Ethernity today announced it has raised $20 million towards its new studio, Ethernal Labs. This new venture is a technology studio and incubator dedicated to helping others launch their own NFTs and tokens and join the metaverse.
Ethernal Labs aims to be a platform to help get these other parties into the metaverse with an authenticated marketplace, avatar creation, and P2E gaming. Ethernity CEO and founder Nick Rose told GamesBeat, “Ethernal Labs will act as a one-stop destination for brands, artists, and notable figures to launch NFT collections, fan tokens, and virtual events.”
Investors in the fundraise include Black Edge Capital, former League of Legends producer Thomas Vu, Kenetic, Steel Perlot CEO Michelle Ritter, Morningstar Ventures, Fanatics owner Michael Rubin, and Polygon Studios, among others.
Ethernal Labs plans to launch multiple projects over the next year, according to Rose, “Ethernity’s goals are beyond ambitious going into 2022, with the creation of our triple-A play-to-earn game, under the guidance of League of Legends creator Thomas Vu, being a highlight. This next-gen gaming experience will provide utility to all past and future Ethernity NFTs and our upcoming avatar project.”
Other future projects include EyeCandy, a decentralized auction marketplace for NFT artwork; Fanable, a social token platform; and an avatar project that will provide access to the aforementioned play-to-earn game.