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Monday, May 27, 2024

Orange Comet Acquires Mint State Labs

Orange Comet Inc., a Century City-based web3 entertainment company, has acquired Mint State Labs, a provider of entertainment and gaming technology.


Founded in 2021, Orange Comet is building communities and developing ecosystems in digital collectibles, Web3 gaming and experiences for global audiences and fanbases. In partnerships with actor Anthony Hopkins, former NBA player Scottie Pippen, and AMC’s “The Walking Dead,” Orange Comet has created IP across entertainment, music and culture. Dave Broome, chief executive of Orange Comet, said via email that the company makes its money through revenue-share partnerships with its intellectual property holders.

“As we are building out Web3 games with various ecosystems, digital wearables and blockchain experiences, we earn money on both primary sales, as well as secondary sale royalties,” he explained.

The company has sold more than 75,000 NFT and digital assets to date.

“As Orange Comet continues to grow in the web3 gaming space, we wanted to have as strong of a team with our game design and game tech as we do with our award-winning creative team,” Broome said in a statement. “We’ve been collaborating closely with Mint State during 2022, so this acquisition is not only highly complementary, but seamless for us. That said, from the moment we met Peter and the entire incredibly talented people at Mint State, we knew their passion would be the driving force for us in building something truly special in web3 gaming.”

Mint State Labs, which was founded in 2021, offers services and platform tools to help companies and creators build and grow their fanbases. Mint State Labs was part of the inaugural cohort of the Seattle, Washington-based Filecoin Techstars accelerator and from there grew its technology customer base and platform.

“From the beginning, Mint State Labs was put together by passionate people looking to use technology to enable creators to build entertainment products they loved,” Peter Morales, chief executive of Mint State Labs, said in a release.

Terms of the acquisition were not disclosed; the leadership and all employees and contractors of Mint State Labs will be joining Orange Comet.

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