Futureverse Launches Efforts to Create User-Controlled Metaverse

Auckland-based company Futureverse is aiming to create the foundation for a user-controlled metaverse, a virtual world using augmented- and virtual-reality technology that merges social media, gaming, commerce and finance.

The concept behind Futureverse is to start with the consumer’s point of view and create an interoperable environment that is easily accessible. Aaron McDonald, the co-founder of Futureverse, believes that it is not possible for any one company to build a standalone metaverse, but rather that the metaverse should be a collective of user-owned, interoperable identity, data, and content that can be used across a range of applications.

To achieve this goal, Futureverse has combined eight companies, which had previously worked together and shared a vision for the merger. These companies include

• Centrapass: a company that develops products related to digital identity and asset custody.
• Centrapay: a digital-payments system
• Sylo: a developer of a decentralized communications system
• Altered Phoenix: a gaming studio
• Altered State Machine: an artificial intelligence provider
• Immersve: a multi-blockchain payment product
• Non-Fungible Labs: a design studio
• Shadows Interactive: an animation studio

As part of the rollup, the newly created Futureverse entity is swapping its stock for equity in the eight constituent companies. There was also an equity funding round for the new business, which McDonald declined to specify. However, he did indicate that the total investment in all of the companies is in excess of $100 million at undisclosed valuations.

Futureverse has its own blockchain, the Root Network, and plans to integrate a range of existing applications into the metaverse, which would be accessed via a single user interface. The company also plans to offer a range of services within the metaverse, including social networking, gaming, e-commerce and financial services.

With 500,000 users of applications and content and more than 25,000 unique holders of the company’s digital collectibles, Futureverse is well on its way to creating a consumer-friendly metaverse.