Dapper, CoinFund Back ‘SPACE’ Metaverse Play With $7M Raise
The project wants to become “the economic backbone of the metaverse.”
Updated May 11, 2023 at 7:17 p.m. UTC
![A glimpse into SPACE. (SPACE)](https://www.coindesk.com/resizer/GGnkNrpVnzRxF4ePgFtsxJjjMNU=/567x410/filters:quality(80):format(jpg)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/FYLLKXIW6ZFJJMC5NBRHA2IKJI.png)
SPACE, a virtual world for arts and commerce, has raised $7 million from Dapper Labs, CoinFund, Animoca Brands and other investors.
- SPACE will use the funding to build and join various metaverses into one parallel society and “build the economic backbone of the metaverse,” according to a press release.
- Other notable investors included investment firm Hof Capital and Digital Currency Group (DCG), which also owns CoinDesk.
- SPACE said it has now come out of stealth mode and launched an early access alpha version with over 10,000 users.
- The metaverse is a space generated by the convergence of virtual worlds, augmented reality and internet services. The concept has fueled a rush of investment in recent months, sparked in part by Facebook’s rebrand to “Meta.”
- The metaverse sector may represent a market opportunity of over $1 trillion in annual revenue, crypto investment giant and DCG subsidiary Grayscale said in a report released in November, without specifying the timeline.
![What the SPACE interface looks like. (SPACE)](https://www.coindesk.com/resizer/1luNKjkvbR933kVqLrx0f-2cJMY=/560x315/filters:quality(80):format(jpg)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/OGWVNPLAK5DYDJNP2LBCLAO7V4.jpg)