Quick take:
- Metaverse firm Everyrealm has secured a $60M fundraise led by Andreesen Horowitz.
- The funding round also attracted investments from Nas, Lil Baby and Gunna, among other top music artists.
- Everyrealm said it has real estate holdings in 25 metaverse platforms.
When the metaverse buzzword exploded last year, few expected it to become a multi-billion industry in under a year. However, as of this writing, metaverse-themed tokens have a market capitalisation of about $31.6 billion.
And although the virtual real estate segment is still trailing the gaming unit in the metaverse, analysts expect sales to top $1 billion this year, after rocketing to $500 million last year.
Digital real estate has become a vital asset in metaverse gaming with the likes of Axie Infinity, Decentraland and the Sandbox hosting some of the largest metaverse gaming projects.
As a result, venture capital firms have taken a keen interest in firms investing in virtual lands, injecting the capital that continues to drive growth.
One of the latest beneficiaries of a funding drive is Everyrealm, a metaverse real estate firm established in 2021. The firm secured a $60 million funding round led by Andreessen Horowitz, according to reports coming out on Thursday.
The funding round was also flagged off by some of the leading music artists including Nas, Lil Baby, and Gunna, among others.
Everyrealm is led by CEO Janine Yorio and was co-founded by TJ Kawamura, Julia Schwartz, Jesse Stein, and Kostas Ketikidis. The current fundraising is one of the largest Series A funding rounds by a firm led by a female CEO.
Yorio’s company claims to have invested in virtual real estate across 25 metaverse platforms, including Decentraland and the Sandbox and featuring over 100 metaverse real estate projects.
Some of the notable projects include Fantasy Islands, which is a luxurious master-planned community created within the Sandbox metaverse. It made headlines when it sold an associated Superyacht NFT for 150 ETH, an equivalent of $650k at the time.
It also runs a shopping district inside Decentraland called Metajuku and an educational space, Realm Academy located in Somnium Space.
Everyrealm also owns 3000 non-fungible tokens (NFTs) and manages an e-sports gaming guild. The firm was formerly known as Republic Realm before rebranding to Everyrealm following a spinoff.
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