Quick take:
- Ultiverse has completed a $4.5 million funding round co-led by Binance Labs and Defiance Capital.
- Other participants in the fundraising included Three Arrows Capital and SkyVision Capital.
- Ultiverse said it will use the funds to scale its product offerings in the BNB Chain ecosystem.
Ultiverse has announced the successful completion of a $4.5 million funding round aimed at revamping its product line. The fundraising was co-led by Binance Labs and Three Arrows Capital’s DeFiance fund. The social gaming metaverse platform said it will use the capital to develop its platform and increase product offerings in the BNB Chain ecosystem.
The company is also looking to hire more talent and launch a campaign for community growth. Ultiverse is a unique MetaFi product that brings blockchain gaming, non-fungible tokens (NFTs) and social networking under one immersive world. The platform relies on smart contracts to facilitate gaming and social events within the universe.
Though there is no concrete definition yet, the metaverse is described as an interactive 3D virtual world. The trendy buzzword has become popular since Facebook rebranded to Meta last October.
Ultiverse is focused on creating an interoperable ecosystem that connects different blockchains with virtual worlds that use tokens to incentivise adoption, growth, and engagement within the ecosystem.
The metaverse platform allows gamers to transfer their own NFTs from multiple blockchains that it supports within its ecosystem, as well as, promoting creativity through land customization and NFT designing.
The platform will debut with its first in-world game, a 3D MORPG (multiplayer online role-playing game) that allows different players to perform different roles and interact with each other.
Commenting on her firm’s participation in the funding round, Gwendolyn Regina, investment director at BNB Chain Fund said “the first generation of GameFi has been predominantly simple card-based games, and AAA games with high quality are in great need.”
On the other hand, Goh Yeou Jie, portfolio growth lead at DeFiance Capital told CoinDesk in a statement, commended Ultiverse’s highly experienced teams in building top tier games.
“We are convinced that they are able to bring in millions of gamers into their immersive metaverse,” Jie said, adding that DeFiance Capital was particularly excited by the opportunity in massively multiplayer online role-playing games (MMORPGs).
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