Binance venture capital arm, Binance Lab and DeFiance Capital successfully co-led a seed round for the Metaverse project, Ultiverse, which raised $4.5 million. The funding round was hosted to expand the products and services offered on the Binance Smart Chain (BSC) ecosystem.
Alongside Binance Lab and DeFinance Capital, the funding round involved investors like Three Arrows Capital and SkyVision Capital. The Metaverse is a system with 3D virtual realities that allows users on the network to socialize, interact and communicate.
There are no limitations to how available the Metaverse is as it is fully active every day for 24 hours. Ultiverse is a kind of Metaverse Finance (MetaFi) project that involves video gaming, Non-Fungible Tokens (NFTs), and social networking making use of smart contracts.
Ultiverse is exploring opportunities to invent a gaming metaverse that can be explored on Web3.0. Not only will the seed fund be utilized to include more products and services on Ultiverse, but it will also be used to entice great talents and skills while growing the user community.
One feature of this platform is that players will be able to communicate and interact with one another inside the Ultiverse Ecosystem. This according to Nicole Zhang, an investment director at Binance, will bridge a gap between traditional gaming and Metaverse gaming.
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For Binance, this means collaborating with Ultiverse developers to design the first AAA blockchain game using Play-to-Earn initiative, tokenomics, and a VR-virtual world. Players will be allowed to customize and bring their NFTs into the virtual world
The Avalanche Network floated an incentive program earlier this month to advance metaverse-related initiatives. The program is presently worth $290 million and it was contributed by four million tokens on the network. The funds will be directed to improving the expansion of the network’s subnet (subnetwork) and monitoring its growth.
One of the beneficiaries of this incentive program is the DeFi Kingdom, a gaming NFT that has received $15 million from the funds raised. There might be a future collaboration between Avalanche and Ultiverse as Avalanche Foundation had earlier announced that it is open for future collaborations