Metaverse consultant Metav.rs raises €3 million

By

Matthieu Guinebault

Translated by
Nicola Mira

Published
Oct 5, 2022

French start-up Metav.rs, which advises brands on developing and commercialising NFTs and on setting up their own ‘miniverse’, has announced it raised €3 million to finance its growth.

The funding round was carried out by Singaporean investment fund Jsquare (of the DFG Group), together with consulting firm SIA Partners and the 50 Partners investment fund. Metav.rs also received support from business angels such as David Balland from Ledger, Sébastien Borget from The Sandbox, Michael Amar from Ifeelgoods, Thibault Renouf from Partoo, Joël Hazan from BCG, Sébastien Lalevée from Arbevel and Jonathan Bordereau from Golden Bees.

Metav.rs was launched at the start of the year by Simon Foucher, Clément Foucher, Jérémie Salvucci and Adrien De Lavenere Lussan. It has so far attracted a dozen major clients, chiefly from the luxury and retail sectors. Metav.rs offers a no-code solution that enables brands to easily mint their own NFTs, as well as commercialise them via third parties or their own websites.

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Metav.rs also enables brands to create their own version of the metaverse, or ‘miniverse’, allowing their customers to enjoy new digital experiences. This includes designing clothes and accessories to dress the miniverse’s avatars, for which Metav.rs has developed an app that creates digital 3D replicas of real garments, available in both virtual and augmented reality environments.

“The value of the global metaverse market could reach $13 trillion. The market for luxury labels’ NFTs alone could be worth $56 billion in 2030,” said Metav.rs, underlining the importance of this medium for Gen Z and Gen Alpha consumers. “These generations are extremely mindful of their digital identity, and by 2025 they will be spending nearly four hours a day in the metaverse,” added Metav.rs.

The company was developed at Parisian start-up campus Station F by Korean specialist Naver, and has some 20 employees. It recently opened offices in Hong Kong and Seoul to bolster its expansion on the Asian market, estimating that the latter will account for 60% of the global luxury market by 2025.