Futureverse Secures $54 Million for AI-Metaverse Integration

Gaming innovator and crypto project Futureverse recently completed a successful Series A funding round where it raised $54 million towards Metaverse developments. Ripple Labs, the creators of the XRP Ledger and renowned venture capital firm 10T Holdings participated in the round. 

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Futureverse Is Strengthening Its Gaming-Centric Blockchain

The funds raised in this $54 million Series A funding round are expected to be channelled towards the project’s research and development efforts as well as towards The Root Network, its gaming-centric blockchain. 

The Root Network offers compatibility with the Ethereum Virtual Machine and integrates with the XRP Ledger, which enables the use of XRP and its NFTs. It has also revealed plans to create even more blockchain-based games in the future. 

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Futureverse Makes Headlines by Acquiring Eight Cryptocurrency Companies

Futureverse made quite a statement when it acquired eight cryptocurrency companies last December and shortly consolidated them under the Futureverse brand. The acquisitions were made to establish what Futureverse calls an Open Metaverse, which incorporates notable companies such as Altered State Machine and Non-Fungible Labs, which is the creator of the FLUF World NFT project. 

At the moment, Futureverse’s portfolio, which comprises 11 companies, features two sports-themed games. The first one is World Cup AI League, a FIFA-licensed mobile soccer game that features AI-powered animated characters. It already boasts over 50,000 downloads on Android and was recently introduced on iOS. 

The second game is Muhammad Ali: The Next Legend. Supported by the late boxing legend’s estate, this AI-based game incorporates NFTs and allows players to play as a coach and make strategic decisions for their boxer. Each boxer’s NFT necessitates pairing with an “AI Brain”, NFT, dictating their behaviour.

Futureverse’s Merger of Eight Web3 Companies

Futureverse merger of eight Web3 companies into a unified entity marks a unique rollup strategy that creates a collaborative ecosystem focused on improving the Web3 and open metaverse experience. 

In fact, Dan Tapiero, the CEO and Chief Investment Officer of 10T, lauded Futureverse’s comprehensive metaverse platform. He recognises Futureverse’s position as a metaverse infrastructure builder, creative studio, layer-1 architect, and digital community rolled into one. 

Ripple Labs President Monica Long has also expressed confidence in Futureverse’s efforts, despite scepticism surrounding the metaverse concept. 

Explaining Futureverse and Its Background

Futureverse was initiated out of Auckland, New Zealand, by co-founders Shara Senderoff and Aaron McDonald after 5 years of gruelling research, development, and strategy creation. Its main aim is to build a scalable metaverse infrastructure enriched by world-class content and a highly engaged community. It currently comprises over 300 full-time employees across 16 nations. 

Futureverse wants to provide robust and immersive user experiences that emphasise strong infrastructure before customer acquisition campaigns. For this, it has developed a Metaverse Operating System. It consists of four core tools which are identity, artificial intelligence, communications, and payments, all of which are interoperable through The Root Network.

Furthermore, Futureverse focuses on creating user-owned content that is centred around storytelling to bring the metaverse to life. The roll-up combines essential elements to foster an open metaverse, enhancing the user experience. Various companies have merged under Futureverse, including Altered State Machine, Non-Fungible Labs, Sylo protocol developer, digital asset payments SDK Centrapay, and multi-chain payment protocol Immersve.

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Scaling the Metaverse Infrastructure with Futureverse

Futureverse does not wait for standards to emerge and is determined to demonstrate the efficacy of its technology and facilitate interoperability. It also contributes to society through the Futureverse Foundation, which supports diverse and underrepresented artists. 

The Futureverse roll-up companies receive backing from prominent venture capitalists, including Warner Music Group, Delphi, The Chernin Group, Anamosa, Airtree, and Goldentree. It wants to merge technologies from different startups to facilitate seamless collaboration and interaction. 

Future Plans of Futureverse

Apart from the successful funding round, Futureverse also plans to launch new products and services in 2023. This includes an AI-powered music streaming service that uses AI to generate personalised playlists based on preferences and contexts; A social VR platform that allows users to create their own avatars and chat with friends; A digital art marketplace; And a gaming studio.

There are also plans to collaborate with leading blockchain projects such as Ripple and IOTA to disrupt the multi-billion-dollar crypto market with SWIFT integration. It will harness the strengths of each project, such as IOTA’s Tangle for data integrity and security, Stellar’s XLM for scalability, and Ripple’s XRP for fast and low-cost payments. 

Conclusion

Futureverse has taken significant strides towards creating an open and collaborative metaverse ecosystem. While the future of the metaverse remains vast and unpredictable, Futureverse promises a more seamless and immersive online experience, which will reshape the internet as we currently perceive it. 

Frequently Asked Questions

When Was Futureverse Created?

Futureverse was created in late 2022 by merging eight Web3 companies and later assimilating three more. It is a collaborative ecosystem of 11 startups spread across gaming, AI, blockchain, and the metaverse. 

Who Are the Participants in Futureverse’s Latest Series a Funding Round?

The two main participants in Futureverse’s latest Series A funding round are 10T Holdings and Ripple. The funding round was announced on July 18, 2023. Apart from funding, Ripple will also collaborate with Futureverse to integrate its technology with The Root Network. 

What Is the Root Network?

The Root Network is a distributed ledger system that implements a set of communication standards and pre-built execution environments for creating metaverse applications and gaming experiences. It is integrated with XRPL and supports GAS and XRP, as well as the XLS-20 NFT standard.