SINGAPORE, October 18, 2022 /PRNewswire/ — Bonanza Goldfields Corp. (OTC: BONZ) is pleased to announce that Marvion has entered into a non-binding memorandum of understanding with hong kong listed China Information Technology Development Limited (8178: HK).
As part of this agreement, Marvion has expressed interest in investing up to 4.9% of CITD through a share exchange. In return, CITD will provide AI technology services to Marvion with the goal of further enhancing Marvion’s product offerings in the media and entertainment space, including Marvion Metaverse and Marvion MetaStudio. In terms of share price for the stock exchange, each company will be based on the average closing price of the immediately preceding 30 trading days and the stock exchange will be without a premium on either side.
Commenting on the Memorandum of Understanding, Raymond ChuaCEO of Marvion said: “We are very excited about the prospects of this partnership with CITD. CITD has been around for over 20 years and has pioneered the development of AI technology in hong kong. They have worked with clients from various industries globally – so there is no doubt that they are good at what they do. Although what we have signed is currently a non-binding Memorandum of Understanding, it opens the door to closer collaboration and we believe they will help take Marvion’s offerings to the next level. »
According to Emergen Research, the digital human avatar market has been reported to be valued at US$10.03 billion in 2020 (https://www.emergenresearch.com/industry-report/digital-human-avatar-market). This market should reach US$527.58 billion by 2030 – offering exciting growth opportunities for Marvion in the medium to long term.
For more information about Marvion and its DOT offerings, please visit www.marvion.media.
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Bonanza Goldfields Corporation is a Nevada holding company which, through its subsidiaries, carries out media distribution activities. Specifically, we provide authentication, assessment and certification (“AVC”), sale and purchase, hire-purchase, financing, custody, security and exhibition (“CSE”) services. “) to buyers of film and music media through traditional channels as well as through leveraging blockchain technology through the creation of Digital Ownership Tokens (“DOT”)
The group is building an ecosystem and a metaverse for the media and entertainment industry that implements and adopts blockchain and NFT technologies, through mergers and acquisitions.
Marvion is a metaverse technology company in the media and entertainment industry, which focuses on movies, dramas, animation, comics, music and games that provide content and entertainment for adults and to children. Although most media and entertainment content is digital in nature today, it exists in the real world as intangible assets, such as intellectual property, licenses and contract rights, with intrinsic value.
Marvion applies blockchain and NFT technologies as tools to disrupt and improve the existing media and entertainment industry and its current practices. The technology behind NFTs (non-fungible tokens) has multiple functional use cases, some of which have the power to transform our societies, and some of which may be subject to regulations. Marvion uses NFT technology only to create legally binding digital property token (DOT) to tangible and intangible multimedia and entertainment assets, which, according to our analysis, would functionally fall outside any regulatory perimeter.
More information about Marvion™️:
About Marvion’s DOT
Marvion’s DOTs are built-in, best-in-class, digitally owned token (DOT) which contains a smart contract that can execute transactions and also contains the specific legal terms of intellectual property, license and/or rights. Each DOT contains the following:
- A copy of the SPA for the purchase of the main license.
- Evidence or warranty of ownership of relevant intellectual property.
- Ownership of the sublicense detailing the rights of the DOT holder.
- Image/video/music or other file depending on the nature of the item.
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SOURCE Bonanza Goldfields Corp.