Space Metaverse, a virtual world for arts and commerce, has raised $7 million from Dapper Labs, CoinFund, Animoca Brands and other investors.

• Space will use the funding to build and join various metaverses into one parallel society and “build the economic backbone of the metaverse,” according to a press release.
• Other notable investors included investment firm Hof Capital and Digital Currency Group (DCG), which also owns CoinDesk.
• Space said it has now come out of stealth mode and launched an early access alpha version with over 10,000 users.
• The metaverse is a space generated by the convergence of virtual worlds, augmented reality and internet services. The concept has fueled a rush of investment in recent months, sparked in part by Facebook’s rebrand to “Meta.”
• The metaverse sector may represent a market opportunity of over $1 trillion in annual revenue, crypto investment giant and DCG subsidiary Grayscale said in a report released in November, without specifying the timeline.

Read more: Grayscale Says Metaverse Is a Trillion-Dollar Market Opportunity