NFT Investments, an incubator specialising in the market for non-fungible tokens (NFTs), is set for a £96 million reverse takeover of Pluto Digital PLC, a crypto technology and venture company.
It says the acquisition, which is conditional on shareholder approval, will create a significant global metaverse company. NFT Investments will suspend trading on the Access segment of the AQSE Growth Market until the proposed acquisition is completed.
NFT will have a 90-day exclusivity period to conduct due diligence on Pluto. Three of the latter’s team members will join the company as directors and Jonathan Bixby will continue to serve as executive chairman.
NFT will additionally loan Pluto £5m to complete the strategic acquisition of a number of technology companies in the metaverse sector.
DeFi token and application
The Pluto Ventures division has invested heavily in NFTs, decentralised finance and metaverse blockchain gaming. In 2021 it released a DeFi token which is trading on global crypto exchanges and says it is working on a DeFi application that can provide high value DeFi performance to both crypto users and institutional investors.
It also established an expert blockchain engineering team with technical staff coming from leading technology companies such as Red Hat and IBM, and acquired a strategic shareholding in UK gaming development studio Maze Theory.
It is working alongside Maze Theory to release games that incorporate token economics to empower the next generation of gamers.
“We are very excited about the prospects of Pluto and NFT merging to create a large global metaverse company,” said Bixby.
“This is a transformational deal that will provide us with the scale to expand and diversify our investment portfolio in a rapidly growing sector and thereby create long term value for shareholders.”