The BUD app raises $ 37 million for its metaverse project

What is BUD? It’s a new application recently created and available on Google Play or the Apple Store. The young startup, located in Singapore, aims to create a metaverse for Generation Z. An audience targeted by the two creators of the application: two former Snap engineers Risa Feng and Shawn Lin. Their adventure begins in 2019 when they decide to create a world of 3D characters cartoonish, cute virtual assets and richly colored experiences. All this with a very watered down and user-friendly interface. They recently raised $ 37 million to make their project a reality.

Another round of funding for the BUD application

This is not BUD’s first funding. The Singapore-based company closed a Series B round led by Sequoia Capital India for $ 36.8 million. Another round of funding comes just three months after securing a Series A expansion in February 2022, pushing the company’s total funding to over $ 60 million.

BUD seems to have achieved the expected success

This round of fundraising attracted many leading investors, especially focusing on the Chinese market. These include new investors such as ClearVue Partners, NetEase and Northern Light Venture Capital. But also those who had already participated in the first fundraising: GGV Capital, Qiming Venture Partners and Source Code Capital. The company has not revealed the number of active users yet, but it said its users have created more than 15 million personal experiences, that is, virtual spaces of its metaverse, which anyone can join. They thus have the opportunity to play differently game offered. However, we can note that on Google Play, the number of users amounts to a little over 85,000 per. May 2022.

The BUD market is promising

Since November 2021, when the app was launched, virtual assets that include costumes or props that users can design and swap have already been resold over 150 million times on BUD’s metaverse marketplace. These transactions represent a huge revenue potential. Currently, BUD does not charge any commission and has not started making money on the application. It is probably thanks to this free and ad-free nature that the application appears among the top ten 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 marketplace for NFTs

“As BUD enables 3D content creation for Gen Z mainstream consumers, we will continue to bring blockchain to mainstream consumers and enable our creators to truly own and monetize their creations.”, we can read in a press release from Shawn Lin. The application thus plans to introduce a marketplace for non-fungible tokens (NFT). This means that ownership of virtual objects sold on BUD will be registered on the blockchain. Resale of digital assets is likely to be possible in the form of NFTs whose authenticity and origin can be more easily verified.

BUD has not currently given a date or indicated on which blockchain the NFT project will see the light of day, but has nevertheless communicated that the market will soon be available online. The app looks set to become yet another global hit and deliver a rich and entertaining metavers. Its success in many parts of the world and the future opportunities that NFTs offer may make it one of the most popular new metavers in the coming months. from Horizon Worlds metaverset by Meta, formerly Facebook.

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Gregory Morat

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

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