Metaverse project Ultiverse has raised $4.5 million at a valuation of $50 million in a funding round jointly led by Binance Labs and Singaporean DeFiance Capital. Three Arrows Capital and SkyVision Capital also participated in the round.

Gwendolyn Regina, investment director at BNB Chain Fund, who participated in the round, said:

   "The first generation GameFi was predominantly simple card-based games, and there is a great need for high-quality AAA games."

According to the statement made by Ultiverse, this $4.5 million investment will be used to develop the product, attract top talent and further increase the growth of the community.

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Ultiverse is formatted as the "MetaFi" project, which is an umbrella term for a project that leverages gaming, NFT, and social networks through smart contracts. Ultiverse is working within its ecosystem to connect events and blockchain applications with virtual worlds that use it.

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The Ultiverse ecosystem allows players to import their own NFTs from multiple supported blockchains for use in the virtual world, as well as support NFT and terrain customization.

Ultiverse will be released with its first internal game, a 3D multiplayer role-playing game where different player roles can interact with each other. DeFiance Capital portfolio growth lead Goh Yeou Jie told CoinDesk that they believe the project can draw millions of players into its gripping metaverse.

   “Ultiverse has one of the best teams with an excellent track record in top-tier games.”

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GameStop will launch NFT market no later than July

US-based video game retailer GameStop recently partnered with Immutable X to develop its NFT initiative. In its fourth-quarter financial earnings report, GameStop said it plans to launch the NFT market by the end of July 2022.

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GameStop announced in February that it has partnered with Immutable X, its layer 2 system for NFT plans. In its earnings release, the company stated that the partnership will provide up to $150 million in IMX tokens if certain milestones are met. The company also emphasized that it hired dozens of people with experience in areas such as blockchain gaming, e-commerce and technology in the fourth quarter.

The company posted a total loss of $1.94 per share. It reported revenue of $2.25 billion, compared to analysts' estimate of $2.16 billion. GameStop shares tumbled 10% in aftermarket trading on Thursday.