Metaverse building company LandVault and in-play advertising platform Admix said on Monday that they would merge and rebrand – a move that brings together over 160 staff, including 100 metaverse developers and artists, as well as $25 million in growth capital.
According to a statement from the company, the new entity has been valued at $300 million.
CEO and founder of Admix Sam Huber will lead the new entity while LandVault’s founders move onto a new venture. Huber founded Admix in 2018 and has worked with brands such as McDonalds, Calvin Klein, and Formula 1 to create product placements within games. It recently launched a metaverse offering and to date has raised $37 million in funding.
The younger company in the merger, LandVault was founded just last year but saw growth from five to 100 builders within six months. It focuses on building infrastructure for projects in the metaverse, mostly in The Sandbox.
Despite Admix’s CEO taking the reins, the merged company will operate under LandVault’s name.
Admix’s entire management team is also staying on and will operate autonomously.
The move comes as NFT projects up the ante in terms of selling virtual land. Earlier in June, Illuvium, a monster-battle roleplaying game that incorporates non-fungible tokens (NFTs), announced that it raised over $72 million in digital land sales.
Yuga Labs sale of metaverse land for its Otherside project also briefly crashed the Ethereum blockchain in May due to its popularity. The mint price was 305 ApeCoin, worth about $5,800 at the time of mint. It brought in 16.7 million ApeCoin ($317 million), making it a record-setting NFT mint.
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