CBI Announces Final Steps in Acquisition of Music Metaverse Xave World
Xave World will be part of AlphaVerse, CBI’s metaverse that already encompasses different genres and experiences around gaming, music and many other areas
Developed since 2020, Xave World offers a wide range of features and experiences: communities, NFT market, concerts, recordings and a special cryptocurrency
With this acquisition, CBI strengthens itself in the music world, with increasingly varied experiences in addition to partnerships with United at Home and Rave Age.
The purchase price is €1.0 million: €0.1 million in cash and €0.9 million paid in CBI shares to be issued, valued at €1.0 for each CBI share
CRYPTO BLOCKCHAIN INDUSTRIES (CBI, Euronext Growth Paris: FR0014007LW0, ALCBI) today announces that it has signed an agreement to acquire Xave, a blockchain technology company based in Barcelona and Argentina that has been developing Xave World since 2020, a metaverse devoted to music. With its own cryptocurrency (Xave Coin) and marketplace (Xave Market), the Xave World metaverse aims to provide a range of entertainment and concert experiences, creative tools and various NFT around music and artists.
This acquisition will strengthen CBI’s strategy in the music world, as already illustrated by the Universums United at Home and Rave Age. With this acquisition, Xave becomes part of AlphaVerse, which connects a variety of experiences around music. The goal of CBI is to provide the opportunity for all AlphaVerse users to enjoy the shows and proposals from creators and artists launched by Xave. With music as the development axis, AlphaVerse aims to establish a dynamic approach through engagement and sharing between the different universes connected to the AlphaVerse hub.
Xave World Metaverse uses blockchain to create innovative experiences around music and is developing its own NFT marketplace, Xave Market, which will function as a digital store specializing in the sale of NFTs. The universe will have various technologies and tools for artists and content creators to create their own concerts, sell tickets and NFTs and stream, for example, to grow and promote their communities. Users and artists can also own a portion of Xave World’s open metaverse by purchasing their own plots of land and building custom homes or spaces within Xave World. Each piece of land hides a secret, a function or a precious material, for the owners to discover and benefit from. NFTs are not only digital assets, but also provide access to exclusive experiences directly with the artists (VIP pass for physical or virtual concerts, exclusive live streaming, unique and exclusive access to listen to new titles, etc.). In addition to music as a means to share and experience experiences, users can monetize their own experiences and support the development of established or emerging artists. Xave World Metaverse has a decentralized economy using its own cryptocurrency: Xave Coin.
The acquisition of Xave takes place through the acquisition of 100% of the shares of Golive Entertainment Holding España, SL (“Golive”), a Spanish company that owns all of Xave’s rights and activities, including the Xave brand. After the signing, the Golive teams will remain the same and will be integrated into CBI.
The transaction involves the purchase of 100% of Golive for a price of €1,000,000, of which €900,000 is paid in CBI shares to be issued, each valued at €1.0, and €100,000 paid in stable corners. By May 31, 2023, Xave will have the option to exchange some of CBI’s stock for cash generated by the company. In addition, the CBI pays a surcharge to the sellers. This premium is determined by the future profitability of the Xave universe, with a formula that allows CBI to recoup its investment before making a payment. The Xave team will also be rewarded based on the level of profitability of the Xave business. Upon completion of the transaction, CBI will receive 3,250,000,000 Xave Coins. This equates to 65% of the total tokens issued, with the remainder allocated to the team with provisions for: lock up or sold through private and public sale.
It is recalled that the transaction initially provided for the purchase of the company and IT development activities for $2,000,000, with payment in stock and cash and clauses ofto deserve. After analysis, with the IT developments now being supported and funded by CBI, the parties have decided to terminate the initial transaction and review it as indicated above.
The opening of the Xave world is planned for the fall of 2023.
This transaction will be subject to the approval of CBI’s shareholders, who will decide on the issuance of the new shares, at a meeting to be convened as soon as possible. Closing of the transaction is expected to occur at the end of the 4th calendar quarter of 2022 / early 2023.
For more information visit: https://xave.world
The realization of projects, as well as their operating budget and financing plan, remain fundamentally subject to uncertainties, and failure to realize the underlying assumptions can have a significant impact on the value of assets and liabilities.
CRYPTO BLOCKCHAIN INDUSTRIES (“CBI”) is a French company that develops, operates and invests in video games, professional applications and selective projects related to blockchain, Non-Fungible Tokens (“NFTs”) and cryptocurrencies. Founded by Frédéric Chesnais, recognized entrepreneur in the video game industry and blockchain pioneer, CBI aims to develop and improve a portfolio of blockchain activities spanning different sectors (video games, finance, logistics, etc.) to take advantage from this technology, either directly or in partnership. CBI has already made several investments and is currently developing a virtual world (metaverse) AlphaVerse, based on blockchain technology, which will open in the summer of 2022. CBI shares (FR0014007LW0) have been admitted to trading on the E1 sub-fund (qualified investors) on the Euronext Growth Paris market since October 26, 2021. Learn more about www.cbicorp.io.