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        Ireland-based social metaverse platform Jamango has raised USD 2.5 million in a pre-seed funding round co-led by Elkstone Partners and Delta Partners, alongside participation from investors such as Brian Caulfield, Brendan O'Driscoll, and Conor Sheahan.
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        The funds were earmarked to expedite progression on Jamango&rsquo;s platform, targeting a launch set for later this year, alongside headcount expansion.
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        Jamango is a browser-based game creation platform that offers block-based building tools and a no-code editor for users to create games. Members of its team have prior experience working with high-profile game titles, such as Star Wars Battlefront, FIFA, and The Sims.
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  <p>
    <a href="https://venturebeat.com/games/jamango-raises-2-5m-to-launch-browser-based-game-maker-this-year/">
      VentureBeat
    </a>
  </p>
  <p>
    <a href="https://www.siliconrepublic.com/start-ups/jamango-game-creation-startup-elkstone-funding-adam-dalton">
      Silicon Republic
    </a>
  </p>
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Metaverse Experience Platforms

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 <p>An Irish social metaverse platform, Jamango, has successfully gathered USD 2.5 million in a pre-seed funding round. Elkstone Partners and Delta Partners are the main co-leaders of the funding round, with contributions also coming from well-known investors such as Brendan O'Driscoll, Brian Caulfield, and Conor Sheahan. </p>
 <p>The gathered funds are planned to be used to expedite development work on the Jamango platform, with the aim of launching it later this year. The investments will also be utilized for expanding the team.</p>
 <p>Specialized in game creation through a browser-based platform, Jamango provides its users with block-based building tools and a no-code editor, enabling them to create their own games. The team behind Jamango holds extensive prior experience working with top-tier games such as FIFA, Star Wars Battlefront, and The Sims.</p>
</div>

Jamango raises USD 2.5 million in pre-seed funding to launch platform later this year

ANALYST_QUICK_TAKE

PROMINENT_CATEGORY

<div>
 <p>Roblox has unveiled its immersive video ad format to all advertisers, allowing them to publish video ads without creating bulky experiences. Furthermore, the company has forged partnerships with Integral Ad Science (IAS) and Kantar for analytics and optimization services for their brand partners.</p>
 <p>This innovative video ad format can be accessed via the Ads Manager and plans are underway to make it available for programmatic media buying. Key features consist of genre targeting, brand suitability, an audience estimator, and the possibility of purchasing completed views in the future.</p>
</div> <p><b>Analyst QuickTake:<br>
</b> The availability of video ads on Roblox presents brands with a cost-effective alternative to developing virtual worlds on the platform, typically involving collaborating with a development studio to create the experience. The feature also further differentiates Roblox from Fortnite Creative, which is yet to introduce immersive video ads on its platform.&nbsp;</p>

Roblox opens immersive video ad format to all advertisers; partners with IAS and Kartnar to optimize analytics

<div>
 <p>Yuga Labs, known for creating Bored Ape Yacht Club, recently declared a restructuring strategy which includes another round of layoffs. However, the proportion of employees affected by this change has not been specified.</p>
 <p>The CEO, Greg Solano, stated the need for leaner, more agile functioning with a focus on crypto-based operations as the primary reason for this restructure. This decision echoes their actions from October last year, where they issued layoffs to fine-tune operations for Otherside, their metaverse project.</p>
 
</div>

Yuga Labs announces new round of layoffs as part of restructuring efforts

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 <p>Game developer Studio369 has partnered with Mon Protocol, a creator of blockchain-based games such as Pixelmon. The collaboration is aimed at integrating the player communities of Studio369's game MetalCore and Mon Protocol's Pixelmon.</p>
 <p>As part of the partnership, MetalCore will be available to the 1.1 million Pixelmon players. These players can undertake special quests in MetalCore and earn $MON Tokens. These tokens can be utilized for trading digital in-game assets and participating in Mon Protocol's governance system.</p>
 <p>Plans for future include enabling players to exchange their Mission Points for $MON Tokens, which they can use to buy various digital collectibles within the MON universe including those from Pixelmon gaming IP.&nbsp;</p>
 <p>Pixelmon, which launched in early February, already has over 1.1 million users on the Mission Platform with more than 600,000 registered for in-game wallets. However, MetalCore is currently in closed beta.</p>

</div>

Studio369 and Mon Protocol form collaboration to combine player communities

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<p>Yuga Labs has sold two gaming properties and their NFT collections, HV-MTL and Legends of the Mara, to Web3 gaming studio Faraway, allowing them to focus on their games, Otherside and Dookey Dash. HV-MTL Forge and Legends of the Mara are both games in which user interactions are facilitated by NFTs. Faraway will also employ Spencer Tucker, Yuga Labs' chief gaming officer, as its CPO to ensure seamless operations moving forward.</p>
</div> <p><b>Analyst QuickTake:<br>
</b> The news aligns with Yuga Labs' focus on its Otherside metaverse, having <a href="https:<br>
//sp-edge.com/updates/27182"> recently </a> hosted an event for NFT owners on the platform. On an M&amp;A front, the company acquired Proof, creator of the Moonbirds NFT collection ( <a href="https:<br>
//sp-edge.com/updates/26694"> February 2024 </a> ), and music metaverse platform Roar Studios ( <a href="https:<br>
//sp-edge.com/updates/20557"> July 2023 </a> ) to integrate them into its Otherside platform.</p>

