Metaverse project Ultiverse has raised $4.5 million at a $50 million valuation in a seed round co-led by Binance Labs and Singapore’s DeFiance Capital.
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The funds will be used to develop the product, attract top talent and further increase the growth of the community, Ultiverse said. Other investors include Three Arrows Capital and SkyVision Capital.
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Metaverses refer to a 24/7 online world, inhabited by economies that incentivise a new network of creators and infrastructure providers. This economy revolves around in-game assets that are interoperable. Ultiverse is fashioned as a “MetaFi” project, an umbrella term for a project utilizing gaming, NFTs, and social networking via smart contracts.
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Ultiverse is working on connecting blockchain applications with virtual worlds that use tokens to incentivize activities and community building within its ecosystem.
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The Ultiverse ecosystem allows players to import their own NFTs (non-fungible tokens) from multiple supported blockchains for use in the virtual world, and also support NFT and land customization. Ultiverse will launch in tandem with its first internal game, a 3D multiplayer role-playing game in which different roles of players be able to interact with each other.
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“The first generation of GameFi has been predominantly simple card-based games, and AAA games with high quality are in great need,” shared Gwendolyn Regina, investment director at BNB Chain Fund, which participated in the round.
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“Ultiverse has one of the best teams with a stellar track record building top tier games. DeFiance Capital is particularly bullish on MMORPG. We are convinced that they are able to bring in millions of gamers into their immersive metaverse,” said Goh Yeou Jie, portfolio growth lead at DeFiance Capital, in a statement to CoinDesk.
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Shaurya is an analyst/editor for CoinDesk’s markets team in Asia.
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