NFT’s– the hottest new trend in the ever-rolling hot ball of money in the growing world of cryptocurrency. The main NFT sales platform, Open Sea, has grown to a monthly volume of $3.4 billion dollars in August up from $131 million just two months prior. As is customary in this market, a multitude of traditional companies attempts to make a cash grab from this new trend.
The global marketing consulting agency eWorld Companies, Inc. (OTC: EWRC) seems to be the latest of these companies to attempt and cash in on the NFT craze. The company has announced an intention to release a limited production run of NFT’s called “Bitcoin Wine” with a production of 10,000 bottles of supposed fine wine. The immediate issue with this production stems from the idea that seemingly anything in the crypto space has to do with Bitcoin, although this may have been true in 2013, this NFT craze has very little to do with Bitcoin at all. In fact, there has not been any substantial NFT on the Bitcoin blockchain produced in over 5 years, instead, the majority of development in this space has taken place on the Ethereum blockchain. If this doesn’t already sounds like a desperate attempt by a company with a little reputation to bolster their image by adapting to the latest “cool” trend then a further dive into this strange company’s past will make that abundantly clear.
Not The First Time
Starting in 2008, eWorld Companies billed itself as an “online marketing & advertising technologies company that develops and markets cutting edge technologies using rich media, flash, animation and 3D graphics to help individuals and businesses market and advertise on the Internet.” However, after a closer look, it seems that this company has developed little more than an ability to over promise and under deliver. Starting with the Boomerang Media station in 2014, eWorld made bold claims about the profitability of its company’s future, claiming to have a target of 1 Billion downloads by 2016 which would have been about half of Facebook at the time. Failing to deliver on any of the promises surrounding this supposed “revolutionary” piece of software the company seemed to take a hiatus from 2015-05-20 until 2021-05-04 according to filings with the SEC.
On October 21, 2020 eWorld Companies announced an acquisition of Angelini Trading company, which touts itself as a purveyor of fine Italian foods and wines although upon further digging it appears that Angelini Trading itself only distributes bottles of wine at a maximum price of $34, supposedly supplying its wine to gas stations across Florida and California. The most interesting part of this so-called acquisition was the terms. In exchange for ownership of the company, the owner of eWorld gave 69% of the company stock to Christina Angelini, owner of Angelini Trading co. With a market cap of $59 million and a Total Liabilities / Total asset value of only $21,000 the recent uptick in trading seems to have provided itself a rime opportunity for Ms. Angelini to cash in on her business. With her locked stock and total short interest of 68.7%, it seems prudent to not assume her locked shares have been lent to hedge funds looking to take short positions on the stock while getting herself a nice roi in exchange.
So back to the original premise of this article, NFT’s. How does a company that owns a gas station wine supplier plan to release a collection of 10,000 bottles of fine wine? Well, it seems apparent that the eWorld nor its subsidiary Angelini Trading co has the current means of producing any of what is promised in the release. What is apparent however is that this is simply another attempt by a failing and mysterious company to make a promise and fail to deliver, just as it has done for the past 6 years.
eWorld Company’s Twitter: @eWorld_Company
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