- iCandy Interactive (ICI) has signed an exclusive seven-year strategic partnership deal with Froyo Lab to develop and commercialise a series of Web 3.0 metaverse game titles and non-fungible tokens (NFTs)
- Under the agreement, iCandy will develop a series of Web 3.0 game titles for Froyo Games and create concept art, game art and IPs that Froyo Lab will use to convert into NFTs and commercialise on their platform
- It is envisaged that a minimum of nine NFTs or metaverse game titles and 12 series of NFTs will be commercialised and marketed by Froyo, with each NFT series having no less than 5,000 NFTs
- Froyo will share a portion of its revenue generated with iCandy which will be agreed on a project-by-project basis, however Froyo has guaranteed gross revenue of $4 million to iCandy for the commercial launch of its first concept art collaboration
- ICI shares are up 8.33 per cent, trading at 13 cents
Video game developer iCandy Interactive (ICI) has signed an exclusive seven-year strategic partnership deal with Froyo Lab to develop and commercialise a series of Web 3.0 metaverse games titles and non-fungible tokens (NFTs).
Froyo Lab is a tech start-up that has developed a decentralised Web 3.0 metaverse gaming platform Froyo Games, which received more than US$6 million (US$8.03 million) in seed funding.
Under the agreement, iCandy will develop a series of Web 3.0 game titles for Froyo Games and create concept art, game art and IPs that Froyo Lab will use to convert into NFTs and commercialise on their platform.
The Web3.0 and metaverse games will be made available through Froyo Games on multiple platforms including mobile and PCs.
It is envisaged that a minimum of nine NFTs or metaverse game titles and 12 series of NFTs will be commercialised and marketed by Froyo, with each NFT series having no less than 5,000 NFTs.
Froyo will share a portion of its revenue generated with iCandy which will be agreed on a project-by-project basis, however Froyo has guaranteed gross revenue of $4 million to iCandy for the commercial launch of its first concept art collaboration, “The League of Misfits”.
The partnership will be renewable annually by mutual consent after the initial seven years.
Through the partnership with Froyo, iCandy believes that it has now effectively added a distribution channel which is among the best-in-class to provide and distribute its metaverse themed game titles and its related IPs.
ICI shares were up 8.33 per cent, trading at 13 cents at 11:30am AEDT.