MultiMetaVerse, an animation and entertainment company serving young consumers in China, announced on January 12 that it has entered into a non-binding letter of intent with Orient TM Ruibo to acquire a 72.81% equity stake in Taomee, an interactive entertainment group.
Founded in 2007, Taomee has obtained well-received original brands including “Mole’s World,” “Seer” and “Flower Angel.” Taomee provides a variety of digital content and entertainment experiences via web games, mobile games and online broadcast animations, as well as through traditional channels, including animated box office films, TV series, books, and consumer products, most notably toys and trading cards. Taomee has released over 10 films and over 800 animated episodes.
Taomee was listed on the New York Stock Exchange in 2011. In 2016, it was taken private by Orient TM Parent Limited and certain management staff of Taomee, at which point it became a wholly-owned subsidiary of Orient TM Parent Limited.
MultiMetaVerse is an animation and entertainment company, commencing animation production in 2015 under its signature Aotu World brand, which has attracted a broad following with its inspiring storyline and unique graphic style, particularly among younger audiences in China. The company has built a diverse product portfolio, including animated content, comic books, short videos, collectibles, stationery, consumer products, and mobile games across the Aotu World brand. It recently merged with Model Performance Acquisition Corp. to list on Nasdaq.
In 2021, Alex Xu, the former CEO of Leyou Technologies, became chairman and CEO of the merged listed company. Xu is a senior entrepreneur in the field of games and a pioneer of metaverse products. He has served as the president of Qihoo 360’s game business line, CBO of Perfect World, and Strategic Investment Director of Giant Network Group Co.
MultiMetaVerse seized the opportunity of going public by started its metaverse business, saying that it will further build the PUGC collaboration platform and introduce AI tools to serve PUGC writers, with the goal of providing diversified digital entertainment content to global users and building an open and immersive entertainment world. Previously, Aotu World released an NFT project named AotuNFT. 4,483 NFTs were released with a price tag of about 0.25 ETH.