Space has closed its $7 million funding round with the help of high-tier venture funds that will now allow the project to build an economic backbone for various Metaverse projects. The funding round has attracted some of the biggest companies in the industry, such as Coinfund, Dapper Labs (NBA Top Shot creators), Digital Currency Group.
Space has already presented the Early Access Alpha version of its Metaverse product that currently features more than 10,000 users. The virtual universe enables anyone to enter the ecosystem and chat, talk or trade with any users they want.
In addition to a successful funding round and early access launch, the project has secured more than 100 partnerships with leading companies from the art, fashion and music industries.
Building social commerce experience in the Metaverse
Space is aiming at creating a virtual world that will include social channels for incentivizing the exchange process. The project will create a dynamic economy owned by its users by putting knowledge, effort, and an efficient rewards system together. The creation of the most easy-to-access Metaverse that will still remain highly immersive is the main goal of Space.
Batis Samadian, the founder of Space, has shared his view on the Metaverse by saying that the concept is already gaining mass adoption and becoming the perfect digital place for people to meet and socialize, and the implementation of commerce into it is the next step in the Metaverse’s development.
According to the project’s founder, they are building Shopify for the Metaverse which will enable creators to dive even deeper into the exchange process inside the digital space. Individuals socializing in the Metaverse will most likely find themselves willing to start buying, selling and engaging with digital items.
Space will focus on creating both easy-to-access and Metaverse-suitable social commerce experiences that will include showrooms, stores and gathering places. The initial space already includes what will be available in the future: art, fashion and music. They will evolve together with the Metaverse, enabling new and compelling ways of using virtual commerce.
Space’s funding round participants have shared their excitement at becoming a part of SPACE and they are waiting for the buildup of commerce in the Metaverse. The project acts as the root of commercial implementation in digital universes.