Yuga Labs sells two gaming IPs to Faraway to streamline Otherside metaverse focus

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 <p>Roblox has updated its Marketplace policies to permit any Roblox Premium member who has verified their ID to upload, publish, and sell 3D content. This new policy opens up the Marketplace to a larger pool of creators who can sell avatar accessories and clothing. The goal of this update is to boost user engagement and make the platform more accessible to creators who follow community standards.</p>
</div> <p><b>Analyst QuickTake:<br>
</b> The announcement builds on Roblox’s user generated content (UGC) drive, having recently launched tools to streamline this process. This included the <a href="https:<br>
//sp-edge.com/updates/27671"> launch </a> of Avatar Auto Setup and Texture Generator to reduce the time required to build avatars and 3D models.</p>

Roblox launches expanded access to Marketplace for diverse 3D content creation

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 <p>Avalon, a metaverse gaming platform, has generated USD 10 million through a Series A funding round. This round seen participation from firms like Bitkraft Ventures, Hashed, Coinbase Ventures, Spartan Capital, and Foresight Ventures. This investment will be utilized for the development of their first game, named "Avalon", a massively multiplayer online (MMO) game designed for both Web2 and Web3 gaming communities.</p>
</div> <p><b>Analyst QuickTake:<br>
</b> While metaverse funding for startups has remained dismal across 2023 and 2024 YTD, Avalon is one of the only startups in the space to have raised funding across both years so far. Specifically, the company raised USD 13 million in <a href="https:<br>
//sp-edge.com/updates/16720"> February 2023 </a> to build the foundational structure for the company’s metaverse platform, addressing hurdles such as scalability and real-time interaction.</p>

Avalon raises USD 10 million in Series A funding to develop MMO title

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 <p>Web3 social metaverse, Today, has secured USD 5 million in seed funding raised from Sfermion, Big Brain, GSR, Collab+Currency, Lingfeng Innovation Fund, and other investors. This funding will enhance the GenAI non-player characters (NPCs) and the no-code creation tools used in the game. </p>
 <p>Today boasts a leadership team composed of industry veterans from prestigious gaming companies such as Nintendo, SEGA, Epic Games, and Unity. The game permits players to construct virtual islands and look after "Residents", who are essentially NPCs. Gameplay is largely inspired by popular social simulation games like The Sims and Animal Crossing. </p>
 <p>The game is distinct due to its proprietary character engine that allows Tthe Residents to possess evolving personalities. Moreover, players hold ownership rights over the content they create on the platform. </p>
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Web3 social metaverse Today raises USD 5 million in seed funding to bolster GenAI NPCs and no-code tools

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 <p>Victoria VR, a VR content developer, has announced a collaboration with OpenAI to integrate ChatGPT with GenAI for enhanced asset creation capabilities. The collaboration will enable users to develop in-game items and content for VR platforms, which can then be minted as tradable NFTs. This service will be incorporated into Victoria VR's AI Builder platform which aids in the creation of no-code VR experiences.</p>
<p>The company is also in the process of developing a blockchain-based VR MMORPG using the Unreal Engine. This will allow players to maintain ownership of the assets they create. Development decisions will be managed by a Decentralized Autonomous Organization (DAO). Victoria VR aims to establish an in-game economy wherein users can complete quests, stake cryptocurrencies, and even purchase digital land.</p>
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Victoria VR announces integration with ChatGPT for GenAI-backed asset creation

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 <p>Two mothers, Rachelle Colvin and Danielle Sass, have sued Roblox, claiming it has facilitated illegal online gambling for minors. They argue that Roblox allows and profits from "virtual casinos" where users, mostly children, gamble using digital currency "Robux" obtained from the Roblox website. Although Roblox sought to have the lawsuit dismissed, referencing Section 230 of the Communications Decency Act and stating no actual financial loss occurred as a result of the activities, the court allowed the lawsuit to proceed. The court dismissed some claims like those involving RICO allegations. It did not accept Roblox's comparison of buying Robux to purchasing entertainment tickets, given Robux's value in trading for in-game experiences.</p>
</div>

All Updates

Jamango raises USD 2.5 million in pre-seed funding to launch platform later this year

Roblox opens immersive video ad format to all advertisers; partners with IAS and Kartnar to optimize analytics

Yuga Labs announces new round of layoffs as part of restructuring efforts

Studio369 and Mon Protocol form collaboration to combine player communities

Yuga Labs sells two gaming IPs to Faraway to streamline Otherside metaverse focus

Roblox launches expanded access to Marketplace for diverse 3D content creation

Avalon raises USD 10 million in Series A funding to develop MMO title

Web3 social metaverse Today raises USD 5 million in seed funding to bolster GenAI NPCs and no-code tools

Victoria VR announces integration with ChatGPT for GenAI-backed asset creation

Roblox faces lawsuit over illegal gambling claims progresses in California court

Metaverse Experience Platforms

Jamango raises USD 2.5 million in pre-seed funding to launch platform later this year

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