What is BUD? It is a new application, recently created and available on Google Play or Apple Store. The young startup, located in Singapore, aims to create a metaverse for Generation Z. An audience targeted by the two creators of the application: two former Snap engineers Risa Feng and Shawn Lin. Their adventure begins in 2019, when they decide to create a world with 3D characters cartoonish, cute virtual assets and richly colored experiences. All this with a very watered down and easy to use interface. They recently raised $37 million to make their project a reality.
A second funding round for the BUD application
BUD this is not its first financing. The Singapore-based company closed a Series B round led by Sequoia Capital India for $36.8 million. A second funding round that comes just three months after securing a Series A extension in February 2022, pushing the company’s total funding to over $60 million.
BUD seems to have achieved the expected success
This round of fundraising attracted many leading investors, particularly focused on the Chinese market. These include new investors such as ClearVue Partners, NetEase and Northern Light Venture Capital. But also those who had already participated in the first fundraising: GGV Capital, Qiming Venture Partners and Source Code Capital. The company hasn’t revealed the number of its active users just yet, but it did say that its users have created more than 15 million personalized experiences, i.e. virtual spaces of its metaverse that anyone can join. They thus have the opportunity to play different gameplays offered. We can however note that on Google Play, the number of users amounts to just over 85,000 as of May 2022.
The BUD market is promising
Since November 2021, when the app was launched, virtual assets that include costumes or props that users can design and trade, have already been resold over 150 million times on the BUD metaverse marketplace. These transactions represent huge revenue potential. At the moment BUD does not charge any commission and has not started monetizing the application. It is probably thanks to this free and ad-free nature that the application appears among the ten best social applications in nearly forty countries. Especially in North America, Southeast Asia and South America. It’s currently the best free Android app in Thailand and Vietnam, according to the news company. SensorTower.
BUD plans to introduce a marketplace for NFTs
“As BUD makes 3D content creation possible for Gen Z mainstream consumers, we will continue to bring blockchain to mainstream consumers and enable our creators to truly own and monetize their creations”, can we read in a press release from Shawn Lin. The application thus plans to introduce a marketplace for non-fungible tokens (NFT). This means that ownership of virtual items sold on BUD will be recorded on the blockchain. Resale of digital assets will likely become possible in the form of NFTs, the authenticity and provenance of which can be more easily verified.
For the moment, BUD has not given a date or indicated on which blockchain the NFT project will see the light of day, but has nevertheless communicated that the market will soon be available online. The app appears to be on its way to becoming another global hit and delivering a rich and entertaining metaverse. Its success in many parts of the world and the future possibilities offered by NFTs can make it one of the most popular new metaverses in the coming months. from Horizon Worlds the metaverse of Meta, formerly Facebook.
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Student passionate about entrepreneurship and fascinated by the technologies behind cryptos! Yes, I am convinced that the two are intimately linked: blockchain and NFTs are revolutionizing many sectors and presenting unprecedented opportunities.