• Three Arrows Ventures leads a $4.3 million round for the Solana-based metaverse project Solice

  • The metaverse is about to get a little more crowded, thanks to the $4.3 million raised by a new Solana-based startup from leading venture capital firms.

    Solice, a cross-platform PC and virtual reality (VR) game modeled after Decentraland and The Sandbox, announced the funding on Thursday. Alameda Research, Jump Capital, Genblock Capital, Kucoin Labs, Solar Eco Fund, CMS Holdings, Rarestone Capital, and others participated in the round, which was led by Zhu Su’s Three Arrows Capital.

    Christian Zhang, the founder of Solice, said that the game will include a native currency as well as NFT-backed game assets. The assets will also include financialization elements in-game.

    “Landowners can stake parcels of land for an APY, but there is a small chance of obtaining rare loot while staking.” “Users will need to complete a quest to upgrade the loot into a one-of-a-kind NFT,” he explained.

    Zhang is an industry veteran with prior experience at Fantom, as well as venture capital and consulting, and VR development is being handled by an existing studio that has previously worked with companies such as Baidu and Alibaba.

    Zhang hopes that the new features and industry expertise will help Solice stand out in a crowded market that may be relying on hype.

    “Obviously, gaming and NFTs have taken off in the last year,” Zhang said. “The only issue is that many of the projects out there have a good launch, but it’s important to look at a sustainable economic model in the long run.”

    He cited Axie Infinity’s dual-token system as an example and warned that many new projects on the scene are “cash grabs,” slapping blockchain features onto pre-existing games that may not need or benefit from them.

    “In the long run, if it doesn’t live up to the hype, it will fade away,” he predicted.

    Solice’s token public token sale is currently on track to launch in December via multiple concurrent initial exchange offerings (IEOs), with a soft launch for the game tentatively scheduled for Q1 2022.

    “Blockchain ensures the immutability of our connection and access; VR has brought us a new immersion that engages our senses,” said Three Arrows co-founders Kyle Davies and Zhu Su in a statement. “In what we might call a complete liberation of the human experience, the Metaverse offers a combination of both.”

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