Galaxy Interactive, the venture capital arm of Galaxy Digital led by billionaire Mike Novogratz, has joined Republic Realm’s metaverse funding round as a lead investor. Join us as we explore the almost limitless potential of metaverses!
Republic Realm Shaping the Future of the Metaverse
The metaverse began as a virtual world, artificially created by a computer program. Today, it is home to a community of users in the form of avatars who can move around, interact socially and sometimes economically. Thanks to the integration of NFT in video games, this sector is now open to limitless possibilities.
Republic Realm, a leader in the field, manages a diverse portfolio of NFT real estate in numerous metaverses. The team develops parcels of land to increase value and foster community development, including advertising in both the virtual and real worlds.
The company develops neighborhoods and hotspots around the metaverse. The principles of real-world development are incorporated with renowned architects and illustrators creating unique spaces and fostering communities by enriching the ecosystems of the metaverse.
For several decades, video games have been working on their universe and surpassing themselves to offer more and more advanced graphics and possibilities. Now, Fortnite, Minecraft or Animal Crossing have gone beyond the aspect of a simple video game, in order to integrate graduations, meetups or even live concerts inside the video game itself, like the one of rapper Travis Scott, who gathered 12 million players on Fortnite.
The retreat to the virtual world induced by the current pandemic around the globe has also had a significant effect on these mini-metaverses, with a sharp increase in the number of simultaneous online players and the number of events proposed by the various communities.
The metaverse, gigantic stakes?
Galaxy Interactive, the venture capital arm of Galaxy Digital, has taken on the role of lead investor in Republic Realm’s metaverse project. Indeed, Janine Yorio, Republic Realm’s CEO, said Mike Novogratz’s support was a “vote of confidence” for a $10 million investment. In total, the company has reportedly already raised $36 million in its mammoth projects.
Founded in 2021, U.S.-based Republic Realm has made more than 1,500 investments and this month purchased a virtual land based on the Decentraland blockchain for $900,000. The team then developed that land by adding buildings. This included building a virtual mall and leasing virtual stores, to name a few.
In virtual worlds, such as Decentraland, users can display their NFT art collections, open businesses, hang out with friends, visit monuments and attend events. As a result, the price of blockchain-based real estate in virtual worlds has surged with the NFT market boom this year.
The metaverse is a long-standing fantasy for many geeks, sci-fi fans and gamers. But with technological advances and the integration of blockchain, the possibilities now seem endless, and the future is closer than ever. With giants like Roblox, Epic Games (the creator of Fortnite) and Facebook investing fortunes, Republic Realm is no longer the only company betting big on the metaverse.