The culture-focused metaverse The Kingdom has raised $3.6 million in a private funding round, according to project representatives who spoke to ForkLog.
According to the statement, Alameda Research, Infinity Ventures Crypto, Newman Capital, Liquid Lab Ventures and others invested in the project. The funds will be used to build the company’s working capital.
According to the team, The Kingdom will be an open-world metaverse where users can socialise, play and create content. The project will collaborate with global brands, allowing them to issue NFTs for sale or for various activities.
“Our goal is to create a social hub. […] Inspired by the endless bustle of Asian megacities, Miraijuku — the first city that will be opened and unlocked in The Kingdom,” said Josh Kovak, the project’s chief executive.
The team is in talks with various companies, cultural figures and NFT projects. It is expected that the first partnership agreements will be announced in the second quarter of 2022.
The Kingdom is based on the Play-to-Earn concept — players and content creators will be able to earn cryptocurrency through in-game activity. According to the project’s technical documentation, two tokens are planned — DIAMOND and KING.
The first can be used to purchase land plots, construct buildings, upgrade characters and acquire digital items. The second is a governance token — the project will later be handed over to the community.
Back in March 2022, the gaming metaverse Cross The Ages closed a seed round of funding worth $12 million.