Republic’s metaverse real estate arm spins off, turns into Everyrealm – TechCrunch


More than $500 million worth of real estate was sold on the top four metaverse platforms in 2021, data shows. Traditional real estate companies are among the many investors who want to stake their claim on plots in virtual worlds such as Decentraland and Sandbox en masse. While important questions remain about which platforms and use cases will win the day in the metaverse craze, one thing is clear: capital is flowing quickly into the metaverse, and “real estate,” so to speak, is no exception. .

Alternative asset crowdfunding platform Republic is an active investor in metaverse real estate properties through its Republic Realm division, led by Janine Yorio since June 2020. Now, Yorio is converting Republic Realm into its own private company called Everyrealm, though Republic remains a minority investor, Yorio told TechCrunch in an interview.

Everyrealm hopes to become “the gateway to the entire metaverse ecosystem,” according to the company. It has been invested in 25 different metaverses and today owns more than 3,000 NFTs, Yorio said.

“We started investing [in the metaverse], but since then we have expanded our mandate to do much more than that. We see ourselves as developers of metaverse content, so we don’t just invest passively and sit back and wait for other people to build things,” Yorio said. The company has built on top of many of its virtual properties — for example, it launched a retail concept two weeks ago in Decentraland, which it plans to expand to other metaverse platforms, Yorio said.Indeed, 10,000 virtual items in the store sold out within an hour, she added.

Everyrealm also operates a virtual education campus called Realm Academy in the Somnium Space metaverse, where users can learn more about web3 concepts through online courses. The inaugural class has 500 students who each paid $1,000 to participate, Yorio said.

Yorio said examples like this prove that users are willing to pay for experiences in the metaverse. She also looks at how assets sold by Everyrealm are doing on secondary market platforms like OpenSea as an indicator of traction.

Developing content in the metaverse can be a lengthy process, Yorio said, noting that metaverse experiences are “in most cases even more complicated than video games” due to their interactive and infinite nature.

“While we wait for these platforms to launch and mature, we want to build the online communities and educate people about what the metaverse is, and also how to get jobs in the metaverse so that they can actually be builders, because the whole point of web3 is that the content creators are content consumers,” said Yorio.

Everyrealm has raised $60 million to fund its growth as a standalone entity in what the company says is one of the largest Series A increases for a company led by a female CEO. Andreessen Horowitz’s Arianna Simpson led the round as a new investor alongside a mix of new and old backers, including venture firms Coinbase Ventures, Lightspeed, and Dapper Labs, as well as famed angel investors Paris Hilton, Lil Baby, and Nas, among others.

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