Alameda Backs Metaverse Project The Kingdom, in a $3.6M Finance Round As massive amounts of money continue to flow in from the most prominent players in the cryptocurrency industry, the metaverse has been heating up in recent weeks.
Sam Bankman-Fried’s quantitative trading firm, Alameda Research, has participated in a private funding round of $3.6 million in the world’s first culture-led Metaverse. Newman Capital, Shima Capital and 3 Commas, SMG participated in the round. Chiron Partners and Liquid Lab Ventures also took part.
Private Funding Round: $3.6 Million
According to the press release, CryptoPotato, The Kingdom will focus on “culture-led” experiences through the NFT collaborations, global brand partners, and setting up a worldwide community. The metaverse will feature NFT avatars to socialize, play and entertain. The platform will also unveil play-to earn (p2e), features for users who are involved in games and quests. Players in The Kingdom can utilize the rewards for different features — housing, upgrades on character, and buying NFT items, among others. NFTs will be the main focus. The Kingdom will allow its brand partners to create NFTs that can be used or sold for different purposes. The team working on the metaverse is currently in negotiations with many international brands and cultural representatives. It anticipates to announce its first NFT partnership in the second quarter. The platform’s CSO Josh Kovac stated,
“The Kingdom is going to be a first of its kind metaverse that really harnesses the power of cultural zeitgeist. We see all users contributing to the web. Our vision is to create social hubs for everyone. Inspired by the never-ending hustle of Asian metropolises, Miraijuku is the first city to be unveiled and unlocked in The Kingdom.”
Alameda Research and Galaxy Interactive announced last month the formation of a consortium with Republic Crypto that will invest in blockchain-dedicated games studios and developers. Already, the initiative had invested in efforts that focused on sports and other esports in metaverse. More companies are involved in creating the metaverse. CryptoPotatoIt was previously reported that KuCoin, an established digital asset trading site, had launched a $100 million fund earlier to assist teams looking to create metaverse projects. Recently, Morningstar Ventures had invested $1.5 million in the Elrond-based project to create a metaverse.