NFT platform Metav.rs secures three million euro funding to support development

Metav.rs, a white label solution facilitating the creation and sale of non-fungible tokens (NFTs), has secured a three million euro seed round to help accelerate its platform development, boost recruitment and globally expand.

Its platform, which launched January 2022, allows brands and agencies to manage their own virtual worlds through a web browser, while also offering virtual goods as NFTs and digital twins of real-life products.

The seed round was led by Web3 fund JSquare and saw participation from the likes of Sébastien Borget, co-founder and COO of metaverse platform The Sandbox.

The funding will help Metav.rs on its mission to democratise access to the metaverse for brands through methods that drive easy integration.

According to its release, the company has already signed on strategic key accounts from the luxury industry and retail, as well as creative agencies and consulting firms that are looking to scale the experiences of the brands they work with.

“The challenge for brands is to find a simple way to initiate and manage their presence in these virtual universes, so that they can benefit from greater reach and an enhanced customer experience, while maintaining control of their brand image,” said Clément Foucher, co-founder of the platform.

He continued: “We are developing a tool that allows brands to easily manage their presence in the metaverse. Some of our clients have very ambitious plans to transform their existing business models. We work with them to co-construct three to five year roadmaps, broken down into different blocks and activations.”

Metav.rs’ particular focus is on the Asian market, which it noted was expected to account for 60 percent of the luxury market by 2025.

To speed up its development in the region, the company has opened offices in Hong Kong and Seoul to support key accounts within those specific markets.