Science & Technology

Futureverse Raises $54 Million

Futureverse company, which is a business structure consisting of 11 startups of various specializations, including blockchain, metaverse, games, and artificial intelligence, has raised $54 million in investment funds.

Futureverse Raises $54 Million

The funding round was led by the firm 10T Holdings, which is engaged in investing in the field of cryptocurrencies. Ripple Labs, a company specializing in the implementation of activities related to digital assets, also took part in this process.

Futureverse co-founders Aaron McDonald and Shara Senderoff did not answer the question about the value of the firm after the funding round.

Aaron McDonald says that the situation in the cryptocurrency market, which has been observed since last year, does not favor fundraising, making this process difficult.

Futureverse was originally an association of eight companies, which was formed at the end of last year. Then this business structure absorbed three more firms.

Currently, the number of Futureverse employees is more than 250 people. As part of the restructuring, 20% of the company’s staff was laid off. Aaron McDonald says that this year the company has managed to improve its position in terms of competitiveness. He also noted that consolidation allows the firm to be more stable and resistant to weather conditions such as a storm. In this case, it implies a comparison of market processes with natural phenomena in terms of the impact on the state of the system.

Shara Senderoff says that at the current stage of activity, one of the main tasks of Futureverse is to provide a technological infrastructure based on which the process of interaction between consumers and the metaverse is implemented.

The company is best known for FLUF World, a collection of non-exchangeable tokens where each NFT is a cartoon rabbit with unique traits, and AI League, a mobile football game licensed by FIFA.

In recent months, negative criticism has also been voiced about some of Futureverse’s technological solutions. Information from data provider CryptoSlam indicates that in June, monthly global sales of NFTs fell by 38% compared to the same period last year, amounting to $ 653 million.

Aaron McDonald says that blockchain is an important part of Futureverse’s business. He noted that this technology provides ample opportunities to control the digital identification of consumers and their data. According to him, Futureverse should not be perceived as a blockchain company, since the corresponding activity has a share equal to only 10% in the overall structure of the firm’s functioning.

The metaverse is currently not such an attractive virtual form of an alternative space of being, as it was perceived at the time of its existence in the form of an idea. Technological worlds in the structure of public attention have receded into the background against the background of the boom in the field of artificial intelligence. Aaron McDonald is convinced that at some point the metaverse and AI will coexist harmoniously.

As we have reported earlier, AI Startup Typeface Raises $100 Million.

Serhii Mikhailov

2267 Posts 0 Comments

Serhii’s track record of study and work spans six years at the Faculty of Philology and eight years in the media, during which he has developed a deep understanding of various aspects of the industry and honed his writing skills; his areas of expertise include fintech, payments, cryptocurrency, and financial services, and he is constantly keeping a close eye on the latest developments and innovations in these fields, as he believes that they will have a significant impact on the future direction of the economy as a whole.