Marvion announces non-binding MOU with Hong Kong listed China Information Technology Development Limited (CITD) to enhance metaverse and Artificial Intelligence (AI) capability development
SINGAPORE, Oct. 18, 2022 /PRNewswire/ — Bonanza Goldfields Corp. (OTC:BONZ) is pleased to announce that Marvion has entered into a non-binding MOU with Hong Kong listed China Information Technology Development Limited (8178: HK).
As part of this agreement, Marvion has expressed interest to invest up to 4.9% of CITD by way of a share swap. In exchange, CITD will provide AI technology services to Marvion with the objective 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 share swap, each company shall be based on the average closing price of the immediately preceding 30 trading days and the share swap shall be without any premium on either side.
Commenting on the MOU, Raymond Chua, CEO of Marvion said, “We are very excited at the prospects of this partnership with CITD. CITD has been around for more than 20 years and had pioneered the development of AI technology in Hong Kong. They have worked with clients of various industries globally – hence there is no doubt that they are good at what they do. While what we signed is currently a non-binding MOU, this opens the door for closer collaboration and we believe that they will help bring Marvion’s offerings to the next level.”
Based on Emergen Research, it was reported that the digital human avatar market was valued at US$10.03billion in 2020 (https://www.emergenresearch.com/industry-report/digital-human-avatar-market). This market is expected to hit US$527.58billion by 2030 – providing exciting growth opportunities for Marvion in the mid- to long-term.
For more information on Marvion and its DOT offerings, please visit www.marvion.media.
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Bonanza Goldfields Corporation is a Nevada holding company that through its subsidiaries are engaged in the media distribution business. Specifically, we provide authentication, valuation and certification (“AVC”) service, sale and purchase, hire purchase, financing, custody, security and exhibition (“CSE”) services to buyers of movie and music media through traditional channels as well as through leveraging blockchain technology through the creation of digital ownership tokens (“DOTs”)
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, focusing on movies, drama, animation, comics, music and games that provide content and entertainment to adults and children alike. Although most media and entertainment content are digital in nature today, they exists in the real world as intangible assets, such as intellectual property, licenses and contractual 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 underpinning 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 solely to create a legally-binding digital ownership token (DOT) to both tangible and intangible media and entertainment assets, which our analysis suggests would functionally fall outside any regulatory perimeter.
More Information about Marvion™️:
About Marvion’s DOT
Marvion’s DOTs are integrated, best in class, digital ownership token (DOT) that contains a smart contract that can execute transactions and also contains the specific legal terms of the intellectual property ownership, license and/or rights. Each DOT contains the following:
- A copy of the SPA for the purchase of the master license.
- Evidence or warranty of ownership of the relevant intellectual property.
- Ownership of the sub-license detailing the rights of the DOT holder.
- Image/video/music or other file depending on what the asset is.
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SOURCE Bonanza Goldfields Corp.