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Finance

Dapper, CoinFund Back ‘SPACE’ Metaverse Play With $7M Raise

The project wants to become “the economic backbone of the metaverse.”

By Tanzeel Akhtar
AccessTimeIconDec 22, 2021 at 3:33 p.m. UTC
Updated May 11, 2023 at 7:17 p.m. UTC
A glimpse into SPACE. (SPACE)
A glimpse into SPACE. (SPACE)

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.
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    • Read more: Grayscale Says Metaverse Is a Trillion-Dollar Market Opportunity

    What the SPACE interface looks like. (SPACE)
    What the SPACE interface looks like. (SPACE)

    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Tanzeel Akhtar
    Tanzeel Akhtar

    Tanzeel Akhtar is a reporter based in London,UK.

    Follow @Tanzeel_Akhtar on Twitter