iCandy Interactive Limited (ASX:ICI) has entered into a Strategic Partnership Agreement with Froyo Venture Lab Ltd to develop and commercialise Web 3.0 metaverse games, IPs and game arts.
Froyo Lab is a tech startup that has developed a decentralised Web 3.0 metaverse gaming platform called Froyo Games.
Froyo Games recently received more than US$6 million of seed funding, including strategic investments from leading global Web 3.0 investors like Animoca Brands, Spartan Group, GBV, Mirana, BTC12 Capital etc.
About the Partnership – Web 3.0 Games and NFTs
Under the strategic partnership with Froyo Lab, iCandy will collaborate with Froyo Lab where iCandy’s role is to develop a series of Web 3.0 game titles for Froyo Games, which will act as the publishing platform that will market and commercialise the NFTs and game titles.
The Web3.0 and metaverse game titles will be made available on multiple platforms, including mobile phones and PCs. In addition, iCandy will also develop concept art, game art and IPs that Froyo Lab will use to convert into NFTs and commercialise the NFTs.
iCandy’s role in this partnership will be to principally develop the games, concept art, game art, and its related support software and services, while Froyo Lab will be responsible for marketing, commercialising and publishing the NFTs and game-titles, including their related products or services.
Under the partnership, it is envisaged that a minimum of 9 NFT or Metaverse games-titles and 12 series of NFTs will be commercialised and marketed by Froyo Games. Each of the NFT series will consist of no less than 5,000 NFTs.
Froyo Lab will share a portion of its revenue generated with iCandy and the revenue sharing arrangement will be agreed upon from a project-by-project basis. The partnership is for a period of 7 years and thereafter renewable annually upon mutual consent from the parties.
Either party can serve a three-months notice to terminate the partnership. To clarify, ICI will not be creating and marketing NFTs in this partnership, whereas Froyo Lab will be responsible for creating the NFTs and marketing them. ICI will receive income from Froyo Lab as part of the revenue-sharing arrangement of the strategic agreement.
Mainden NFT Project – The League of Super Misfits
The first IP and concept art that will be developed by iCandy is an avatar series named “The League of Super Misfits”. The Misfits is a series of 10,000 unique computer-generated superhero gaming avatars that will be minted as NFTs. The computer-generated art concept is widely popular on the NFT market and is termed Generative Art.
Some of the most successful Generative Art NFT projects entail NFTs that often fetch well above US$100,000 per NFT in the resale market. The Misfits NFTs are expected to go on sale within the next 2 months. The Misfits are elaborately designed by iCandy’s newly established NFT studio, Misfit Lab.
Misfit Lab is a highly acclaimed team with expertise in production and gaming art, pulled together through iCandy’s multi-latitude talent pool of over 600 full-time game-making employees. The Misfit Lab is currently headed by a principal artist from iCandy who has experience working on illustration art with DC Comics among other global consumer brands. The Misfits entails the storyline of strange-looking superheroes that are mischievous and social nonconforming. iCandy and Froyo believe there is potential to develop the Misfit IPs beyond game art and NFT, into the areas of animation and physical merchandise.