Bark Ventures, an NFT play-to-earn game developer has been acquired by Vancouver-based Pioneer Media Holdings.
Bark has been developing games for niche online communities, pivoting to play-to-earn (P2E) games for the metaverse age.
This latest acquisition by Pioneer is a continuation of their efforts to acquire assets in the Web3 space, among them NFTs, NFT games and DAO’s (decentralized autonomous organizations). They pan to create a full Web3 ecosystem.
“We feel confident that these new emerging trends will be the cornerstone of the next digital age, and the recent surge in NFT’s, NFT Games and DAO’s are changing the historical distribution channels and breaking down barriers to entry.
This is a transformative time, and our strategy is to create a full, Web3 ecosystem that provides investors access to a portfolio of innovative small and medium sized companies within a rapidly growing sector.”Mike Edwards, CEO of Pioneer
Under the terms of the acquisition, Pioneer has acquired all of Bark’s outstanding shares. In consideration, Pioneer issued 2,857,142 common shares at C$1.75 per share, of which 398,671 common shares were issued in settlement of debt owing by Bark to an arm’s length creditor. The shares issued by Pioneer are subject to a resale restriction period ending June 3, 2022.