SPACE Bags 100+ Partnerships Including Binance Labs Investment 

In a round of strategic investments and collaborations, social commerce platform SPACE Metaverse has successfully bagged investment from Binance Labs alongside over 100 other brand partnerships. 

The cryptocurrency market, even though relatively new in comparison to the traditional market spaces has pretty much the same dynamics when it comes to sectoral growth.

For instance, power-packed branding or marketing and high profile collaborations as well investments aid growth for organizations still.

Grasping opportunities in the booming Metaverse sector, SPACE has laid down plans to bring offline commerce into the metaverse.

SPACE Carving its Space

The global metaverse market size reached $47.69 billion in 2020 and is expected to reach $828.95 billion in 2028 registering a CAGR of 43.3% as per reports. Jumping on the Metaverse bandwagon, Space aims to build a ‘metaverse of commerce’ where users can buy or sell goods while socializing and developing their own reality in the Metaverse. 

Recently, the Alpha version of the Space platform was launched in an effort to further push unique properties for commercial interaction between users.

The recent strategic partnerships are aimed to focus on commerce functionality while laying stress on expansion in the Metaverse space. 

One of the biggest investments came from Binance Labs and the same aims to lend further credence to the segment’s monetization potential. 

So, What’s Next on Cards?

Other brand partnerships focused on art, music, and fashion industries include collaborations with Zevi G, Arthur Art Gallery, KYLE GORDAN ARTIST, Soho Ski Club, DoinGud Art Gallery, among others. 

Commending the partnerships, SPACE Founder and CEO Batis Samadian highlighted:

“This fresh funding will accelerate our rollout momentum and reinforce our efforts to secure major brand partnerships that align with our vision of social commerce in the metaverse.”

In addition to that, the platform is already backed by a consortium of investors, including Animoca Brands, Coinfund, Dapper Labs, Digital Currency Group, and others. 

SPACE also aims to increase development efforts as it advances towards an upcoming token generation event (TGE) while planning to launch iOS and Oculus applications this year.

Notably, enthusiasm in the Metaverse space was once again stirring as Metaverse assets are seeing a nice increase in trading volume of late. While prices of altcoins like MANA, AXS, and SAND have maintained the same levels, key trends seem to be pivoting which could further aid growth for the larger space in the mid-short term.