After $36.6M Series B, ex-Snap engineers tap Polygon for long-awaited Web3 and user-generated content metaverse platform BUD
SINGAPORE / ACCESSWIRE / 12 October 2022 / KNOBthe global virtual UGC (user-generated content) and Web3 gaming platform that allows anyone to create and share their own interactive 3D experiences for free, launches today on Polygon, an Ethereum scaling platform that integrates millions of people with Web3. After integration, BUD will launch an upcoming NFT airdrop that will provide access to continuous coin-operated gaming features using the Polygon infrastructure.
BUD recently added a new airdrop feature that allows any project, creator and artist to stream anything to their communities – which has seen its portfolio’s active user count grow from around 5,000 to over 80,000, an increase of around 1,500% in just days. . BUD users don’t need any coding experience or skills and can let their imaginations run wild with a highly accessible drag-and-drop interface.
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The platform’s use of a tokenized experience attempts to solve long-standing problems inherent in Web3 games, allowing creators and brands to create their own settings around access to an experience or play area. game. BUD also plans to launch a collection of 1,000 special Gold BUD Passes that grant access to special events, unique avatars, unique NFTs and more. By making access to games and features exclusive to NFT holders, BUD builds customer loyalty, ensures long-term engagement and prevents the likelihood of bot accounts becoming prevalent on the platform – a problem that has plagued many web3 games.
“We are thrilled to welcome BUD to Polygon’s thriving, diverse and inclusive ecosystem,” said Urvit Goel, Head of Global Games Business Development at Polygon Studios. “Because BUD’s mission aligns with Polygon’s own vision of a world where communities and creators thrive, unfettered by artificial boundaries and archaic rules.”
Founded by two former Snap engineers, Risa Feng and Shawn Lin, in 2019, BUD allows users to create bulbous 3D characters, cute virtual assets and colorful experiences.
To date, BUD users have already created more than 15 million personalized experiences, such as playful virtual spaces that others can join. Since launching last November, countless assets, including costumes and props, have been traded over 150 million times on BUD’s marketplace – with no monetization from the app thus far. .
Thanks to its spaciousness and truly free nature, BUD has already claimed its place among the top 10 consumer applications in nearly 40 countries in North America, Southeast Asia and South America.
Rise Feng, co-founder of BUD, said: “Polygon is the blockchain best equipped to handle our rapidly growing user base and process the multitude of transactions and interactions triggered on BUD on a daily basis. Polygon’s speed, efficiency and commitment to environmental goals – which sees its NFTs minted without resulting in carbon production – make it the best home for BUD.”
The Singapore-based startup recently closed a $36.6 million Series B funding round led by Sequoia Capital India and with participation from ClearVue Partners, NetEase, Northern Light Venture Capital as well as existing investors such as GGV Capital, Qiming Venture Partners and Source Code Capital . Shortly before that, the startup also secured a Series A expansion in February, bringing the total amount of funds raised to over $60 million.
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Polygon is the leading blockchain development platform that delivers scalable, affordable, secure and durable blockchains for the Web3. Its growing suite of products gives developers easy access to leading scaling solutions, including L2 (ZK Rollups and Optimistic Rollups), side chains, hybrid, standalone and enterprise chains, and data availability. Polygon’s scaling solutions have been widely deployed with over 53,000 decentralized applications hosted, a total of 1.94 billion processed transactions, over 164 million unique user addresses and over $5 billion in secured assets. The network is home to some of the largest Web3 projects such as Aave, Uniswap, OpenSea and well-known companies such as Meta, Stripe and Adobe. Polygon is carbon neutral with the goal of leading the Web3 ecosystem by becoming carbon negative.
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