Spatial, previously an augmented and virtual reality enterprise platform, received an additional $25 million in funding to pivot to NFTs and develop the creative side of the metaverse.
Spacial’s NFT Genesis launched Wednesday to give digital creators the opportunity to participate in a limited-edition NFT environment and “own a piece of the metaverse.” The new “immersive NFT” Bozo Island will drop Thursday. The company has raised $50 million total in funding to pursue NFT exhibitions, conferences, and “brand experiences” in the metaverse. New investors include Pine Venture Partners, Maven Growth Partners, and Korea Investment Partners.
Facebook rebranded as Meta in October to emphasize its focus on building out the metaverse. Niantic, a San Francisco-based developer, recently raised $300 million in funding to work on its vision for the metaverse. On Monday, Nike purchased a virtual shoe company that specializes in NFTs and sneakers for the metaverse (the shoes do not physically exist.) Spatial’s announcement underscores the massive business interest in the metaverse. The company is also focused on cultivating “free and open” digital spaces for people to connect.
“We’ve gone from an AR/VR platform focused on enterprise productivity to a web/VR platform linking digital creators and the broader NFT economy,” Spatial’s Head of Business Jacob Loewenstein said. “Why? Because the metaverse will be far beyond a meeting space. We’re witnessing this trend in the creator economy from the inside and can see the huge opportunity as power moves into the hands of these creators.”