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1Verse says it is the first company to deliver meta-world and real world shopping seamlessly and at scale through an immersive metaverse experience.
The 1Verse platform will target the US$ 50+ billion market for aspirational products in emerging markets and revolutionize the way products are experienced and bought.
You can buy a Gucci or Nike NFT in the metaverse. If you try buying real world products in the metaverse, though, you’d be out of luck. With all the media interest surrounding the metaverse, NFTs, and virtual worlds there are virtually no platforms allowing real world participants to connect to the metaverse and vice versa.
1Verse was created to deliver that connection. It is now the first full stack meta platform incorporating 1Verse’s technology, UI/UX platform, and a robust supply chain. It is seamlessly connecting metaworld shopping and entertainment with real world shopping and purchasing.
It provides an immersive VR/AR experience allowing consumers to experience real world activities like walking into a store, evaluating products and interacting with a live avatar salesperson.
1Verse integrates 1Bridge, an extensive, proprietary sales platform, as its last mile logistics arm. 1Bridge is now one of India’s largest, and fastest growing assisted commerce tech-platforms, with a presence in over 10,000 towns across the country. It delivers products and services to over five million households, completing over 45 million transactions.
“Commerce in the Metaverse has been explored within the realm of Virtual worlds only. We believe that the metaverse unlocks a new model in Virtual to Physical commerce,” explains Prashanth Joshua, 1Verse CEO and co-founder.
Data from a Shopify report states that 94 percent of Gen-Z want to experience products in AR/VR before purchasing. 1Verse has developed a proprietary ecosystem of metaverse products that enable brands to deploy and maintain stores on the metaverse paired with a consumer facing application that allows consumers to access the 1Verse metaverse on VR devices and desktops.
Key to bridging the metaverse and realworld is the network of portals that are being deployed across 10000+ locations in India. A portal is a location in the real world with virtual reality hardware that enables nearby users to enter the metaverse.
This ecosystem of portals and metaverse tech enables consumers to immersively experience products and services beyond the limitations of the real world.
1Verse is founded by a team of seasoned software, metaverse, and AR/VR veterans with a successful track record of creating and monetizing gaming and e-commerce businesses.
The top management team is composed of founders Prashanth Joshua, CEO and co-founder, Madan Padaki, a serial entrepreneur who has built and exited several successful start-ups, and Suhas Kundapoor, whose experience also encompasses portfolio management and private equity investments in building extensive commerce networks and data science.
1Verse arrives in Asia at a time when progressively aspirational consumers are using pervasive mobile technologies and faster internet infrastructure such as 5G.
“The development of the 1Verse meta-world will disrupt conventional commerce and entertainment,” said Kundapoor.
“Brands, products, developers and content creators will be able to create immersive store fronts with the click of a button and access a global market which can be serviced with the kind of meta-personal touch that only 1Verse can provide.”
Led by Kundapoor, 1Verse is talking to various global investors to raise over US$50 million in the next round. The Corporate Finance team of Rand Merchant Bank (RMB), a division of Johannesburg headquartered FirstRand Bank Limited, one of the most experienced regional investors in South Asia, is currently assisting 1verse with fundraising.
Krishna Nagar, Co-Head of RMB Corporate Finance, said,
“We are delighted to be working alongside the pioneering founders of 1Verse to introduce strong investors to support the rapid scale-up of this exciting, first-mover platform.”
As for where the 1verse platform is, we have no idea as the company failed to tell us.