Digital Village secures funding to develop its metaverse

Social metaverse platform Digital Village IO Inc. has raised two million, upsizing from its initial 500,000 goal, to support the development of its virtual sphere.

The Digital Village, which describes itself as “a recomposition of gaming, social media and e-commerce”, is set to launch to the public in the second quarter of 2022. The platform will allow users to walk through virtual spaces with avatars and further enable them to showcase, wear and exchange digital assets within their community.

The pre-seed funding round gained backing from active investors, including Venrex, an early-stage venture capital firm that has previously backed Revolut, Lyst and Charlotte Tilbury.

Through Digital Village’s website, future users can already sign up to waiting lists for digital garments designed by ‘villagers’, including looks by virtual designers Mutani and Noform.

The platform’s emphasis on fashion is further mirrored in prior initiatives. In 2020, for example, Digital Village hosted a 3D virtual fashion week, which garnered over 700,000 participants globally and received acknowledgement from the likes of Epic Games and BlockStart through grant awards.

Its marketplace utilises blockchain technology, supporting Ethereum and Vechain. Its implementation of cryptocurrency and fiat methods further allows for stability in the use of non-fungible tokens and other blockchain-related tech.

For the metaverse itself, Digital Village will launch its own in-game currency, encouraging members to connect their physical and digital life and aid in the transporting of traditional businesses into the virtual world.

Ultimately, Digital Village looks to build a metaverse with sustainability and ethical methods as its core values. It plans to think “about the impact on its members as well as the impact this new environment and lifestyle will have on culture, art, fashion and sustainability”.