Next Earth Launches ‘Metaverse as a Service,’ Plans $60M Venture Fund

The Next Earth metaverse platform has created a replica of the earth with about 5 trillion tiles and minted non-fungible tokens (NFTs) to let users buy pieces of that virtual land.

The project also started a formal business to offer metaverse-as-a-service and launched a $60 million venture fund to build the digital globe.

Next Earth announced that it has attracted over 230,000 registered users, 45,000 landowners, and more than $10 million in revenue since its launch in July last year.

The Sandbox, a metaverse platform owned by venture capitalist Animoca Brands and gaming software company Animoca Brands, reached 2 million users last month.

With a fresh development push, Next Earth represents one of several novel approaches to capitalizing on metaverse mania.

Limitless will have two arms: Limitless Capital, a venture fund that plans to raise $60 million to invest in startups interested in joining Next Earth, and Limitless Network, which will launch an application programming interface (API) in the coming months to help projects join Next Earth.

Limitless could also offer its backend metaverse technology for large companies that want to create their own metaverses.

“I think that most metaverse [projects] are just trying to recreate Second Life,” Limitless co-CEO David Taylor told CoinDesk in an interview, referring to a popular metaverse game in the 2000s. “Instead of doing that, we’re going to create a middleware layer for the metaverse. Through our API connections, any business small or large can connect to Next Earth.”

Taylor will be sharing the helm as Limitless CEO alongside Mike Vitez, who is also Next Earth’s IT director.

NXTT token

Next Earth’s utility token NXTT was released at the end January. According to Next Earth, it now has a market cap of $181 millions. CoinMarketCap. The token and NFT capital could self-fund the $60 million venture capital fund, said Taylor, who served as Next Earth’s token architect. Next Earth would prefer to expand its network via outside investors.

“If we are to believe that the metaverse is an industry that is currently being born … then we need to enable network effects through a bunch of investors into our ecosystem,” Taylor said.

Limitless is currently assembling the management team to manage the venture fund, with plans for it to be launched by September.

Limitless has also announced that it is developing an idea for a $200 million NXTT token funds to support companies looking to join Next Earth. The fund would match the earnings of the fund and allow companies to launch with the native token.

“We see that the big battle of the market is not between us and The Sandbox or Decentraland. The big battle is between Web 2 and Web 3,” Taylor said, adding:

“We are focused on making all Web 3 metaverses interoperable. And onboarding companies to the Next Earth metaverse is step one of that.”
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