Metamall, a metaverse platform that allows users to buy, own, build, develop high-end real estate and stake the virtual real estate as non-fungible tokens (NFTs), on Tuesday, closed its initial dex offering (IDO) to raise $400,000 (around Rs 3 crore) through sale of 80 million tokens.
IDO is a private investor-following fund-raising technology used by crypto-based entrepreneurs.
Metamall in a statement said it has racked up funding of more than $7 million from private and public investors as part of this IDO round.
In December 2021, Metamall closed $4.6 million pre-IDO through token sales with participation from investors including 316VC, MarsVC, Halvings, HVS Ventures, CCK ventures and Whitelist Ventures, among others.
The platform also raised $2 million from the sale of NFT land, the statement added.
It has held the current IDO with four separate launchpads, including Gamestation on February 8, Moonstarter and Game on February 10 and Starter on February 14, with each launchpad aiming to raise $100,000.
“We have reached the public round of fund-raise and look forward to making the platform live in 3-6 months. Our MVP (Minimum Viable Product) will be live by April,” said Serge Gianchandani, Co-Founder of Metamall.
Metamall was founded in 2021 by Serge Gianchandani and Sahan Ray and is based on the Solana blockchain network. Metamall offers users the ability to acquire virtual real estate and generate money by leasing, staking, advertising, and developing it according to their preferences.
Auction listing, governance procedures, trade history, profile-based suggestions, sale alerts, and NFT drops notifications are among the marketplace's distinctive features, it said.
“Users will have the opportunity to own real estate, connect to brands and rent them or directly set up their experience centers. We have made land parcels suited to all use cases and valued from $200 to $20,000. Use of state of the art and scalable tech by our very talented team,” Gianchandani added.
