SYDNEY and NEW YORK, December 30, 2021 / PRNewswire / – Integrated Media Technology Limited (NASDAQ: IMTE) (âIMTEâ or the âCompanyâ), today announces the signing of an Assignment and Assumption Agreement to resume the rights and obligations of a cooperation agreement on the development of a blockchain enterprise focusing on the digital asset market platform mainly focusing on the NFT (Non Fungible Token) trading market. IMTE will pay a deferred payment based on the future profits of Ace Corporation Limited (âAceâ) and a bonus if Ace is listed on a recognized stock exchange within the next 5 years.
Under the cooperation agreement, IMTE can now invest up to $ 1 million for 60% of the interests in Ace to develop, establish and operate a trading platform called “Auction”. The development, marketing and operations team will receive 40% stake in Ace. The core technology will be developed by Mr. Eric Zhang and his team. The Ouction platform will be an interactive experience solution designed with dynamic image cryptographic verification technology that will act as a gateway for O2O transactions (online to offline). This will allow the “Ouction” platform not only to verify virtual asset transactions, but also to provide encryption and notarized digital certificates Blockchain of physical assets for a fairer and better platform trading experience. credible to e-commerce businesses and their users.
The Ouction platform will build its own sidechain on the existing large-scale blockchains to save compute costs and compute load analysis calculated by distributed ledgers, and reduce the barrier for users to become a knot. We also intend to develop applications for mobile devices to enable mobile device users to browse data for proof of traceability and perform transactions using Blockchain without compute load.
Mr. Eric Zhang said, âNFT is the bridge to connect the public auction market and e-commerce. The market size, measured by revenue, of the e-commerce and online auction industry is 645.2 billion US dollars in 2021, and is expected to grow 8.1% in 2022. âEric added,â We ââare bringing together a team of skilled and experienced software engineers who have experience in multiple Blockchain projects, including the development of the first batch of Blockchain cultural platforms, quantitative crypto trading system, Blockchain financial platform for supply chain, etc. Ouction should adopt decentralized technologies in the fields of games, financial technologies, cinema and television, culture and e-commerce, and develop inter-industry synergy, in order to develop economic value from the new NFT market that ‘they create. “
âWe are delighted to be working with Mr. Eric Zhang, who was the leader in the development of Blockchain technology in supply chain finance and the former CTO of an Internet TV operator. Eric’s team will bring their expertise in blockchain, cybersecurity and other technologies to help us develop our NFT trading platform and business operations, âsaid IMTE CEO Mr. Xiaodong Zhang.
About Integrated Media Technology Limited (âIMTEâ)
IMTE is an Australian company engaged in the manufacturing and sales of nano coated filter plates, electronic glass manufacturing and sales, and financial research. For more information, please visit www.imtechltd.com.
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SOURCE Integrated Media Technology Limited