CBI announces the final steps in the acquisition of Xave World, a music metaverse
- Xave World will be part of AlphaVerse, CBI’s metaverse that already spans different genres and experiences around games, music and many other areas
- Developed since 2020, Xave World will offer a wide range of features and experiences: communities, NFT market, concerts, recordings and a dedicated cryptocurrency
- With this acquisition, CBI strengthens itself in the world of music 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) announces today that it has signed an agreement to acquire Xave, a blockchain technology company based in Barcelona and Argentina, which since 2020 has developed Xave World, a metaverse dedicated to music. With its own cryptocurrency (Xave Coin) and marketplace (Xave Market), the Xave World metaverse aims to offer a variety of entertainment and concert experiences, creative tools and various NFT around music and artists.
This acquisition will strengthen CBI’s strategy in the world of music, which is already illustrated by the United at Home and Rave Age universes. With this acquisition, Xave becomes part of AlphaVerse, which connects a number of different experiences around music. CBI’s goal is to offer all AlphaVerse users the opportunity to enjoy shows and suggestions from creators and artists launched by Xave. With music as the axis of development, AlphaVerse aims to establish a dynamic approach through engagement and sharing between the different universes connected to the AlphaVerse hub.
Xave World Metaverse leverages blockchain to create innovative experiences around music and is developing its own NFT marketplace, Xave Market, to function as a digital store specializing in the sale of NFTs. The universe will have different 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 will also be able to own part of Xave World’s open metaverse by purchasing their own plots and building custom houses or rooms within Xave World. Each piece of land hides a secret, a function or a precious material that the owners will be able to discover and take advantage of. NFTs are not only digital assets, but will also give access to exclusive experiences directly with the artists (VIP passes to physical or virtual concerts, exclusive live streaming, unique and exclusive access to listen to new titles, etc.). In addition to music as a tool for sharing and experiences, users will be able to monetize their own experiences and support the development of established or emerging artists. Xave World Metaverse has a decentralized economy that uses its own cryptocurrency: Xave Coin.
The acquisition of Xave is through the acquisition of 100% of the shares of Golive Entertainment Holding España, SL (“Golive”), a Spanish company that owns all Xave’s rights and business, including the Xave brand. After the signing, the Golive teams will remain the same and will be integrated into the CBI.
The transaction relates to the purchase of 100% of Golive at a price of €1,000,000, of which €900,000 paid up in CBI shares to be issued at a value of €1.0 each, and €100,000 paid up stable corners. By 31 May 2023 at the latest, Xave will have the option to exchange part of CBI’s shares for cash generated by the company. In addition, CBI will pay a surcharge to the sellers. This premium is contingent on the future profitability of the Xave universe with a formula that allows CBI to recoup its investment before any payment is made. 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 rest allocated to the team with provisions for unlock or sold through private and public sales.
It is recalled that the transaction initially included the purchase of the company and the IT development activities for USD 2,000,000 with payment in shares and cash as well as clauses ofearn out. After analysis, where the IT development is now supported and funded by CBI, the parties have decided to terminate and revise the original transaction as indicated above.
The opening of the world of Xave is planned for the fall of 2023.
This transaction will be subject to the approval of the shareholders of CBI, who will decide on the issue of the new shares at a meeting which will be convened as soon as possible. Closing of the transaction is expected to take place at the end of 4. calendar quarter of 2022 / early 2023.
For more information visit: https://xave.world
The realization of projects as well as their operating budget and their 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.
About the CBI
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, renowned entrepreneur in the video game industry and blockchain pioneer, CBI aims to develop and improve a portfolio of blockchain activities covering different sectors (video games, finance, logistics, etc.) to take advantage of 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) are admitted to trading in the E1 department (qualified investors) d. Euronext Growth Paris market since 26 October 2021. More information on www.cbicorp.io.
+33 1 53 65 68 68