January 27, 2022 – Dropp GG, a social NFT (non-fungible token) minting platform, has announced that it has raised USD $8 million to develop its novel conceptual framework for mixed reality (MR) events that will blend real-world activities with the company’s proprietary metaverse environment.
The investors behind this funding include Animoca Brands, Three Arrows Capital, DeFiance Capital, Alameda Research, Spartan Capital, Genblock Capital and Anti Fund VC, all of which are active investors behind significant blockchain projects that are shaping new technologies and user experiences, according to Dropp.
Dropp states that it is introducing a new play-to-earn paradigm, where users mint NFTs by applying augmented reality (AR) filters during explorations in the physical world. This ties the NFT drops with the geo-location of a user. Dropp states that as a result, its platform is unique in that it allows users to plant NFTs in real-world locations in real-time. These NFTs can then be viewed in AR and purchased by other users at these locations, merging the physical space with the virtual real estate built by players in ‘Dropp Land’.
“Dropp is building its own open, decentralized metaverse, Dropp Land, which bridges virtual experiences with users’ real-world environment by utilizing geolocation technology. Dropp’s NFTs will be key components for accessing mixed reality events within Dropp Land,” said a representative of Dropp GG.
The company is developing Dropp Land, a metaverse where NFT tokens for virtual land plots have counterparts in the physical world. This will be integrated with Dropp 3D, an AR feature that bridges virtual and physical experiences, allowing users to interact with their NFTs and virtual land.
“DeFiance Capital is excited to back Dropp, the first NFT minting platform enabled by geolocation and augmented reality. We have seen the success of Pokémon Go by tapping AR and believe that Dropp can onboard millions of users with a gamified experience,” said Arthur Cheong, founding partner of DeFiance Capital.
Dropp has also formed a series of strategic partnerships that tap into a network of celebrity influencers, athletes, media partners and limited partners. For more information on Dropp GG and its AR-based NFT platform, please visit the company’s website.
Image / video credit: Dropp GG
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Sam is the Founder and Managing Editor of Auganix. With a background in research and report writing, he has been covering XR industry news for the past five years.