Space Runners to accelerate metaverse fashion with $10M funding

Metaverse fashion brand Space Runners announced Monday that it has raised $10 million from its seed financing round co-led by Polychain and Pantera Capital. The funds raised will be used to build an “end-to-end Fashion ecosystem on the blockchain,” the press release stated.

OFFICIAL FUNDING ANNOUNCEMENT

Space Runners is excited to announce $10M in financing to build an end-to-end Fashion Metaverse on Blockchain!@polychaincap | @PanteraCapital | @Accel | @jump_ | @ysiu | @rottendoubt | @justinkan | @kunoag | @hollyhliu | @ashwinnavin pic.twitter.com/BpoyH2Sb9D

— Space Runners | Fashion Metaverse (@SpaceRunnersNFT) March 7, 2022

In addition to Pantera and Polychain, Accel, Jump Crypto, and other participants including Yat Siu (Co-founder and Chairman of Animoca Brands), and Justin Kan (Co-founder of Twitch and Fractal) participated in the funding.

Claiming to be the metaverse’s ‘first dedicated fashion brand,’ the firm collaborated with former NBA players Kyle Kuzma and Nick Young on its NBA Champions Sneaker Collection of 10,000 NFTs, which it sold in just nine minutes after the release.

“Our goal is to build the first end-to-end Fashion ecosystem on blockchain with the newly secured financing,” Won Soh, co-founder of Space Runners, said in a statement. In addition, the company aims to create what it termed as “Wear2Earn” economy. In this, users will be provided with incentives and rewards for “being fashionable in the Metaverse.”

Space Runners is expected to compete with several well-known fashion brands looking to enter the metaverse industry. The year 2021 saw the likes of Nike, Gucci, Dolce & Gabbana, and Adidas launching NFTs and announcing their plans for the metaverse.

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