Following the hype fueled by Meta’s (formerly Facebook) pivot last year, the metaverse has been gaining entry into more organizations and steadily moving on an upward trajectory. With COVID-19 accelerating digital transformation, enterprises are now more keen to adopt new technologies, even a nascent one like the metaverse. Having evolved from Neal Stephenson’s initial idea (from his 1992 novel Snow Crash), Web3 and the metaverse today offer several immersive opportunities that brands are keying into. According to Gartner, “enterprises will experiment with the metaverse, connecting, engaging and incentivizing human and machine customers to create new value exchanges, revenue streams and markets.” The metaverse’s market value over the next seven years is likely to be massive, with McKinsey estimating it will reach $5 trillion by 2030

The latest round of funding announcement comes after the company raised $10 million seed round funding led by Samsung Next, Crypto.com, Hashkey Capital and Draper Dragon in June.