Marvion Inc. (OTC: MVNC) experienced a remarkable surge in its financial performance in 2023. For its fiscal year 2022, the company’s revenue rose by 25 per cent, reaching US$14,454,869.
Apart from that, there was a significant increase in gross profit, with a rise of 107 per cent, from US$2,787,661 in 2022 to US$5,785,760 in 2023.
With its newly appointed Chief Executive Officer (CEO), Chan Man Chung, the company appears set for growth in the coming years.
“I am honoured to lead this successful company into an even brighter future. Building upon our rich legacy, I am committed to fostering innovation, driving sustainable growth, and nurturing a culture of excellence,” said Chan.
Over the past two fiscal years, Marvion has consistently generated revenue from the entertainment industry.
This year, the company is actively exploring ways to integrate its technology into various compatible applications. One notable area of focus is the adoption of its Digital Ownership Token (DOT) platform for halal certification.
Halal certification ensures products meet Islamic law requirements and are free of impure ingredients. This accreditation is crucial for the 1.6 billion Muslim consumers worldwide.
Marvion can expand into the halal certification sector to grow its consumer base. This strategy can bring the company to the forefront of the technology solutions sector. Furthermore, it aligns with the company’s goal of sustainable growth and excellence in innovation.
The global halal market is approximated to be worth more than US$2 trillion, with an estimated growth of US$2.8 trillion over the next few years.
This substantial market presents an exciting prospect for Marvion’s DOT technology, which can enhance the halal certification process’s transparency, security, and efficiency.
Halal certification covers various industries, such as the financial sector, the food and beverage market, cosmetics, medication, travel, media, and recreation. DOT technology can be applied to these industries to ensure compliance and authenticity.
Regarding the potential of halal certification, this initiative aligns with Marvion’s mission to develop its DOT technology. The launch of DOT for halal certification can further diversify the company’s range of services. This will open new revenue streams and market opportunities.
This move also shows Marvion’s commitment to going beyond the hype of Web 3.0. It demonstrates their dedication to creating a sustainable economic model for the company and shareholders.
Marvion will also be exploring other business application opportunities for DOT technology usage. Marvion expects to profit from its new market strategy by the end of 2024 and the years following.
