Futureverse, a frontrunner in the AI and metaverse industry, recently announced the successful conclusion of its Series A funding round, raking in $54 million.
The leading investors were 10T Holdings, LLC (“10T”), with a notable contribution from Ripple, a currency exchange, remittance network, and real-time gross settlement system. This milestone marks the evolution of the metaverse, driven by the innovation and dedication of companies like Futureverse.
According to a recent release, emerging as a trailblazer in AI gaming and metaverse technology, Futureverse aims to empower developers and users alike. The funds secured from this round will be instrumental in advancing the company’s comprehensive technology. Aaron McDonald and Shara Senderoff, co-founders of Futureverse, further commented;
“The metaverse has the potential to transform the way humans engage and collaborate with one another and improve our experiences across a number of different spheres, including gaming, payments, asset management, and more. In order to reach this potential, the metaverse requires open, scalable, and interoperable infrastructure.”
Building a robust, integrated metaverse
By assimilating 11 metaverse infrastructure and content companies into a single collaborative ecosystem, Futureverse has created a robust network for constructing metaverse applications, according to people familiar with the matter. Futureverse has launched ground-breaking ventures like AI League, an AI-powered consumer game developed in association with FIFA, the world’s governing body of association football, and the first AI-powered boxing game, Muhammad Ali – The Next Legends, in partnership with ABG.
This ecosystem provides the critical components needed to build any metaverse application and establishes one of the world’s largest metaverse communities underpinned by digital collectibles.
Investment in Futureverse’s revolutionary tech
Futureverse’s proprietary AI content generation tools are designed to augment the elements that define the metaverse—music, objects, characters, and animations. The Futureverse platform and its suite of products, named “Powered By Futureverse,” coupled with The Root Network, will be the primary beneficiaries of the funding.
“The metaverse requires open, scalable, and interoperable infrastructure,” explained the co-founders. The company’s strategic partnership with Ripple integrates The Root Network with XRPL, allows the use of XRP, the native asset of the Ripple Network (RippleNet) as a GAS token, and also employ the XLS-20 NFT standard.
— Ripple (@Ripple) July 18, 2023
Dan Tapiero, Chief Executive Officer and Chief Investment Officer of 10T, also expressed his support for the initiative. He said;
“We look forward to supporting Aaron and his experienced team as they continue to achieve significant real-world commercial traction and scale Futureverse’s capabilities and offerings.”
Ripple’s support has also been crucial to Futureverse’s vision and success. “We’re thrilled to contribute to the foundational infrastructure layer and provide real utility to the end users of the open metaverse,” said Monica Long, President of Ripple.
Metaverse token performance mixed, but XRP rises
The year 2023 has seen some metaverse-backed tokens spike while others have plunged some portfolios into huge losses. On the other hand, AI, meme-inspired coins, and big data tokens have brought multiple percentage gains to millions of crypto traders across the globe. Despite the ups and downs in the market, Ripple’s XRP, which has suffered over the past two and half years continue to hold its ground as a top 10 digital asset by market capitalization. Following the funding announcement, XRP saw a surge of 8%, reaching an intraday high of $0.817.
With significant partnerships, including those with FIFA, Mastercard, Wimbledon, and Snoop Dogg, Futureverse has set a firm footing in the market. The company’s collaboration with the NFT collection Cool Cats is a testament to its commitment to driving forward the metaverse experience.
The successful conclusion of its Series A funding round is only the beginning for Futureverse. With the financial boost and ongoing support from significant players in the industry, Futureverse is set to continue its journey, shaping the future of the metaverse and unlocking new realms of digital engagement and collaboration.