Key Takeaways
- Passage consludes a $6 million private sale led by Akash Network, with additional support from various prominent players in the Cosmos ecosystem.
- The funding will be used to enhance Passage’s world-building tools, allowing creators to produce and optimize high-quality virtual experiences using Unreal Engine 5 and AI partner Sortium.
- Passage’s native token, PASG, plays a vital role in facilitating governance and decentralized 3D assets within Passage worlds. It incentivizes open-source development and encourages creator contributions, with up to 50% of profits supporting network security through incentivizing staking.
- Passage stands out as a leading innovator in the virtual world space, providing a user-friendly and human-like way to connect online.
Passage, a platform for creating and connecting 3D virtual worlds and experiences, has successfully completed a $6 million private sale led by Akash Network. Several other entities, including Druid Ventures, Vitwit, Cosmostation, Hyperchain Capital, Chorus One, and Cogitent Ventures, as well as various leading Cosmos ecosystem participants, individuals, and DAOs, also provided additional support for the fundraising.
The funding will be utilized to further develop Passage’s world-building tools, which enable creators to produce and optimize high-quality virtual experiences. Leveraging Unreal Engine 5 and AI partner Sortium, users will have extensive customization options for their worlds and assets through seamless AI integration. Additionally, the funds will be allocated towards building the platform’s social dashboard, enterprise solution, and tooling for open-source contributions, as well as implementing technology partnerships like Sortium.
Passage’s Founder and Chief Creative Officer, Lex Avellino, emphasizes that the platform offers a new and human-like way to connect online. Previously, creating 3D experiences was a complex and expensive process, but now, anyone can easily create immersive worlds using simple drag-and-drop tools in their browser, and with the integration of Sortium AI, the process becomes even more accessible.
The native token of the Passage ecosystem, PASG, plays a crucial role in facilitating governance and decentralized 3D assets within Passage worlds. It also incentivizes open-source development and encourages creator contributions on the platform. The token’s revenue model is SaaS-style, with up to 50% of profits allocated to supporting network security through incentivizing staking.
The Passage team comprises veterans in Web3, e-commerce, and virtual production, with experience in producing experiences for major brands like Capitol Records, Amazon, Warner Brothers, and Disney.
In addition to the fundraising news, Passage recently partnered with Platinum-selling, Grammy-nominated rapper and creator Royce 5’9″ to build the Heaven Experience on the platform. The new world, designed to engage, educate, and mentor the hip-hop community, is set to launch in beta in Q4 of 2023.
Passage plans to host a public sale of the PASG token beginning on Tuesday, 29 August 2023, on StreamSwap. Details for the sale will be announced in a livestream at 4:00pm Eastern Time on Thursday, 27 July.
