During the same time that a multitude of recent 's metaverse projects like 'Decentraland' and 'The Sandbox' are putting together Ethereum, we are beginning to understand movement on rival chains. The Solana-based Portals has immediately increased adoption and distinguished users since its starting last fall (harvest). The project has generated $5 million to grow its metaverse aspiration.
Portals declared $5 million in seed funding led by Greylock. Some supplementary investors participated. Among them are Multicoin Capital, Solana Ventures; Alameda Research; Sino Global Capital; The Chainsmokers' Mantis VC firm; Justin Kan, co-founder of streaming video site, Twitch, and new gaming NFT marketplace Fractal.
The Portals project aims to use the funds generated to enlarge its team. It creates more of its metaverse development, encompassing the upcoming starting out of its Portals Downtown city center and the improved means for creators.
As a Portals project, Interactive Spaces was first sold as NFT assets in November 2021 and started in December 2021, allowing users to act with the locales. Each Space can be altered to suit a user's requirement using the 'drag-and-drop' tools, making it comfortable to import one's NFTs and create a locale that appears like those of Nintendo's popular 'Animal Crossing' game series.
Cryptocurrency exchanges FTX US and Binance US have enacted "metaverse headquarters" in the Portals world. These include blockchain music service Audius, DeFi protocol Raydium, and MFT marketplace Magic Eden. The least expensive, readily obtainable Portals NFT on Magic Eden is listed for 85 SOL or a little over $9,000. Larger spaces within Portals, the "Vision" and "Oynx" levels, appropriated towards businesses and brands presently have price floors of 2,100 SOL ($220,000) of 469 SOL ($50,000), respectively.
Like the previously mentioned 'Decentraland' and 'The Sandbox,' Metaverse game projects have had favorable intakes after Facebook's reveal as 'Meta' last October, with sudden rush token valuations and a rise in need for virtual land plots in their respective worlds. Investors sold over $500 million worth of virtual land in 2021.
Metaverse has to do with a more enveloping future aspiration of the internet, in which users act upon each other or interact in shared 3D spaces, where they can work, play, own and make use of NFT assets. The recent rebranding of Facebook as Meta has instigated hyping around the metaverse, but blockchain-based projects have been developing in the Space for years.
An influencer directs portals on Solana and fellow metaverse project, Somnium Space, which supported Solana towards the end of 2021. Solana's NFT ecosystem has increased significantly over the last six months, with projects like Degenerate Ape Academy and Solana Monkey Business in high demand and soon-to-come NFT-driven games like Aurory generating hype and Star Atlas.
As of the middle of January, the market has produced more than $1.2 billion in trading measures, with more than 5.7 million Solana NFTs amounting up to that point according to the inventors of Metaplex, Solana's NFT protocol. Metaplex generated $46 million in January in a round co-led by Multicoin and Jump Capital, with participation by retired NBA star Micheal Jordan.