Source: Diego Ioppolo – Shutterstock
- The VeChain network anticipates exponential growth in future with the development of Digital Village for retail purposes.
- The $4 million fund is expected to be channelled into building advanced avatar customization and virtual store creation to enable brands and creators to deliver immersive virtual experiences.
The VeChain (VET) ecosystem has received a huge fundamental boost from several companies including L’Oréal’s venture capital fund BOLD and the British Fashion Council that have come together to develop a metaverse ecosystem. Notably, BOLD, Venture Reality Fund Venrex, and the British Fashion Council among others have raised $4 million in a funding round for a French metaverse developer dubbed Digital Village.
The VeChain (VET) price has gained approximately 2 percent in the past 24 hours to trade around $0.01894447 on Friday. The seven-year-old eco-friendly enterprise-grade blockchain ecosystem has grown to a $1,643,562,580 fully diluted valuation with hundreds of partnerships. Moreover, the VeChain blockchain takes pride in over 100 million on-chain transactions from over 3,000 enterprise users.
Future of Digital Village in VeChain (VET) Network
The VeChain network anticipates growing exponentially in future with the development of Digital Village for retail purposes. According to Evelyn Mora, founder and chief executive officer of Digital Village, technology is enabling “the next evolution of retail.”
“L’Oréal and the BFC invested $4M in French metaverse developer, Digital Village.” 🤝
DV is building a scalable, #sustainable and collectively prosperous #metaverse with #VeChain. ⛓️@LOrealGroupe @BFC @evelynxmora @vechainofficial @digitalvillage0https://t.co/RkPQ9V9cza
— eisenreich (@eisenreich) January 12, 2023
Notably, Digital Village revolutionizes retail and community engagement by equipping Web3 developers with the tools to build immersive virtual experiences in the metaverse. As such, the $4 million funding is expected to be used to enhance the platform’s capabilities, by adding new tools to power 3D world development. Additionally, the fund is expected to be channelled into building advanced avatar customization and virtual store creation to enable brands and creators to deliver immersive virtual experiences.
There is no simple end-to-end solution for virtual experiences as brands and creators have come to expect from e-commerce and website builder platforms,
Marco DeMiroz, cofounder and general partner at the Venture Reality Fund said, adding:
…Digital Village’s model solves this by providing robust, aesthetically advanced templates so that anyone can create accessible and interoperable immersive experiences.
The collaboration of Digital Village and VeChain network will help Web3 developers seeking to venture into the metaverse and NFT market scale seamlessly. Furthermore, L’Oréal is a well-established French personal care company founded over 109 years ago.
We seek to work with the most promising start-ups who adhere to the highest possible visual and technical standards,
said Camille Kroely, chief metaverse and Web3 officer at L’Oréal. He also added:
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We are excited to be partnering with Digital Village, whose solutions will be powerful enablers for our brands and whose ideals of sustainability, accessibility and interoperability in the metaverse or Web3 are ones we share.
The adoption of blockchain technology into established traditional companies is expected to scale further in the coming years as regulators draft policies that favour the digital market.
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