Vancouver, British Columbia, August 11, 2023 – NFT Technologies Inc. (NEO: NFT | Frankfurt: 8LO | OTCQB: NFTFF) ("NFT Tech"), announced that it will be divesting its ownership stake in Run it Wild, a Web3 development studio and the concurrent departure of its current CEO, Adam De Cata.
The acquisition of Run it Wild (the "Acquisition") was initially announced on July 7, 2022, and completed on February 16, 2023, pursuant to a share purchase agreement. In connection with the Acquisition, NFT Tech issued 10,000,000 common shares to Adam De Cata in exchange for all the issued and outstanding shares of Run it Wild. The divestment process will see shares of NFT Tech returned to the Company and the shares of Run it Wild returned to Adam De Cata.
This pivotal move stems from the diverging visions in management on the direction of NFT Tech and the evolving dynamics of the creative digital landscape. Having actively shaped generative art with successful collaborations like the AO Metaverse and the 2023 U.S. Women’s Open, the company has identified the increasing importance of AI and generative technologies and a critical need for higher computational capabilities, which NFT Tech believes necessitates a proactive and robust response.
"NFT Tech has been shifting its focus on creating more fundamental technologies that enable generative AI for other organizations, including creative studios such as Run it Wild," explained the outgoing CEO, Adam De Cata. "This decision is driven by our commitment to maximize value creation with generative AI and the creative potential of Web3."
Despite the divestiture, NFT Tech believes that this refocusing sets both parties up for a highly collaborative working relationship. NFT Tech intends to work with Run it Wild on jointly-developed projects and is excited to partner with Run it Wild as the studio's primary technology for training its future generative AI models.
NFT Tech has recently announced a strategic partnership with GPTDAO, paving the way for generative AI developers and researchers to gain access to high-quality data while ensuring its integrity and ownership rights. The company is now responding to the market's need for deep learning cloud services and secure and substantial GPU computing power.
In conjunction with the divestment, Adam De Cata will be stepping down as CEO of NFT Tech. Adam was appointed CEO of NFT Tech on July 7, 2022, in connection with certain conditions relating to the Acquisition. NFT Tech's current Executive Chairman, Wayne Lloyd, will assume the role of interim CEO until a permanent replacement is appointed. Wayne’s history as Executive Chairman, extensive experience, and demonstrated leadership at NFT Tech and other technology companies will ensure a seamless transition as the company moves forward.
“We extend our heartfelt gratitude to Adam for his leadership, energy, and vision that have culminated in a series of successful Web3 activations under his guidance,” said Wayne Lloyd. “His unique blend of technological innovation and creative brilliance has not only shaped our past successes but promises a future filled with accolades and recognition for his work. As we bid farewell to Adam in his current role, we eagerly anticipate our continued collaboration, particularly around generative technologies. Together, we look forward to exploring new horizons and pioneering solutions that will enrich web3 activations for global brands and some of the world's most recognized intellectual properties.”
NFT Tech builds products that accelerate web3 adoption by infusing utility into digital assets. The company’s technology is designed to increase consumer engagement, enable digital asset ownership, and discover new business models, making NFT Tech a trusted partner to global brands across many industries, including sports, entertainment, and art. NFT Tech’s award-winning studio is the recipient of the first-ever Cannes Lion for an NFT Activation, of the most respected and well-known awards in the industry.
NFT Tech is publicly listed on the NEO exchange under the symbol NFT and on OCTQB under the symbol NFTFF. By bridging the gap between traditional capital markets and the web3 space, NFT Tech is mainstreaming the new era of the internet while bringing insights and benefits to the public markets.
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