Marvion Inc (MVNCD)

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$BONZ Bonanza Goldfields Corp. Issued Letter to Shareholders Covering New Business Initiatives with Blockchain and Metaverse Technologies in Media and Entertainment DistributionPress Release | 06/07/2022
Bonanza Goldfields Corp. Issued Letter to Shareholders Covering New Business Initiatives with Blockchain and Metaverse Technologies in Media and Entertainment Distribution

PR Newswire

SINGAPORE, June 7, 2022

SINGAPORE, June 7, 2022 /PRNewswire/ -- Letter to our shareholders

Dear fellow shareholders of BONZ;

With this first of what we hope to be many future shareholder letters, we want to start a direct communication with you as our shareholders and partners to give you insight into our strategic objectives and values, as well as sharing with you our vision for the future of the metaverse and digital assets, and Marvion's place within it. On behalf of the management and all our team members, we welcome you and look forward to our journey together.

Business Overview

We are a Nevada holding company that through our subsidiaries are engaged in the media and entertainment distribution business. We believe that we are one of the most advanced blockchain and NFT technologies implementation companies in the media and entertainment world. By applying the best blockchain and NFT technologies available today, we have reinvented the NFT and created our proprietary DOT (digital ownership token) for media and entertainment assets.

Each of our DOTs represents a legally binding ownership in a media and entertainment asset (whether tangible or intangible) that exists in the real world (and not the virtual world). Tangible assets include physical records, discs and memorabilia, and intangible assets include intellectual property, licenses and contractual rights. Accordingly, our DOT is not a virtual asset and we are not in the business of distributing virtual assets.

Our mission is to disrupt the media and entertainment industry by introducing our proprietary DOTs. These DOTs will provide a trustworthy and transparent decentralised record of each asset and its transaction history and enhance the ownership experience. They are expected to reduce or even remove intermediaries and thereby increase efficiency and productivity in their distribution and transfer. And, finally, DOTs will be designed to greatly improve the audience's experience when consuming media and entertainment and, hopefully, improve people's lives in the process.

Our vision is to "DOT" every single tangible or intangible asset in the media and entertainment industry around the world. We believe this will bring the media and entertainment world closer together, which will lead to more creativity and diversity and better partnerships and productions.

Our commitment is to work tirelessly to improve the DOT through never ending iterations as we deploy resources to technology research and development and improving the technologies adopted in its implementation.

The Company accepts payment for services in the form of select and liquid digital assets (in addition to fiat currencies), but does not hold digital assets as an investment. Such digital assets are diligently converted into fiat currency after receipt, to minimise our risk against the fluctuations of the digital cryptocurrencies.

In providing our service solutions, we rely on third party blockchain platforms to complete our services. Our solutions, however, are blockchain independent in that we do not rely specific on a single blockchain provider to complete our service solutions but may switch our media to different blockchain services on an as needed basis. We currently have no plans to develop or maintain our own blockchain and intend to fully focus on providing business solutions.

On October 18, 2021, we acquired Marvion Holdings Limited, that is engaged in the business of management advisory services and DOT solution services. Our DOT solution services include:

(i) creating DOT's for third party movie and music producers, including media authentication and access information; and

(ii) providing a website platform to host, access and consume (view or listen) their media.

Marvion charges a fee to create DOTs for the third party movie and music works, as well as charging a platform fee for each DOT sold. While their media is hosted on our media marketplace platform, user access to the media with the proper DOT will not incur additional charges.

With the acquisition of Marvion, we plan to build a more profitable entertainment ecosystem that provides more cost effective and autonomous solutions, with less middlemen and more direct access to the media distribution. We aim to integrate the two businesses to help prospective songwriters, producers, independent labels and performers navigate the potential issues in engaging their works with a wider audience through DOTs.

Engagement, engagement, engagement…

With the advent of blockchain technology and virtual environment in which individuals can engage freely and directly, many new possibilities and challenges exist for businesses. With our "picks and shovels" approach, we have created a back-to-back ecosystem for businesses to create digital assets and experiences, as well as creating a highly engaging metaverse environment where those assets and experiences can be marketed, sold and shared.

With this in mind, we focus on three specific areas in order to deliver value and achieve our mission.

Movie and TV Production

The global film and video service market has an estimated value of USD $252 billion (in 2021) and growing with a CAGR of approximately 6% over the next 5 years, with the APAC region representing the fastest growing segment in the global motion picture industry[1]. Put simply, the demand for motion picture content will continue to grow with consumers finding new and personalized ways to enjoy content.

In this regard, we believe that we will be able to assist production companies and rights holders in increasing revenue generating opportunities through the sale and purchase of DOTs with unique features and access towards events, features, and content, such as (i) Pre-Production (Cameo appearances, posters, and concepts), (ii) Production (Action photos and access to the scene), and (iii) Post- Production –(Scripts, premiere tickets, and meeting the actor(s).

