The metaverse is opening pathways that reimagine already existing tech in new and innovative ways. Already one startup is working to merge video games and the metaverse with an immersive game that allows for monetization, and Meta, formally Facebook, has stated that it would create an entire virtual world for people to socialize. Now Seattle-based Peer is looking to create the first metaverse social network that also has Web3, blockchain, crypto and NFT capabilities.
Peer recently secured $14 million to build its social platform. According to GeekWire, Peer resorted to raising funds by selling its own cryptocurrency to investors since funding for Web3 projects has historically been very slow and has only gotten slower with the looming concerns regarding the state of the economy.
According to its website, Peer’s social platform will feature user-generated posts that will be securely stored and unalterable through the blockchain. The creators of the post will also be able to monetize their posts as NFTs, according to the company.
Built In Seattle previously caught up with Peer when the company launched from stealth last year with $12 million in funding. At the time, the company was focused on creating software and hardware that would power the metaverse.
The company is currently building the social aspect of its platform and has a beta testing network of some 20,000 users, according to GeekWire.
“We are in the middle of a digital revolution,” Tony Tran, CEO of Peer, said in a statement. “Peer will accelerate the advent of the metaverse by building platforms and devices that put us back in touch with ourselves, each other and the world around us.”
Per its roadmap, Peer is also looking to create hardware such as AR glasses and an operating system that would power the social network. The final stage of its roadmap includes creating a Web3 artificial intelligence system.
In addition to its latest capital raise, Peer is planning to generate capital by offering the platform on a subscription basis. The company also has its own cryptocurrency that can be traded on its platform.
Peer is looking to launch an early version of its app and social platform sometime in August.
