MetaEstate closes $1.1 million funding round

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Tech graphic from Metaestate website

Singapore-based metaverse service provider MetaEstate just closed a deal for $1.1 million in funding.

This strategic funding round was led by Matrixport and SevenX Ventures, along with participation from Everest Ventures Group, Y+ Ventures, Cryptogram Venture (CGV), and other crypto investment companies.

According to Jackey, the co-founder of MetaEstate, virtual real estate is the cornerstone of Metaverse assets. The company seeks to lower the entry threshold to make people’s first steps into Web3 easier. MetaEstate is planning to “develop an innovative business model based on the construction development business of virtual real estate.” This way, landowners, artists, business owners, and other metaverse users can benefit from a “more immersive, real-time, and diverse pan-entertainment experience.”

The company also plans to explore DAOs and trade unions for virtual real estate in the future.

While still in its early stages, the Metaverse offers great opportunities and is bringing in more people. According to Lin Xiaohong, a partner of Continue Capital, Metaverse property ownership is becoming a fashion trend among young people.

The numbers seem to support this trend. The market for virtual property is substantial and constantly growing. MetaMetric Solutions’ statistics show that virtual real estate sales amounted to $500 million in 2021, with sales picking up the pace after the Metaverse-related rebranding of Facebook. This year, MetaMetric Solutions expects profits to exceed $1 billion, while Brandessence Market Research expects to see a growth of 31% a year from 2022 to 2028.

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Karolina Gaszcz

Karolina is a writer and journalist with a background in literary studies. She loves exciting tech solutions and art, and NFTs are often a perfect amalgamation of the two. Outside of work, she’s a plant mom, a vintage fashion enthusiast, and a gamer.

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