Space Runners, the first NFT Metaverse fashion brand, recently announced a $10 million funding round. The funds will support its endeavor to expand its fashion item business lines in anticipation of its official metaverse game launch. It has also collaborated with various artists and brands and will use the funds to offer open-sourced fashion items as non-fungible tokens (NFTs) and build the first-ever fashion Metaverse.
Along with Space Runners, the funding round was led by Pantera Capital and Polychain Capital. Major participants included Jump Crypto, Accel, Yat Siu (co-founder and chairman of Animoca Brands), and Justin Kan (co-founder of Twitch and Fractal).
The Goal behind the Funding Round
In a statement released regarding the seed round, Space Runners co-founder Won Soh said, “Our goal is to build the first end-to-end fashion ecosystem on the blockchain.”
The fashion platform, called “Spaceverse,” will be the first fashion-focused Metaverse and end-to-end fashion ecosystem to use blockchain technology. The funding it has secured will help develop Space Runners’ core purpose: to build a revolutionary space in the Metaverse to produce fashion items as NFTs. These items, in turn, can be used in different Metaverses and blockchain games, allowing owners to flaunt, celebrate, and gamify the products.
According to Space Runners, Spaceverse will be “a fashion metaverse, incorporating a wear-to-earn economy.” This wear-to-earn model will offer rewards and incentives to users and participants who will keenly jump onto Space Runners’ Metaverse fashion bandwagon.
The platform will allow users to “showcase fashionable NFTs, join events, interact, and play games with other users,” thereby making it “the first fashion metaverse that brings community, brands, and celebrities together.”
A Peek into Space Runners
Space Runners was founded in March 2021 to encourage brands and known personalities to design NFTS that can be used in Metaverse platforms, video games, social media, and others. It wasn’t until December 2021 when Space Runners launched its first collection, the “NBA Champions” set, which was a collaboration between the company and National Basketball Association stars Kyle Kuzma and Nick Young.
Ten thousand NBA Champions Sneaker Collection NFTs were sold in nine minutes, generating $8 million in revenue. The social media following of Space Runners gives evidence of its popularity with users who are most likely sneakerheads. Currently, Space Runners has 122,606 Discord members and 145,938 Twitter followers.
What it Means for Space Runners
With this revenue plus the funding, Space Runners intends to capitalize on the success of its initial NFT success to become “the largest supplier of interoperable fashion items for different Metaverses and games.” The company is also looking to enhance its current collaborations with fashion, music, sports, art, and Web3.0 players and, in the process, enrich the Space Runner community.
That said, Space Runners’ endeavors, along with the launch of its initial 10,000 NBA Champions Sneaker Collection, will conclude with a Metaverse game. If everything goes smoothly, the company plans to set the game’s launch date later this year.
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