Alameda Backs Metaverse Project The Kingdom in a $3.6M Funding Round

The metaverse environment has heated up in recent weeks as massive funds continue to pour in from some of the most influential players in the cryptocurrency industry.

Sam Bankman-Fried’s quantitative trading firm, Alameda Research, has participated in a private funding round of $3.6 million in the world’s first culture-led Metaverse. The round also saw the participation of Newman Capital, Shima Capital, 3 Commas, SMG, Sweeper DAO, Chiron Partners, and Liquid Lab Ventures.

$3.6 Million Private Funding Round

According to the press release seen by CryptoPotato, The Kingdom will focus on “culture-led” experiences through the NFT collaborations, global brand partners, and setting up a worldwide community. The NFT avatars that the metaverse plans to feature will socialize, play, entertain, and establish an immersive digital playground.

The platform also plans to unveil play-to-earn (p2e) features for those involved in games, quests and creating user-generated content. Players in The Kingdom can utilize the rewards for different features – housing, upgrades on character, and buying NFT items, among others.

The focus will also be on NFTs. The Kingdom will enable its brand partners to generate NFTs to be sold or used for various purposes. Currently, the team developing the metaverse is in talks with several international brands, cultural representatives, as well as NFT projects for collaborative opportunities. It expects to announce the first NFT partnerships in the second quarter of the year.

The platform’s CSO Josh Kovac, stated,

“The Kingdom is going to be a first of its kind metaverse that really harnesses the power of cultural zeitgeist. Our vision is to create a social hub for all, we see users from all over contributing to the fabric of this world. Inspired by the never-ending hustle of Asian metropolises, Miraijuku is the first city to be unveiled and unlocked in The Kingdom.”

Metaverse Race

Last month, Alameda Research along with Galaxy Interactive, and Republic Crypto have announced collectively rolling out a consortium that aims to invest in blockchain-dedicated gaming studios and developers. The initiative had already invested in efforts that focus on sports and esports in the metaverse.

More and more companies are getting engaged in building the metaverse. CryptoPotato had earlier reported that a popular digital asset trading venue, KuCoin had earlier launched a $100 million fund to support teams seeking to build metaverse projects.

More recently, Elrond-based metaverse project had landed $1.5 million in a funding round from Morningstar Ventures.