VANCOUVER, British Columbia, May 14, 2024 (GLOBE NEWSWIRE) -- Metasphere Labs
Inc. (formerly Looking Glass Labs Ltd., "Metasphere" or the "Company") (Cboe
Canada: LABZ) (OTC: LABZF) (FRA: H1N), a leader in metaverse and Web3
strategies, and Pure Sky Registry LLC ("Pure Sky"), an innovator in the Web3
Carbon Credit Registry, have finalized their partnership to integrate blockchain
technology into environmental sustainability efforts. Following the initial MOU
dated March 27, 2024 (https://www.globenewswire.com/news-
release/2024/03/27/2853605/0/en/Metasphere-Labs-Begins-Negotiations-to-
Spearhead-Integration-for-Pure-Sky-Registry-LLC-in-Landmark-Environmental-
Blockchain-Initiative.html), Metasphere will develop an MVP to fully integrate
Pure Sky's carbon credit registry and DAO operations.
Natasha Ingram, CEO of Metasphere, emphasized the project's role in advancing
blockchain for environmental benefits and global sustainability.
Marty Seymour, Managing Director of Pure Sky, noted, "This collaboration could
potentially revolutionize carbon credit management, enhancing platform
functionality and user experience. Digital ledger based carbon credit tracking
will be foundational to managing Scope 3 emissions tracking."
This initiative aims to transform the environmental sector by making carbon
credit transactions more transparent, secure, and efficient, aligning with the
trend of tokenizing real-world assets for better tracking and verifiability.
Many top industry leaders agree with this vision; for example, Larry Fink, CEO
of BlackRock, has highlighted on several occasions the transformative potential
of such tokenization and the significant economic opportunities in the carbon
economy, predicting that the world's first trillionaires will emerge from
climate change solutions(1).
The solution will be delivered to Pure Sky by July 1, 2024.
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(1) https://decrypt.co/116145/blackrock-ceo-says-next-generationmarkets-is-
tokenization
About Pure Sky Registry LLC:
Operating as a DAO on an Ethereum L2 blockchain, Pure Sky focuses on certifying
and tokenizing carbon credits to promote environmental sustainability through
participatory governance and smart contract utilization.
About Metasphere Labs:
Based in Vancouver, British Columbia, Metasphere Labs develops solutions for the
metaverse, DAOs, gamification, and Web3, addressing social challenges related to
climate change and aiming for a positive planetary impact.
For more information, contact Natasha Ingram, CEO, at info@metasphere.earth
(mailto:info@metasphere.earth).
Forward-Looking Information
This news release contains "forward-looking statements." Statements in this news
release that are not purely historical are forward-looking statements and
include any statements regarding beliefs, plans, expectations, or intentions
regarding the future. Such forward-looking statements include, among other
things, the development of an MVP to fully integrate Pure Sky's carbon credit
registry and DAO operations to advance blockchain for environmental benefits and
global sustainability, the delivery of the MVP to Pure Sky by July 1, 2024,
other open metaverse projects and the development of virtual world projects.
The material assumptions supporting these forward-looking statements include,
among others, that: the Company could mitigate the risks associated with the
blockchain and NFT industry; the ability to compete with other businesses in the
NFT, metaverse and blockchain markets; the availability of sufficient funding to
carry out the Company's business development plans; favourable market
conditions; and the market acceptance for its products.
Although management considers these assumptions to be reasonable based on
information currently available to it, they may prove to be incorrect. These
forward-looking statements are only predictions and involve known and unknown
risks, uncertainties and other factors, including: the continued growth and
adoption of NFT, metaverse and blockchain offerings; the cost of developing and
designing NFTs and metaverses is economically viable; the Company being able to
attract and retain a sufficient workforce with desired skillsets to develop the
Company's digital offerings; the availability of offerings provided by third-
parties in the NFT, metaverse development and online gaming market to identify
potential transactions; the increasing adoption of NFTs as a solution for
various online gaming, entertainment and collectible uses; the Company having
the ability to mitigate the risks associated with the blockchain and NFT
industry; and the ability to compete with other businesses in the NFT, metaverse
development, content creation and collectibles market.
Although management considers these assumptions to be reasonable based on
information currently available to it, they may prove to be incorrect. These
forward-looking statements are only predictions and involve known and unknown
risks, uncertainties and other factors, including: the risk that the Company's
offerings are not accepted by the consumer, the risk that other competitors may
offer similar digital offerings; the risk that there may be negative changes in
general economic and business conditions; the risk that the Company may have
negative operating cash flow and not enough capital to complete the development
of any of its technologies; the risk that the Company may not be able to obtain
additional financing as necessary; the risk that there may be increases in
capital and operating costs; the risk that the NFT technology may be subject to
fraud and other failures; the risk that there may be technological changes and
developments in the blockchain that make the NFT solutions obsolete; risks
relating to regulatory changes or actions which may impede the development or
operation of the blockchain solutions; the risk that other competitors may
release similar blockchain offerings; the potential future unviability of the
NFT market in general; the volatile cost of the amount of computational effort
required to execute specific operations on the blockchain, and other general
risks involved in the blockchain solutions.
Risks and uncertainties about the Company's business are more fully discussed in
the Company's disclosure materials, including its reports filed with the
Canadian securities regulators and which can be obtained from www.sedarplus.ca
(http://www.sedarplus.ca/).
Any of these risks may cause the Company's actual results, levels of activity,
performance or achievements to be materially different from any future results,
levels of activity, performance or achievements expressed or implied by these
forward-looking statements. Further, although the Company has attempted to
identify factors that could cause actual results, levels of activity,
performance or achievements to differ materially from those described in
forward-looking statements, there may be other factors that cause results,
levels of activity, performance or achievements not to be as anticipated,
estimated or intended. These forward-looking statements are made as of the date
of this news release, and the Company assumes no obligation to update the
forward-looking statements, or to update the reasons why actual results could
differ from those projected in the forward-looking statements, except as
required by applicable law, including the securities laws of the United States
and Canada. Although the Company believes that any beliefs, plans, expectations
and intentions contained in this news release are reasonable, there can be no
assurance that any such beliefs, plans, expectations or intentions will prove to
be accurate. The Company does not assume any liability for disclosure relating
to any other company mentioned herein.
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