A case in point is our collaboration with Phoenix Water Productions. In October 2021, we launched Asia's first feature film DOT for the movie Lockdown. Holders of those DOTs were given VIP access to the movie's gala premiere in London. This was followed by the world's first cameo DOT for the television series Forensic Psychologist – whereby DOT holders could play a cameo role in the TV production. As it was for an exclusive movie premiere, only 5 such VIP tickets were minted and the total revenue generated was US$340.

In December 2021, Marvion minted and launched 2,000 DOTs at a price of 0.188BNB each. These DOTs gave holders the right of perpetual non-commercial private enjoyment to view, print on any memorabilia and use on any social media the still image(s) relating to the DOT. All the 2,000 DOTs were sold by Apr 2022 and generated more than US$169,200 for the Group. A portion of the revenue was shared with Phoenix Waters Productions – which was a new stream of income for the production company. We believe we can do the same for other companies in the same space.

During the year ended December 31, 2022, our Media and entertainment segment generated $95,955 in revenue for the year ended December 31, 2021, which was primarily driven by the sales of 2,006 Tokens on our h-DOT ecommerce website, while our consulting business segment generated $201,137, for total revenue of $297,092. Our cost of revenue for the same year was $87,823, resulting in a gross profit of $209,269. We incurred a net loss of $2,121,074 for the year ended December 31, 2021, with general and administrative expenses accounting for $1,334,066, corporate development costs of $680,000, sales and marketing costs of $4,185,363 and technology and development costs of $124, 148.

During the quarter ended March 31, 2022, our Media and entertainment segment generated $82,945 in revenue for the three months ended March 31, 2022, which was primarily driven by the sales of Forensic Psychologist Hybrid Digital Ownership Tokens on our h-DOT ecommerce website, while our consulting business segment generated $24,825, for total revenue of $107,770. Our cost of revenue for the same quarter was $37,780, resulting in a gross profit of $69,990. We incurred a net loss of $1,029,967 for the quarter ended March 31, 2022, with technology and development expenses accounting for $505,930 and general and administrative expenses accounting for $444,004.

Additional information regarding our annual and quarterly performances can be obtained through our annual and quarterly reports filed with the United States Securities and Exchange Commission on www.sec.gov.

Based on these experiences, we see a significant opportunity for production companies and rights holders to create deeper engagement and revenue opportunities (offset production costs) from their value chain starting at pre-production to the point of distribution. We believe that we have just scratched the surface of a potentially massive opportunity and we seek to work with more production companies to bring content-rich DOTs to market.

IP Remakes & Royalties

The Global Intellectual Property Rights and Royalty Management Market has an estimated value of USD $9 billion (in 2021) and growing with a CAGR of approximately 12% over the next 5 years, with the Media and Entertainment Segment expected to make up approximately 30% of the total value by 2026[2]. With this in mind, we believe that there is a significant opportunity to aid production companies and rights holders to monetize their legacy IP by creating DOTs to remake and re-sell the rights of these assets, such as comics, books, and movies. With quality and provenance being critical, we have decided to build out this functionality inhouse without any third-party dependencies (other than distributing via third-party platforms).

Marvion Metaverse

Perhaps most exciting is the global growth of the Metaverse Market, which is expected to grow with an approximated CAGR of 40% over the next 5 years (USD $67 billion value in 2021) with the all-time value of items sold, such as land, goods, and services topping USD $200 million in 2021[3]. We believe that the metaverse economy is in its infancy, still struggling with some fundamental technological and engineering-based challenges to reach its full potential.

However, at its current stage of technological development we believe that there are areas where companies and individuals can derive value from exchanges of products and experiences. With this in mind, we are focused on the metaverse as a means of personal expression, and for companies to distribute products and share experiences to form a low-friction, deeper engagement with its customers.

Specifically, the Marvion Metaverse will allow the sale and purchase of virtual land by way of DOTs. Architecturally, owners will be offered the ability to choose from a number of pre-designed options, or alternatively, work with an architect to design their own custom build. Beyond the acquisition and development of real estate, each DOT owner can create their own bespoke identity, as well as the development and interaction in communities.

In conclusion…

Following the successful collaborations we have experienced, we believe that Web3, which includes blockchain, NFT, metaverse, AI, autostereoscopic 3D, and more, and its adoption and responsible implementation will become essential to the media and entertainment industry in the future. We anticipate that a key future source of revenue growth will include providing Web3 as a Service (3aaS in short). While we work hard to develop such capabilities, let us not forget the "heartware" that drives it all – our values.

Our values are the foundational pillars we rely on in the operating of the business and in the establishing of its protocols, and they are:

Experience comes first – All things we do must not only be functional or provide some form of utility, but it must also be intuitive, prove an unparallel user experience, and as much as possible leave the end user with something that's fun and worth sharing.
Directness – With a decentralized team model, we have the ability to build a highly skilled and globally diverse workforce. However, this depends on efficient and direct communication. Be direct but be respectful.
Measure and Monitor – The speed at which we are able to innovate, improve and make relevant our offering is directly related to measuring its effectiveness and the rate and quality in which we collect feedback.
Build Long Term Value (Sustainable Projects) – While a project may not be relevant in its current iteration forever, we focus on projects which have a long-term meta driver, as well as developing a solution which is simple, sustainable and is likely to stand in the face of technological innovation.
Fail, but do it Quickly – Learning and making mistakes go hand in hand, however, making the same mistakes or not learning from them is costly. Make mistakes, but learn and adapt from them.

