HONG KONG, March 4, 2022 — Asian leading film production and distribution company National Arts Entertainment Group Holdings Limited ("National Arts" or the "Company"; with its subsidiaries referred as the "Group"; Stock Code: 8228.HK) announce the establishment of a joint venture (JV) company with the National Treasure Management Limited ("National Treasure"), a renowned artist management and entertainment programme production company, and First Bullion Holdings Inc. ("First Bullion") holding company of a digital exchange in the Philippines, to develop a virtual reality, a "dreams come true" experience.
The joint venture company will build a metaverse studio simulating National Arts’s Xiqiao Shan filmmaking studio, which is famous for the unique panoramic film shooting scenes such as National Palace Museum, Kowloon Walled City, the Hong Kong Street and Shanghai Street. Music concerts & contexts, talent quests, movie clips production are available at the metaverse studio, providing immersive online entertainment experiences to players.
Players would also enjoy online shopping at the virtual Shanghai Street malls backed by non-fungible token (NFT) via an e-commerce platform including on/off share payment gateways and goods delivery. For offline operation, the JV company will organize singing, acting, movie making and martial arts training for players to actualize the virtual experiences in reality.
Mr Chow Kai Weng, the Associate Chairman of the National Arts Group said, "Metaverse is the future of entertainment. As the first PRC film production company tapping into the metaverse, I am optimistic about the opportunity. We are open to expanding the virtual reality and even Metaverse businesses in the future. Our artist management will go hand in hand with the metaverse development. "
Mr Dennis Yu, the Executive Director of the National Treasure commented, "Bringing into blockchain and metaverse elements, we hope to redefine the entertainment industry with innovation. Metaverse studio will be a good chance to enhance the movies and music presentation, as well as the online-offline entertainment lifestyle to another level."
Mr Philip Tam Pak Yin, the Founder of First Bullion said, "To create the Metaverse Studio, we will bring together a critical mass of interconnected technologies, including virtual reality, artificial intelligence, augmented reality, blockchain, brain-computer interfaces, web 3.0, etc and the entertainment industry in the decentralized world. Our leading digital assets and STO exchange CryptoSX will fully support the Metaverse Studio to make it accessible and fun to all participants and users."
Under the Letter of Cooperation, the Group, First Bullion, and National Treasure will own 40%, 30% and 30% equity interest respectively in the JV company. Each of the party has right to appoint one director to the JV company. National Arts hopes to promote the GBA entertainment, online games and sales to the mass market through the metaverse studio. National Treasure will provide the design and arts direction for the virtual reality environment and virtual artists creation. First Bullion will support the blockchain technology related to the NFT e-commerce.
