West Lake Village, March 14, 2023 (GLOBE NEWSWIRE) -- Metaverse, Inc. (OTC: DEQI), a leading provider of product development and digital marketing services, today announced its acquisition of a 51% stake in Maharlika (Hainan) Culture & Art Domain Co., LTD, an innovate art asset management company.
Maharlika, headquartered in Hainan, China, offers third-party appraisal for paintings, antiques, and digital art assets. Additionally, the company provides clients with unparalleled assistance in collection, finance, display, exchange, restoration, and consulting for cultural relics and artworks.
Maharlika’s main specialty is leveraging NFTs (Non-Fungible Tokens) to facilitate art trade. NFTs are digital assets based on blockchain technology that can represent the ownership of artwork, music, video, and other digital works. They also provide new tools and opportunities for art institutions to establish the provenance of physical artwork and antiques.
Through the use of NFTs, Maharlika provides a more precise and transparent way of evaluating art. The authenticity, uniqueness, price history, and ownership of individual pieces can be ensured and tracked over time. The process of using NFTs for artwork includes authenticating and scanning an item, creating an NFT, appraising its value, and establishing historical provenance.
Provenance refers to the history of ownership and custody of an artwork. It documents the movement of a piece from its creation to the present day, including the names of previous owners, auction records, exhibition histories, and any other relevant information. In the art trade, provenance is essential as it helps establish an artwork's authenticity and value.
The acquisition of a majority stake in Maharlika aligns with Metaverse, Inc.'s mission to promote the development and innovation of blockchain technology in various industries, including asset management. It is also in line with the company's commitment to providing cutting-edge services for its customers by combining the physical and digital worlds.
With this acquisition, Metaverse, Inc. is set to become a leader in the Web3 industry, using advanced technology to offer reliable, impartial, and accurate services in the art sector. "We are excited about the acquisition of Maharlika and its groundbreaking use of NFTs for art evaluation," said David Davies, CEO of Metaverse, Inc. "This strategic move complements our existing business and strengthens our presence in the art market. We look forward to working with the talented team at Maharlika to bring more value to our customers."
About Metaverse, Inc.
Metaverse, Inc. is a provider of software development, digital marketing, branding and asset management services in the AI, social media, Web3, art, and augmented reality sectors. The Company also develops NFTs and virtual real estate products. Visit our website to learn more about our products and sign up for updates at:
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SOURCE: Metaverse, Inc.
