On May 24, Bud, a user-generated content-powered gaming platform, secured approx. $37 million in a Series B investment headed by Sequoia Capital India. The funds will be used to further develop its creativity tools, expand its global user base, and launch web3 goods, according to the business. In addition, the company has announced plans to build its own non-fungible token (NFT) marketplace.
According to a press release issued by Bud, ClearVue Partners, NetEase, and Northern Light Venture Capital joined current investors GGV Capital, Qiming Venture Partners, and Source Code Capital in the round.
Bud, founded in 2019 by former Snap programmers Risa Feng and Shawn Lin, describes itself as a “metaverse” platform that encourages users to create and share 3D interactive experiences.
Users can customise their avatars as well as create and explore millions of experiences ranging from hangout spots to battle royale-style games.
Bud claims that over 15 million 3D experiences and assets have been created on the platform so far. More than 150 million user-generated 3D assets have been traded.
Bud is the latest in a long line of corporations to announce plans to build an NFT marketplace as they seek to expand.
At the end of last year, Justin Kan, co-founder of the video game live streaming site Twitch, and other gaming industry entrepreneurs announced the creation of Fractal, a Solana-based marketplace designed for gaming NFTs. LimeWire, a former music streaming service, also announced its return in March as a digital collectibles marketplace.
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