Looking Glass Labs sells NFTs for $6.2m in 37 minutes

By Raffaele Redi

All 10,000 of HoK’s GenZeroes were sold and delivered to more than 3,000 wallets.

A picture of the House of Kiibaa NFT                                 
The House of Kiibaa NFT – Photo: houseofkibaa.com
                                

Looking Glass Labs Ltd (LG Labs) announced that its flagship studio for producing House of Kibaa (HoK) non-fungible-tokens (NFTs) recently conducted the sale of a class of NFTs known as GenZeroes in just 37 minutes.

All 10,000 of HoK’s GenZeroes were sold and delivered to more than 3,000 unique blockchain wallets for aggregate proceeds of approximately $6.2m, as LG Labs reported.

LG Labs said it intends to conduct a new drop of NFTs representing land assets in the forthcoming HoK metaverse shortly. The studio said it is entitled to collect 5% of the gross amount of all GenZeroes re-sold in the secondary market in perpetuity via a royalty provision encoded into each smart blockchain contract of all GenZeroes.

According to LG Labs, as of October 13, 2021, approximately $4,300,000 of GenZeroes, available on the OpenSea platform, have been re-sold in the secondary market, thereby earning the company an additional $215,000 in royalty revenue within weeks of the GenZeroes NFTs being offered to the market.

GenZeroes NFTs

As LG Labs explained, GenZeroes is a new multi-media franchise that is being developed in collaboration with several artists whose work experience includes projects for both the StarWars and Marvel franchises.

“All 10,000 GenZeroes sold in the drop were unique, three-dimensional avatars and each GenZero has varying attributes – for example, colours, background graphics and body characteristics,” stated the company.

“Due to the range of body parts and variety of attributes available, no duplicate avatar was created and therefore all GenZeroes are rare and valuable,” it added.

Dorian Banks, CEO of LG Labs, said: “In our drop, the 10,0000 GenZeroes proved so popular that countless aspiring HoK metaverse participants were unable to acquire a GenZero in the drop. Fortunately, the active re-sale market for GenZeroes has provided those people with the opportunity to become owners of GenZeroes.

“And thanks to blockchain technology, LG Labs can continue earning revenues in the form of 5% royalties from the sale of all GenZeroes in the secondary market, which is simply amazing.”

Further reading: Antony Hopkins film NFTs to return in November, says CEO

Further reading: OpenSea and CPR: How to avoid malicious NFTs

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