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Metaverse Platform Ready Player One Raised $56M in Funding



 In the midst of a weak crypto market, the Metaverse platform Ready Player Me manages to raise an incredible 56 million US dollars from well-known venture capitalists.


Ready Player Me can look forward to funding from Andreessen Horowitz (a16z) amid the bear market. With the participation of a16z , other well-known companies, such as Hartbeat Ventures by actor Kevin Hart or Konvoy Ventures, invested in shares in the company.


$56 million in Series B (Round 2) funding adds to the $16 million already raised in Series A. The company is now planning to expand from 50 to over 100 employees.


As part of the deal, a16zs Jonathan Lai and Plural Tamkivi joined the company's newly formed board of directors.


The platform allows users to create their own avatars to be used in the Metaverse. Not only users, but also game developers can integrate the platform into their online worlds and use ready-made avatars.


There are no limits to the metaverse

What is perceived by outsiders as short-term success is really years of hard work. As early as 2014, co-founder Toke and colleagues tried their hand at a company called Wolf3D, which produced customized avatars. Tencent, Verizon, and HTC represented some of the well-known customers.


Ready Player One's Metaverse technology is built upon this same company .


Dazu Toke:


“Over the years our company has produced hardware, scanned over 20,000 people with around 100 cameras and built up a huge database. This allowed us to start Ready Player Me two years ago.”


Over 3,000 partners have already integrated the Metaverse platform into their ecosystem. For example, the NFT studio RTFKT recently acquired by Nike or Somnium Space. Top brands such as Adidas or Dior even work with the company to provide their users with individualized avatars.


Ready Player One expands business model

According to co-founder Toke, the company is already working on the next feature: the content tool. The content tool should enable everyone to create accessories for avatars.


“We build tools to scale our platform. So that any individual artist or creative can create assets and sell them on the marketplace”,


"We earn revenue from the sale of in-game assets by our partners - we are entitled to a percentage of the revenue," explains Toke.


The long-term goal is to open the Metaverse. Since games and virtual worlds are closed systems nowadays, users have to keep buying new assets for the corresponding platform. Ready Player Me changes this because it is interoperable and can be used across multiple virtual worlds.


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