SPACE secures $7M in funding for arts and commerce virtual projects

SPACE has raised $7 million from multiple venture funds. The funding was provided in part by investors such as CoinFund, Dapper Labs, Digital Currency Group, Animoca Brands, Hof Capital, and more.

Space is a metaverse project which caters to the arts and commerce. It aims to provide tools that allow users to design and create immersive commerce spaces without barriers. Its goal is to ‘build the economic glue to join various metaverses into one parallel society.’

“As the metaverse continues to gain mass adoption and becomes a place where a lot of people meet up to socialize, a natural evolution is commerce, which is what Space is focused on,” said SPACE founder Batis Samadian. “Users will want to be able to view shows, buy items, sell items, and engage with digital goods within the metaverse.”

Currently the SPACE product has launched an Early Access Alpha version which features the ability to host over 10,000 users. The project has secured more than 100 partnerships with leaders in the fields of art, fashion, and music.

The big investors in SPACE

The named investors are big players in the metaverse, crypto, NFT, and decentralized asset spaces.

CoinFund boasts a portfolio of over 60 investments. Digital Currency Group has invested in over 150 groups and projects. Dapper Labs is the creator of NBA Top Shot, as well as a number of other blockchain-based games. Animoca Brands is both a venture capital company and blockchain game company. Hof Capital is a venture capital company with investments in companies like Epic Games, Niantic, and Team Liquid, as well as dozens of other companies.

SPACE hopes to use the funds provided by these investors to evolve alongside the metaverse as the center of social commerce experiences. It wants to enable new and exciting ways of fostering a vibrant user-owned economy.

Update: 8:59am PST: Updated the name from Space Metaverse to SPACE.