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Metaverse firm Everyrealm closes $60m funding round

Artist-backed metaverse firm Everyrealm has closed a US$60 million funding round.

The company (rebranded from Republic Realm) describes itself as “one of the most active investors in and developers of the metaverse ecosystem”.

The Series A funding round was led by Andreessen Horowitz, and individual investors in the platform include stars like Nas, Gunna, Baby Keem, Gene Simmons and Lil Baby.

The firm, led by CEO Janine Yorio was co-founded by TJ Kawamura, Julia Schwartz, Jesse Stein, and Kostas Ketikidis. According to the company, this investment marks one of the largest Series A rounds for a company led by a female CEO.

Founded in 2021, Everyrealm says that it has real estate holdings in 25 metaverse platforms, and that it has developed more than 100 metaverse real-estate projects. It also owns over 3,000 NFTs and manages an e-sports gaming guild.

Everyrealm’s metaverse real estate development projects include Fantasy Islands, an “ultra-luxury master-planned community” within the Sandbox platform which sold an associated NFT megayacht for 150 ETH (approximately $650,000).

The firm’s other projects include Metajuku, a shopping district in Decentraland; Realm Academy, an online educational campus in the metaverse, which is located in Somnium Space; and the GFT Shoppe, a multi-metaverse retail concept that sells NFTs “inspired by cult brands like Atari”.

“We are building the gateway to the metaverse”

According to data, sales of real estate in the metaverse topped $500 million last year and could double this year, according to investors and analytics firms.

Janine Yorio, CEO of Everyrealm, says: “Metaverse real estate development is all about placemaking.

“Everyrealm creates innovative and addictive social spaces that are futuristic and interactive like video games but still familiar to a mainstream audience, by invoking real-world architecture, culture and events.”

Yorio added: “Everyrealm is developing this interactive content across many genres, including sports, education, fashion, gaming, art and social experiences–all designed to draw users to the metaverse.

“We are also creating the infrastructure required to distribute that interactive content to a global, mainstream audience.

“We are building the gateway to the metaverse, to do for the metaverse what Coinbase did for crypto, what Netflix did for streaming entertainment, and what Google did for the internet.”

 


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WMG to create ‘music-themed world’ in Sandbox metaverse

Warner Music Group (WMG) is to create the first music-themed world in The Sandbox gaming metaverse, following a deal between the two companies.

The Sandbox, which is built around blockchain and NFT (non-fungible token) technology, has been described as “part virtual real estate, part amusement park”.

According to WMG, its virtual ‘Land’ within The Sandbox will be a “combination of musical theme park and concert venue” and will host concerts and musical experiences featuring its roster of artists.

These immersive experiences “will empower WMG artists to engage with their fans, as well as to reach the global community of The Sandbox”, in addition to generating “new revenue streams and new forms of virtual entertainment”.

The strategic partnership marks The Sandbox’s first deal with a major music company and what WMG says is its “first entry into the NFT metaverse realm”.

“WMG has secured the equivalent of beachfront property in the metaverse”

To mark the occasion, The Sandbox will hold a Land sale in March 2022, which will allow music fans to buy coveted Lands adjacent to the WMG property.

“Our partnership with The Sandbox adds a new layer of possibility in the metaverse, with the ownership of virtual real estate,” says Oana Ruxandra, chief digital officer & EVP, business development at WMG. “As a first-mover, WMG has secured the equivalent of beachfront property in the metaverse. On the Land, we’ll develop persistent, immersive social music experiences that defy real-world limitations and allow our artists and their fans to engage like never before.”

Sebastien Borget, COO and co-founder of The Sandbox, added: “We’re shaping The Sandbox as a fun entertainment destination where creators, fans, and players can enjoy first-of-a-kind immersive experiences and be more closely connected to their favourite musical artists through NFTs. This strategic partnership with WMG brings the open metaverse one step forward in the direction of fan-owned and community-driven initiatives – the possibilities are very exciting.”

WMG joins over 200 existing partnerships including The Walking Dead, Snoop Dogg, Adidas, Deadmau5, Steve Aoki, Richie Hawtin, The Smurfs, Care Bears, Atari, ZEPETO, and CryptoKitties.

The Sandbox, which is a subsidiary of Animoca Brands, raised US$93 million in a Series B funding round, last November.

 


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