Futureverse Raises $54M from 10T Fund, Ripple Labs to Develop Blockchain Game and Metaverse

Futureverse, a technology and gaming startup, has secured $54 million in Series A funding to advance their metaverse goals. Leading this funding round are 10T Holdings and Ripple Labs, signaling strong support from major players in the crypto space.

In a statement, Futureverse announced plans to use the funds for research and development, specifically to further develop a blockchain game named The Root Network. This game will be compatible with the Ethereum Virtual Machine and integrated on the XRP Ledger. The Root Network will support the use of XRP and the project's NFTs. Additionally, the company plans to develop more blockchain games in the future.

In December 2022, Futureverse made headlines with the acquisition and merger of eight different cryptocurrency companies under the Futureverse banner, aiming to create an "open metaverse." Among these acquisitions were companies specializing in AI and crypto content creation, such as AI Altered State Machine and Fluf World NFT.

Futureverse has already launched two sports-related games. In April 2023, they released World Cup AI League, a FIFA-licensed mobile soccer game for Android and iOS that uses artificial intelligence (AI) to enhance gameplay. While the game does not feature likenesses of real-world football stars, it offers colorful animated characters controlled by AI.

Another innovative title by Futureverse is Muhammad Ali: The Next Legends, a game that combines AI with NFTs, featuring content supported by the late boxing legend. In this fantasy boxing game, players act as trainers making strategic decisions for their boxers. According to the development team, each NFT boxer needs to be paired with an "AI Brain" NFT to provide energy for their actions.

Dan Tapiero, CEO of 10T Holdings, commented, "Futureverse has developed a role-playing metaverse platform functioning as an AI technology provider, metaverse infrastructure builder, layer-1 architect, creative studio, and digital community."

This significant development for Futureverse comes amidst growing skepticism and diminishing hype surrounding the metaverse concept. Since social media giant Meta shifted some focus away from its metaverse plans, analysts and CEOs have suggested that the once-inflated concept of the metaverse has "died" and is now being approached with practicality, aligning more closely with actual value and user needs.

Monica Long, Chair of Ripple Labs, expressed confidence in Futureverse's vision. "While we are in the early stages of a metaverse project and have a broader concept of the metaverse — we can achieve that, at Ripple, we are delighted to contribute to the foundational infrastructure and provide real utility to the end users of the open metaverse project."

Futureverse's ambitious plans and substantial funding underscore their commitment to pushing the boundaries of blockchain gaming and metaverse development, aiming to deliver meaningful experiences and practical innovations in this evolving landscape.