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NextPlay Technologies (NASDAQ: NXTP) has successfully completed acquisitions of AI game development and crypto asset management technologies, enhancing its digital ecosystem.
The acquisitions include Fighter Base Publishing's AI animation tools, which aim to expedite game development and advertising creation, and Token IQ's blockchain technology for digital asset compliance.
These innovations are projected to improve product time-to-market, increase revenue potential, and strengthen NextPlay's IP portfolio, aligning with its strategy in online advertising, gaming, and fintech sectors.
NextPlay Technologies, Inc. (Nasdaq: NXTP) has completed its acquisition of gaming assets and intellectual property from Singapore's goGame. This includes the goPlay game publishing platform, featuring 37 casual games, and goPay, a payment aggregator for game developers. The integration of NextPlay’s HotPlay in-game advertising technology into goPlay is expected to enhance revenue streams and expand market reach. NextPlay aims to leverage goGame's technology to enhance its fintech offerings and plans an Open Beta for partners this summer, positioning itself in the competitive gaming market.
NextPlay Technologies (NASDAQ: NXTP) has integrated its NextTrip ConNextions booking engine with CheapOair, enhancing travel services. This allows users to search and book over a few million alternative lodging rental (ALR) properties with instant confirmation. The travel market is projected to grow at a 17% CAGR to $950 billion by 2026, driven by a shift in consumer preferences towards self-catering accommodations. This integration aims to improve travel packages for agents and customers alike.
NextPlay Technologies (Nasdaq: NXTP) has entered into a preliminary agreement with Decentralised Investment Group (DIG) to develop an exclusive fiat payment platform for DIG customers. The partnership will allow gamers to purchase and monetize in-game assets, enhancing monetization opportunities. NextBank, NextPlay’s banking unit, aims to provide banking services, including payment cards for DIG customers. The gaming market is projected to grow to $340 billion by 2027, with in-game purchases as a significant revenue source, promoting actual ownership of digital assets.
NextPlay Technologies (NASDAQ: NXTP) announced a strategic partnership with TruCash Group to launch NextBank Payments. This collaboration will offer mobile wallets, credit and debit cards, and prepaid products, expanding services to TruCash’s extensive user base. NextBank aims to issue cards globally and provide banking services, including loans and wire transfers. This partnership positions NextBank to tap into the growing fintech market, projected to reach US$324 billion by 2026. The partnership is significant for enhancing NextBank's international banking capabilities.
NextPlay Technologies, Inc. (Nasdaq: NXTP) has been invited to present at the 34th Annual ROTH Conference in Dana Point, California, from March 13-15, 2022. The event will include on-demand presentations and opportunities for one-on-one meetings with institutional investors. At the conference, NextPlay's management will discuss recent acquisitions that have strengthened the company's position and financial performance, boasting a 59% increase in fiscal Q3 2022 revenue to $4.2 million. Attendees can register online for the event.
NextPlay Technologies (Nasdaq: NXTP) has announced a partnership between its international banking unit, NextBank International, and Alphabit Consulting Pte. Ltd. to provide deposit accounts and payment cards for users of the ABCC cryptocurrency exchange. This initiative will enable ABCC users to manage fiat cash balances and trade between fiat and cryptocurrency easily. The collaboration is expected to enhance the fintech division's offerings and leverage the growing $324 billion global financial technology market projected by 2026, with a compound annual growth rate of 25%.
NextPlay Technologies (NASDAQ: NXTP) announced that its licensed Longroot token offering platform will act as the financial advisor and underwriter for Ample Health’s proposed security token offering (STO). Ample Health, a cannabis company from Southeast Asia, aims to raise between USD $100-250 million to support its growth. Longroot will guide Ample through regulatory approvals and launch the STO by summer 2022. This initiative reflects significant potential in the rapidly expanding cannabis market, projected to grow from $28.3 billion in 2021 to $197.74 billion by 2028.
NextPlay Technologies, Inc. (NASDAQ: NXTP) reported record fiscal Q3 revenue of $4.2 million, a 59% increase from the previous quarter, compared to $0 revenue a year ago. Gross profit reached $2.2 million with a 53.5% gross margin. Cash and equivalents rose to $21.4 million due to a successful equity offering. The company achieved conditional approvals for insurance licenses, launched NextPlay X Soma Labs for NFTs and social games, and appointed new executive leadership. However, operating expenses surged to $11.1 million, impacting net loss of $9.06 million.
NextPlay Technologies, Inc. (NASDAQ: NXTP) has appointed two new independent directors, Edward “Terry” Gardner, Jr. and Farooq Moosa, enhancing its board to 10 members. Gardner, a seasoned portfolio strategist with over 25 years in capital markets, aims to leverage his experience to drive shareholder value. Moosa, with over 20 years in investment banking and asset management, joins during a transformative phase for NextPlay as it develops a digital ecosystem encompassing in-game advertising and fintech. Gardner's appointment is effective December 9, 2021, while Moosa's took effect on November 23, 2021.