Mon. Jan 17th, 2022

After months of NFT mania and Facebook’s recent name change to Meta, it’s fair to say the “metaverse” chatter has reached a fever pitch. And while crypto investors are buying up avatars and digital tracts of land in the hopes that a digital universe will emerge around these projects, it’s unclear which projects — if any — will stand the test of time.

Institutional investors are also betting on the NFT ‘metaverse’. Crypto startup Jadu, which has made millions of dollars selling pixelated NFT jetpacks and hoverboards, has scored $7 million in venture financing from General Catalyst with additional funding from the likes of Coinbase Ventures, The VR Fund, Sound Ventures and Guy Oseary.

The startup’s virtual accessories can be used with other 3D avatars, including Larva Labs’ Meebits and other hugely expensive NFTs like CyberKongz and DeadFellaz. The avatars can be viewed and raced around in the company’s AR app The Mirrorverse, which the company hopes to eventually turn into a full-fledged Pokémon GO-like game.

Over the weekend, the company sold 6,666 NFT hoverboards for $4.4 million worth of Ethereum cryptocurrency.

The NFT space has attracted much ridicule throughout the year, although proponents believe that the digital goods are more than meets the eye and allow creators to grab attention and fund projects they would otherwise find hard to fund. Jadu CEO Asad J. Malik says the appetite for NFTs is overwhelming, but for now they are focused on building their broader platform.

“We can milk people now, as if there’s enough interest, if we want, we can say we’re releasing an avatar and we’re going to do 1 ETH mints, and we can probably make $20-30 million that way, but that’s not sustainable and distractions,” Malik tells BestFitnessBands. “We’ve got enough money, we’re going to build out the AR stuff. That’s really what we want everyone to be for, like really good AR gameplay, and NFTs are just kind of a process to do that. to be able to do.

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