BitNile.com Begins Generating Revenue From Social Gaming and Metaverse Ads
BitNile Metaverse, Inc. (NASDAQ:BNMV) ("BitNile Metaverse" or the "Company"), announced today that its metaverse platform, BitNile.com (the "Platform"), has begun generating revenue from the sale of in-world coins utilized in social gaming and from immersive advertising, marking a significant milestone in the Company's strategic monetization strategy.
BitNile Metaverse recently introduced social gaming on the Platform with the release of roulette, offering users an opportunity to play for fun or real money prizes through a sweepstakes model. The introduction of coin packages in the Platform, which users can purchase in varying denominations, has generated a revenue stream for the Company. Other popular social games, such as blackjack and slots, are currently under development, and are expected to lead to increased revenue.
BitNile.com has also begun to recognize advertising revenue, which is consistent with the Company's larger plan to monetize its metaverse Platform. The strategy entails personalized advertising and partnerships with popular ad networks. The unique advertising ecosystem developed within BitNile.com's metaverse offers marketers exposure to an actively engaged audience, thus boosting ad revenue.
BitNile Metaverse, through its wholly owned subsidiary BitNile.com, Inc. ("BNC"), owns and operates the Platform.
"We are elated to announce that BitNile.com has just started harnessing its potential to generate significant revenue," stated Milton "Todd" Ault, III, Executive Chairman of BNC. "With the successful launch of our social casino and the comprehensive evolution of our advertising ecosystem, we are making our initial steps towards expected sustained revenue growth. More importantly, we are underscoring our unwavering commitment to deliver a rich, engaging metaverse experience. While it's still early in our ramp-up cycle, there is tremendous potential for future growth. We are just getting started, and there is a world of opportunities yet to be explored."
Users can access and explore the early-access version of the Platform and receive updates by visiting https://BitNile.com.
Sweepstakes are only open to residents of the United States (other than residents of Idaho and Washington) who are at least eighteen years old or the age of majority in their jurisdiction (whichever occurs later) at the time of entry. Participation is void where prohibited by law.
About BitNile Metaverse, Inc.
Founded in 2011, BitNile Metaverse (NASDAQ:BNMV) owns 100% of BNC, including the BitNile.com metaverse Platform. The Platform, which went live to the public on March 1, 2023, allows users to engage with a new social networking community and purchase both digital and physical products while playing 3D immersive games. In addition to BNC, BitNile Metaverse also owns three non-core subsidiaries either directly or indirectly: approximately 66% of Wolf Energy Services Inc. (OTCQB:WOEN) indirectly; 100% of Zest Labs, Inc. directly; and approximately 89% of Agora Digital Holdings Inc. directly. BitNile Metaverse also owns approximately 70% of White River Energy Corp (OTCQB:WTRV).
Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended These forward-looking statements generally include statements that are predictive in nature and depend upon or refer to future events or conditions, and include words such as "believes," "plans," "anticipates," "projects," "estimates," "expects," "intends," "strategy," "future," "opportunity," "may," "will," "should," "could," "potential," or similar expressions. Statements that are not historical facts are forward-looking statements. Forward-looking statements are based on current beliefs and assumptions that are subject to risks and uncertainties. Forward-looking statements speak only as of the date they are made, and BitNile Metaverse will not undertake any obligation to update any of these statements publicly in light of new information or future events. Actual results could differ materially from those contained in any forward-looking statement as a result of various factors. In addition to risks relating to the acceptance of the Platform by individuals, competition with much larger companies operating metaverses and BitNile Metaverse's ability to raise capital, investors should review risk factors, that could affect BitNile Metaverse's business and financial results which are included in BitNile Metaverse's filings with the U.S. Securities and Exchange Commission, including, but not limited to, Forms 10-K, 10-Q and 8-K. All such filings are available at www.sec.gov and on the companies' websites at www.BitNile.net.
View source version on businesswire.com: https://www.businesswire.com/news/home/20230605005456/en/