Portals Raises $5 Million to Build Out Solana NFT Metaverse

Portals Raises $5 Million to Build Out Solana NFT Metaverse
  • Portals, a Solana-based metaverse project, has raised $5 million in seed funding. The capital will be used to support the commercial development phase of the project and the development of a consumer version of the Solana platform.
  • Portals, the leading provider of digital asset creation and management software, announced that it has raised $5 million in Series A funding from a group of early-stage venture capital firms and angel investors to continue its mission to make blockchain technology accessible to enterprise users.
  • A number of additional investors participated, including Multicoin Capital, Solana Ventures, Alameda Research, Sino Global Capital, and The Chainsmokers’ Mantis VC firm. Justin Kan, co-founder of streaming video site Twitch and new gaming NFT marketplace Fractal, also invested.

Future Plans

  • The company is planning to use the funds to further develop its vision of a virtual world that can be accessed through a web browser, including through its own browser on the Metaverse Network and through third-party web browsers on other devices.
  • The project plans to use the funds to hire more people as it hires more people, including the upcoming launch of its Portals Downtown city center as well as enhanced tools for creators.

The NFTs start at $9,000 on secondary markets, and firms like FTX US and Binance.US have built their own Portals locales.

  • Cryptocurrency exchanges FTX US and Binance.US have both established “metaverse headquarters” in the Portals world, as have crypto projects like blockchain music service Audius, DeFi protocol Raydium, and NFT marketplace Magic Eden.
  • The cheapest available Portals NFT on Magic Eden is listed for 85 SOL, or just over $9,000. Larger spaces within Portals, the “Onyx” and “Vision” levels which are geared towards brands and businesses, currently have price floors of 469 SOL ($50,000) and 2,100 SOL ($220,000), respectively.
  • On the primary market, NFTs have a median price of $4,000, with an average of $2,600. NFTs on the secondary market are significantly cheaper than those on the primary market, with a median price of $900, and an average of just $1,600.

Portal Overview

  • The Portal, a new non-profit organization based in New York City, has raised $5 million to build a website that will help people and organizations connect.
  • The organization, which is in the process of hiring a CEO, will focus on building a network of charitable sites and apps, including one that will allow people to donate to causes, vote on candidates and connect with other groups that share their values.
  • Portals is leading the way on Solana, plus fellow metaverse project Somnium Space added support for Solana late last year. Solana’s own NFT ecosystem has grown significantly over the last six months, with projects like Solana Monkey Business and Degenerate Ape Academy in hot demand and upcoming NFT-driven games like Star Atlas and Aurory generating hype.

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