(Fairytale Town) Space Metaverse today announced it has raised $7 million in a funding round to develop its metaverse project that allows users to design their own virtual commerce spaces for gaming, arts, fashion, music, and more. The funding round was supported by reputable investors such as Coinfund, Dapper Labs, Animoca Brands, Digital Currency Group, and HOF Capital.

As technology advances, the idea of interconnected virtual spaces has grown in popularity. Known as the metaverse, these different worlds are accessed through interconnected screens that can be touched or worn. Space intends to provide economic relationships between all these universes, mobilizing their future generation’s worldview.

“As the metaverse continues to gain mass adoption and becomes a place where a lot of people meet up to socialize, a natural evolution is a commerce, which is what Space is focused on,” said Space founder Batis Samadian. “Users will want to be able to view shows, buy items, sell items and engage with digital goods within the metaverse.”

Use space to design your own virtual space, display goods for sale, and buy any other relevant items. Space is an easy way to sell products without the hassle of setting up a physical store. Space is a virtual world that can be accessed from a desktop app, web page, or VR headset. It’s particularly accessible because users can interact with each other by communicating through their avatars. The app also provides spatial audio meaning that people will be able to see and hear other users while they chat with them.

The platform released an alpha version earlier this month and has given access to tens of thousands of different users so far. There are a variety of different “spaces” available for you to create, including hangars, concert halls, amphitheaters, museums, etc.

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According to an industry report, the metaverse may reach a value of $783 billion by 2024. This is up from $478 billion in 2020 & would account for games, VR hardware, social media, and entertainment. Using non-fungible tokens, a technology that uses blockchains to create virtual assets and enables users to trade them, Space hopes to allow people to make money from their artwork, music, or other materials. Alongside the simulator, the NFT market has grown significantly. Sales of metaverse items amounted to $10.7 billion in Q3 this year.