Linius Blockchain Solutions Pty Ltd (LBS) has reached an agreement with the Blockchain Australia (BA) group to create and market Web3 products for LBS.
In a statement, Linius said BA would commit significant time, people, and software in exchange for an equity stake in the LBS subsidiary.
The collaboration accelerates Linius’ existing goal of adopting LBS to access the Web3 market, which is now valued at US$1.3 billion and expected to grow at a 44.9 per cent CAGR through 2030. Linius may build alliances with premier Web3 specialists through LBS, boosting innovation while remaining focused on the core Linius business. This maximises value for LBS, its partners, and shareholders of Linius.
BA is Australia’s foremost blockchain development and consulting firm, with the objective of transforming emergent technology concepts into fully functional realities. BA contributes considerable expertise and experience in blockchain, cryptocurrency, and non-fungible token technologies to the subsidiary, as well as a suite of industry-leading services, software platforms, and tools.
The Amazon Web Services Rapid Prototyping team assisted Linius with constructing a Web3 prototype. The solution expands Linius sports offerings by allowing rights holders to monetise their video collection directly with fans. The initial focus of the new relationship with BA will be on finishing and launching this solution, which BA, Linius, and partners will market. Future products from LBS, targeting a wide range of industries, will benefit from the deal.
Linius CEO James Brennan said: “Linius has long had a vision for the application of blockchain technology in video, including a granted patent for attaching virtual video directly to a blockchain. Our customers and prospects, particularly in the sports market, are rapidly deploying and evaluating Web3 solutions to help them engage fans, monetize content, increase security, and improve operational efficiencies. We are excited to be actively developing our first products for this large, high-growth market. I’m confident that our products will add unique value to customers and new revenue streams to Linius.”
“Furthermore, I am thrilled to be partnering with Blockchain Australia. The knowledge and capabilities of the BA team are astonishing, and I can’t wait to see what we create together! We believe that their significant investment of time, specialized skills and software in return for an equity stake in the LBS subsidiary not only validates our blockchain strategy but, also provides the potential for accretive value for Linius (LNU) shareholders,” Brennan added.
Using the strength and flexibility of the Linius Video Services (LVS) platform, this collaboration will broaden the range of goods and partners. The expansion of LVS into Web3 complements Linius’s existing market-generating solutions, which include Linius Archive Search & Edit, Matchvision, and Whizzard for the Education and GLAM sectors.
According to BA CEO Ralph Kalsi, BA recognised significant income prospects when the company learnt what Linius is doing with tailored video and their goal for taking it to the Web3 world and decided to join our efforts.
“The internet is an ever-growing platform that encompasses every part of our daily life. Blockchain technology is playing a huge role in transforming it and we’re passionate about helping our clients explore the potentially unlimited possibilities of this new technology,” Kalsi said.
Linius stated that the agreement represents a significant step forward for Linius and LBS as it demonstrates yet another application being developed on the LVS platform and signifies significant advancement in the productisation of Linius’ blockchain technology, with an Australian industry leader supporting it with a significant investment of time and resources.
It’s anticipated that the partnership’s initial goods will be finished in the first half of 2023.
In accordance with the terms of the contract, BA will offer consulting, design, and development services as well as a variety of software tools and licences in exchange for a 9 per cent ownership stake in the subsidiary business, LBS, which will be issued once the project is finished. The agreement normally contains the terms and conditions expected for a contract of this kind, including service levels, confidentiality, intellectual property protection, security standards, and data privacy.