• Ault Alliance and Ecoark Holdings have signed a share exchange agreement for the acquisition of BitNile.com, Inc. by Ecoark for $100 Million in Preferred Stock.
• BitNile.com is launching the first metaverse super-app that runs entirely in the web browser with no pixel streaming.
• The Platform’s technology is powered by proprietary software from a third party that has the ability to scale, targeting markets such as online retail/ecommerce, collectibles, and global online gaming.
Ault Alliance & Ecoark Holdings Sign Share Exchange Agreement
Ault Alliance and Ecoark Holdings announced they have entered into a share exchange agreement (the „Agreement“) whereby, upon closing, Ecoark will acquire 100% of the outstanding equity of Ault Alliance’s subsidiary BitNile.com, Inc („BitNile.com“).
Launch of Metaverse Super-App
BitNile.com’s metaverse platform (the „Platform“) will launch on March 1st, 2023 and provide a bidirectional connection between digital and physical worlds. The Platform incentivizes users through a tiered rewards system supported by a revenue and reward model across any internet connected device using unique avatars and customized skins.
Projected Market Sizes
Statistica projects that revenue in the metaverse market will reach $55 billion in 2023 with 700 million people projected to be participating by 2030. The addressable marketplaces include estimated online retail/ecommerce market at $6.3 trillion per eMarketer, collectibles marketplace at $426 billion per Market Decipher, and global online gaming market estimated at $63 billion according to Grand View Research .
Proprietary Software Technology
The Platform’s technology is powered by proprietary software from a third party that has the ability to scale given their targeted markets including online retail/ecommerce, collectibles,and global online gaming markets . Examples of digital experiences available on this platform include slot machines , sports book , Texas Hold’em tournaments ,and various other games of chance using sweepstakes mod .
Conclusion
The Agreement provides for the acquisition of BitNile.com by Ecoark for $100 Million in Stated Value of Preferred Stock which will enable people to interact digitally with different forms of entertainment while engaging with a new social networking community across any internet connected device .