Futureverse is a novel company comprising 11 metaverse infrastructure and creative content firms under a single joint venture. Now, the collective of tech companies has announced it has earned $54 million USD in Series A funding, led by 10T Holdings LLC, to build an AI-powered metaverse infrastructure
Ripple, a major cryptocurrency platform vindicated in a recent Securities Exchange Commission (SEC) lawsuit, also joined the funding round.
The new company aims to back developers and end users. This will allow them to create, use, and experience creative content across the Metaverse. Content developed on the platform will feature interoperable, proprietary asset ecosystems for gaming, music, animations, and others.
We are incredibly excited to announce that we’ve closed our $54M Series A round led by @10Tfund, with participation from @Ripple to scale our AI and metaverse technologies. pic.twitter.com/zOUI65c2X8
— Futureverse (@futureverse) July 18, 2023
After its launch last year, the Futureverse became one of the world’s biggest, most extensive metaverse communities. Additionally, numerous hit gaming titles have leveraged the firm’s artificial intelligence (AI)-backed digital collectables. This has included titles like the FIFA-backed “AI League” sports sensation.
‘Muhammad Ali – The Next Legends’ will release after Muhammad Ali Enterprises intellectual property rights holders Authentic Brands Group (ABG) partnered with the Futureverse.
Further collaborations and strategic partnerships with key organisations were also launched last year. This includes stellar clients like Wimbledon, Death Row Records, Mastercard, Snoop Dogg, Keanu Reeves, Timbaland, and Alexander Grant.
Futureverse: The Future of AI Metaverse Development?
The new enterprise will also use the capital to expand the development of its technologies like the Futureverse Platform. Products produced on The Root Network blockchain and a suite of protocols will allow metaverse games, apps, and immersive experiences to develop with prefabricated runtimes.
With its partnership with Ripple, Futureverse will integrate XRPL and Ripple’s native XRP as both a GAS token and XLS-20 standard for creating non-fungible tokens (NFTs).
Several people have also contributed to the company’s development, including:
- Aaron McDonald, Metaverse Pioneer
- Shara Senderoff, Tech and Entertainment Investor
- Marco Brondani, Technology and Information Security Expert and Futureverse Co-Founder
- Dan Gillespie, Co-Founder
Co-Founders McDonald and Senderoff said in a joint statement that the Metaverse could potentially “transform the way humans engage and collaborate.” This would take place across multiple platforms such as asset management, payments, and gaming.
They said: “In order to reach this potential, the metaverse requires open, scalable, and interoperable infrastructure.”
McDonald and Senderoff continued,
“Futureverse combines next-level technological infrastructure and AI-driven content to create the open metaverse we all envision. With the help of our tremendous partners 10T and Ripple, we are excited to take the metaverse from an abstract idea to a tangible, accessible, and interactive destination”
Dan Tapiero, Chief Executive and Chief Investment Officer, 10T, added that Futureverse had created an “immersive and vertically-integrated AI metaverse platform.” It serves as an “AI technology provider, metaverse infrastructure builder, layer 1 architect, creative studio, and digital community all-in-one,” he added.
Monica Long, President, Ripple concluded,
“While we’re at the earliest stages of what a project like this — and really the larger concept of the metaverse — can achieve, we at Ripple are thrilled to contribute to the foundational infrastructure layer and provide real utility to the end users of the open metaverse”
Lamina1 Metaverse Development Ambitions
News of the collaboration comes after XR Today spoke to executives from Lamina1, a major metaverse platform featuring Layer-1 blockchain technologies.
Lamina1 recently struck a massive partnership with metaverse platform forerunners Croquet, device components giant Qualcomm, and XR tech providers Mira. Following the news, analysts predict the project is set to grow rapidly to develop Web3 metaverse tools and content.
At the time, Lamina1’s Rebecca Barkin, Mira’s Gaspard Giroud, and Croquet’s David A Smith explained the impetus for expanding the partnerships. They also outlined their plans for blockchain-based metaverse solutions and the future of open, interoperable spatial computing.
