Polychain and Pantera Capital lead a $10 million investment round for metaverse fashion firm Space Runners.
Accel and Jump Crypto, as well as angel investors like Animoca Brands chairman Yat Siu and Twitch co-founder Justin Kan, were also part of the seed round, which was disclosed on Monday.
In the metaverse — an immersive environment made up of virtual worlds, games, and decentralized commerce – high fashion and prestigious wearables are becoming a huge business, with Ethereum-based Decentraland hosting its first Metaverse Fashion Week later this month.
Space Runners, which debuted its first NBA Champions Sneaker Collection with previous NBA champions Kyle Kuzma and Nick Young in December
Started minting NFTs on the Solana blockchain, but now aims to expand its idea of a “fashion metaverse” to Ethereum and other blockchains.
“We are designing and launching fashion items as NFT collections, which is ongoing,” Space Runners CEO Deniz Özgür said in an interview. “But we are also launching the first phase of our fashion metaverse. Rather than just an urban cyber style, we are giving more weight to beauty and aesthetics, and we’ve been collaborating with some of the most popular fashion agencies in New York.”
Area Runners’ fashion metaverse will not coexist with existing virtual worlds, but will be a separate space called “Spaceverse” with its own money. It’s a suggestion that can’t come soon enough for crypto and NFT-enthralled fashion firms looking to carve out a niche in the metaverse, she added.
“Many of the fashion firms we’ve spoken with have incredible backstories,” zgür added. “Like they want to create a link between their physical stores and their digital spaces, so they’re coming up with concepts like placing a QR code in a fashion item that’s a gem or something like that for gamification with their customers.”
Pantera Capital partner Paul Veradittakit said Space Runners’ vision is paving a new way to interact with fashion on the blockchain.
“Fashion will be just as – if not more – important in the metaverse than in the real world,” Veradittakit said in a statement.
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