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HomeNFT NewsNFT protocol Metaplex raises $46M for expansion of gaming and metaverse apps

NFT protocol Metaplex raises $46M for expansion of gaming and metaverse apps

Diverse Investors include Solana Ventures and Alameda Research. NBA legends Michael Jordan, Allen Iverson and Solana Ventures.

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NFT protocol Metaplex raises $46M to expand gaming and metaverse applications

Nonfungible token (NFT) protocol Metaplex has concluded a $46 million investment round to support its strategic pivot into metaverse applications — offering further evidence that existing blockchain networks were looking to capitalize on advances in Web3 technology. The investment round was led by Multicoin Capital, Jump Crypto, and Alameda Research. Additional participation came from Animoca Brands, Solana Ventures and Animoca Brands. Over 90 individual investors also participated in the raise, including NBA legends Michael Jordan and Allen Iverson. The funding round will enable the Metaplex Foundation to increase its support for metaverse development and gaming applications. As an NFT-first protocol, Metaplex has already been used to create over 5.7 million digital collectibles for 85,000 projects, according to the company.

Metaplex launched its NFT marketplace on Solana in June 2021 with support from cryptocurrency exchange FTX. This platform is designed to support the growing, but still thriving NFT community. Despite its recent slump, the NFT market is poised to continue growing this year after a record-breaking 2021 that saw creators generate over $17 billion in sales.

Debates about the #Metaverse have begun.

Crypto leaders are divided over whether Mark Zuckerberg should lead Facebook into the Metaverse.

Crypto leaders are divided over whether Mark Zuckerberg should lead Facebook into the Metaverse. https://t.co/6VDiUZEHl0

— Cointelegraph (@Cointelegraph) November 5, 2021

The concept of the metaverse, which refers to a broad digital world that integrates technology and real life, was popularized in 2021 after Facebook rebranded to Meta in its attempt to capitalize on the emerging market. Vishal Shah, Facebook’s head for metaverse products, stated that creators would have full control over creating many types of digital objects on the metaverse. This was after the company rebranded to Meta in an attempt to capitalize on the emerging market.

Related: An Indonesian 22-year-old makes $1M by selling NFT selfies on OpenSea

According to Cointelegraph Consulting, metaverses and NFTs have a natural connection in that nonfungible tokens can add a certificate of ownership or authenticity to assets belonging to the digital world. As metaverse applications continue to attract more people, concepts like digital land and more users, proof of ownership will be more important.

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Henry Hicks
Henry Hickshttps://nonfungibletalk.com
NFT and Crypto Enthusiast. Loves Travelling and Exploring the Metaverse!
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