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OFF, the company behind the NFT-based social metaverse platform MYTY, has announced a US$3.5 million seed funding round co-led by Hashed and Collab+Currency.
The round also saw the participation of BITKRAFT Ventures, Electric Capital, Coinbase Ventures and SamsungNEXT.
Singapore and Korea-based OFF will use the funds to develop its platform, support more NFT avatars and add more social utilities to avatars.
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OFF was founded by three crypto-natives, including Jinwoo Park (co-founder of South Korean crypto-asset investment firm Hashed). OFF’s goal is to create an open ecosystem for avatar-based micro verses.
Its first product is MYTY, a decentralised social platform where people can escape the limitations of the physical world using NFT avatars. Its MYTY Camera app converts CryptoPunks NFT into avatars. It enables users to show up as the visuals of their own NFT avatars in Discord, Zoom, and other webcam-based applications.
“MYTY Camera is adding a fun utility to iconic NFTs by transforming them into avatars that can mimic the owner’s motion and facial expressions to deliver emotion over Zoom calls,” commented Baek Kim, Principal at Hashed.
OFF is currently working on “Ghosts Project”, the first collection of NFT avatars designed in partnership with MrMisang, the top artist in SuperRare. Ghosts Project, which is a prequel to MrMisang’s original series Modern Life is Rubbish, is being optimised for face tracking and motion tracking. It is designed to show the full capacity of MYTY’s avatars full-body tracking, including nodding, raising hands, and various emotional expressions.
GhostsProject is currently building Twitter and Discord communities and planning an NFT avatar sale. Ghosts will be supported by MYTY Camera after the sales.
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“Our big vision of the metaverse is for people to break free from physical reality so they can express themselves honestly and authentically. We think avatars will be a key component for more people to enter the metaverse to represent their second persona and will enable another NFT utility,” said co-founder Park.
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