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HONG KONG, April 12, 2022— Oriental Culture Holding LTD. (“Oriental Culture” or the “Company”) (NASDAQ: OCG), a leading online service provider of collectibles and artworks, today announced its entry into the metaverse sector.
Jiangsu Yanggu Culture Development Co., Ltd. (“Yanggu”), the operating variable interest entity of the Company, has signed a Capital Increase Investment Agreement (“Agreement”) with Noble Family New Retail Co., Ltd. (“Noble Family”), Beijing Wen Jiao Technology Co., Ltd. (“BJWJ”) and two investors to acquire shares and increase capital of Beijing Jiu Yu Ling Jing Technology Co., Ltd. (“JYLJ”). Pursuant to the Agreement, Yanggu will acquire 11.875% equity interest of JYLJ through a cash contribution of RMB 6 million (approximately $923,076) and providing certain internet development resources and technical support to JYLJ. Noble Family and BJWJ, the existing shareholders of JYLJ and two new investors will also make contributions in cash for an aggregate of RMB44 million (approximately $6.77 million) and certain initial work and business resources to JYJL. After this capital increase, Yanggu will become the third largest shareholder of JYLJ.
JYLJ offers a range of services to global wine and alcohol product merchants and customers, such as the traceability, authenticity and quality assessment of alcohol products, as well as product launch, brand showcase, marketing and promotion. JYLJ now is in the process of developing a “Wine and Spirits” metaverse, and the amount raised through increase of share capital will be mainly used for this development.
The JYLJ metaverse project is a blockchain-based metaverse game, which aims to create a virtual “Wine World” for wine and alcohol product merchants and fans across the world. Users can get access to a full scope of the knowledge and process of brewing, packaging, managing, selling of wine and alcohol products in a virtual world. Furthermore, they may gift their virtually made drinks to third parties or just for self-collection in the metaverse. On this platform, people will also be able to enjoy social activities and quality assessment associated with wines and alcohol products.
Mr. Mun Wah Wan, Chairman of Oriental Culture commented: “The JYLJ project is an important strategic move for the Company to enter into the metaverse sector, which is also the main reason for us to invest in and become a shareholder of JYLJ. We will further develop the metaverse-related business based on blockchain technology with the experiences and resources gained from this project. We will seize the opportunities to accelerate the upgrading of our business.”