We firmly believe that we are in the very early days of an exciting digital ownership revolution. With the continued support of shareholders and with our team's hard work, we enthusiastically look to the future working hard to successfully navigate the rapid and encouraging industry developments under way, and contribute in a meaningful way to the new world economy bringing about new forms of ownership, new valuable experiences, and in doing so empowering people and companies across the globe. Towards that end, we on the Marvion team would like to thank you, our shareholders, for your continuous support.

Dr Chan Man Chung
CEO
Bonanza Goldfields Corp.

Remarks:

[1] Global Film and Video Services Market Report 2021 - Opportunities and Strategies to 2030 - ResearchAndMarkets.com, Motion Picture Industry Market Research Report - Segmentation by Genre (Action, Comedy, Drama, Fantasy, Horror, Romance, and Others); By Demography (Children and Adults); By Dimension (2D and 3D & above) - Demand Analysis & Opportunity Outlook 2027 - marketdataforecast.com

[2] Intellectual Property Rights and Royalty Management - Global Market Trajectory & Analytics to 2026 - ResearchAndMarkets.com

[3] Metaverse Market, By Component (Hardware, Software), By Platform (Desktop, Mobile), By Offerings (Virtual Platforms, Asset Marketplaces, and Others) By Technology (Blockchain, VR & AR, Mixed Reality), By Application, By End-use, and By Region Forecast to 2028; Grayscale_Metaverse_Report_Nov2021

For more information on Marvion™? and its DOT offerings, please visit www.marvion.media.

Forward Looking Statements

This press release contains forward-looking statements. All statements other than statements of historical fact are forward-looking statements, which are often indicated by terms such as "anticipate," "believe," "could," "estimate," "expect," "goal," "intend," "look forward to," "may," "plan," "potential," "predict," "project," "should," "will," "would" and similar expressions. These forward-looking statements may include, but are not limited to, statements regarding future business activities including the expansion into the decentralized financing space. These forward-looking statements are not promises or guarantees and involve substantial risks and uncertainties. Among the factors that could cause actual results to differ materially from those described or projected herein include uncertainties associated with operating a business in Singapore and Hong Kong, risk of interference by the PRC government, ability to compete, that financial resources do not last for as long as anticipated, and that BONZ is a holding company that may not realize the expected benefits of NFT's offered by Marvion™?. A further list and description of these risks, uncertainties and other risks can be found in BONZ's regulatory filings with the U.S. Securities and Exchange Commission, including in its current report on Form 10-K filed on March 31, 2022. Existing and prospective investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. BONZ undertakes no obligation to update or revise the information contained in this press release, whether as a result of new information, future events or circumstances or otherwise.

About BONZ

Bonanza Goldfields Corporation is a Las Vegas based mining and mineral exploration company, exploring gold and silver properties located in Goldfield, Tonopah and Comstock Mining Districts of Nevada, and the Chloride Mining District of Arizona.

The group is building an ecosystem and a metaverse for the media and entertainment industry that implements and adopts blockchain and NFT technologies, through mergers and acquisitions.

About Marvion™?

Marvion is a metaverse technology company in the media and entertainment industry, focusing on movies, drama, animation, comics, music and games that provide content and entertainment to adults and children alike. Although most media and entertainment content are digital in nature today, they exists in the real world as intangible assets, such as intellectual property, licenses and contractual rights, with intrinsic value.

Marvion applies blockchain and NFT technologies as tools to disrupt and improve the existing media and entertainment industry and its current practices. The technology underpinning NFTs (non-fungible tokens) has multiple functional use cases, some of which have the power to transform our societies, and some of which may be subject to regulations. Marvion uses NFT technology solely to create a legally-binding digital ownership token (DOT) to both tangible and intangible media and entertainment assets, which our analysis suggests would functionally fall outside any regulatory perimeter.

More Information about Marvion™?:

Website: marvion.media
Facebook: facebook.com/marvionmetaverse
Instagram: instagram.com/marvion.media
Twitter: twitter.com/marvion_media
LinkedIn: linkedin.com/company/marvion
Telegram: t.me/marvion_media

About Hybrid DOT (h-DOT)

A h-DOT is an integrated, best in class, digital ownership token (DOT) that contains a smart contract that can execute transactions and also contains the specific legal terms of the intellectual property ownership, license and/or rights. Each Hybrid DOT (h-DOT) contains the following:

A copy of the SPA for the purchase of the master license.
Evidence or warranty of ownership of the relevant intellectual property.
Ownership of the sub-license detailing the rights of the h-DOT holder.
Image/video/music or other file depending on what the asset is.

For media queries, please contact:
Parkson Yip [e-mail]

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