METAV.RS, a start-up dedicated to helping brands get into the metaverse, has announced a EUR 3 million seed round to improve its content management platform, boost recruitment, and expand globally. METAV.RS facilitates the integration and management of product catalogues in virtual worlds.
The no-code platform provides brands and agencies with a series of integrated apps, which enable them to, among other things, manage their own virtual worlds, or ‘miniverses.’ These are accessible from a web browser and allow users to discover a brand’s universe in an immersive way, interact with numerous elements of this universe and purchase dematerialized goods (NFTs) through virtual dressing rooms.
METAV.RS has already signed strategic key accounts, from the luxury industry to retail. The start-up also works with creative agencies and consulting firms that aim to centralise and manage at scale the experiences of the brands they work with, including the launch of NFT collections and the creation of immersive experiences.
This seed round was led by Jsquare, a specialised Web3 fund based in Singapore, which was joined by consulting firm, Sia Partners – via its investment arm, Studio – and 50 Partners, an investment fund co-founded by 50 successful entrepreneurs.
THE HUGE METAVERSE MARKET
The global metaverse market could reach up to USD 13,000 billion. Technologies combining 3D, augmented and virtual reality, and blockchain are maturing and paving the way for new business cases. However, brands are facing many challenges including creating new experiences and attracting audiences like Generation Z and Alpha. Mindful of their digital identity, these groups will spend around 4 hours per day in the metaverse by 2025.
Co-founder of METAV.RS Clément Foucher explained, ”The emergence of Web3 is decentralizing the web and enabling the creation of many new virtual universes. The challenge for brands is to find a simple way to initiate and manage their presence in these virtual universes, so that they can benefit from greater reach and an enhanced customer experience, while maintaining control of their brand image.”
The start-up is both participating in and creating NFT collections for a series of events over the coming months, including the Web Summit in Lisbon, GITEX in Dubai, CES in Las Vegas, and NRF in New York. METAV.RS has already created NFTs for the Metaverse Summit—a MetaJacket, which can be integrated in both Decentraland and The Sandbox.
DEVELOPMENT IN ASIA AS A KEY OBJECTIVE
Asia is expected to account for 60 percent of the luxury market by 2025 with a large portion of the population belonging to Generations Z and Alpha. This hyperconnected generation is eager for new, interactive and innovative experiences with their favorite brands, and is willing to spend money to improve their digital status.
“Digital identity and NFTs are the new social markers for generations Z and Alpha, especially in Asia. Many luxury brands are seizing this opportunity and preparing for the future by drawing these groups through targeted activations.”