SPACE Metaverse, a virtual world for arts and commerce, has raised $7 million from investors including Dapper Labs, CoinFund, Animoca Brands and more.
- The funding will be used to build and join various metaverses into one parallel society and “build the economic backbone of the metaverse,” according to a press release.
- Other notable investors included investment firm Hof Capital and Digital Currency Group (DCG), which also owns CoinDesk.
- SPACE said it has now come out of stealth mode and launched an early access alpha version with over 10,000 users.
- The metaverse is a space generated by the convergence of virtual worlds, augmented reality and internet services. The concept has fueled a rush of investment in recent months, sparked in part by Facebook’s rebrand to Meta.
- The metaverse sector may represent a market opportunity of over $1 trillion in annual revenue, crypto investment giant and DCG subsidiary Grayscale, said in a report released November, without specifying the timeline.