Future FinTech Group Inc. announced that it signed a Strategic Cooperative Letter of Intent with Faya Digital Technology Co. Ltd. to establish a metaverse research and operations platform. The metaverse is a combination of multiple elements of technology that encompasses virtual reality, online gaming and social media as well as a range of human activity where users can interact within a digital universe. FTFT and Faya Digital plan to establish the joint venture Future Metaverse (Chengdu) Co. Ltd. ("Future Metaverse") and will cooperate to develop a new underlying technology engine, HyperVerse Version 1.0, to run the platform. The two parties plan to initially develop 18 non-fungible token ("NFT") avatar products and three blockchain games. FTFT plans to leverage Faya Digital's resources such as the metaverse ecosystem project CITY (1.07 million dapp users), the blockchain game ecosystem project DO (570,000 active game users), etc., to contribute to the market development and future profitability of the HyperVerse Version 1.0 ecosystem platform. Faya Digital is a comprehensive R&D company dedicated to building a symbiosis of virtual reality and a new digital space by using blockchain, augmented reality, non-fungible token ("NFT") and other technologies. Faya Digital has successfully developed NFT avatar products such as 'Luckydoge', 'Violent Panda', 'Boring Ape Evolution', 'Binance Lion King' and other NFT products using HyperVerse, its metaverse technology engine. Faya Digital's products have been highly recommended by leading NFT platforms such as OpenSea and Binance.