Solana-based NFT Metaverse Project Portals Raises $5 Million In Seed Funding

Solana-based NFT Metaverse Project Portals Raises $5 Million In Seed Funding

Portals, a Solana-based NFT metaverse project, has raised $5 million in seed funding, with the aim of building out its vision for the metaverse using the Solana blockchain.

The investment round was led by Greylock, with participation from Multicoin Capital, Solana Ventures, Alameda Research, Sino Global Capital, and Mantis, a venture capital firm founded by American EDM duo The Chainsmokers. Twitch co-founder Justin Kan also invested in the round. Kan is also a co-founder of Fractal, a newly launched NFT marketplace.

“We see Portals as the most promising browser-based metaverse platform. It is a social space that you can explore, invest in, make your own, and gather with others. We’ve been blown away by the team’s velocity, quality and vision. Along with a growing community, they’re crafting a fun, dense virtual city people actually want to visit.” shares Sarah Guo, partner at Greylock.

Portals is a browser-based metaverse project that enables users to customize personal spaces based on a "city" digital environment, creating and visualizing an immersive social space. The Portals metaverse already has presence from major crypto exchanges such as FTX and Binance, which have both established their respective metaverse headquarters in the project's locales. NFT audio platform Audius, Solana-based DeFi protocol Raydium, and NFT marketplace Magic Eden also have presence in Portal's metaverse space.

“We are building the metaverse in a browser-first way to make it as widely accessible as possible. With native voice chat and easy tools to customize spaces, we’re lowering the barrier to experience the metaverse. People are already creating spaces for town halls, art galleries, podcast studios, comedy clubs, underwater pirate bars, arcades, poker rooms, movie theaters and so much more.” shares Adam Gomez, co-founder of Portals.

According to Portals, it will be using the funds to expand its developer team and accelerate its metaverse initiatives, providing more functionalities and enhanced tools for its creator community. Portals is about to launch Downtown expansion, which is designed as a city center. The metaverse space will also introduce Citizen Cards minted as NFTs, which will provide users with access to small, off-grid pods in the Portals metaverse, but will only have limited customization options, working as a more intimate, personal space to display NFTs and socialize.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.


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