Passage, A Virginia Metaverse Platform Firm, Raised $6M In Coin Auction
CRYPTO — A metaverse firm based in Virginia recently generated millions through the sale of its native coin, a feat that would have been unthinkable just a few years ago. Using Cosmos and Unreal Engine 5, Winchester, Virginia’s Passage provides a metaverse platform for established developers. It’s a blockchain-agnostic platform that allows users to exchange both fungible and non-fungible tokens (NFTs) in a 3D environment.
To further its platform’s development, Passage has received $6 million through the sale of its native cryptocurrency, PASG. The purchase was spearheaded by Akash Network and was backed by a consortium of Druid Ventures, Vitwit, Cosmostation, HyperChain Capital, Chorus One, and Cogitent Ventures. A SaaS revenue model is the “oven” in which the coin is “baked,” and up to 50% of the sale’s profits go toward network security by incentivizing staking. Staking is the process by which cryptocurrency holders lock their digital assets to keep the blockchain running, maintain security, and earn percentage yields.
“The Passage platform is going to be an incredible place to leverage decentralized cloud and AI tools for creators,” said Akash’s inventor, Greg Osuri, in a statement. More high-quality solutions are needed for creatives and companies, and Passage is one of the pioneers in this field.
According to CEO and co-founder Lex Avellino, the business got its start producing live events with integrated virtual reality experiences for major corporations. In 2020, the group shifted its focus to developing a purely digital system. Now, he claimed, anyone who wants to “level up their connection with their audience” can do it with simple drag-and-drop browser tools that create a 3D, immersive world. In addition, content makers have access to a social dashboard where they can communicate with their followers, announce forthcoming events, and openly solicit comments.
Possible uses include creating a private metaverse for one-on-one or small-group instruction or fan interaction during live broadcasts. According to Avellino, who spoke with Technical.ly, “it lets them create this very quickly, but also [develop] something that is high quality.” That’s the fundamental principle at play here.
The money will be used to expand the company’s social network, which had a limited alpha release in early July, by creating technology partnerships and giving users more options including plugins, world-building elements, and avatar customization. Creators may already construct everything they need without leaving the platform, but Avellino plans to expand the platform with additional features and blueprint areas that will allow them to easily switch between uses, such as transforming a classroom into a game room.
