Portals raises $5 million to develop the Solana NFT metaverse

Portals raises $5 million to develop the Solana NFT metaverse

In short

  • Portals, a Solana-based metaverse project, has raised $5 million in seed funding.
  • NFTs start at $9,000 in secondary markets, and companies like FTX US and Binance.US have built their own local portals.

While many today metaverse projects, including Decentralized and The sandbox— rely on Ethereum, we’re starting to see more movement on rival channels. the SolanaPortal-based portals have quickly gained traction and prominent users since their launch last fall, and now the project has raised $5 million to advance its vision for the metaverse.

Today, portals announced $5 million in seed funding led by Greylock. A number of additional investors participated, including Multicoin Capital, Solana Ventures, Alameda Research, Sino Global Capital and The Chainsmokers’ company Mantis VC. Justin Kan, co-founder of streaming video site Twitch and new NFT gaming marketplace Fractal, also invested.

The project plans to use the funds to expand its team as it further develops its metaverse initiative, including the upcoming launch of its Portals Downtown as well as enhanced creator tools.

Portals first sold its interactive spaces as NFT assets in November 2021 and launched features the following month, allowing users to interact with locales. Each space can be customized with drag-and-drop tools, making it easy to import owned NFTs and design a local environment that looks a bit like those in Nintendo’s popular Animal Crossing series of games.

Cryptocurrency exchanges United States and Binance.FR have both established “metaverse headquarters” in the portal world, as have crypto projects like blockchain music service Audius, the DeFi protocol Raydium and the NFT market Magic Eden. The cheapest NFT portals available on Magic Eden are listed for 85 SOL, a little over $9,000. The larger spaces within the portals, the “Onyx” and “Vision” levels, which are geared towards brands and businesses, currently have floor prices of 469 SOL ($50,000) and 2,100 SOL ($220,000 ), respectively.

the metaverse refers to a more immersive future vision of the Internet, in which users interact in shared 3D spaces to work and play, and own and use NFT assets. Rebranding from Facebook to Meta has garnered recent hype around the metaverse, but blockchain-based projects have been building in the space for years.

Metaverse gaming projects such as the aforementioned Decentraland and The Sandbox both got a big boost after Facebook’s reveal last October, with the surge in symbolic valuations and increased demand for virtual land in their respective worlds. Over $500 million worth of virtual land was sold in 2021, per data from MetaMetric Solutions.

Portals pave the way to Solana, and another metaverse project, Somnium Space, added support for Solana late last year. Solana’s own NFT ecosystem has significantly increased over the past six months, with projects like Solana Monkey Business and Degenerate Ape Academy in high demand and upcoming NFT games like Star Atlas and Dawn generate hype.

According to the makers of Metaplex, Solana’s NFT protocol, the market generated over $1.2 billion in trading volume as of mid-January, with over 5.7 million Solana NFTs minted so far. Metaplex itself raised $46 million last month in a round co-led by Multicoin and Jump Capital, as well as the participation of retired NBA star Michael Jordan.

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