Reitio has announced its seed round to build out the world’s first 3D NFT creator for the Metaverse, equipping non-technical users with the ability to create their own 3D assets and bring them to life on virtual world(s) of choice. The fresh capital injection will be utilized to ramp up product development and marketing efforts ahead of Reitio’s official reveal and TGE, scheduled for the end of Q4 2022.
The project has gained backing from Moonwhale Ventures, who was an early investor in Illuvium, as well as Poolz Ventures, who has recently invested in the hack-mitigation protocol Lossless and the Solana-based AAA game Sidus Heroes. Other backers include Almora Capital, NFV Ventures, CoinW Ventures, Baksh Capital, and Hachigo Venture Capital.
Populating the Metaverse
Reitio introduces a novel mix-and-match templates-based approach to 3D design, making it straightforward and intuitive for anyone to create their own 3D assets within a few minutes. On the supply-side, professional 3D designers can list their templates for use on the platform, enabling them to receive royalties in real-time on a pay-per-use model as well as having sovereign ownership on their listed templates in form of NFTs. For designers with a short time horizon, they can offload their templates to speculators for instant liquidity, while speculators can profit if the template proved to be in high demand amongst Reitio users.
By being web3-native, Reitio pioneers a new model of marketplace network effects in such a way that it ensures the long-term sustainability of Reitio’s rich template base — by far the most important lever in driving adoption to the platform. Staying true to web3’s decentralization ethos, this “laissez-faire” approach will set the stage for a frictionless transition towards a DAO-governed future — at a period in time when Reitio has sufficiently matured.
“At the current pace of UGC generation, the Metaverse will never reach the critical mass of users needed for mass adoption,” said Emerson Li, co-founder and CEO of Reitio. “User-generated content (UGC) is the beating heart of the Metaverse, and Reitio will be the holy grail towards democratizing UGC creation to anyone regardless of background or experience.”
“If the World Wide Web is a network of interconnected webpages, then the Metaverse is a network of interoperable virtual worlds. Ultimately, users are the backbone of the Web, and users will also undoubtedly be the backbone of the Metaverse.”
Disclaimer: This press release is also published here.