NextPlay Launches NextPlay X Soma Labs, an Innovation and Design Lab for Non-Fungible Tokens (NFTs), Social Games, and Metaverse Worlds

SUNRISE, FL, Nov. 17, 2021 (GLOBE NEWSWIRE) — via NewMediaWire — NextPlay Technologies, Inc. (NASDAQ: NXTP) (the “Company”), a digital business ecosystem for digital advertisers, consumers, video gamers and travelers, has teamed with Soma Innovation Lab and NFT Pro to launch NextPlay X Soma Labs, a digital design and innovation lab focused on developing non-fungible tokens (NFTs), social games and Metaverse virtual worlds for major brands, creators and agencies. 

The joint venture will leverage Soma’s extended reality solutions, NFT Pro’s non-fungible tokens technology platform and NextPlay’s proprietary in-game advertising, game development, crypto-banking, Connected TV, travel booking engine and other NextPlay digital technologies to build foundational pathways to the Metaverse. This includes travel destinations, game worlds, museums, shopping centers, stores, social clubs and more—all experienced in the Metaverse.

Heralded as the next evolution of the Internet, the Metaverse is an immersive online virtual world which incorporates augmented reality, virtual reality, 3D holographic avatars, interactive video and other means of digital communication and interaction. The Metaverse is a hyper-real alternative world that you can coexist in through a computer or television screen, or by using special glasses or goggles for a more immersive experience.

As a demonstration of this interconnected ecosystem, in a matter of a few weeks, the company expects to launch Issue by Travel Magazine (“Issue”), an adventure travel portal that will offer inviting onramps into the Metaverse. As an extension of NextPlay’s existing Travel Magazine, Issue will feature immersive content, XR showrooms, mini games, NFT offerings and more—all created by NextPlay X Soma Labs.

NextPlay’s technical teams will lead the lab’s development effort, including conceptualization, character development, and asset design, as well as the creation of marketplaces that offer NFT smart contracts.

Soma brings to the joint effort expertise in the production of virtual reality, augmented reality, and mixed reality media, as well as the creation of film, gaming, television, and music video content for global brands and advertising agencies worldwide.

In addition to creating metaverse spaces, the lab will provide end-to-end solutions for brands and advertisers to launch their own branded, fully customizable NFTs-powered experiences and marketplaces directly on their website.

NFT Pro will support the lab’s NFT digital asset offerings. NFTs can represent real-world objects like art, music, in-game items and videos, and are usually encoded with the same underlying technology as cryptocurrencies. 

“NextPlay X Soma Labs will help shape and grow the fast-evolving world of digital goods and tokens, and the emerging Metaverse,” commented Soma Innovation Lab’s CMO, Karen Morgan. “The importance of brands, creators and agencies to enter this space with elevated urgency was recently highlighted with the renaming of Facebook to Meta and it stated new focus on the vast emerging opportunities for global consumer engagement and monetization presented by the Metaverse.

“We believe we are at just the beginning of a digital renaissance in the worlds of art and content creation,” continued Morgan. “We now have a unique opportunity to build a flourishing ecosystem of brands, artists, collectors and curators who will help us build meta communities at the intersection of culture and commerce.”

According to NextPlay co-CEO, Bill Kerby: “The Metaverse is emerging as the next wave of consumer engagement beyond the Internet as we know it. It will enable people to build, buy, sell, perform, collaborate, and play together in real time like never before. Our new digital innovation and design lab is positioning to be at the forefront in developing Metaverse spaces and multi-touchpoint opportunities for advertisers and brands.

“NextPlay X Soma Labs will live at the center of our digital ecosystem of gaming, crypto-banking, fintech, Connected TV, travel and tourism, and entertainment,” added Kerby. “We see it interconnecting these powerful segments of our business with a goal to drive new high-margin revenue streams.”

To learn more about NextPlay X Soma Labs, contact Richard Marshall, director of corporate development of NextPlay Technologies, at +1 (954) 888-9779 or email richard.marshall@nextplaytechnologies.com  

About Soma Innovation Lab 

The Innovation Lab operates at the intersection of experiential marketing, content creation, technology, and commercial entertainment. Its studio produces end-to-end services for global brand campaigns and specializes in strategy, design, and production across next generation platforms. For more information, visit www.theinnovationlabla.com. 

