Metahood, the open metaverse portal that aims to simplify buying and selling of digital real estate by providing users with all the necessary information in one place, has raised $3 million in a funding round as well as an open beta launch.
The funding round was led by 1confirmation and other notable participants including Volt Capital, Flamingo DAO, Neon DAO, co-founder of The Sandbox Sébastien Borget, co-founder of SuperRare John Crain, Sorare growth lead Brian O’Hagan, podcast host Packy McCormick, and others.
Metahood founder Gwendall Esnault said, “Our vision is to make the open metaverse more accessible, interoperable, and easy to navigate. Our first goal is to build the go-to platform for trading digital real estate. Trading real estate is different from trading other types of digital assets. When it comes to real estate, context is important.”
Web3 metaverse real estate utilises NFTs to let users have proof of ownership of virtual land within virtual worlds. The tokens also represent ownership of land plots inside various virtual worlds.
Digital land trading
This will allow users to buy and sell on NFT marketplaces like OpenSea and LooksRare. However, Ensault stated that these platforms do not have the appropriate context when it comes to land plots. Adding that when users are purchasing a piece of digital land, a lot of them don’t know what they’re getting when they look at a listing on a traditional trading platform.
“We believe that people should be able to make more informed decisions when trading land, rather than just considering the floor price or rarity of the asset,” said Ensault. “It is currently difficult to obtain information such as the location, surroundings, and nearby landmarks of digital land. We have made it easy.”
Metahood on the other hand will allow users to see an accurate virtual map that displays the location of the digital real estate in popular metaverses, providing users with a contextual idea of where the land is, including its relation to other neighbourhoods so users get an idea of where their land will be situated.
So with Metahood, it’s almost like using Google Maps to locate a place or using Zillow to look at a listing before purchasing the item. For now, the platform supports NFT land in popular virtual spaces like The Sandbox, Decentraland and the Bored Ape’s Yacht Club’s Otherside.
According to its founder, Metahood is also focused on bringing more metaverse spaces onto its marketplace.
Isa Muhammad is a writer and video game journalist covering many aspects of entertainment media including the film industry. He's steadily writing his way to the sharp end of journalism and enjoys staying informed. If he's not reading, playing video games or catching up on his favourite TV series, then he's probably writing about them.
