Future Fintech Enters into Strategic Cooperative Letter of Intent to Develop Metaverse Platform

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Dec 01, 2021, 07:00 ET

NEW YORK, Dec. 1, 2021 /PRNewswire/ -- Future FinTech Group Inc. (NASDAQ: FTFT) ("hereinafter referred to as "Future FinTech", "FTFT" or "the Company"), a leading blockchain-based e-commerce business and a fintech service provider, announced today that it signed a Strategic Cooperative Letter of Intent with Faya Digital Technology Co., Ltd. ("Faya Digital") to establish a metaverse research and operations platform. The metaverse is a combination of multiple elements of technology that encompasses virtual reality, online gaming and social media as well as a range of human activity where users can interact within a digital universe.

FTFT and Faya Digital plan to establish the joint venture Future Metaverse (Chengdu) Co., Ltd. ("Future Metaverse") and will cooperate to develop a new underlying technology engine, HyperVerse Version 1.0, to run the platform. The two parties plan to initially develop 18 non-fungible token ("NFT") avatar products and three blockchain games. FTFT plans to leverage Faya Digital's resources such as the metaverse ecosystem project CITY (1.07 million dapp users), the blockchain game ecosystem project DO (570,000 active game users), etc., to contribute to the market development and future profitability of the HyperVerse Version 1.0 ecosystem platform.

Faya Digital is a comprehensive R&D company dedicated to building a symbiosis of virtual reality and a new digital space by using blockchain, augmented reality, non-fungible token ("NFT") and other technologies. Faya Digital has successfully developed NFT avatar products such as 'Luckydoge', 'Violent Panda', 'Boring Ape Evolution', 'Binance Lion King' and other NFT products using HyperVerse, its metaverse technology engine. Faya Digital's products have been highly recommended by leading NFT platforms such as OpenSea and Binance.

Shanchun Huang, CEO of FTFT, said, "We are excited to enter the metaverse sector where we foresee a myriad number of possibilities for consumer and business interactions in the Web 3.0 era. As the metaverse ecosystem is still in its initial stages, we see an immense opportunity to introduce a range of products and activities that have substantial value and that can generate future profitability. Towards that end, we plan to implement a clear strategic plan for Future Metaverse and deploy a top technical team to capitalize upon the prospects in this growing but still nascent sector. We plan to utilize our business, marketing and deep technical capabilities to achieve premier positioning in the global metaverse world."

Jie Liu, CEO of Faya Digital, said, "Leading global technology companies have begun to enter and expand the metaverse based on their capabilities and business objectives. The main direction of the metaverse is divided into graphics processing unit technologies, underlying platform systems, cloud computing, artificial intelligence, gaming, VR/AR equipment and software. Based on our in-depth research and knowledge of the metaverse, Faya Digital will work with FTFT to integrate high-quality project resources in software, service, and application sectors to build a compelling metaverse ecosystem."

About Future FinTech Group Inc.

Future FinTech Group Inc. ("Future FinTech", "FTFT" or the "Company") is a leading blockchain e-commerce company and a service provider for financial technology incorporated in Florida. The Company's operations include a blockchain-based online shopping mall platform, Chain Cloud Mall ("CCM"), an incubator for blockchain based application projects, and supply chain financing and services. The Company is also engaged in the development of blockchain based e-Commerce technology as well as financial technology. For more information, please visit http:/www.ftft.com/.

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SOURCE Future FinTech Group Inc.