Quick Take:
- SPACE has completed a $7 million funding round backed by leading crypto investors.
- Dapper Labs, DCG and Coinfund participated in the capital raise that will help build the economic backbone of the metaverse.
- SPACE is a blockchain platform that allows creators to launch commerce projects in the metaverse.
On Wednesday, SPACE, the blockchain platform that focuses on facilitating the launch of art and commerce projects on the metaverse, announced a successful $7 million capital raise, backed by some of the leading investors in the cryptocurrency space.
Dapper Labs, DCG and Coinfund led in the funding round that will help SPACE build what it calls the economic backbone of the metaverse. The metaverse is a virtual world allowing people to launch virtual projects including land, blockchain games, and collectibles (art, music, tweets, etc). Other participants included Digital Currency Group, Animoca Brands, Hof Capital.
The entire ecosystem has become one of the most popular segments of the blockchain industry because of its ability to allow artists, gamers and developers to earn income from the metaverse.
Therefore, in as much as, the virtual universe continues to capture the headlines, the commerce behind the whole idea is essentially the driving force behind the influx of gaming companies into the metaverse.
The Space product has already launched the alpha version, which so far has over 10,000 users. Those that have already joined can chat, talk or trade with others in the same room. The platform has already secured over 100 partnerships from the art, fashion and music industries.
The main focus is to build social commerce experiences in the metaverse by creating easily accessible, yet immersive metaverse experiences for brands and users.
Just like the internet, Space is counting on the social features of the metaverse to create commercial opportunities, which brands can capitalise on. However, the platform wants to ensure that the user experience continues to remain a priority in the process.
Commenting on the successful capital raise, Batis Samadian, Founder of SPACE said, “users will want to be able to view shows, buy items, sell items, and engage with digital goods within the metaverse. Space is building the Shopify for the metaverse to enable creators to sell their digital items in a turn-key fashion and allowing users to purchase it.”
Although Space will initially target the existing projects in the metaverse, including art, music and fashion, its main focus is the future that will include showrooms, stores, gathering places.
Vanessa Grellet from Coinfund said that: “We’re excited to be a part of SPACE and have them be the leader in building the commerce virtual world. The race is on for the few players who will bring future of events and commerce to Web 3, and we are sure SPACE will be one of them.”
On the other hand, Sandeep Nailwal of polygon thinks Space’s vision lines up perfectly with the future of work in Web 3.0, adding that “SPACE team is one of the most promising ones to be leader in building commerce virtual world.”
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