- Technology company, YDX Innovation (TSXV:YDX) has formed a joint venture for virtual reality gaming with VancouVR Ventures
- The companies will open a retail store in Vancouver, which will showcase virtual reality gaming technology and merchandise
- YDX and VancouVR Ventures will each have a 50 per cent interest in the resulting joint-venture company, 60401 Arkave Theatres
- In other news, the company has granted 11 million stock options to its directors, officers, advisors, and consultants
- YDX Innovation (YDX) is down 5.88 per cent, and is currently trading for $0.16 per share
Technology company, YDX Innovation (TSXV:YDX) has formed a joint venture for virtual reality gaming with VancouVR Ventures.
Through the venture, the companies will open and operate a virtual reality gaming retail store, located in Gastown, Vancouver. The store will showcase YDX’s VR gaming arena, Arkave, provide space for gaming, and sell related merchandise.
Arkave Store customers will experience virtual reality games which YDX developed through a partnership with Liquid Media Group.
YDX’s partnership with Synthesis VR will also allow the store to showcase single player VR games and VR racing simulators. There will be an area specifically for retro gaming and video game consoles, providing a broad spectrum of gaming experiences.
The store’s second floor will provide a space for esports gamers, equipped with high-end gaming equipment. The area will provide both casual gaming opportunities, and training facilities for professional and amateur teams.
The store’s lower floor will be a retail section, where customers can buy esports equipment and gaming merchandise. YDX and VancouVR Ventures plan to monetise this area and make it a primary driver of revenue.
The companies are currently negotiating partnership opportunities with vendors of snacks, energy drinks, and gaming hardware.
The store is set to open in July, 2020. As the COVID-19 pandemic is still ongoing, the facility will operate in accordance with health authority recommendations for safety.
YDX intends to host closed corporate events and birthday parties at the store, with a limited number of participants.
The joint venture has been formalised by the creation of an entity, 60401 Arkave Theatres Corp. YDX and VancouVR Ventures each have 50 per cent of the shares in the entity and will equally share setup costs and profits.
YDX Innovation’s CEO, Daniel Japiassu, said that he was looking forward to the partnership with VancouVR VC.
“This is a very promising business model that we are exploring; an entertainment centre that combines VR, esports, retro gaming and simulators.
“We were looking for a local partner to operate and test the business model before we can explore the possibility to expanding to other cities in North America, and I’m happy to be partnering with VRVC,” he said.
YDX Innovation (YDX) is down 5.88 per cent and trading at C$0.16 per share at 9:41am EDT.
