StoryFire to acquire Metaverse Group and Hulk Labs from Tokens.com.

StoryFire, a storytelling platform, agreed to acquire Metaverse Group, a virtual real estate company, and Hulk Labs, a gaming studio and technology builder, from Tokens.com, a blockchain technology company. Financial terms were not disclosed. "This transaction provides Tokens.com shareholders with several benefits, including the continued buildout of Metaverse Group by a strategic acquirer. StoryFire is a successful social media brand with over 2m users and the capital to expand the growth of these businesses. Tokens.com retains a significant amount of upside through its equity ownership in StoryFire, while no longer having to cover the overhead required to manage these businesses. Management expects this and other cost cutting measures associated with the transaction to result in savings to Tokens.com of approximately CAD$1.5m annually. The resulting Tokens.com business will own 15.3% of StoryFire, approximately CAD$3.7m in cash, approximately CAD$15m in cryptocurrency tokens, as well as a valuable portfolio of domain names that are currently for sale," Andrew Kiguel, Tokens.com CEO.