(Alliance News) - Looking Glass Labs Ltd on Monday reported a swing to a loss in the six months that ended January 31, as revenue plummeted on lower non-fungible token sales.

Looking Glass is a Vancouver, British Columbia-based Web3 platform specialising in immersive metaverse environments, play-to-earn tokenisation, and blockchain monetisation strategies.

Looking Glass swung to a half-year loss of CAD8.4 million, about GBP5.0 million, from a profit of CAD2.3 million a year prior. Revenue fell to CAD210,004 from CAD6.8 million, as non-fungible token sales decreased.

Looking ahead, Chief Executive Officer Dorian Banks said he is optimistic on the outlook for Looking Glass, as the company continues "to seek accretive partnerships and revenue opportunities into the future".

By Tom Budszus, Alliance News reporter

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