Global Mofy Metaverse Limited announced a major new customer order. Under the contract, the Company will provide 3D digital asset licensing, virtual technology production, as well as other related services. This collaboration underscores the Company's commitment and continued success delivering cutting-edge virtual content solutions tailored to the needs of customers across a wide range of industries. Global Mofy Metaverse noted it is benefiting from accelerated growth driven by the AI revolution. According to a Frost & Sullivan industry datasheet, Global Mofy Metaverse believes it is one of the leading digital asset banks in China, as it already controls more than 30,000 high-precision 3D digital assets. High-precision is defined as 4K resolution with movie precision. The Company recently reported record-high revenue for fiscal year 2023, with over 56% growth compared to fiscal year 2022.
Global Mofy Metaverse primarily operates in two lines of business (1) Virtual Technology Service, and (2) Digital Asset Development and others: Virtual Technology Service: The Company provides a comprehensive technology solution to assist customers in virtual content production, which can be used in a variety of settings such as movies, television series, animation advertising, gaming, and more. Leveraging its proprietary Mofy Lab technology platform, the Company produces high-quality virtual content quickly and cost-effectively to meet the highly differentiated needs of its customers. Digital Asset Development and Others; Global Mofy Metaverse controls one of the industry's larger digital asset banks. The Company grants specific use rights of these digital assets to customers who use them based on their specific needs across different applications such as movies, television series, AR/VR, animation, advertising, gaming and more. The Company's digital assets mainly consist of high-precision 3D renders of scenes, characters, objects and items that can be licensed for use in virtual environment. Depending on customers' needs, these digital assets can be quickly deployed and integrated with minimal customization, thus reducing project costs and expediting completion time. With the rapid development of Metaverse, the Company believes digital assets will become increasingly valuable and have abundant use cases. Global Mofy Metaverse plans to actively expand its digital asset bank and build digital assets. Global Mofy Metaverse's proprietary technology platform, Mofy Lab, contains self-developed and optimized technologies, including 3D rebuilt technology and AI interactive technology, which can create 3D high-definition, virtual versions of real-world objects, or digital assets, and provide a one-stop, lower-cost solution to assist Metaverse companies in creating high-quality virtual content.