The metaverse environment has heated up in recent weeks as huge funds continue to pour in from some of the cryptocurrency industry’s most powerful players.
Alameda Research, Sam Bankman’s quantitative trading firm, has contributed $3.6 million to the world’s first culture-led Metaverse. Newman Capital, Shima Capital, 3 Commas, SMG, Sweeper DAO, Chiron Partners, and Liquid Lab Ventures also participated in the round.
According to a press release, The Kingdom will concentrate on “culture-led” experiences through NFT partnerships, global brand partners, and the establishment of a global community. The metaverse’s planned NFT avatars will socialise, play, entertain, and create an immersive digital playground.
The platform also intends to include play-to-earn (p2e) capabilities for individuals who participate in games, challenges, and the creation of user-generated content. Players in the Kingdom may use their rewards to purchase housing, character improvements, and NFT products, among other things.
The focus will also be on NFTs. The Kingdom will make it possible for its brand partners to create NFTs that may be sold or utilised for a variety of reasons. Currently, the team developing the metaverse is in discussions with various multinational businesses, cultural representatives, and NFT initiatives about possible collaborations. The first NFT agreements are expected to be announced in the second quarter of this year.
