NCHAIN INVESTS IN PLANETARY TO LAUNCH NEXT-GENERATION METAVERSE-BASED SOCIAL MEDIA

LONDON, May 16, 2023 /PRNewswire/ -- nChain today announces its partnership with Planetary, a new-generation mobile app that combines a social media layer with a metaverse platform. nChain is investing GBP 2,500,000 of value for new shares worth 25% of the equity on a GBP 10,000,000 post-money valuation to boost the adoption of Planetary's solution.

Planetary is a virtual 3D world where people can meet, work, and play in a fully-functional metaverse. Users can create personalised avatars, engage in 3D worlds, host live events, and monetise their online presence, all on one platform.

Influencers and brands can create and share immersive content that they can monetise on a social layer while simultaneously participating in the metaverse. Users have added capabilities to build their own space in the metaverse and play an active role in managing the development of new 'planets'. The fully customisable land allows users to organise live events, sell tickets, and participate in conferences and expos.

Planetary aims to integrate NFT communities and provide its users with a new play2earn model. The app has innovative features like customisable virtual spaces and various monetisation options, offering new revenue opportunities for creators.

"The Metaverse is definitely the future and Planetary Metaverse is the nearest future. Our principal goal is to create a new generation of social media. With nChain's support, we want to challenge the biggest social media corporations by providing user-friendly social media based on BSV chain technology with 3D virtual reality," said Jakub Kobosko, Planetary CEO.

By leveraging nChain's robust Web3 and Blockchain IP portfolio, the partnership will boost Planetary's platform capabilities. nChain will also support the development of the world's first AI tool set which creates 3D spaces from photos and prompts, to make experiences sharable across the metaverse. Planetary will grant nChain the right to appoint one director to the board of directors. In turn, nChain promises technology support services, marketing assistance, and help with fundraising.

Christen-Ager Hanssen, nChain Group CEO, added that "This is an exciting addition to our developing Web3 ecosystem. We are bridging the Web2 and Web3 worlds to create seamless and immersive experiences for both users and brands. Together Planetary and nChain are accelerating the shift to play2earn economies, which is what Web3 is all about."

The metaverse industry is estimated to be worth $13 trillion by 2030, with a market size of 5 billion users. This partnership aims to create an accessible and seamless connection between social media and metaverse experiences.

SOURCE nChain