Dubai-based software developer Meets Portal Company is in discussions with investors for a Series A funding round to develop its MeetsMeta platform, its founder told Al Arabiya English.
Mohamed Khaled said it would sell 20-30 percent of the company for up to $10 million, adding that although seeking a strategic investor, it’s likely to be a financial one.
“It’s early days in the industry, and few people understand how the metaverse works and what opportunities exist,” Khaled said.
MeetsMeta selected the United Arab Emirates to launch the first virtual city to simulate reality through Non-Fungible Tokens (NFTs). It will provide users with a virtual experience where they can choose the individuals they want to meet and shape their alternative lives.
Users can study, pursue touristic activities and entertainment offers, while own luxurious resorts in return for payments in real or cryptocurrencies for their hours of use.
MeetsMeta has generated a total of $500,000 to date, with half of the total coming from the first flash sales of the platform’s NFTs, Khaled said. He revealed that the other half of the money came from the in-game revenue from the play-to-earn games.
Khaled holds 90 percent, with one other partner holding the remaining 10 percent share.
“We plan to use the money generated from the Series A stake for developing further the MeetsMeta Metaverse,” he said. “[This is on] a stand-alone platform, marketing and creating a whole ecosystem with its economy,” he said.
“At this point, MeetsMeta will be built on the top of NFT Worlds with the platform’s token used to design and develop a healthy economy for the ecosystem,” he added. “We can help create a healthy growth of the ecosystem and tokens,” he said.
The investment used to develop MeetsMeta currently sits at around $200,000.
“The UAE provides an ideal environment for launching MeetsMeta in the region. It is the most capable country in terms of IT and telecommunications infrastructure. The UAE strongly supports business growth and investments in cryptocurrency. It also provides a motivating environment for innovation and creativity,” Khaled said.
He added that his company believes that virtual reality technologies present a roadmap for doing business and enjoying a social life similar to the real world.
“It brings a lot of opportunities for developing commercial and educational as well as other vital sectors,” added Khaled.
A recent report published by the financial services firm Citi claims that “the total addressable market for the Metaverse could be between $8 trillion and $13 trillion by 2030, with total Metaverse users numbering around five billion.” It is based on people accessing such things as retail, advertising, and healthcare.