Wolf3D startup, which is behind the Ready Player Me platform for creating unified avatars for various virtual spaces, announced the raising of $13 million.
Taavet+Sten, a firm led by the co-founder of Wise, and Sten Tamkivi, the co-founder of Teleport, led the funding round. Konvoy Ventures, NordicNinja and Samsung Next Ventures, Tiny VC, GitHub co-founder Tom Preston-Werner and others also provided investments.
Thus, according to the statement, Wolf3D will direct funding to expanding global growth. The company has more than 900 virtual worlds that use its solution.
Building out monetization tools for developers
“By giving people avatars that travel across virtual worlds, we can make the metaverse more connected. The metaverse is not one place or platform, it’s a network of thousands of experiences. With the funding, we will scale our partner network further and will build out monetization tools for developers to help them make money with avatar customization assets and NFT’s. Our goal is to become the default system for the metaverse,” said Timmu Tõke, CEO of the firm.
Furthermore, the inclusion of non-fungible token (NFT) wearables and virtual fashion for avatars is one of the company’s upcoming goals. Previously, the company collaborated with Dior and New Balance. And most recently with Canadian producer Deadmau5 – the “Head5” NFT collection.
In recent months, virtual fashion has received considerable institutional investment. For example, UNXD and Decentraland announced Metaverse Fashion Week. On March 24-27, 2022, the participants of the event will be able to demonstrate their virtual fashion collections on the catwalk.
Since June 2021 the rapid growth of GameFi projects has begun
Recall that, according to Huobi analysts, the success of the new generation of blockchain games is associated with the development of GameFi. GameFi implies the use of NFTs, decentralized finance (DeFi) and other elements within the framework of the Play-to-Earn concept.
The researchers recalled that at the end of 2017, the popular Ethereum-based CryptoKitties game peaked at 140,000 daily active users and 180,000 daily transactions. However, within a few months, both indicators collapsed by more than 90%.
Experts noted that since June 2021, the rapid growth of GameFi projects based on blockchain has begun. As an example, they cited the NFT game Axie Infinity. A few months after its launch, its daily revenue reached $9.72 million, surpassing Tencent’s Honor of Kings.