Bud, a user-generated content-powered gaming platform, has secured $36.8 million in a Series B investment headed by Sequoia Capital India.
ClearVue Partners, NetEase, and Northern Light Venture Capital joined current investors GGV Capital, Qiming Venture Partners, and Source Code Capital in the round, according to a press statement issued by Bud on Tuesday.
Bud, founded in 2019 by former Snap programmers Risa Feng and Shawn Lin, bills itself as a “metaverse” platform that encourages users to create and share 3D interactive experiences.
Users may customize their avatars and create and enjoy millions of experiences ranging from hangout spots to battle royale-style games.
According to the company, the cash will be used to improve the firm’s creative tools, expand its worldwide user base, and launch web3 goods. The firm has also announced intentions to build its non-fungible token (NFT) exchange.
According to Bud, the platform has produced over 15 million 3D experiences and assets. More than 150 million times, user-generated 3D objects have been traded.
Bud is the latest company to announce that it would develop an NFT marketplace as part of its expansion strategy.
At the end of last year, Justin Kan, the co-founder of the video game live streaming site Twitch, and other gaming industry entrepreneurs announced the creation of Fractal, a Solana-based marketplace for gaming NFTs. In March, LimeWire, a former music streaming service, returned as a digital collectibles NFT marketplace.