to become Chief Executive Officer of Polygon Studios. Through relationships with collaborators  like Atari, OpenSea and Decentraland, Polygon Studios is strategically building its presence in the modern  digital media world, which is expected by LGL’s management to provide multiple advantages and  opportunities for HoK and the Company’s other assets.  

More information about Polygon can be accessed on its website at the following link: http://polygon.io  Management Commentary 

Dorian Banks, Chief Executive Officer of LGL said, “Establishing a formal collaboration with Polygon is  expected to create a number of exciting opportunities for our Company as digital media continues its rapid  shift towards NFTs and the metaverse in 2022. In the late 2010s, scalability issues plagued many  cryptocurrency and blockchain projects, which is a problem that Polygon sought to solve with its product  suite for efficiently scaling Ethereum applications. This is something that we intend to leverage when we  launch HoK's Project Origin metaverse this year, in addition to other offerings. Further, we believe there is  considerable value to be had from potential arrangements with Polygon's well-known collaborators in other  industries such as technology, entertainment, sports and video gaming. We look forward to working with  Polygon as our newest strategic ally in the blockchain space, with several noteworthy HoK launches set to  take place in the coming months.”  

Service Provider Engagement  

The Company also announces that it has engaged OGIB Corporate Bullletin ("OGIB"), an arm's length  party to the Company, to write and publish newsletters about the Company (collectively, the "Services")  for a 12-month period. The Company has agreed to pay to OGIB CAD 200,000 plus GST for the Services.  The compensation paid by the Company for the Services does not include securities or options to purchase  securities of the Company.  


Polygon Studios is the Gaming and NFT arm of Polygon focused on growing the global Blockchain Gaming  and NFT industry and bridging the gap between Web 2 and Web 3 through investment, marketing, and  developer support. The Polygon Studios ecosystem comprises highly loved games and NFT projects like  OpenSea, Upshot, Aavegotchi, Zed Run, Skyweaver by Horizon Games, Decentraland, Megacryptopolis,  Neon District, Cometh, and Decentral Games. If you’re a game developer, builder or NFT creator looking  to join the Polygon Studios ecosystem, get started here.  

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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 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 planned for the Development Division as referenced in this news release. 

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; and the availability of sufficient funding to carry out the  Company's business development plans. 

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, 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. 


1. “Polygon raises $450M from Sequoia Capital India, Softbank and Tiger Global,” TechCrunch,  accessed February 11, 2022, https://techcrunch.com/2022/02/07/polygon-raises-450m-from-sequoia capital-india-softbank-and-tiger-global/.  

2. "Polygon and Matic: What’s the Difference?," accessed March 1, 2022,