Venture Capital Flows into the Metaverse: Darewise Entertainment Raises $3.5 Million in Token Presales

On Tuesday, Darewise Entertainment, the developer behind the open-world sci-fi game Life Beyond, announced that it had raised $3.5 million in token presales. This news comes as venture capital continues to flow into companies developing the metaverse, or at least what many in Web3 hope will be the next generation of gaming experiences.

Darewise Entertainment CEO Benjamin Charbit expressed his excitement about the investors who have supported the project. He stated, "For this round, we are thrilled to welcome meaningful investors who not only believe in our project and values but who also come from across the spectrum of gaming and Web3 culture. It's a significant indicator of confidence in building on the Bitcoin ecosystem."

Life Beyond is a game that allows players to build a new civilization powered by NFTs and a tokenized digital economy. The Darewise token, which is set to launch early next year, was developed with Horizon Labs, the team behind the Ethereum-based ApeCoin (APE) token. Darewise Entertainment aims to build its metaverse ecosystem around Bitcoin Ordinals, the popular NFT-like sensation that took the crypto world by storm earlier this year.

The Ordinals protocol allows users to "inscribe" images, text, and even video games on the Bitcoin blockchain and create BRC-20 tokens. These inscriptions are digital assets that are digitally recorded to a single satoshi, which is the smallest denomination of a Bitcoin.

Investors in the token sale included Gamefi Ventures, London Real Ventures, Citizen Capital, Blocore, and Animoca Ventures. Darewise Entertainment, a subsidiary of Animoca Brands, reported their plans for the metaverse, which include gaming and brand integrations, real-world experiences, and more. The Darewise token will act as the native currency of the universe.

The concept of the metaverse refers to a future persistent version of the internet. It is envisioned as a shared virtual space where users can interact, play games, conduct business, and more. With the continued interest in and support for companies like Darewise Entertainment, it is clear that the metaverse is still very much alive and evolving.