Quick take:
- Aftermath Islands is a blockchain-based virtual reality platform.
- LDA’s commitment will accelerate the platform’s product roadmap.
- The $25 million commitment gives LDA Capital access to non-equity dilutive growth funds through the purchase of Aftermath Islands Utility Tokens.
Blockchain-based virtual reality platform, Aftermath Islands, has secured a $25 million commitment from global investment group, LDA Capital. The funds will be raised via a utility token purchase program based on the achievement of certain milestones hit by Aftermath Island.
The platform consists of theme-based islands, communities and estates. Islands are divided into unique Virtual Land (VL) parcels, with land owners having autonomy over the content published on their land. Users are able to buy, develop, and trade Virtual Land (VL), property and items like buildings, crafted items, transport, and other items all through in-game collectible NFTs.
Speaking to VentureBeat, David Lucatch, managing director of Aftermath Islands, said that the company chose to sell utility tokens over a period of time rather than raise a lump sum through a conventional venture capital deal.
The funds will be raised to accelerate Aftermath Islands’ product roadmap, which will include a realistic world, virtual real estate and a play-to-earn blockchain game that will be revealed in the future.
Lucatch told VentureBeat that the company is building a metaverse on Unreal Engine 5 graphics, making a departure from the low-res graphics often seen in the metaverse.
Aftermath Islands is looking at decentralised identity blended with centralised gameplay so that it can make sure that people who enter its metaverse are real human users, but also for the platform to have a clear direction for management.
The company has 12,000 members on its Discord channel and 20,000 followers on Twitter.
“LDA Capital is proud to participate in the advancements brought by Aftermath Islands to the virtual worlds and games which will transform how players interact and transact with in-game collectible NFTs,” said Warren Baker, Managing Partner, LDA Capital.
The funds give LDA Capital access to non-equity dilutive growth funds through the purchase of Aftermath Islands Utility Tokens based on the achievement of certain milestones. Aftermath Islands expects to begin working towards the milestones but cannot guarantee to achieve by the end of 2022. LDA also has an option to purchase equity in Aftermath Islands Metaverse Limited.
Aftermath Islands is currently issuing pre-launch NFTs (later redeemable for virtual land and collectibles) on the WAX blockchain. These assets, and the blockchain-based components of Aftermath Islands will ultimately assume a multi-chain approach.
Aftermath Islands Metaverse is being built as an open-world, realistic graphic platform with islands that represent destinations in a global virtual game.
Expected to launch its beta platform in the latter half of 2022, Aftermath Islands Metaverse will have an in-game virtual economy where users can engage in a myriad of in-world economic transactions as well as monetize the content, items, quests, and applications they build.
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