Solice project raises $4.3 million from Three Arrows

Solice is bringing VR to the mix in a bid to compete with Decentraland and The Sandbox.



The metaverse is set to get more crowded

A new Solana-based startup has raised $4.3 million from leading venture capital firms, making the metaverse a little more crowded.

On Thursday, Solice, a cross-platform PC and virtual reality (VR) game in the vein of Decentraland and The Sandbox, received funding. Zhu Su’s Three Arrows Capital, DeFiance Capital, and Animoca Brands led the round. Others who took part included Alameda Research, Jump Capital, Genblock Capital, KuCoin Labs, Solar Eco Fund, CMS Holdings, Rarestone Capital, and others.

Christian Zhang, the founder of Solice, told CoinDesk that the game will have a native currency. As well as game assets backed by non-fungible tokens (NFTs). The assets will also include elements for in-game financialization.

“Landowners can stake parcels of land for an APY, but there is a small chance of obtaining rare loot while staking.” To upgrade the loot into a unique NFT, users will have to complete a quest,” he said.

Zhang is an industry veteran with experience at Fantom

Zhang is an industry veteran who has worked at Fantom as well as in venture capital and consulting. A studio that has previously worked with Baidu and Alibaba is also handling the VR development.

Christian Zhang hopes that Solice’s new features and industry knowledge will help it stand out in an increasingly crowded market that may be riding on hype.

“Obviously, gaming and NFTs have exploded in popularity over the last year,” Zhang said. “The only issue is that many of the projects out there have a good start, but it’s important to look at a long-term economic model.”

An example of this is the Axie Infinity dual-token system. However, he cautioned that many new projects appear to be “cash grabs”. Adding blockchain features to games that don’t necessarily need or benefit from them.

“If it doesn’t live up to the hype in the long run, it will fade away,” he said.

Image credits: Shutterstock, CC images, Midjourney, Unsplash.