Bonanza Goldfields Corp (OTC: BONZ) is pleased to announce that it has signed a MOU to acquire 100% of Marvion™ Media Limited.
Marvion™ Media Limited is a metaverse blockchain technology company, unlocking, enhancing and preserving the value of media and entertainment intellectual property through blockchain and related technologies to create Hybrid NFTs. The company’s vision is to offer the ultimate artist and fan engagement, leveraging technology in both digital metaverse and physical experience realms. Marvion™ will be adopting their Hybrid NFT (h-NFT) format across all minted NFTs. The h-NFTs will undergo full know-your-client (KYC) and verification processes prior to Marvion™ acquiring the intellectual property. This is to ensure that only authentic and high quality NFTs are available on the platform.
Commenting on the business model, Julian So, interim CEO of Marvion™ Media Limited said, “Marvion™ is focused on addressing one of the key concerns facing NFT owners – intellectual property (IP) ownership. Many NFT investors we have engaged with are unaware that as an NFT owner, they do not own the underlying IP associated with the art work within the NFT smart contract. The IP actually continues to reside with the artist. What this means is that NFT owners have no right to take legal action against IP infringements. This is a critical issue that Marvion™ hopes to address through the Hybrid NFTs. This will disrupt the media and entertainment industry.”
Each h-NFT contains the following: (1) sales and purchase agreement for the purchase of the license, (2) evidence or representation of ownership of intellectual property, (3) transfer deed for the transfer of the relevant portion of the license to the h-NFT holder, (4) ownership title (to the licensing rights) written into the description and (5) the intangible asset.
With respect to the acquisition, Bonanza Goldfields Corp (BONZ), a company publicly traded in the OTC Markets, will eventually own 100% of Marvion™ Media Limited. When the acquisition is completed, Bonanza Goldfields Corp would be renamed to Marvion™ Media Limited, making it the world’s first h-NFT company to be listed in the United States. It is envisaged that such a move will increase the accessibility of metaverse and blockchain technology companies to mainstream retail investors, and the market will experience a further increase of high growth listed NFT companies to enable investors to diversity their blockchain related portfolio allocations.
Sharing his views on the acquisition, So commented, “We are very excited at this latest development. The growth of NFT has been skyrocketing in the last few months and we have seen very keen interest in what we are doing. I understand that some stakeholders and investors have some reservations, especially when NFT is such a new business model. To help address this, the company wanted to be listed in order to instil a high level of transparency and governance in this nascent industry.”
About Hybrid NFT (h-NFT)
A h-NFT is an integrated, best in class, smart contract that can execute a transaction and also contains the specific legal terms of the intellectual property ownership and license. Each Hybrid NFT (h-NFT) contains the following:
- 1. SPA for the purchase of the license.
- 2. Evidence of ownership of intellectual property.
- 3. Transfer Deed for the transfer of the relevant portion of the license to the h-NFT holder.
- 4. Ownership title (to the licensing rights) written into the description.
- 5. Image/video/music file depending on what the asset is.
About Bonanza Goldfields Corp
Bonanza Goldfields Corp (OTC: Bonz) was formerly a mineral exploration company based in Las Vegas, United States. The company primary business was to explore for gold and silver in properties located in the Goldfield, Tonopah and Comstock Mining Districts of Nevada, and the Chloride Mining District of Arizona.
About Marvion™ Media Limited
Marvion™ Media Limited is a metaverse blockchain technology company, unlocking, enhancing and preserving the value of media and entertainment intellectual property through blockchain and related technologies to create Hybrid NFTs. The company’s vision is to offer the ultimate artist and fan engagement, leveraging technology in both digital metaverse and physical experience realms. Marvion™ will be adopting their Hybrid NFT (h-NFT) format across all minted NFTs. The h-NFTs will undergo full know-your-client (KYC) and verification processes prior to Marvion™ acquiring the intellectual property. This is to ensure that only authentic and high quality NFTs are available on the platform.