Quick take:
- The world’s first-ever metaverse-only fashion house Space Runners has raised $10 million.
- The funding round was led by Polychain Capital and asset management firm Pantera Capital.
- Space Runners is creating its own blockchain that will be governed by its native $SPACE token.
Metaverse-only fashion brand Space Runners has completed a $10 million funding round led by Pantera Capital and Polychain. The company is building the first-ever end-to-end fashion house in the immersive virtual world.
Also participating in the funding round were Animoca Brands chairman Yat Siu and Twitch co-founder Justin Kan, among others.
Space Runners is also developing a standalone blockchain platform that will underlie its metaverse. The company will use its native $SPACE token to drive commerce in its metaverse.
Based on a description on its website, Space Runners calls its self as a specialist designer of “digitally wearable NFTs through Augmented Reality (AR), collaborating with celebrities and brands.”
In demonstrating its commitment to its mission, the company has already partnered with various celebrities and brands in their NFT projects. Last year, it collaborated with NBA players Kyle Kuzma and Nick Young, releasing the wearable “NBA Champion” sneaker NFTs.
The collection of 10,000 NFTs sold out within nine minutes, setting the platform for more collaborations in the future. Space Runner is also weighing options of potentially offering NFT holders real-life perks, which it has hinted may include meeting its celebrity and athlete partners.
Based on Space Runners’ road plan, it is currently in the NFT expansion and collection phase. The company launched NFT staking that will unlock utilities. Other developments scheduled this year include NFT integration with other metaverses, as well as, a second NFT drop.
The company will launch an NFT voting platform later in its road map that will be governed by its native $SPACE token. It also plans to launch an NFT marketplace and an official Space Runners Merch store.
Commenting on Monday’s successful fundraising, Won Soh, co-founder of Space Runners said “our goal is to build the first end-to-end Fashion ecosystem on the blockchain with the newly secured financing.”
Paul Veradittakit, a partner at Pantera Capital said his company was proud to support Space Runners’ vision of creating a new way of interacting with fashion on the blockchain.
“Digital identity and self-expression will be a key component in the metaverse…Fashion will be just as, if not more, important in the Metaverse than the real world,” he said.
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