Cryptomeria Labs today revealed that it has received key investments in a recent round of finance, valuing the company at $17 million.
The team behind Cryptomeria Capital, a venture capitalist (VC) firm that invests in early-stage blockchain and Web 3.0 technologies, created the new venture studio.
The team is certain that the rapid rise and utility of nonfungible tokens (NFTs) in digital art, blockchain gaming, and the metaverse will mark the next big milestone in our evolution as a networked species.
Cryptomeria Labs intends to develop several in-house and incubated projects centered on the Metaverse, NFTs, and blockchain games, as well as provide financial and technical support to promising third-party businesses in these areas.
Sergei Medvedev, managing partner, and former Cointelegraph chief business development officer with over seven years of expertise in the blockchain industry, had this to say about the fundraiser:
“We are ecstatic to announce this round of fundraising. We believe in NFT technology and metaverse platforms, and we want to play a significant role as the market grows globally. These funds will be used by Cryptomeria Labs to create game-changing metaverse projects and promote promising third-party entrepreneurs in the field.”
Alex M, another Cointelegraph alumni and managing partner of Cryptomeria Capital, and Vadim Krekotin, CEO and co-founder of Cointelegraph China and founding partner of Cryptomeria Capital, join Sergei at Cryptomeria Labs.
“The announcement of behemoths like Facebook and Microsoft entering the fray just confirms our long-held opinion that the future will be heavily metaverse-flavored,” Alex said. “The metaverse’s potential is obvious, and it has a bright future ahead of it.” Vadim continued, “Cryptomeria Labs will concentrate its efforts on becoming a prominent player in this worldwide movement.”
The company is now working on its first exclusive in-house NFT collection, which incorporates gaming components into the generative artwork style. The launch is being done in partnership with tier-one collectors and industry-leading names.
Cryptomeria Labs is a venture capital firm specializing in the NFT, metaverse, and gaming industries.
Cryptomeria Capital is a venture capital firm that invests in blockchain and Web 3.0 startups in their early stages. It has a large pool of resources and a significant presence in the Asian market.