dropp group Acquires Metaverse Platform Phly, Inc. for $25 Million to Create the World’s first Physical Digital Twin Metaverse
The strategic acquisition of Web3 industry leading platform, and its assets, accelerates dropp’s vision to offer experiential real estate from every major city in the world within the Metaverse
NEW YORK–(BUSINESS WIRE)–#Acquisition—dropp group (“Dropp”), a leading Web3 company, today announced its strategic acquisition of Phly, Inc. (“Flyy”), a leading social metaverse platform, to develop the world’s first physical digital twin (“phygital experience”) to bridge digital and real-world locations for consumers, communities and brands who aspire to seamlessly onramp into Web3. The $25 Million acquisition will allow droppLabs, the innovation arm of dropp group, to deploy Flyy technology to create MetaReality®- the commercial and multisensory evolution of the metaverse. Accessed through the droppTV consumer facing platform, MetaReality will provide users unique, value driven Web3 experiences unavailable elsewhere.
“Our acquisition of Flyy represents a major leap forward for our company and platform. By integrating our innovative technologies, we will deliver the most complete and compelling metaverse experience anywhere,” said Gurps Rai, dropp’s CEO and Co-Founder. “Our mission is to enable communities to build the world that they want to live in.”
The platform will feature fully immersive digital renderings of cities around the world, starting with the most iconic locations and buildings. Each building will be minted as a unique NFT so owners have access to dropp’s proprietary technology resources to build and engage communities in line with their objectives.
Flyy’s Founder & CEO, Adel Al Massarani, has joined dropp as Chief Metaverse Officer and will head up dropp’s new MetaReality division, “I am thrilled to bring Flyy into the dropp group portfolio. Collectively, we are now poised to revolutionize the metaverse and Web3 industries.”
About Phly, Inc. (“Flyy”)
Flyy models real cities in a virtual 3D world for you to connect – at any place – with communities, friends, and businesses. flyy.life
About droppLabs
droppLabs is a holistic Web3 solutions provider and platform. The dropp360º operating system applies a unique “Dream, Develop, Deploy” approach that transforms all aspects of an organization to win in the Web3 world. droppLabs is led by an elite team of uniquely qualified creative, technical, and business executives. It has developed multiple proprietary patented innovations in AI/ML object recognition, streaming, AR, MR, VR and crypto. droppLabs is a division of Dropp TV Holdings, Inc. which also owns and operates the droppTV platform – the industry-leading operating system for “shopatainment,” that brings together video streaming, mixed reality and experiential commerce. droppTV harnesses droppLabs’ ground-breaking, proprietary technology to connect consumers, creators and brands through an interoperable ecosystem allowing for streamlined experiential commerce between the physical and digital worlds. droppTV’s frictionless user journey delivers a tremendous monetization model for creators and publishers. It also enables brands to achieve enhanced affinity, increased conversions and granular attribution for data. In addition, droppTV offers unique comprehensive experiential NFT and social token capabilities, empowering partners and consumers to generate even greater value in Web3.
droppLabs.io
Safe Harbor Statement
This press release does not constitute an offer to sell or a solicitation of offers to buy any securities of any entity. This press release contains certain forward-looking statements based on our current expectations, forecasts and assumptions that involve risks and uncertainties. Forward-looking statements in this release are based on information available to us as of the date hereof. Our actual results may differ materially from those stated or implied in such forward-looking statements, due to risks and uncertainties associated with our business. Forward-looking statements include statements regarding our expectations, beliefs, intentions, or strategies regarding the future and can be identified by forward-looking words such as “anticipate”, “believe”, “view”, “could”, “estimate”, “expect”, “intend”, “may”, “should” and “would” or similar words. All forecasts provided by management in this release are based on information available at this time and management expects that internal projections and expectations may change over time. In addition, the forecasts are based entirely on management’s best estimate of our future financial performance given our current contracts, current backlog of opportunities and conversations with new and existing customers about our products and services. We assume no obligation to update the information included in this press release, whether as a result of new information, future events or otherwise.
Contacts
Public Relations:
Nicole Rodrigues
NRPR Group – for Dropp TV Holdings, Inc.
nicole@nrprgroup.com
Investor Relations:
Steven W Sorensen
Director, Corporate Finance
swsorensen@dropp.tv
dropplabs.io