Metasphere Labs Begins Negotiations to Spearhead Integration for Pure Sky Registry LLC in Landmark Environmental Blockchain Initiative

VANCOUVER, British Columbia, March 27, 2024 (GLOBE NEWSWIRE) -- Metasphere Labs Inc. (formerly Looking Glass Labs Ltd., “Metasphere” or the “Company”) (Cboe Canada: LABZ) (OTC: LABZF) (FRA: H1N) announces a non-binding Memorandum of Understanding (“MOU”) dated March 27, 2024 with Pure Sky Registry LLC (“Pure Sky”) in a move that underscores the burgeoning importance of real-world assets (“RWAs”) in blockchain technology. Under this MOU, the Company is exploring a commission to integrate Pure Sky's pioneering carbon credit registry with blockchain technology, marking a significant advancement in environmental sustainability efforts. Pursuant to the MOU, the Company will also deliver a comprehensive statement of work (“SOW”) that will detail the scope, timeline, and responsibilities for the integration of the Pure Sky registry web application with the Pure Sky Decentralized Autonomous Organization (“DAO”) and carbon credit registry smart contracts. This SOW will serve as the basis for any future contractual agreement regarding the project.

Natasha Ingram CEO of Metasphere, remarked on the collaboration, “We are honored to explore partnering with Pure Sky, leading their blockchain integration efforts. This project not only showcases the potential of blockchain in environmental sustainability but also sets a new benchmark for transparency and efficiency in the carbon credit market.”

Pure Sky operates as a DAO on the Ethereum blockchain, emphasizing a participatory governance model and leveraging smart contracts to ensure integrity and accountability. “This integration by Metasphere will revolutionize how we approach carbon credit transactions, enhancing our platform's accessibility and efficiency,” said Marty Seymour, Managing Director of Pure Sky.

The engagement is timely, reflecting a growing trend in the integration of traditional financial mechanisms with blockchain technology, as demonstrated by BlackRock's venture with Coinbase to launch the BlackRock Institutional Digital Liquidity Fund. This move signifies the financial industry's growing recognition of the potential of RWAs, of which carbon credits are a prime example, and digital assets to revolutionize the financial landscape.

ABOUT PURE SKY REGISTRY LLC

Pure Sky Registry LLC, a Web3 Carbon Credit Registry, focuses on the certification and tokenization of carbon credits, promoting environmental sustainability through blockchain technology.

ABOUT METASPHERE LABS

Headquartered in Vancouver, British Columbia, Metasphere Labs (“LABZ”) develops metaverse environments, DAO solutions, gamification, and Web3 / blockchain monetisation strategies aiming to solve social coordination problems for acting on climate change and making a positive impact on the planet.