LONDON, UK: NFT Investments has sold a 25% equity stake in Kodoku Studios, an innovative NFT-focused gaming company at the forefront of the exciting new NFT-gaming genre, acquired at a cost of £500,000.
Kodoku is a London, UK-based studio that is developing a platform called “The Pit”, which will enable players to wager their NFTs as well as offer a unique opportunity for other creators to host their own NFT arenas.
On 1 November it was announced that Pioneer Media Holdings Inc, an investment vehicle listed on London’s AQSE and the Canadian Securities Exchange, had entered into a non-binding letter of intent with Kodoku Studios to acquire 100 per cent of its issued capital (including the 25% stake owned by the Company) for a total consideration of CAD $8.85 million, to be satisfied by CAD $850,000 in cash and 8 million Pioneer shares valued at CAD $1 per share, distributed on a pro-rata basis to existing Kodoku shareholders.
Kodoku was wholly acquired by Pioneer on 30 November, as a result of which NFT has become a 3 per cent equity holder in Pioneer Media. Based on Pioneer’s closing share price of 101.5p on 2 December 2021, NFT’s holding of 2,000,000 shares is valued at £2.0 million. This, when combined with the CAD $212,500 (£125,000) the Company has received from Pioneer, delivers an approximately 4-fold return on its investment in Kodoku.
Jonathan Bixby, Executive Chairman of NFT Investments, said: “We are moving at high-speed to support the growth of a range of innovative businesses that are positioned to benefit from the long-term growth of the NFT market. This is also providing NFT with the opportunity to generate excellent returns on its investments as shown by the takeover of Kodoku. I look forward to supporting Kodoku’s growth in order to build further value in the business over the long term.”
Mike Edwards, a director of NFT Investments PLC is also the Executive Chairman of Pioneer and owns 13,011,000 shares representing 20.1 % of Pioneer.
NFT Investments plc is an investment company specialising in non-fungible tokens (“NFTs”) and is the first ever NFT vehicle to list in a major jurisdiction worldwide. The Company invests in a diversified portfolio of NFTs, cryptocurrency, and/or in companies or funds which have exposure to NFT or blockchain technology.
The Company’s leadership team have an extensive track record in the cryptocurrency sector and previously founded Argo Blockchain PLC, a global crypto miner. NFT Investments is headquartered in London, UK and its shares are listed on the Aquis Exchange Growth Market under the ticker symbol NFT. www.nftinvest.pro