VRJAM acquires KnotNFT Inc to power the development of revolutionary new DeFi technology
San Francisco, Tuesday 26th March — Immersive technology software developer and HBAR Grantee VRJAM today announced the successful acquisition of the Silicon Valley based VC-backed startup, KnotNFT Inc to help power the development of a revolutionary new ‘community first’ decentralized-finance solution that leverages NFT technology.
Since its foundation in 2017, VRJAM has been at the forefront of combining Web3 technology with immersive software to offer powerful solutions for corporate customers in the live events, brand marketing and creator economy verticals.
VRJAM’s recent announcement of the expansion of its range of Web3 solutions via its adoption of the Hedera Network will power the creation an array of novel tools for clients to create stronger, more sustainable Web3 economies that solve many of the problems faced by alt-coin projects in today’s challenging market climate.
Via the acquisition of KnotNFT, VRJAM secured ownership of its flagship product, the ‘Montage’ NFT trading and royalty distribution platform. The Montage application will be fully integrated to the VRJAM product stack on the Hedera Network and used to create a token bond trading solution that interoperates with the other revolutionary new decentralized finance solutions VRJAM is bringing to market in 2024.
Integration of the Montage tech stack will empower VRJAM to offer its clients a solution to easily mint NFT’s created using special tokens that represent an amount of locked up liquidity in a given project.
By trading these ‘token bonds’ on the VRJAM Marketplace, price movements from bond trades will be reflected on a centralized exchange to aggregate liquidity from centralized and decentralized trading environments.
This remarkable solution will be provided to consumer facing companies who want to leverage Web3 value creation to power business growth and transform the way in which communities are built.
A key value-add produced by the integration of Montage tech to the VRJAM platform is the ability to engage community members as advocates and promoters, whereby community members are empowered to earn a share of revenue produced by trading token bonds in the form of a royalty, harnessing the power of recommendation and advocacy as a tool to help drive community growth and token trade volume.
Originally designed to operate on the Ethereum network, VRJAM will build upon the existing tech contained in the Montage app to make it operable on any Etherum compatible or ‘EVM’ network.
This means that NFT token bonds minted using the VRJAM Marketplace will be operable on an array of networks, empowering them to be traded on marketplaces and secondary trading platforms across the immersive internet, offering up an exciting new business model for clients that use VRJAM’s solutions.
Jonathan Griffit, CEO and Co-founder of Montage said: “We are thrilled to be joining such an exciting ecosystem of products that will go beyond just NFTs. VRJam is definitely the future of Web3 and it’s exciting to see Montage help power the next evolution of DeFi.”
