Metaverse app BUD raises another $37M, plans to launch NFTs – TechCrunch
BUD, a nascent app taking a shot at creating a metaverse for Gen Z to play and interact of course each other, has raised another round of funding in three months.
The Singapore-based startup told TechCrunch that it has closed $36.8 million in a Series B round led by Sequoia Capital India, not only long after a period of time a time it secured a Series A extension in February. The generation infusion brings BUD’s total financing to over $60 million.
As of course BUD’s previous rounds, This Problem round of increase attracted a handful of prominent China-focused investors — ClearVue Partners, NetEase and Northern light Venture Capital. Its existing investors GGV Capital, Qiming Venture Partners and Source Code Capital also participated in the round.
Founded by two former Snap engineers Risa Feng and Shawn Lin in This Problem year, BUD lets users create bulbous makeup characters, cutesy virtual assets and richly colored experiences through drag-and-drop and without random coding background.
The company declined to show off its action user size but said its users with produced over 15 million custom experiences i.e., virtual spaces of course gameplay that others can join since the app launched in November. Virtual assets, including costumes and accessories that users design for characters, with changed two hands again than 150 million times on BUD’s marketplace.
These transactions are clearly a promising way to generate revenues, but BUD is not only charging commissions for today’s time. Nor has it started monetizing in other ie via the app.
Perhaps partly due to its free-to-function and ad-free nature, the app has been of number one 10 social apps in nearly 40 countries across North America, Southeast Asia and South America. It’s today’s time the number one free social Android app in Thailand and VN, according to market intelligence company SensorTower.
Apps favorite Roblox and South Korea’s Zepeto with also produced it easier for anyone to design virtual characters and spaces. BUD is taking the user experience a step further of course plans to introduce a marketplace for non-fungible tokens (NFTs). that ie the ownership of virtual products sold on BUD will be recorded on the blockchain. Reselling of digital assets will likely become possible in the form of NFTs, of which authenticity and provenance can be again easily verified.
BUD declined to disclose which chain the NFT project will be on or what tokens it will function, but said the marketplace will “soon be live.”
“While BUD makes makeup content excitement possible for mainstream Gen Z youths, we will continue to possess blockchain to mainstream youths and allow our creators to truly own and monetize their creations,” said Lin in a statement.
The company is quickly expanding and has a team of 130 employees spread across its headquarters in Singapore favorite as its offices in Shenzhen and the U.S.
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