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Pluto digital is a crypto venture company that has agreed to buy NFT Investments in a reverse takeover. NFT Investments is listed on London Stock Exchange. This agreement will result in a gain listing for NFT investments in London based Aquis Stock Exchange Growth Market. NFT investments will issue $130 million of shares to Pluto investors, providing them with a 70.5% stake in the new entity. Pluto digital has established its venture capital arm in the past year, Pluto V, which has invested in various non-fungible token assets and Web3 projects. Last year only Pluto V raised a $40 million fund that attracted bitcoin miner Argo Blockchain as its leading investor.
NFT investments are specialized in the market for non-fungible tokens, whereas Pluto Digital PLC is a crypto technology-based venture company. Both the firms have entered into a non-binding letter of intent (LOI) for this acquisition of $130 Million. As Pluto V has heavily invested in NFT gaming and NFTs, this acquisition is expected to increase NFT Investments' reach in the metaverse and NFT sectors.
Pluto digital has been working alongside Maze Theory to create high-quality games that involve token economics.
The past one year has witnessed a boom in the metaverse space and NFT sector, leading organizations and investors flocking to monetize in this growing market. Play to earn games have created significant value led by projects such as Decentraland, The Sandbox and Axie Infinite. Although the non-fungible token(NFT) market is still in its initial stages, 2021 was its best year on record. According to data from DappRadar, the NFT market generated around $23 billion in trading volume, much higher than 2020. Many sports persons and celebrities are jumping towards NFTs aiding the popularity of the space. Twitter is the latest one to join the club of NFT frenzy.