Passage, a Road Town, British Virgin Islands-based provider of a platform for creating and connecting 3D virtual worlds and experiences, raised $6M in funding.
The round was led by Akash Network. Other investors included Druid Ventures, Vitwit, Cosmostation, Hyperchain Capital, Chorus One, and Cogitent Ventures, as well as additional Cosmos ecosystem participants, individuals, and DAOs.
The company intends to use the funds to further develop its world-building tools, which allow creators to produce and optimize virtual experiences, to build out the platform’s social dashboard, enterprise solution, and tooling for open-source contributions, as well as implement technology partnerships like Sortium.
Led by Lex Avellino, founder and Chief Creative Officer, Passage is a platform that works on the 3D web by transforming static pages into immersive, interactive places. Built with Cosmos and leveraging technology like Unreal Engine 5, the platform is blockchain-agnostic and supports in-browser streaming, cross-world commerce for fungible tokens and NFTs, decentralized social functionality, and 3D communication infrastructure.
PASG, the native token of the Passage ecosystem, was designed to facilitate governance and decentralized 3D assets in its worlds. It also incentivizes open-source development and creator contributions on the platform. The token is backed by a SaaS-style revenue model, with up to 50% of profits going directly to supporting network security through incentivizing staking.
FinSMEs
27/07/2023
SOURCE Passage