Space Runners Raises $10M Funding to Democratize Blockchain-Backed Fashion Metaverse
Nicholas Otieno Mar 08, 2022 10:45
Space Runners announced that it raises $10 million in a funding round co-led by Polychain and Pantera Capital. The company wants to use the funding to expand its NFT product lines.
Space Runners, a major metaverse fashion brand focused on NFTs, announced on Monday that it raised $10 million in a funding round co-led by Polychain and Pantera Capital.
In this round, other firms, including Accel and Jump Crypto as well as other investors such as Yat Siu (Co-founder and Chairman of Animoca Brands), and Justin Kan (Co-founder of Twitch and Fractal) also participated in the funding.
Space Runners said that it plans to use the fresh funding to expand its two business lines (Fashion items and Fashion Metaverse). Space Runners stated that it will use the funds raised to expand its interoperable fashion items for various metaverses and games. The firm also mentioned that it intends to use the funding to gamify fashion for the first time by developing the first 'Wear2Earn' economy, where users are rewarded and incentivized for being fashionable in the Metaverse.
Won Soh, co-founder of Space Runners, further talked about how the firm plans to use the fresh funding: “Our goal is to build the first end-to-end Fashion ecosystem on blockchain with the newly secured financing.”
Meanwhile, Paul Veradittakit, a partner at Pantera Capital, also commented about the development and stated: "Pantera is proud to support Space Runner’s vision to pave a new way to interact with fashion on the blockchain. Digital identity and self-expression will be a key components in the metaverse…Fashion will be just as, if not more, important in the Metaverse than the real world.”
Unlocking NFT Opportunities for Fashion and Beauty Users
Based in Texas, Space Runners develops open-sourced fashion items as NFTs with artists and brands, which can be plugged into metaverses, games, and social media. For instance, the firm creates wearable footwear NFTs for virtual environments like metaverses.
In December last year, the firm collaborated with Kyle Kuzma, a prominent NBA star, a partnership that saw Space Runners using Kyle Kuzma’s name on their branded digital sneakers.
The company’s fashion and gaming NFT project enables esteemed designers, celebrities, and enterprises to offer glamorous collections as NFTs. Such designs can be exchanged, bought, upgraded, outfitted with equipment, and used as avatars in warfare and racing games.
Space Runners NFTs (non-fungible tokens) have many exciting features that are beneficial to their users. Collectors can exchange their game assets online in the low-fee, reputable marketplace. DeFi technologies such as farming, renting, collateral, staking, and DAO are also available on Space Runners. The digital platform is available for use in digital contexts like metaverses, games, virtual events, and social media platforms.
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