The funding round will help SPACE Metaverse to develop an economic backbone of Metaverse.
Metaverse is the word for 2021. As the concept slowly moves closer to reality, high-profile establishments are betting big on it. Capital is flowing at a rapid pace. In the latest development, SPACE, a metaverse dedicated to arts and commerce, has raised $7 million in a funding round.
According to a press release shared with CryptoPotato, the investors leading the latest funding round are some of the most high-profile names in the industry. Coinfund, Dapper Labs (creators of NBA Top Shot and Flow), Digital Currency Group (DCC), Animoca Brands, Hof Capital are some of the platforms that have participated in raising $7 million.
The main objective behind the capital infusion is to help SPACE develop the “economic glue” to connect different metaverses into one parallel society. A brief primer – SPACE aims to position itself as the creator of the “next frontier” of social commerce experiences. Its roadmap includes the creation of a user-owned economy, fair rewards distribution, and providing access to metaverse experiences for both brands and users.
Sandeep Nailwal is the Co-Founder, and Chief Operations Officer at Polygon confirmed backing the project and stated,
“Glad to see Polygon Studios backing projects like Space. The race is on for the few players who will bring future of work and commerce to Web3, and SPACE team is one of the most promising ones to be a leader in building commerce virtual world.”
2021 Wrap: Where does Metaverse Stand?
Metaverse is still a fairly nebulous concept but has managed to allure both Big Tech as well small businesses and startups. The concept rose to prominence this year after the increasing popularity of cryptocurrency assets, NFTs, and online gaming.
Statistics suggest that the global market for transactions in the Metaverse is expected to surge above $6 billion this year. Social media giant Facebook even rebranded to Meta. The Mark Zuckerberg-led platform had revealed that it plans to deploy more than $10 billion to develop its vision for Metaverse.
The market is hot and is poised to attract more investments across various aspects, be it computing power, payments, content, networking, etc. According to the research company, Strategy Analytics, the market for transactions in the metaverse is likely to climb $6.1 billion this year. By the end of 2026, this figure may surpass approximately $42 billion globally.