Portals raises $5 million for the Solana NFT metaverse development

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Portals, a metaverse project located in Solana, has raised $5 million in startup funding. In a shared environment, the Solana metaverse project allows individuals to effortlessly modify their personal environments.

While the majority of existing metaverse initiatives, such as Decentraland and The Sandbox, are built on Ethereum, there has been a growing activity on competing chains. Since its introduction last fall, the Solana-based Portals project has swiftly gained traction and garnered considerable users. Recently, the initiative has now received $5 million to further its metaverse ambition.

Greylock led a $5 million seed investment in Portals today. Multicoin Capital, Solana Ventures, Alameda Research, Sino Global Capital, and The Chainsmokers’ VC firm Mantis were among the other investors. Justin Kan, the co-founder of Twitch and the new gaming marketplace NFT Fractal, also contributed.

The funding will serve to grow the project’s team and further develop its metaverse effort. Which will include the imminent launch of Portals Downtown as well as improved tools for creators.

In November 2021, Portals offered its interactive spaces as NFT assets for the first time. The functionality came the following month, allowing users to interact with the spaces.

Drag-and-drop tools allow you to modify each Space, making it simple to import new NFTs and create a space that resembles that in Nintendo’s popular Animal Crossing game series.

Exchanges for cryptocurrencies FTX US and Binance are two of the most popular cryptocurrency exchanges in the United States. Crypto-currency projects such as blockchain music service Audius, DeFi Raydium protocol, and NFT marketplace Magic Eden have both built “metaverse headquarters” in the portal world. On Magic Eden, the cheapest NFT Portals sells for 85 SOL, or just over $9,000.

The “Onyx” and “Vision” levels of Portals, which target brands and businesses, have floor pricing of 469 SOL ($50,000) and 2,100 SOL ($220,000), respectively.

Source: https://metanews.com/portals-raises-5-million-for-the-solana-nft-metaverse-development/

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