Looking Glass Labs says House of Kibaa incorporates AI into next NFT airdrop; posts Q1 results

Looking Glass Labs says House of Kibaa incorporates AI into next NFT airdrop; posts Q1 results

Looking Glass Labs (LGL) announced that its wholly-owned subsidiary, House of Kibaa (HoK), has incorporated artificial intelligence (AI) into its next Genesis Member NFT airdrop.

Beginning on December 14, 2022, the airdrop will feature digital assets with imagery that was generated using AI, guided by HoK’s creative direction. Over 900 digital assets featuring nine different designs are being planned to be distributed to over 800 Genesis memberships, the company said.

The Genesis Membership enables holders first access to purchase HoK and HoK partner NFTs, receive new digital assets at no cost through periodic airdrops and access to a membership-only Genesis Moon metaverse land.

READ: Looking Glass Labs set to deploy metaverse experiences for brand activations via corporate clients and creator partners

A proprietary AI program was utilized by the company to produce various designs that were overseen by HoK’s graphic artists for the digital assets. The graphic artists used detailed text phrases as inputs into the AI program, thereby generating the initial unique image concepts. The images were then fine-tuned by the HoK creative team with further phraseology to create the final realistic and high-definition character images.

Text-to-image AI models are currently capturing a growing amount of industry attention aside from LGL’s use of the technology. The ability to generate 3-D digital content is expected to have large implications for areas including gaming, animated filmmaking and the metaverse.

“Using AI to develop and execute the Airdrop to Genesis Members is a clear way of showing that we are embracing cutting-edge technology for the benefit of our users. The digital assets airdropped to our Genesis Members will be ready for use in our Pocket Dimension metaverse offering,” said Dorian Banks, chief executive officer at LGL in a statement. 

“We are proud to continue adding value to the community and look forward to bringing more innovation to our next airdrop,” added Banks.

First quarter results released

In a separate statement, LGL reported its unaudited financial results for the first quarter ending October 31, 2022.

Total revenue for the period was CS137,166 as compared to C$6,496,863 for the same period of the prior year, which was due to an increase in design services income and a decrease in NFT sales and royalty income.

Gross profit for the period ended October 31, 2022, was C$135,547, as compared to C$6,175,790 for the same stage last year, and the net comprehensive loss for the period was C$2,348,191 as compared to net comprehensive income of C$5,770,700 last year, primarily due to lower revenue with higher stock-based compensation, salaries and wages as well as professional fees.

Net loss per share was C$0.02 on both a basic and diluted basis, as compared to net income per share of C$0.10 for the same period of the prior year and total assets for the period ended October 31, 2022, were C$8,912,131 as compared to C$17,949,671 at the same stage last year, which was mainly attributable to changes in the amounts of goodwill and cash.

In the results statement, Dorian Banks said, “Launching the Alpha Release of our Pocket Dimension metaverse assets in November was a major milestone for LGL and, based on countless positive reviews received so far, the community agrees. Our team continues to innovate and to be dedicated to the end-user. That focus is propelling us toward our goal of delivering the most realistic and highest utility metaverse experience in the industry.”

He added: “I would like to thank our staff, partners and clients for their hard work, cooperation and support, respectively, over the last fiscal quarter. Our management team is beginning to see a new set of opportunities emerging for the company and the work done in the first fiscal quarter of 2023 is expected to help position LGL in order to best pursue them.”

Headquartered in Vancouver, British Columbia, LGL is a leading Web3 innovation platform specializing in consumer engagement applications to leverage immersive metaverse environments, play-to-earn tokenization and blockchain monetization strategies. 

Its leading brand, HoK designs and curates a next-generation metaverse for 3D assets, which allows functional art and collectibles to exist simultaneously across different NFT blockchain environments. HoK has successfully released digital assets including GenZeroes, which sold out in just 37 minutes for total proceeds to LGL of C$6.2 million, in addition to a perpetual 5% royalty stream on secondary market sales.

Contact the author at jon.hopkins@proactiveinvestors.com

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