Quick take:
- Futureverse has announced a $54 million funding round led by 10T Holdings.
- Real-time currency exchange and remittance network company Ripple also participated in the round.
- Futureverse is building a new platform that combines artificial intelligence and metaverse tech to accelerate the mass onboarding of creators.
Futrureverse, the metaverse tech platform that uses artificial intelligence to accelerate the process of building new metaverse experiences and characters has announced a $54 million funding round led by 10T Holdings, with participation from Ripple.
This announcement comes at the back of Futureverse’s under-the-radar moves that saw it launch 11 metaverse infrastructure and content companies that now work in one collaborative system.
Futureverse is one of the leading advocates of the Open Metaverse, a working ecosystem that allows everyone to participate in developing and adopting the metaverse. The company is using Ripple-based Root Network, which is a blockchain and suite of protocols with ready-made runtimes for building next-generation metaverse apps, games, and experiences.
According to the announcement, the Futureverse will utilise, Ripple’s utility token $XRP for gas payments as well as, support XLS-20 standard NFTs.
This comes on the heels of Ripple’s big win against the Securities and Exchange Commission, in a lawsuit that the regulator had accused the crypto exchange and remittance network company’s use of the XRP as a security.
Commenting on her company’s involvement in Futurecverse’s latest fundraising, Monica Long, president of Ripple said: “We are excited to continue to support the Futureverse vision and celebrate the Root Network’s integration with the XRP Ledger. While we’re at the earliest stages of what a project like this — and really the larger concept of the metaverse — can achieve, we at Ripple are thrilled to contribute to the foundational infrastructure layer and provide real utility to the end users of the open metaverse.”
Unlike some tech experts that have discounted the metaverse as simply a passing fad, Futureverse believes the immersive 3D world is the next evolution of the internet.
According to the company’s founders, Aaron McDonald and Shara Senderoff the metaverse is characterised by two major features: “An immersive convergence, where the silos of user experience across applications merge into a unified experience, and data, wherein users are empowered to own and control their identity, social graph, content and value online.”
The company said it will use the latest fundraising to continue building its metaverse tech stack that includes the Futureverse Platform featuring “Powered By Futureverse” tools and products.
Dan Tapiero, CEO of 10T Holdings said in a statement: “Futureverse has developed an immersive and vertically-integrated metaverse platform that acts as an AI technology provider, metaverse infrastructure builder, layer 1 architect, creative studio, and digital community all-in-one.”
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