HomeNEWSReady Player Me completes $56 million funding round

Ready Player Me completes $56 million funding round

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Ready Player Me, a virtual avatar platform has completed a $56 million funding round. The platform announced the development in a Twitter post on its official handle. Reportedly, Ready Player ME functions by allowing users to create virtual avatars that can be used on metaverse.

Notably, the series B funding round was led by Andreessen Horowitz(a16z). Other participants in the round include, Konvoy Ventures, Collab Currency, Taavet Hinrikus, Sten Tamkivi’s Plural Platform, and Comedian Kevin Hart’s Hartbeat Ventures. Also, high-profile angel investors such as Roblox co-founder David Baszucki, Twitch co-founder Justin Kan and Punk6529 were not left out. Worth noting that this round is coming in the wake of the poor market conditions that have ravaged the crypto sector.

Notably, a16z’s Jonathan Lai and Plural’s Tamkivi are now members of the Ready Player Me board of directors. According to the company’s Co-founder and CEO, Timmu Toke, this development manifested as part of the deal.

In addition, Ready Player Me appears beneficial to direct users and developers. As revealed, users tends to build avatars on the platform for free. Also, developers usually incorporates the platform into their apps to acquire ready-to-use avatars without a cost.

Recall that Ready Player ME raised over $16 million in its two previous rounds. With the latest $56 million round, the firm has amassed over $72 million.

Ready Player Me platform enjoys massive patronage

According to Toke, over 3000 partners have incorporated the Ready Player Me platform. Some of the partners include VRChat, Somnium Space, and Nike-owned NFT studio RTFKT. Also, top fashion brands like Adidas and Dior patronized the platform. Furthermore, Toke stated that the firm intend to avail “Content tools” to allow users to freely create avatars. According to him, this tool possesses the capacity to make them partake, develop assets and sell them in the open marketplace.

In addition, the firm generates revenues from its partners by selling its in-game assets. Toke stated the firm takes revenue share from purchases that occurred through its ecosystem. Despite the trendy layoff of workers in the crypto space, Ready Player ME looks to even expand its workforce. Now, the firm is recruiting more workers and currently possesses about 50 employees, with plans to bring more onboard next year.

Now, the company pledges to open up and sustain its metaverse. The CEO further that today’s games and virtual world appears characterized as closed ecosystems which require players to buy new assets for every game and virtual platform.

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