The metaverse is not a new concept, but it has become the latest “buzz” word in the technology, cryptocurrency, and blockchain worlds. After Meta Platforms, Inc. (NASDAQ: FB) rebranded from Facebook and discussed its new focus into the metaverse, other companies and technology projects big and small began a similar shift into the virtual worlds.
Big Brands Rushing to Capitalize on the Metaverse Boom
Microsoft (NASDAQ: MSFT), NVIDIA (NASDAQ: NVDA), Nike (NYSE: NKE), and The Walt Disney Company (NYSE: DIS) are just a few major household companies that are developing their metaverses or related non-fungible tokens (NFTs).
While there are several planned metaverses seemingly in the works, cross-platform compatibility questions remain. For instance, would a user have to create a brand new avatar and related basic steps for each metaverse they choose to participate in?
Luckily, there is one startup that is working on a solution to create universal avatars across virtual platforms.
Ready Player Me: Standardizing Avatars Across Virtual Settings
Ready Player Me is an early-stage startup that is focused on allowing users to create a single avatar that is compatible across numerous virtual platforms. Users can upload a picture of themselves or select from a premade lineup of generic avatars to begin customizing. Once completed, the avatar can be used across several different apps, games, and other virtual platforms.
“Avatars created using Ready Player Me are not NFTs, but it’s possible to use assets from selected NFT collections as customization options for the avatars,” said Ready Player Me CEO Timmu Tõke.
Billed as “your passport to the metaverse,” Ready Player Me acknowledges that there will be thousands of different metaverses and allows users to create “one consistent identity” to explore the emerging virtual worlds.
Series A Proceeds to Fund “Default Metaverse Avatar Creation Service”
The company just announced it had raised $13 million in a Series A funding round, which was led by Taavet+Sten (co-founders of Wise and Teleport) and featured participation from GitHub co-founder Tom Preston-Werner, Samsung Next, Konvoy Ventures, NordicNinja, and more.
Ready Player Me says they plan to utilize the proceeds from the Series A to help continue building new features and tools for game developers to sell NFTs and in-game avatar customization “assets.” This is the next step in the startup’s goal in becoming the “default metaverse avatar creation service.”
“Currently, we are working on a tool that will let developers using our platform sell customization assets directly in their apps and games through their existing in-app purchases solutions,” Tõke adds.
Overall, the metaverse era is rapidly approaching. Although it will take time for the concept to develop and add consistent user adoption, early companies and entrepreneurs could stand to benefit from potentially the next big trend in technology.
Ready Player Me is taking a unique approach to the metaverse. Rather than attempting to build their own virtual world, the startup is focusing on how they can integrate and benefit from growth in the market. This allows the startup to dive into the metaverse without worrying about which “world” may become the dominant leader down the road.