Gaming startup Bud raises $36 million and announces launch of NFT market

Startup Bud, developer of an application for creating a metaverse, closed a Series B funding round in the amount of$36.8 million. It was headed by Sequoia Capital India.

The participants in the round were ClearVue Partners, NetEase, Northern Light Venture Capital, as well as current investors GGV Capital, Qiming Venture Partners and Source Code Capital.

The total amount of funding received by the startup exceeded $60 million. 

Singapore-based startup founded in 2019two former Snap engineers Risa Feng and Sean Lin. They position the app as a metaverse social platform that allows players to create and share virtual 3D items. According to BUD, the number of gaming goods transactions has exceeded 150 million since launch.

The funds raised will be used to develop tools for creating game items, expanding the user base and deploying Web3 products for the metaverse ecosystem. 

The company also plans to launch its own NFT marketplace. The BUD team did not disclose which network and tokens it uses for the solution, which will be launched «soon».

«BUD has already made it possible to create3D content for the main consumers of the “zoomer” generation and now we will offer users blockchain. This will allow our creators to truly own and monetize their creations,” Lin said.

Recall that some developers and traditional gamers negatively perceived the penetration of blockchain and NFT technologies into the gaming industry.