Pioneer Announces Purchase of CryptoPunk 8869
Pioneer Media Holdings Inc. (“Pioneer” or the “Company”) purchased CryptoPunk 8869.
- blue bandana
- regular shades.
"We are excited about Web3" said Mike Edwards, CEO of Pioneer. "The real question is how do you dive in? We looked for guidance from the community. Answer = Step 1 is buy a JPEG!"
Pioneer acquired CryptoPunk 8869 for 100.25 ETH (US$ 433,703.58).
The Company provides the following update on what it sees trending in this space.
Web3 is otherwise referred to as the ownership economy because the token economic models reward participation and creativity. NFTs in particular enable coordination around the shared ownership of art and beyond; an investment in this space is more about joining a community than investing in a traditional company and this is why Pioneer decided to acquire a piece of the most iconic collection to date, the CryptoPunk.
NFTs have captured the spirit of the private markets. In the past month, SoRare (private) and Dapper Labs (private) have raised US$680M at a US$4.3B valuation and US$250M at a US$7.6B valuation respectively. In addition, Axie Infinity maker Sky Mavis (private) and Animoca (private) respectively raised US$152M at a US$3B valuation and US$65M at a US$2.2B valuation. Cumulatively that implies +US$1B in fresh capital at a combined market cap of +US$17B for four NFT privates in under a month. NFT sales in Q3 hit US$10.7B up from US$1.3B in Q2 and from US$28M in the same quarter of 2020
While meme stocks have captured the spirit of the public markets. In 2021 ‘Meme stocks’ like GameStop and AMC were completely changed fueled by retail investor euphoria driven by Reddit memes. GameStop raised ~US$1.1 billion after surging +1,200% and AMC raised ~US$1.2 billion driven by the share price appreciation through Reddit memes.
CryptoPunks are one of the primary NFT status symbols in crypto. A CryptoPunk owner refused a US$9.5 million bid for his asset in October, a four year old CryptoPunk 1422 was just sold for US$2 million, and recently a half a billion dollar transaction enabled by a flash loan for Punk 9998
8869, a Punk, a NFT, and a meme stock: Pioneer combines the meme stock and NFT element by becoming the first publicly tradable company to embody a CryptoPunk and allow for fractionalized equity ownership of that CryptoPunk. Through equity ownership in Pioneer, investors will become fractional owners of Punk 8869, a public markets first.
The Pioneer Plan
- Pioneer will be the first true listed Web3 investment company focused on NFT gaming and assets. Building off of its success in mobile gaming (LEAF), eSports (GILD/Dynasty/Paidia) and its foundational investment in NFT Investments.
- Pioneer will invest and acquire the best brands, teams and assets in the space.
About Pioneer Media Holdings Inc.
Pioneer is the first publicly traded issuer that actively invests in a diversified portfolio of early-stage to mid-level companies in Web3 including NFTs and NFT gaming, together with investments in esports, and mobile gaming. Pioneer’s management team leverages its global network to democratize access to investments not normally available to the retail investor community.
The current Pioneer portfolio includes investments such as: Leaf Mobile Inc. (TSX: LEAF), a leading free-to-play mobile games group; Guild eSports plc (LON: GILD), a global eSports business headquartered in London whose lead investor is David Beckham; Dynasty eSports Pte Ltd, creators of the world’s leading white-label Gaming Ecosystem Management solution, partnering exclusively on a B2B basis with Tier 1 telco's and large media organisations; NFT Investments plc, a London based investment company focused on non-fungible tokens (“NFTs”), and Kodoku Studios Ltd., London based team that stands at the forefront of the exciting new NFT gaming genre Pioneer provides capital, experience, and support to these emerging market leaders while building shareholder value. Additional information about Pioneer is available at www.sedar.com.
ON BEHALF OF PIONEER MEDIA HOLDINGS INC.
CEO & Director
Neither the Canadian Securities Exchange nor any Market Regulator (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
Forward Looking Statements
This news release may contain “forward-looking” statements and information relating to the Company, the funds to be raised, and the use of any such funds that are raised, that are based on the beliefs of Company management, as well as assumptions made by and information currently available to Company management. There is no assurance the Company will be able to complete the placement on the terms as outlined above, or at all. The Company does not undertake to update forward‐looking statements or forward‐looking information, except as required by law.
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.
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