Singapore-based metaverse startup BUD announced that it is planning to launch NFTs after raising $36.8 million in a new round of funding, just months after completing its Series A round in February. The Series B round was led by Sequoia Capital India.
on Monday. “We’re super psyched about the new age social and creative world BUD is inviting young people to help build, and the roadmap the team has laid out for BUD’s fast-growing user base,” said Kapoor and Wang.
BUD said it will use the funds to launch Web3 products, the next generation of the internet that runs on blockchains. BUD also plans to introduce NFT projects to allow users to own and trade virtual assets derived from the metaverse, according to the TechCrunch report. Founded in 2019 by Risa Feng and Shawn Lin, both former Snapchat engineers, BUD targets Gen Zs by generating personalized figures that can interact in the metaverse.
BUD is the latest company in Asia to expand in the growing metaverse space, a concept that has gone viral in various industries. For example, Regal Hotel Group, one of Hong Kong’s largest hotel chains, entered the metaverse by acquiring virtual properties in blockchain gaming platforms
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