Tue. Dec 6th, 2022

A growing number of metaverse projects—including Decentraland and The Sandbox—are moving away from Ethereum in favour of its competitors. It has only been a few months since Portals was launched, but the project has already garnered a lot of attention and prominent users.

Greylock Venture Partners led the $5 million seed round for Portals today. Multicoin Capital, Solana Ventures, Alameda Research, Sino Global Capital, and The Chainsmokers’ Mantis VC firm were among the additional investors. Co-founder of Twitch and new gaming NFT marketplace Fractal, Justin Kan, also invested in the company.

Portals Raises $5 Million to Build

While developing its metaverse initiative, the project intends to use the funds to expand its team and develop new tools for creators, such as Portals Downtown, which is scheduled to be launched soon.

As of November 2021, Portals began selling NFT assets of its interactive Spaces, allowing users to interact with them, and this functionality was made available in January 2022. Drag-and-and-drop tools make it simple to import existing NFTs and create a location that resembles the Animal Crossing games popular with Nintendo fans.

Exchanges FTX US And Binance For Cryptocurrency

The United States and crypto projects like Audius, Raydium, and Magic Eden have all established “metaverse headquarters” in the Portals world. It costs 85 Sol, or just over $9,000, to purchase a Portals NFT on Magic Eden. Smaller portals geared toward brands or businesses, such as “Onyx” and “Vision,” have price floors of $469 and $220,000, respectively, at this time.

It is a future internet vision in which users interact in shared 3D spaces for both work and play, and own and use NFT assets as part of the metaverse. Recently, the metaverse has been abuzz with the announcement of Facebook’s rebranding as Meta, but blockchain-based projects have been advancing in this area for many years.

By Adam

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