World-building platform Microverse has secured fresh funding from renowned investment fund AMS Globe as part of its Series A funding. This is in addition to investments from established funds like Garuda Fund and Bee Cloud.
Microverse’s Series A funding was previously announced in October during a company event, with a targeted amount of $100 million to be used over two years for the expansion of its platform ecosystem. The funds would go towards the development of AI-VR games in its developmental studio Micro Engine, as well as the development of Micro NFT – a NFT trading platform with an emphasis on providing NFT trading services backed by liquidity.
Ryan, CEO of Microverse, remarked that the Series A funding was a necessity because of the company’s focus on product development and execution. “The NFT market is heating up, and a lot of new users are starting to enter the market in droves, we think it is the right time for us to go for this option to finance faster growth,” he said. “This is the perfect timing for us to seize some momentum, and build something that can be beneficial to the market as a whole.”
Microverse estimates that its platform would be active in around 20 countries at launch, and that there would be 500,000 unique users registered by the 1st quarter of 2022. The platform is in the midst of releasing its first NFT collection called MINOs, 400 procedurally-generated collectible dinosaurs that have their proof-of-ownership stored on-chain. There are plans to add more NFT collections, including NFT products that can be used in-game.
The metaverse sector is slowly heating up, and has garnered similar attention in China, with firms like social media giant Baidu and games publisher NetEase applying for trademarks related to the field. Microsoft and Meta (formerly known as Facebook) have also affirmed their company’s focus towards the sector as part of their strategic realignment for the future.
The metaverse is a term coined by American writer Neal Stephenson in his sci-fi novel Snow Crash, which was released back in 1992. The term refers to a realistic and immersive digital world where people can meet, work and play using advanced technology and devices. Many consider this technology to be the next phase of the internet. By investing in Microverse, AMS Globe has shown that they are capitalizing on technological convergence and the market potential of the metaverse.
About AMS Globe
AMS Globe is an investment fund that seeks to identify companies that are leading and benefitting from cross-sector innovations, such as artificial intelligence, robotics, energy storage, DNA sequencing, and blockchain technology. By researching across sectors, industries and markets, the fund aims to capture disruptive innovations in the public equity markets to create a more transparent and interdisciplinary investment process.
Microverse is a decentralized world-building platform that allows people to build, play and engage in a vast world with endless opportunities to create captivating experiences. The platform aims to combine the characteristics of scarcity, immutability and liquidity of NFTs to contribute to the development of a brand-new metaverse, where users can collect exclusive NFTs to be used within the platform for trading, gaming, and more.
Through the launch of Microverse World, the company aims to implement several new initiatives to incentivize newcomers into the metaverse. They seek to provide a vibrant and self-sustaining virtual economy, along with fresh gaming projects that incorporates the Play-to-Earn model so that users can realistically make a living off the metaverse. Ample support will be provided for developers that are keen to build on the platform, and the platform’s SDK is estimated to be released some time next year.