3D social network app BUD secures another $37M to introduce NFTs

3D social network app BUD secures another $37M to introduce NFTs

BUD Technologies, Inc., a global virtual platform to create and experience 3D interactive content, has secured $36.8 million in a Series B round headed by Sequoia Capital India, not very long after the startup bagged a Series A extension in February 2022.

The new funding round brings BUD’s total financing to approximately $60 million. Along with the previous funding round, this round has also attracted several prominent China-focused investors including NetEase, Northern Light Venture Capital, and ClearVue Partners.

BUD’s existing partners Source Code, GGV Capital, and Qiming Venture Partners also participated in the funding round.

BUD denied to reveal the size of its active users but claimed that its users have created approximately 15 million customized experiences i.e., virtual spaces along with gameplay that other users can access since the launch of the app in November 2021.

Its virtual assets such as accessories and costumes designed by users for the gaming characters have changed hands more than 150 million times on app’s marketplace.

These numbers are quite promising for a huge revenue generation, but BUD has neither started charging commissions nor has monetized in any other means via app.  

Perhaps, owing to its ad-free nature and free-to-use feature, the app is ranked among top 10 social apps in more than 40 countries across Southeast Asia, North America, and South America. At present, BUD is the top free social Android app in Vietnam and Thailand.

It is further planning to introduce a marketplace for NFTs. This eventually means that the ownership of virtual assets sold on BUD will be recorded on the blockchain.

Shawn Lin, founder of BUD, said that the startup will continue to bring blockchain to mainstream consumers and allow its creators to completely own and monetize their 3D creations.

Source Credit: https://techcrunch.com/2022/05/22/metaverse-social-bud-funding-37-million/