Mona Raises $14.6 Million for Creative Metaverse
Metaverse platform Mona has raised $14.6 million that will go into the development of a creative metaverse.
Mona is a world-building space in the metaverse that provides 3D creators with a platform and network where they can build, mint, and sell interactive metaversal worlds packaged as non-fungible tokens (NFTs).
Mona is free of charge for anyone to create interactive worlds and access via a web browser. Creators can also mint the metaverse worlds created in the Mona metaverse on Polygon and Ethereum blockchains.
According to Mona CEO Justin Melillo, it is a platform for building a new economy for artists and collectors and empowering them to meaningfully take part in a shared digital universe.
The platform opened its doors to creators in October 2021 and currently has over 3,000 users who are creating virtual worlds in the metaverse. The works created by artists can also be sold and they are all connected to the Monaverse.
Melillo describes Mona as a Web3 metaverse, a world-building platform as well as a network that has been built by creators for other creators. The platform enables artists to easily create, mint, and sell quality virtual worlds as nonfungible tokens (NFTs).
Unlike other metaverse worlds, Mona does not sell tokens or virtual real estate. It does not have any upfront charges and all its systems, building tools and protocols have been developed for the open metaverse.
Melillo says Mona wants to have a creator-centered metaverse and is shifting the conversation away from the scarcity economy model used in other metaverses that focus on creating artificial scarcity, selling land, and even selling passes to creators. Mona’s approach is that of a limitless metaverse where the emphasis is on supporting creators in the best way possible.
Mona creators have earned over $500,000 since October 2021. They make money when they mint and sell their tokenized virtual worlds.
Creators on Monaverse can build using their existing toolset. They can subsequently load their assets to a template created by Mona. The creation process does not require any coding skills. After this, the creator can mint their virtual world as a nonfungible token via Ethereum or Polygon.
Both the 3D assets and data are stored in the assets and are then decentralized. The created virtual worlds can also be listed for sale on the OpenSea marketplace. The sale of the tokenized worlds earns creators money along with the perpetual royalties that will come with every resale of their tokenized worlds.
Mona has also partnered with Filecoin, a decentralized cloud storage network, and is sending an open call to architects, artists, and gamers to encourage the creation of new 3D art spaces in the Filecoin Forum, a large metaverse build bounty where more than $200,000 is up for grabs.
Creators on the platform use it to develop and showcase different types of photorealistic works including dynamic 3D gardens, mesmerizing art, unforgettable concerts and virtual events, immersive scavenger hunts, architecture, along with mysterious escape rooms.
The Mona team has been developing the platform in public from the beginning. The platform enables collectors to directly invest in the creators building the experiential virtual worlds. The platform enables creators to freely develop their art and earn a decent living from it.
Mona boss Justin Melillo says the company’s mission is to make Mona a metaverse social network where creators can thrive in.
With the closing of its latest funding round, the company is aiming to grow its community of global builders and onboard thousands of new creators into Web3 and the open metaverse.
According to Melillo, Mona is innovating on and revolutionizing the legacy design space that has, for the past decade, consisted of blockchain-based digital environments. Mona’s platform offers both open standards and tokenization tools.
The latest Mona funding round was oversubscribed and was co-led by various players including Collab+Currency, Protocol Labs, and Archetype. Other investors participating in this funding round included Polygon Studios, Venture Reality Fund, OpenSea Ventures, and Placeholder. Other angel investors and crypto-native funds also participated in the funding round including Palm Tree Crew Crypto, Rogue Capital, Fourth Revolution Capital, Venture Reality Fund, Everyrealm, SV Angel, LongHash Ventures, Ready Player DAO, The Grey Trust, Taavet+Stern, ConsenSys Mesh, POAP Ventures, Big Brain Holdings, and Gaingels.
The angel investors who participated in the funding round included Miles Anthony (Decentral Games founder), gmoney, Dennison Bertram (Tally founder), Rahilla Zafar, and Conlan Rios (Async Art founder).
The Mona funding has come when the crypto and metaverse industries are undergoing a rough patch. As a downturn and possible recession set in, companies in this space are likely to face difficulties in raising new cash for their projects. Mona says it managed to close the funding round before the Terra Luna collapse which sent shockwaves across the industry, triggering a wider selloff in the crypto markets.
Source: Venture Beat