blazes in asset sale to StoryFire

The Web3 business has also put its domain up for sale.

Toronto-based cryptocurrency and Web3 firm has put its domain up for sale and entered into an agreement to sell two of its subsidiaries to online social entertainment and gaming platform StoryFire is exploring the sale of the domain name with an initial asking price of $8 million USD. will be selling the assets of Metaverse Group and Hulk Labs in exchange for a 15.3 percent equity interest in StoryFire, valued at $3.5 million USD, and $500,000 USD worth of Storyfire’s in-app currency, Blaze tokens. The sale is expected to close March 1. 

UPDATE (03/04/24): closed the sale of Metaverse Group and Hulk Labs to StoryFire as of March 1, 2024.

“This transaction provides shareholders with several benefits, including the continued buildout of Metaverse Group by a strategic acquirer. StoryFire is a successful social media brand with over 2 million users and the capital to expand the growth of these businesses,” CEO Andrew Kiguel said in a statement. 

Alongside this sale, said it has retained a third-party broker to explore the sale of the domain name with an initial asking price of $8 million USD. builds products and acquires businesses in the crypto staking, metaverse, and play-to-earn gaming space. Following the close of this sale, however, will have no active business in metaverse or web3 gaming, except through its ownership in StoryFire.

The company trades publicly on both Cboe Canada (formerly known as Neo Exchange) and the Frankfurt Stock Exchange.

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The sale follows laying off 40 percent of its staff in November 2023 to better withstand market conditions, according to the company, adding it was considering “a full or a partial sale of business segments or [intellectual property] within those segments,” including its domain name. acquired a 50 percent stake in Metaverse Group in 2021 before nabbing the remaining stake in 2023. Metaverse Group got its start renting “digital land” in the metaverse, making headlines after purchasing one “plot” for a crypto equivalent of $2.4 million USD.

As interest in the metaverse waned over recent years, the subsidiary was impacted by the November 2023 cuts, and management expressed disappointment in Metaverse Group’s ability to generate revenue as it shifted its focus to help clients connect with customers through 3D experiences. 

Developers and certain intellectual property from Hulk Labs, its Web3 game developer, will continue to be worked on and shared with StoryFire’s audience, said. 

Kiguel said it expects this sale and other cost-cutting measures to result in an annual savings of approximately $1.5 million CAD, while the company holds approximately $3.7 million CAD in cash, $15 million CAD in cryptocurrency tokens, and a portfolio of domain names that are for sale. 

Feature image by Alesia Kozik via Pexels.

Alex Riehl

Alex Riehl

Alex Riehl is a staff writer and newsletter curator at BetaKit with a Bachelor of Journalism from Carleton University. He's interested in tech, gaming, and sports. You can find out more about him at or @RiehlAlex99 on Twitter.

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