SPACE metaverse raises $7M; Animoca and Dapper Labs lead round

SPACE metaverse platform has secured funding of $7 million led by prominent crypto-industry players like Animoca Brands and Dapper Labs.The latest funding round also witnessed the participation of several leading venture capitalist firms in the blockchain ecosystem, including Coinfund, Digital Currency Group, and Hof Capital.

On December 22nd, SPACE, announced that it has raised a funding of $7 million to develop its metaverse project allowing users to design their own virtual commerce spaces for gaming, arts, fashion, music among other things. The platform wants to “build the economic backbone of the metaverse.”

What is SPACE?

SPACE metaverse provides a platform for users to create and design their own digital space to display their virtual goods for purchase like shops, galleries, and music venues. SPACE, founder Batis Samadian, said that the users of the platform will be able to view shows, trade items, and engage with all the digital content provided in the metaverse. He continued to state,

“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,” 

Big-guns of the crypto world

The investors who supported the funding round are some of the big guns of the crypto-industry. Dapper Labs, for one, is the maker of popular projects like the Flow blockchain and NBA Top Shot. CoinFund which is a private crypto-asset investor and blockchain research and advisory firm has a portfolio of over 60 investments. New York city-based Digital Currency Group is a venture capital company that has invested in over 150 projects. Animoca Brands is a Hong Kong-based game software company and venture capital company that boasts of a wide array of blockchain games. 

The new world- Metaverse

Metaverse has managed to garner astronomical traction in recent months. The space has captured the attention of both heavyweights as well as start-ups.  It is a digital world created by combining virtual reality, augmented reality, smart glasses, and internet services. Metaverse has become the buzzword for 2021 gaining wide popularity with the rise of cryptocurrency assets, NFTs, and online gaming and tech giants such as Facebook rebranding as “Meta”. 

According to the statistics, the global market for transactions in the metaverse is likely to climb $6.1 billion this year. The Mark Zuckerberg-led platform had even disclosed that it plans to use over $10 billion to develop its vision for Metaverse.