The BUD app raised $ 37 million for its metaverse project

What is BUD? This is a new application, recently created and available on Google Play or Apple Store. The young start, based in Singapore, aims to create a metaverse for Generation Z. An audience targeted by two application creators: two former Snap engineers Risa Feng and Shawn Lin. Their adventure begins in 2019, when they decide to create a world with 3D characters cartoonish, beautiful virtual properties and many colorful experiences. All of this with a very streamlined and easy to use interface. They recently raised $ 37 million to make their project a reality.

The second phase of funding for the BUD application

This is not the first BUD financing. The Singapore -based company closed a Series B round led by Sequoia Capital India at a cost of $ 36.8 million. The second round of funding comes just three months after getting a Series A extension in February 2022, pushing the company’s total funding to more than $ 60 million.

BUD seems to have achieved the expected success

This fundraising phase has attracted many leading investors, particularly focused on the Chinese market. This includes new investors such as ClearVue Partners, NetEase and Northern Light Venture Capital. But also those already involved in the initial fundraising: GGV Capital, Qiming Venture Partners and Source Code Capital. The company has not yet revealed the number of its active users, but said its users have created more than 15 million personal experiences, i.e. virtual spaces in its metaverse that anyone can join. Thus they have the opportunity to play differently games offered. But we can note that on Google Play, the number of users will reach more than 85,000 by May 2022.

The BUD market is promising

Since November 2021, when the app was launched, virtual assets that include costumes or props that can be designed and sold by users, have once again been sold more than 150 million times in the BUD metaverse marketplace. These transactions represent great revenue potential. Currently the BUD does not charge any commission and has not yet started monetizing the application. Perhaps thanks to this free and ad-free nature the application can be found among the ten most popular social applications in almost forty countries. Especially in North America, Southeast Asia and South America. It is currently the best free Android app in Thailand and Vietnam, according to information company SensorTower.

BUD plans to introduce a market for NFTs

“While BUD has made it possible to create 3D content for Gen Z consumers, we will continue to bring the blockchain to mainstream consumers and give our creators the ability to truly own and spend their creatures “, can we read in a press release from Shawn Lin. The application thus plans to introduce a market for non-fungible tokens (NFT). This means that ownership of virtual objects sold by BUD is recorded in the blockchain. Resale of digital assets is likely to be possible in the form of NFTs, the reliability and origin of which can be more easily verified.

So far, BUD has not given a date or indicated where the NFT blockchain project will see the light of day, but has nonetheless announced that the market will soon be available online. The app appears to be on its way to becoming another global hit and delivering a rich and fun metaverse. Its success in many parts of the world and the future possibilities offered by NFTs will make it one of the most popular new metaverse in the coming months as well. from Horizon Worlds the Meta metaverse, formerly Facebook.

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Gregory Morat

Students are passionate about entrepreneurship and fascinated by the technologies behind cryptos! Yes, I am convinced that the two are closely intertwined: blockchain and NFTs are transforming many sectors and presenting unprecedented opportunities.

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