SPACE, a virtual world for arts and commerce, has raised $7 million from Dapper Labs, CoinFund, Animoca Brands and other investors.
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SPACE will use the funding to build and join various metaverses into one parallel society and “build the economic backbone of the metaverse,” according to a press release.
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Other notable investors included investment firm Hof Capital and Digital Currency Group (DCG), which also owns CoinDesk.
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SPACE said it has now come out of stealth mode and launched an early access alpha version with over 10,000 users.
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The metaverse is a space generated by the convergence of virtual worlds, augmented reality and internet services. The concept has fueled a rush of investment in recent months, sparked in part by Facebook’s rebrand to “Meta.”
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The metaverse sector may represent a market opportunity of over $1 trillion in annual revenue, crypto investment giant and DCG subsidiary Grayscale said in a report released in November, without specifying the timeline.
What the SPACE interface looks like. (SPACE)
Tanzeel Akhtar is a CoinDesk news reporter based in Europe.
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