Metasphere Labs Begins Negotiations to Spearhead Integration for Pure Sky Registry LLC in Landmark Environmental Blockchain Initiative

VANCOUVER, British Columbia, March 27, 2024 (GLOBE NEWSWIRE) -- Metasphere Labs Inc. (formerly Looking Glass Labs Ltd., “Metasphere” or the “Company”) (Cboe Canada: LABZ) (OTC: LABZF) (FRA: H1N) announces a non-binding Memorandum of Understanding (“MOU”) dated March 27, 2024 with Pure Sky Registry LLC (“Pure Sky”) in a move that underscores the burgeoning importance of real-world assets (“RWAs”) in blockchain technology. Under this MOU, the Company is exploring a commission to integrate Pure Sky's pioneering carbon credit registry with blockchain technology, marking a significant advancement in environmental sustainability efforts. Pursuant to the MOU, the Company will also deliver a comprehensive statement of work (“SOW”) that will detail the scope, timeline, and responsibilities for the integration of the Pure Sky registry web application with the Pure Sky Decentralized Autonomous Organization (“DAO”) and carbon credit registry smart contracts. This SOW will serve as the basis for any future contractual agreement regarding the project.

Natasha Ingram CEO of Metasphere, remarked on the collaboration, “We are honored to explore partnering with Pure Sky, leading their blockchain integration efforts. This project not only showcases the potential of blockchain in environmental sustainability but also sets a new benchmark for transparency and efficiency in the carbon credit market.”

Pure Sky operates as a DAO on the Ethereum blockchain, emphasizing a participatory governance model and leveraging smart contracts to ensure integrity and accountability. “This integration by Metasphere will revolutionize how we approach carbon credit transactions, enhancing our platform's accessibility and efficiency,” said Marty Seymour, Managing Director of Pure Sky.

The engagement is timely, reflecting a growing trend in the integration of traditional financial mechanisms with blockchain technology, as demonstrated by BlackRock's venture with Coinbase to launch the BlackRock Institutional Digital Liquidity Fund. This move signifies the financial industry's growing recognition of the potential of RWAs, of which carbon credits are a prime example, and digital assets to revolutionize the financial landscape.

ABOUT PURE SKY REGISTRY LLC

Pure Sky Registry LLC, a Web3 Carbon Credit Registry, focuses on the certification and tokenization of carbon credits, promoting environmental sustainability through blockchain technology.

ABOUT METASPHERE LABS

Headquartered in Vancouver, British Columbia, Metasphere Labs (“LABZ”) develops metaverse environments, DAO solutions, gamification, and Web3 / blockchain monetisation strategies aiming to solve social coordination problems for acting on climate change and making a positive impact on the planet.

For further information, please contact

Natasha Ingram, CEO
Email: [email protected]

Forward-Looking Information

This news release contains “forward-looking statements.” Statements in this news release that are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations, or intentions regarding the future. Such forward-looking statements include, among other things, any definitive agreement that may arise from the SOW to be delivered to Pure Sky, other open metaverse projects and development of virtual world projects.

The material assumptions supporting these forward-looking statements include, among others, that: the Company could mitigate the risks associated with the blockchain and NFT industry; the ability to compete with other businesses in the NFT, metaverse and blockchain markets; the availability of sufficient funding to carry out the Company's business development plans; favourable market conditions; and the market acceptance for its products.

Although management considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect. These forward-looking statements are only predictions and involve known and unknown risks, uncertainties and other factors, including: the continued growth and adoption of NFT, metaverse and blockchain offerings; the cost of developing and designing NFTs and metaverses is economically viable; the Company being able to attract and retain a sufficient workforce with desired skillsets to develop the Company's digital offerings; the availability of offerings provided by third-parties in the NFT, metaverse development and online gaming market to identify potential transactions; the increasing adoption of NFTs as a solution for various online gaming, entertainment and collectible uses; the Company having the ability to mitigate the risks associated with the blockchain and NFT industry; and the ability to compete with other businesses in the NFT, metaverse development, content creation and collectibles market.

Although management considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect. These forward-looking statements are only predictions and involve known and unknown risks, uncertainties and other factors, including: the risk that the Company's offerings are not accepted by the consumer, the risk that other competitors may offer similar digital offerings; the risk that there may be negative changes in general economic and business conditions; the risk that the Company may have negative operating cash flow and not enough capital to complete the development of any of its technologies; the risk that the Company may not be able to obtain additional financing as necessary; the risk that there may be increases in capital and operating costs; the risk that the NFT technology may be subject to fraud and other failures; the risk that there may be technological changes and developments in the blockchain that make the NFT solutions obsolete; risks relating to regulatory changes or actions which may impede the development or operation of the blockchain solutions; the risk that other competitors may release similar blockchain offerings; the potential future unviability of the NFT market in general; the volatile cost of the amount of computational effort required to execute specific operations on the blockchain, and other general risks involved in the blockchain solutions.

Risks and uncertainties about the Company’s business are more fully discussed in the Company’s disclosure materials, including its reports filed with the Canadian securities regulators and which can be obtained from www.sedarplus.ca.

Any of these risks may cause the Company’s actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. Further, although the Company has attempted to identify factors that could cause actual results, levels of activity, performance or achievements to differ materially from those described in forward-looking statements, there may be other factors that cause results, levels of activity, performance or achievements not to be as anticipated, estimated or intended. These forward- looking statements are made as of the date of this news release, and the Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements, except as required by applicable law, including the securities laws of the United States and Canada. Although the Company believes that any beliefs, plans, expectations and intentions contained in this news release are reasonable, there can be no assurance that any such beliefs, plans, expectations or intentions will prove to be accurate. The Company does not assume any liability for disclosure relating to any other company mentioned herein.

SOURCE: METASPHERE LABS INC.