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With the new project, Ultiverse and Binance Labs will be working under a common vision of boosting the Web 3 gaming metaverse.
Metaverse project Ultiverse secured $4.5 million in a seed round funding on Thursday, March 17. The fundraise happened at a $50 million valuation wherein Ultiverse will work with BNB Chain to build a Web 3 social gaming Metaverse.
The seed round was co-led by Binance Labs and Singapore’s DeFiance Capital. Ultiverse said that it will use these funds to develop the product, get the top talent, and push the growth of the community.
The Metaverse industry is getting strong popularity after Facebook rebranded itself to Meta. It means a world of virtual avatars socializing with each other just as we do in the real world. Many industry experts believe that Metaverse is the next billion-dollar opportunity for businesses.
Ultiverse seeks to connect the Web3 with a VR-compatible virtual world. It also aims to be the home to the world’s first AAA blockchain game. Speaking of this development, 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.”
Metaverse Ultiverse Project: Tapping into the MetaFi
Blockchain-based games and platforms have been tapping into the unique opportunity of monetizing different games. Thus, by encouraging such opportunities in the Metaverse, Ultiverse tokenomics bring first-of-its-kind MetaFi encouraging mutually beneficial relationships among ecosystems.
Ultiverse will allow all players to import their NFTs from multiple chains. Besides, it will also support NFT and land customization. To bring an immersive experience, the appearance of NPCs shall be adjusted through players’ actions AI track. Nicole Zhang, Investment Director at Binance Labs, said:
“ MetaFi is always a sector that we are active in. We believe Ultiverse can bridge between Metaverse gaming and ‘traditional gaming.’ and bring more innovations to the community and industry.”
With Ultiverse, BNB gets the opportunity to unlock further potential in GameFi. Ultiverse will launch along with its first internal game, a 3D MMORPG Play-To-Earn title with a realistic ecosystem.