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SINGAPORE, Sep. 22, 2021 /PRNewswire/ — Following the announcement that Bonanza Goldfields Corp. (OTC:BONZ) plans to acquire Marvion, the company has received a lot of interest from the market about Marvion. BONZ is therefore pleased to provide an overview about Marvion and addresses some commonly asked questions about its products and services.
Who is Marvion?
Marvion is a metaverse blockchain company sourcing quality digital assets, acquiring the underlying intellectual properties (and/or licensing rights) and minting the assets into Hybrid NFTs.
Marvion seeks to contribute to the blockchain ecosystem by finding quality projects and protecting the legal ownership rights of buyers and sellers via their Hybrid NFTs. At the moment, Marvion is neither a marketplace nor a fund. Akin to luxury brands that work with different designers and craftsmen to bring masterpieces to market, Marvion aspires to do the same for the NFT market.
Marvion will be a US listed company once the transaction with Bonanza Goldfields Corp (BONZ) is completed. In a press release dated 18 September 2021, Bonanza Goldfields Corp, a company publicly traded in the OTC markets, will own 100% of Marvion and be renamed Marvion Inc.
What is a Hybrid NFT?
NFT stands for non-fungible token which is a token that represents something unique. The NFTs that Marvion offers are called Hybrid NFT (h-NFT) which is a proprietary NFT format developed by Marvion to make the ownership of digital asset more robust.
Simply put, a h-NFT is an integrated, best in class, smart contract that can execute a transaction and also contains the specific legal terms of the intellectual property ownership, license and/or rights.
The range of digital assets that Marvion offers within the h-NFTs is vast, ranging from film clips, music soundtracks, digital print media and a full range of related real world experiences from live events to meet and greet opportunities with the media and entertainment stars. In short, there is no limit to who Marvion will work with as long as their works are of high quality and value and fit within the media and entertainment industry.
Each Hybrid NFT (h-NFT) contains the following:
- Sale and purchase agreement for the purchase of the license.
- Evidence or warranty of ownership of the intellectual property.
- Transfer Deed for the transfer of the relevant ownership, license and/or rights to the h-NFT holder.
- Ownership title (to the intellectual property, license and/or rights) written into the description.
- Image/video/music or other data file depending on what the asset is.
How different is a Hybrid NFT from a regular NFT?
Within the blockchain, a regular NFT will only have one Uniform Resource Identifier (URI) link to the InterPlanetary File System (IPFS). Using a regular NFT, a creator would store their digital work (in the form of music, film, digital art, etc.) within the IPFS. There is a limitation on how much information can be provided within a regular NFT, due to how it is programmed.
Specifically for Marvion, the Hybrid NFTs will contain multiple information (i.e. contract, reports, image, etc.), thus making the Hybrid NFTs more robust in capturing relevant information of the digital assets.
Legal rights and protection of Hybrid NFT owners
A legal contract is embedded into the Hybrid NFT. Within the legal contract, there are terms of ownership, license and rights and legal recourse is available when third parties breach any of them.
The owners of a Hybrid NFT will be able to take the necessary legal action (as per what has been stipulated in the legal contract) against those who breach the digital ownership rights.
The usage of Binance Smart Chain on Hybrid NFTs
Marvion uses the Binance Smart Chain (BSC) which is “a blockchain that runs in parallel to the Binance Chain. Unlike Binance Chain, BSC boasts smart contract functionality and compatibility with the Ethereum Virtual Machine (EVM). The design goal here was to leave the high throughput of Binance Chain intact while introducing smart contracts into its ecosystem.
In essence, both blockchains operate side-by-side. It is worth noting that BSC is not a so-called layer two or off-chain scalability solution. It is an independent blockchain that could run even if Binance Chain went offline. That said, both chains bear a strong resemblance from a design standpoint.” (Source: Binance academy)
How do NFTs Impact the Environment?
Marvion is very conscious of their environmental responsibilities and to this end, they are working with a Proof-of-Stake (PoS) model. Binance NFT Marketplace uses this model which reduces the environmental impact through a less energy intensive than a Proof -of-Work (PoW) model. Blockchains running on PoW consensus algorithims require substantial amounts of energy including crypto mining and cooling needs which predominantly require energy generation linked to coal.
To keep up to date on the upcoming Hybrid NFT™️ drops, please visit www.Marvion.Media or join the Marvion Telegram Community at https://t.me/marvion_media.
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 developing new business initiatives joining the latest blockchain technologies, through market merger and acquisitions to apply NFT into the media industry.
About Marvion
Marvion is a metaverse blockchain technology company, unlocking, enhancing and preserving the value of media and entertainment intellectual property through blockchain and related technologies to create Hybrid NFTs. The company’s vision is to offer the ultimate artist and fan engagement, leveraging technology in both digital metaverse and physical experience realms. Marvion will be adopting their Hybrid NFT (h-NFT) format across all minted NFTs. The h-NFTs will undergo full know-your-client (KYC) and verification processes prior to Marvion acquiring the intellectual property. This is to ensure that only authentic and high quality NFTs are available on the platform.
More Information about Marvion:
Website: www.Marvion.Media
Facebook: www.facebook.com/marvionmetaverse
Instagram: www.instagram.com/marvion.media
Twitter: www.twitter.com/marvion_media
LinkedIn: www.linkedin.com/company/marvion
Telegram: www.t.me/marvion_media
About Hybrid NFT (h-NFT)
A h-NFT is an integrated, best in class, smart contract that can execute a transaction and also contains the specific legal terms of the intellectual property ownership, license and/or rights. Each Hybrid NFT (h-NFT) contains the following:
- Sale and purchase agreement for the purchase of the license.
- Evidence or warranty of ownership of the intellectual property.
- Transfer Deed for the transfer of the relevant ownership, license and/or rights to the h-NFT holder.
- Ownership title (to the intellectual property, license and/or rights) written into the description.
- Image/video/music or other data file depending on what the asset is.
For media queries, please contact:
Parkson Yip
Marketing and PR Team
[email protected]
SOURCE Bonanza Goldfields Corp.
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