- Metamall raised $4.6 million from seed, strategic and private token sales.
NEW DELHI (CoinChapter.com) — MetaMall, a virtual reality mall where users can buy, sell or lease virtual real estate and mint NFTs, announced the completion of its funding process.
As per its announcement, the project aims to become an entire ‘VR shopping and lifestyle experience zone .’ as per its announcement. The platform also allows users to earn rewards by playing games and staking, incorporating nearly everything the Metaverse offers under one virtual roof.
MetaMall shared it raised over $4.5 million in its funding round, part of the first phase of its roadmap. In detail, the funding round included seed funding, pre-IDO through token sales, and over $1 million through NFT sales.
Some of the cryptocurrency sector’s leading venture capital firms were part of the funding round, including 316VC, Mars VC, WLI Capital, BullPerks, and HVS Ventures. As per its roadmap, MetaMall’s next steps include securing listings on decentralized and private exchanges, holding its first NFT sale, and launching an NFT marketplace by Q1 2022.
Metamall is a unique convergence of metaverse, NFT and crypto that enables enriching user experience as well as giving brands, individuals and experience owners to connect with their audience. We are very excited as this journey enters its next phase.Serge Gianchandani, co-founder of MetaMall, said.
Furthermore, MetaMall plans to use the fund to improve its tech and marketing teams. The firm also plans to partner with leading tech firms to improve its Metaverse offering. One of the investors, Mars VC, believes MetaMall’s ‘exemplary‘ team would make it a massive success.
What is MetaMall?
As hinted by the fairly obvious name, MetaMall aspires to be a mall in the Metaverse, combining VR, NFTs, DeFi, and P2E. The MetaMall platform plans to call its token holders Metamallers. Additionally, the announcement promises users access to ‘crypto knowledge and immersive entertainment.’
MetaMall is based on the Solana network, allowing faster transactions and cheaper gas fees. It also features a cross-chain compatible wallet. The platform plans to engage brands from commerce, entertainment, and business industries to provide users access from the comfort of their homes.
MetaMall also plans to earn revenue by providing virtual advertising spaces. In other news, the pre-IDO token allocation has closed, but the NFT land auction is still open.
The Metaverse is the digital version of the real world. In detail, it provides users an opportunity to interact with digital versions of everyday scenarios. As such, a virtual mall that provides multiple crypto-based options under one roof would likely become a hit with crypto enthusiasts.