Metasphere Labs Inc. completes development of Pure Sky's Native Blockchain Carbon Credit Registry

VANCOUVER, British Columbia, September 20, 2024 (GLOBE NEWSWIRE) — Metasphere Labs Inc. (“Metasphere” or the “Company”) (CSE: LABZ ) (OTC: LABZF) (FRA: H1N) , a leader in metaverse and Web3 strategies, is pleased to announce the successful completion of the development of Pure Sky Registry LLC’s (“Pure Sky”) blockchain-based carbon credit registry. This marks a significant milestone in leveraging blockchain technology to enhance transparency, efficiency and security in carbon credit management.

While most ReFi (Regenerative Finance) carbon credit projects focus on tokenizing legacy carbon credits, Pure Sky’s solution is built natively on the blockchain, following ISO 14000 carbon offset standards. This fully integrated approach provides a seamless and robust system designed for the future of environmental sustainability. The solution includes critical features such as on-chain voting for DAO (Decentralized Autonomous Organization) members, ensuring transparent governance and decision-making among stakeholders.

Leveraging its deep expertise in Web3 solutions, Metasphere was tasked with building some of the key components of the Pure Sky platform. These components ensure seamless functionality and provide a user-friendly interface that significantly improves the tracking and verifiability of carbon credits. The project is aligned with Metasphere’s mission to apply Web3 technologies to improve social coordination in addressing global challenges such as sustainability and climate change.

Natasha Ingram, CEO of Metasphere Labs Inc., expressed her excitement about the project’s completion:

“We are excited to deliver this solution for Pure Sky, which is setting new standards for carbon credit management. At Metasphere, we believe in the transformative potential of Web3 to drive positive global change, particularly in tackling climate change. By helping to develop a native blockchain-based solution, we are not only innovating, but laying the foundation for a more sustainable future.”

Marty Seymour, Managing Director of Pure Sky, added:

“As a software development company with Web3 expertise, Metasphere has enabled us to build a platform that goes beyond tokenizing legacy systems. By integrating blockchain technology from the ground up and adhering to ISO 14000 standards, we are creating a more transparent, secure, and efficient way to track and manage carbon credits. This could revolutionize the way companies track their emissions and contribute to global sustainability efforts.”

The successful delivery of the Pure Sky platform underscores both companies’ commitment to leveraging Web3 technologies for environmental benefits. This platform provides organizations and industries worldwide with an advanced tool to manage carbon credits while meeting global carbon offset standards. We are very pleased with our decision to hire Metasphere.

About Metasphere Labs Inc.

Metasphere Labs Inc. is a leading developer of Web3 and metaverse strategies. The company specializes in integrating blockchain technology into real-world applications, with a focus on environmental sustainability and social impact. Metasphere is passionate about applying decentralized solutions to some of the most pressing challenges of our time.

About Pure Sky Registry LLC

Pure Sky is a Web3 Carbon Credit Registry that aims to revolutionize the way carbon credits are tracked, managed, and traded. Built natively on blockchain technology and aligned with ISO 14000 carbon offset standards, Pure Sky provides organizations with a secure, transparent, and efficient platform to manage carbon credits and reduce their carbon footprint.

For further information please contact:
Metasphere Labs Inc.
Natasha Ingram, CEO
[email protected]

Forward-looking information

This press release contains “forward-looking statements.” Statements in this press release that are not purely historical are forward-looking statements and include all statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, the development of the Carbon Credit Protocol initiative, other open metaverse projects and the development of virtual world projects.

The material assumptions supporting these forward-looking statements include, among other things, the following: the Company’s ability to mitigate the risks associated with the blockchain and NFT industry; the ability to compete with other companies in the NFT, metaverse and blockchain markets; the availability of sufficient financing to execute the Company’s business development plans; favorable market conditions; and the market acceptance of its products.

Although management believes these assumptions are reasonable based on information currently available to it, they may prove to be incorrect. These forward-looking statements are only predictions and involve known and unknown risks, uncertainties and other factors, including: the continued growth and adoption of NFT, metaverse and blockchain offerings; the costs of developing and designing NFTs and metaverses being economically feasible; the Company’s ability to attract and retain sufficient personnel with the desired skills to develop the Company’s digital offerings; the availability of third-party offerings in the NFT, metaverse development and online gaming markets to identify potential transactions; the increasing adoption of NFTs as a solution for various online gaming, entertainment and collectibles applications; the Company’s ability to mitigate the risks associated with the blockchain and NFT industry; and the ability to compete with other companies in the NFT, metaverse development, content creation and collectibles markets.

Although management believes these assumptions are reasonable based on information currently available to it, they may prove to be incorrect. These forward-looking statements are only predictions and involve known and unknown risks, uncertainties and other factors, including: the risk that the Company’s offerings will not be accepted by consumers; the risk that other competitors may offer similar digital offerings; the risk that there may be adverse changes in general economic and business conditions; the risk that the Company may have negative operating cash flow and not have enough capital to complete the development of any of its technologies; the risk that the Company may be unable to obtain additional financing when needed; the risk that there may be increases in capital and operating costs; the risk that the NFT technology may be subject to fraud and other disruptions; the risk that there may be technological changes and developments in blockchain that may render the NFT solutions obsolete; risks related to regulatory changes or actions that could impede the development or operation of the blockchain solutions; the risk that other competitors may launch similar blockchain offerings; the potential future unviability of the NFT market in general; the fluctuating cost of the amount of computing power required to perform specific operations on the blockchain; and other general risks associated with blockchain solutions.

Risks and uncertainties relating to the Company’s business are discussed more fully in the Company’s disclosure materials, including reports filed with the Canadian securities regulators, which may be obtained from www.sedarplus.ca.

Any of these risks could cause the Company’s actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. Although the Company has attempted to identify factors that could cause actual results, levels of activity, performance or achievements to differ materially from those described in forward-looking statements, there may be other factors that cause results, levels of activity, performance or achievements not to be as anticipated, estimated or intended. These forward-looking statements are made as of the date of this press release and the Company assumes no obligation to update the forward-looking statements or to update the reasons why actual results may differ from those projected in the forward-looking statements, except as required by applicable law, including the securities laws of the United States and Canada. Although the Company believes that all of the beliefs, plans, expectations and intentions expressed in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate. The Company disclaims any liability for disclosure in relation to any other company mentioned herein.

SOURCE: METASPHERE LABS INC.