Augmented reality (AR) start-up Jadu recently scored $7 million in venture funding. The investment fund was led by venture capital company General Catalyst, with other contributions coming from Coinbase Ventures, The VR Fund, Guy Oseary, Sound Ventures, and more.
To date, the start up has made millions of dollars selling pixelated NFT jetpacks and hoverboards. Over the weekend of December 11-12, the company sold 6,666 NFT hoverboards, raking in a massive $4.4 million in ETH. The virtual accessories developed by Jadu can be used in highly popular 3D avatar platforms such as Larva Labs’ Meebits, CyberKongz, and DeadFellaz. Users can also race 3D avatars around Jadu’s very own AR app, The Mirrorverse.
Jadu plans to use the funds raised to develop The Mirrorverse app into a fully-fledged, widely immersive AR game that is similar to Pokémon GO, an undoubtable apex figure within the AR game industry. Asad J. Malik, CEO of Jadu, states that the company has made this decision despite the immediate economic profits that are available to them through the current overwhelming appetite for NFTs.
“We can milk people right now, like there’s enough interest if we want, we could say we’re releasing some avatar and we’re going to do like 1 ETH mints. We can probably make $20-30 million like that, but that’s not sustainable and that’s distracting. We have enough money, we’re going to build out the AR stuff. That’s really what we want to get ahead of everyone else on, like actual good AR gameplay, and NFTs are just kind of a process of being able to do that,” he said.
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