Binance Labs, the venture capital and incubation arm of Binance cryptocurrency exchange, has led a $4.5 million seed round for metaverse project Ultiverse, bringing its valuation to $50 million.
The firm disclosed this in a blog post announcement where it also shared the details of the just-concluded seed round for Ultiverse. The seed round was co-led by Defiance Capital, but it also had other firms like Three Arrows Capital and SkyVision Capital in participation.
Binance Labs says a major part of the fund will be used to develop the product. Also, part of the funds will be used to employ the services of top professionals, while keeping a keen eye on boosting the growth of the community.
A Common Vision of Web3 Gaming Metaverse For Binance Labs And Ultiverse
Metaverse is a term used to describe a network of 3D virtual worlds focused on social connection. This world revolves around in-game assets that are interoperable. However, Ultiverse belongs to the category of “MetaFi” projects. That is, a project utilizing gaming, NFTs, and social networking via smart contracts.
Presently, Ultiverse plans to connect blockchain applications with virtual worlds that use tokens to incentivize activities and community building within its ecosystem. And this goes exactly in line with the beliefs of Binance Labs. Like 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.
In agreement to Zhang, the CEO of Ultiverse Frank Ma also said in part;
“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.”
Ultiverse will be launching alongside its first internal game, a 3D MMORPG Play-To-Earn title with a realistic ecosystem. And in this game, different roles of players will be able to interact with each other.