MetaWorks owns, operates and builds AI-powered blockchain, metaverse and fintech platforms in the film, fan engagement, music, payments, green tech and educational space focused on leveraging Web3 technologies and partnerships to create disruptive technology-based products, services and companies. The company is pursuing diversification into renewable energy, having exercised an option to acquire an 11% stake in Fog Dog Energy Solutions, Inc. with more than $1.2 million investment in March 2024.
Cyborg Score Rationale
MetaWorks operates across multiple emerging technology verticals (metaverse, AI, blockchain, Web3, green energy) and maintains public company status on OTCQB. However, the company operates with minimal staff (2 employees as of 2022), reports modest revenue (~$415K in 2023), and has a diluted equity structure with significant institutional ownership. Strategic diversification into renewable energy suggests opportunistic expansion, but limited profitability and scale present execution risks.
Top Insights
MetaWorks was incorporated in 2010 and changed its name from CurrencyWorks Inc. to MetaWorks Platforms, Inc. in August 2022.
Recent initiatives include signing agreements for AI-powered metaverse classes with New Jersey charter schools (January 2024), acquiring exclusive energy conversion development rights in 4 US states (April 2024), and building renewable energy partnerships.
Annual revenue was $415K as of December 31, 2023.
16.1% of MetaWorks Platforms shares are owned by institutional investors.
Named Competitors
Non-Fungible Labs — AI and metaverse technologies platform with digital assets and interoperable experiences
Unbound — Metaverse-as-a-service platform for virtual worlds and NFT management
Virstate.io — Immersive metaverse solutions for virtual events and digital experiences
Meta Platforms — Diversified technology company with major metaverse and VR investments
Recent Developments
(April 2024) Signed binding letter of intent to acquire exclusive development rights to innovative energy conversion technology in 4 US states and non-exclusive rights across North America
(March 2024) Secured 11% equity stake in Fog Dog Energy Solutions with $1.2M+ investment
(January 2024) Announced AI-powered metaverse classes agreement for New Jersey charter schools and nominated Dr. LeRoi Jones as senior education advisor
(December 2023) Introduced ECHO, an AI-powered metaverse chatbot for investor relations and 24/7/365 company data engagement
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