About NFT Pro

NFT Pro™ is a Silicon Valley-based company founded by former Big 4 consultants. Since 2017, it has enabled premium brands to achieve increased revenue streams and consumer engagement by monetizing their digital identity through NFTs sold both as authentic collectibles and in-game items (i.e., skins). It provides its clients with the right enterprise-focused trifecta of technology, people, and process to align with their own corporate high standards. NFT Pro is already trusted by global brands such as: Lamborghini, Prada, Juventus, Atari, UC Berkeley, USC, and ELF.  For more information, visit nftpro.com. 

About NextPlay Technologies 

NextPlay Technologies, Inc. (Nasdaq: NXTP) is a technology solutions company offering games, in-game advertising, crypto-banking, connected TV and travel booking services to consumers and corporations within a growing worldwide digital ecosystem. NextPlay’s engaging products and services utilize innovative AdTech, Artificial Intelligence and Fintech solutions to leverage the strengths and channels of our existing and acquired technologies. For more information about NextPlay Technologies, visit www.nextplaytechnologies.com and follow us on Twitter @NextPlayTech and LinkedIn.

Forward-Looking Statements

This press release includes “forward-looking statements” within the meaning of, and within the safe harbor provided by the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements give our current expectations, opinions, belief or forecasts of future events and performance. A statement identified by the use of forward-looking words including “will,” “may,” “expects,” “projects,” “anticipates,” “plans,” “believes,” “estimate,” “should,” and certain of the other foregoing statements may be deemed forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, these statements involve risks and uncertainties that may cause actual future activities and results to be materially different from those suggested or described in this news release. Factors that may cause such a difference include risks and uncertainties including, and not limited to, our need for additional capital which may not be available on commercially acceptable terms, if at all, which raises questions about our ability to continue as a going concern; the fact that the COVID-19 pandemic has had, and is expected to continue to have, a significant material adverse impact on the travel industry and our business, operating results and liquidity; amounts owed to us by third parties which may not be paid timely, if at all; certain amounts we owe under outstanding indebtedness which are secured by substantially all of our assets and penalties we may incur in connection therewith; the fact that we have significant indebtedness, which could adversely affect our business and financial condition; our revenues and results of operations being subject to the ability of our distributors and partners to integrate our alternative lodging rental (ALR) properties with their websites, and the timing of such integrations; uncertainty and illiquidity in credit and capital markets which may impair our ability to obtain credit and financing on acceptable terms and may adversely affect the financial strength of our business partners; the officers and directors of the Company have the ability to exercise significant influence over the Company; stockholders may be diluted significantly through our efforts to obtain financing, satisfy obligations and complete acquisitions through the issuance of additional shares of our common or preferred stock; if we are unable to adapt to changes in technology, our business could be harmed; our travel business depends substantially on property owners and managers renewing their listings; if we do not adequately protect our intellectual property, our ability to compete could be impaired; our long-term success depends, in part, on our ability to expand our property owner, manager and traveler bases outside of the United States and, as a result, our business is susceptible to risks associated with international operations; unfavorable changes in, or interpretations of, government regulations or taxation of the evolving ALR, Internet and e-commerce industries which could harm our operating results; risks associated with the operations of, the business of, and the regulation of, Longroot and NextBank International (formerly IFEB); the market in which we participate being highly competitive, and because of that we may be unable to compete successfully with our current or future competitors; our potential inability to adapt to changes in technology, which could harm our business; the volatility of our stock price; the fact that we may be subject to liability for the activities of our property owners and managers, which could harm our reputation and increase our operating costs; and that we have incurred significant losses to date and require additional capital which may not be available on commercially acceptable terms, if at all. More information about the risks and uncertainties faced by NextPlay are detailed from time to time in NextPlay’s periodic reports filed with the SEC, including its most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, under the headings “Risk Factors”. These reports are available at www.sec.gov. Other unknown or unpredictable factors also could have material adverse effects on the Company’s future results and/or could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements. Investors are cautioned that any forward-looking statements are not guarantees of future performance and actual results or developments may differ materially from those projected. The forward-looking statements in this press release are made only as of the date hereof. The Company takes no obligation to update or correct its own forward-looking statements, except as required by law, or those prepared by third parties that are not paid for by the Company. If we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements.

SOURCE: NextPlay Technologies, Inc

Company Contacts:

Richard Marshall

Director of Corporate Development

NextPlay Technologies, Inc

Tel (954) 888-9779

Email: richard.marshall@nextplaytechnologies.com

Karen Morgan

Co-Founder | CMO

Soma Innovation Lab

Tel (310) 936-8481

Email: karen@soma365.com