- Summary:
- LandVault has built over 100 million square feet for leading brands and has set its sight on expansion, despite the Metaverse hype cooling.
Metaverse building firm LandVault has extended its Series B fundraising round, bringing in an additional $3 million. The Sandbox, the Gemini Frontier Fund, HodlCo, and Kingsway Capital, a hedge fund, were among the leading Web3 brands that led the financing. With this funding, the company plans to expand the infrastructure for its Matera protocol, which allows for the on-chain creation of Metaverses. The latest raise brings the total amount of money raised by the company to $37 million, which will be useful as it pursues a two-pronged strategy involving metaverse infrastructure and gaming technology.
In addition, some of the funds will be used to expand the company’s commercial operations at its hubs in Dubai, Europe, the United States, and Asia. The company has also stated that it will increase its technology spending, particularly on artificial intelligence (AI) driven tools. It says that the AI front is designed to speed up the production and monetization of content for the metaverse. Most brands and IPs will need a presence in the Metaverse over the next decade, much like they do today with their online presence. LandVault may have found their pot of gold here.
Building the Metaverse against the odds
After starting up as an in-game advertising agency, LandVault has evolved into a metaverse construction firm. Formerly known as Admix, the company got its start in the gaming industry by creating tools for advertisers to place their products in video games. However, it decided to place greater focus on Metaverse construction and has finished more than 100 million square feet of projects for major brands. More than 130 full-time construction workers at the company are involved in projects for several multinational corporations.
However, some skepticism remains as to whether the Metaverse will be able to break even, considering that many projects started by big tech companies have made billions of dollars in losses over the past year. Meta and Microsoft have scaled down their Metaverse ambitions significantly. For instance, last month, Microsoft laid off about 100 workers from its Industrial Metaverse Team. In the latest development, Disney has also decided against its Metaverse unit, sending home the entire team as part of a wider layoff involving 7,000 workers.