Space Runners raises $10 million to build a blockchain-backed fashion metaverse
March 7, 2022, 2:17PM EST
1 min read
Space Runners, a company focused on creating NFTs and digital wearables, has raised $10 million in a round co-led by Pantera Capital and Polychain Capital.
The company will work with artists and brands to create items to bring into games. In some cases, these NFTs can be redeemed for real-life access to events or meet-and-greets with celebrities and athletes.
“Our goal is to build the first end-to-end Fashion ecosystem on the blockchain with the newly secured financing,” says Won Soh, co-founder of Space Runners, in a statement.
In its first collection with former NBA Champions Kyle Kumza and Nick Young, Space Runners launched the NBA Champions Sneaker Collection in December, which sold 10,000 NFTs in nine minutes. Space Runners now has over 500, 000 members across Discord, Instagram, and Twitter.
"Pantera is proud to support Space Runner’s vision to pave a new way to interact with fashion on the blockchain,” said Paul Veradittakit, a partner at Pantera Capital, in a statement. “Digital identity and self-expression will be a key component in the metaverse…Fashion will be just as, if not more, important in the Metaverse than the real world.”
With its new funding, Space Runners wants to extend its brand to be the largest supplier of "interoperable fashion items for different metaverses and games," according to a statement from the company. Apart from today's financing round, investors have contributed around $30 million to Space Runners' coffers to date.
TRON DAO has announced the launch of a $10 million incentive fund in light of recent events to support Terra developers migrating to the TRON ecosystem, including TRON’s EVM compatible cross-chain solution BitTorrent Chain (BTTC), which helps facilitate the seamless transfer of assets across mainstream public chains, including TRON, Ethereum, and BNB Chain.
Ethereum had a breakout year in 2021. It’s native asset, ETH’s, market capitalization surpassed $500 billion for the first time. Its network facilitated upwards of $7 trillion value transfer. Non-fungible tokens (NFTs) emerged as another “killer application” that have put its technology on the global stage and caught the attention of the masses.