Blockchain-based deeptech startup Metamall raised $4.6 million in pre-IDO round through token sales. The round saw participation from new-age investors 316VC, CSP DAO, MarsVC, WLI Capital, BullPerks, HVS Ventures, CCK ventures, among others.
IDO or an initial DEX offering here denotes unregulated crowdfunding for blockchain startups without any control mechanisms, or any due diligence. It translates that the investors can turn millionaires overnight, or lose money – since there’s no set parameter. The startup plans an IDO in the first half of CY22.
Metamall has previously raised $1 million through NFT land sales in three days. The land sale worth $2.5 million, however, will be closed before the IDO, which is planned for January 2022. “We are looking to take the Metamall platform live in six months, and we’re well on schedule to achieve this in that time frame,” the startup said.
Metamall plans to use the funds to scale up the tech and marketing teams. It aims to work with leading tech platforms and designers, delivering the most innovative and engaging metaverse for retail and gaming experience.
Founded in 2021 by Serge Gianchandani, Metamall provides a first-of-its-kind virtual reality (VR) experience on the blockchain. Users can build, explore, and trade in their very own virtual mall. Based on the idea of deep retail, the business merges Gianchandani’s penchant for deeptech (he owns 12 patents on 3D and VR imagery) with the idea of creating a mall-like engaging metaverse.
“We see generations of users spending quality time on metaverse for gaming, social networking as well as building wealth. Metamall is a unique convergence of metaverse, NFT and crypto that enables enriching user experience as well as giving brands, individuals and experience owners to connect with their audience. We are very excited as this journey enters its next phase,” Gianchandani said in a statement.
The startup is built on the Solana Blockchain network. It features native token ‘MALL’ for users to buy virtual real estate and earn money by leasing, staking, advertising and developing the real estate based on choice.
The token holders will be called Metamallers as the startup aims to serve as a primary centre for crypto enthusiasts of all levels.
Not just tradable, the coins will also be helpful as owners can lease out the owned property within the MetaMall universe to earn consistent revenue. In addition, the MALL owners can also stake the token for an assured APY return. Furthermore, the owners can develop their properties using VR technology to deliver exclusive VR experiences and charge people for accessing the same.