Key Takeaways
SPACE Metaverse has raised $7 million to bring its vision of the Metaverse to life.
The project focuses on creating an environment where socializing and virtual commerce can thrive within the Metaverse.
Capital has poured into Metaverse-related ventures since Facebook announced its rebrand to Meta.
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SPACE Metaverse will use the funds to help build out the Metaverse.
SPACE Metaverse Announces $7M Raise
Capital keeps flooding into the Metaverse.
SPACE Metaverse is one of the latest projects to benefit from the boom after closing a $7 million funding round. The raise saw participation from some of the most prominent teams in the space, including Coinfund, Digital Currency Group, Animoca Brands, Polygon Studios, and NBA Top Shot creator Dapper Labs.
SPACE Metaverse aims to create a virtual world that allows anyone to explore and interact with others. It’s focusing on what it calls “social commerce experiences” in the Metaverse, where users can earn rewards and benefit from economic opportunities in a way that was never possible in Web2. Batis Samadian, the project’s founder, explained that it’s hoping to provide the infrastructure for the decentralized economy evolving within the Metaverse in a press release. He said:
“As the Metaverse continues to gain mass adoption and becomes a place where a lot of people meet up to socialize, a natural evolution is commerce, which is what Space is focused on. Users will want to be able to view shows, buy items, sell items, and engage with digital goods within the Metaverse. Space is building the Shopify for the Metaverse to enable creators to sell their digital items in a turn-key fashion and allowing users to purchase it.”
Coinfund’s Vanessa Grellet added that SPACED Metaverse could become “the leader in building the commerce virtual world.” She said that SPACED Metaverse is poised to become a leader in the space as projects rush to create the future of events and commerce. Sandeep Nailwal, a co-founder of Polygon, also described it as “one of the most promising” projects focusing on virtual commerce.
“The Metaverse” has become something of a crypto buzz word in recent weeks, not least since Facebook announced its rebrand to Meta to focus on “bringing the Metaverse to life.” The likes of Solana Ventures, Enjin, and KuCoin have all announced nine-figure Metaverse-focused funds, while the tokens for Metaverse gaming projects have soared. With new capital raised, SPACE Metaverse will be hoping that the excitement surrounding the concept continues into 2022.
Disclosure: At the time of writing, the author of this feature owned ETH, MATIC, and several other cryptocurrencies.
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