In 2021, more than $500 million worth of virtual real estate was sold on metaverse platforms. Many questions remain as to which platform will come out on top. But that’s not stopping investors from continuing to pour huge amounts of money into these virtual properties. Republic’s Realm, under its new name Everyrealm, one of the metaverse giants, has just announced a $60 million fundraising.
Everyrealm: a new name for a metaverse giant
Republic’s Realm, the subsidiary dedicated to metavers of the Republic company, is already a giant in the field. Having invested in several platforms such as The Sandbox or Decentraland. The subsidiary holds more than 3000 NFT in more than 25 different metavers. Janine Yorio, who has been managing the subsidiary since June 2020, has decided to transform the subsidiary into a real company in which Republic will remain a minimal investor.
“We started by investing in the metaverse. But now we do much more than that. We see ourselves as development players in the metaverse so we don’t want to just invest and wait for others to build in the field besides us.”
Janine Yorio, CEO of Everyrealm
Indeed, Everyrealm has already built a lot in the metaverse. For example, the company has built a school called Realm Academy on a piece of land. The inaugural class of students paid $1000 each to attend. Another plot of land they own on The Sandbox contains a hundred villas and a yacht that was sold for 149 ETH (about $650,000 at the time of purchase).
A name change with $60 million
But this news doesn’t come alone. In fact, in addition to Everyrealm changing its name and going independent, they have announced a $60 million fundraise. This money will help the company to grow as an independent entity and therefore continue to invest and build in the ecosystem. Affirming its place as a metaverse giant.
Venture capital fund a16z led Everyrealm’s fundraising. Supported by new and existing investors on Republic’s Realm. Other venture capital funds, such as Coinbase or Dragonfly Capital, but also celebrities like Paris Hilton or the rapper Lil Baby.
During the year 2021 the sales of virtual land and NFT related to the metaverse have exploded with 501 million dollars of land sales. And already 86 million just in January for 2022. The metaverse giants are building more and more in the ecosystem and the latter will inevitably have a significant importance in the future. Amusement parks, music universes, supermarkets are already present or under construction. Recently, even a church could join the movement.
