Asia PacificBreaking News

US $3.5 M seed funding announced by MYTY

Hashed and Collab+Currency has co-led the US $3.5 million seed fundraising round for OFF, the firm behind the NFT-based social metaverse platform MYTY.

BITKRAFT Ventures, Electric Capital, Coinbase Ventures, and SamsungNEXT also participated in the financing.

The cash will be used by OFF, which is located in Singapore and Korea, to expand its platform, support additional NFT avatars, and offer more social services to avatars.

Three crypto-natives, including Jinwoo Park, established OFF (co-founder of South Korean crypto-asset investment firm Hashed). The purpose of OFF is to provide an open ecosystem for avatar-based microverses.

MYTY, the company’s initial product, is a decentralised social network where users may use NFT avatars to escape the constraints of the actual world. CryptoPunks NFT are transformed into avatars using the MYTY Camera app. It allows users to appear in Discord, Zoom, and other webcam-based applications as the graphics of their own NFT avatars.

“MYTY Camera is adding a fun utility to iconic NFTs by transforming them into avatars that can mimic the owner’s motion and facial expressions to deliver emotion over Zoom calls,” commented Baek Kim, Principal at Hashed.

OFF is now working on the “Ghosts Project,” the first collection of NFT avatars created in collaboration with MrMisang, SuperRare’s top artist. The prequel to MrMisang’s original series Modern Life is Rubbish, Ghosts Project, is being optimised for face and motion tracking. It’s intended to demonstrate MYTY’s avatars’ full-body tracking capabilities, including nodding, raising hands, and a variety of emotional expressions.

GhostsProject is presently forming Twitter and Discord groups, as well as preparing to sell NFT avatars. After the sales, MYTY Camera will support Ghosts.

“Our big vision of the metaverse is for people to break free from physical reality so they can express themselves honestly and authentically. We think avatars will be a key component for more people to enter the metaverse to represent their second persona and will enable another NFT utility,” said co-founder Park.

 

 

Related Articles

Back to top button