SPACE has announced receipt of an undisclosed amount from Binance Labs. The team says the funds will be used to expand its platform further and pursue more strategic partnerships. SPACE claims to have signed partnership deals with more than 100 brands since its launch
SPACE Bags Strategic Investment
SPACE, a project that claims to be focused on pioneering the concept of social commerce in the metaverse, has received a strategic investment from Binance Labs, an arm of Binance exchange that’s dedicated to investing in viable distributed ledger technology (DLT) projects.
The team says the fresh investment funding from Binance Labs will be allocated towards further development of its marketplace and pursuing more partnership deals with leading brands in the industry.
Launched in 2021, SPACE claims to have piqued the interest of notable entities and brands in the art, music, and fashion industries, signing more than 100 brand partnership deals with names like Zevi G, Arthur Art Gallery, KYLE GORDAN ARTIST, Soho Ski Club, and DoinGud Art Gallery, amongst others. Space claims the above five brands have a total Instagram following of nearly 300k.
Excellent Monetization Potential
Amid SPACE’s efforts to put itself at the forefront of the metaverse movement and cement itself as the next frontier for social commerce experiences, the SPACE team firmly believes that the latest funding round lends further credence to the niche’s alluring monetization potential.
Commenting on the partnership, Bill Chin, Head of Binance Labs Fund, said:
“Space has impressive growth and product delivery trajectory. Also, the team has the capability to adapt the product quickly to the market. We believe Space is building one of the key pieces of metaverse infrastructure, bringing offline commerce into the metaverse.”
Space previously rolled out an Early Access Alpha version last year, opening its doors to 15,000 users via its cross-platform application which is available on desktop, mobile, and WebXR formats. This year, SPACE plans to roll out its iOS and Oculus applications alongside its ongoing brand partnership deals, plus a token generation event (TGE).
Batis Samadian said:
“We welcome the latest investment from Binance Labs as proof that others also have faith in the exceptional potential exhibited by the metaverse. As we continue executing our ambitious roadmap, this fresh funding will accelerate our rollout momentum and reinforce our efforts to secure brand partnerships that align with our vision of social commerce in the metaverse. The numbers are clear – the metaverse is full of unparalleled opportunities for early movers.”
SPACE sits at the intersection of gaming, virtual reality, and commerce. The project already has a live beta where people can meet, stream and soon do commerce in virtual reality. SPACE metaverse offers users and businesses dedicated virtual rooms designed to enable them to monetize their products and services.
The Space toolkit is designed to enable users to build their own virtual spaces with turnkey point-of-sale, offering them a trading hub that facilitates the purchase of art, music, fashion, culture, and more.
The SPACE project is backed by a consortium of leading brands, including Dapper Labs, Animoca Brands, Binance Labs, Ghaf Investments, LD Capital, and Coinfund, amongst others.