Metaverse project Ultiverse secured $4.5 million in a seed round funding with Binance Labs, the venture capital arm and innovation incubator of Binance leading seed round.
The fundraise happened at a $50 million valuation wherein Ultiverse will work with BNB Chain to build a Web 3 social gaming Metaverse, Coinspeaker is reporting.
Frank Ma, the CEO of Ultiverse, said, “We’re excited to grow Ultiverse along with Binance Labs and BNB Chain ecosystem, as we share a common vision of Web3 gaming metaverse. I am confident that Ultiverse will be the proof-of-concept that both Web3 and gamers have been clamoring for. We’ll do this by providing intricate virtual worlds and, more importantly, ways in which these worlds can be interacted with and affected in a truly collaborative way.”
The funds will be used to develop the product, attract top talent and further increase the growth of the community.
Ultiverse is working on connecting web3 with a VR-compatible virtual world that will be home to the first AAA blockchain game, according to the Binance Labs statement. Ultiverse’s tokenomics encourages mutually beneficial relationships among ecosystems, where players could benefit from building the community.
“ MetaFi is always a sector that we are active in,” said Nicole Zhang, Investment Director at Binance Labs. “We believe Ultiverse can bridge between Metaverse gaming and ‘traditional gaming.’ and bring more innovations to the community and industry.”
Ultiverse players can import their own NFTs from multi chains for use in the virtual world, and also support NFT and land customization. The appearance of NPCs will be adjusted through players’ actions AI track.
“Blockchain games are still in their infancy. The first generation of GameFi has been predominantly simple card-based games, and AAA games with high quality are in great need. Thus BNB Chain is more than pleased to support projects like Ultiverse to unlock the full potential of Gamefi.” said Gwendolyn Regina, Investment Director at BNB Chain Fund.
Ultiverse will launch in tandem with its first internal game, a 3D MMORPG Play-To-Earn title with a realistic ecosystem, in which different roles of players be able to interact with each other.
The seed round was co-led by Defiance Capital, and the other investors include Three Arrows Capital and SkyVision Capital.
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