High Fidelity Raises $35 Million to Create Virtual World on EOS

High Fidelity Raises $35 Million to Create Virtual World on EOS

High Fidelity, a virtual reality platform has raised $35 million for using blockchain in their new virtual world. They believe that they can reach an audience of billion people with the use of blockchain technology.

Mike Novogratz’s Galaxy EOS led the series D fundraising with a $20 million investment and the existing investors such as Breyer Capital, IDG Capital Partners, Vulcan Capital were also included.

Philip Rosedale, the CEO of High Fidelity, and creator of the highly popular virtual world Second Life is creating a blockchain infrastructure to support a billion VR users and has already created a native cryptocurrency and digital-asset registry.

Rosedale told the New York Times:

“The High Fidelity platform is currently in beta, so it has been partly launched. The headsets that will really take us into the big consumer market are not available just yet. A lot of our early focus is on location-based facilities,”

High Fidelity’s goal is to lead the universe of virtual reality worlds in the coming future. The launch of Second Life in 2003 gave birth to a new digital currency called Linden dollars. And it produced more than $4 billion globally in virtual transactions. Rosedale now wishes to use the blockchain to create a new token called High Fidelity Coin, a stable coin paired to the US dollar for his new virtual world. And this token will be needed to use the VR platform.

Rosedale said that if Bitcoins would have been introduced by 2005 then he would have been delighted to use it for Second LIfe. Speaking about the High Fidelity Coin he said that it would not be something that people would want to buy for investment.

Within the virtual world, users will access digital tokens controlled by a tablet-like device to purchase goods licensed by real-world merchants. Rosedale gives the scenario of a person wanting to look cool in VR buying a pair of Rayban sunglasses. The purchase and virtual sunglasses would then be recorded by the merchant on the EOS blockchain platform.

High Fidelity’s board will be joined by Sam Englebardt, head of strategic partnerships at Galaxy Digital as company’s investment requirements.

Speaking about the VR technology he said:

“It’s a global phenomenon that fundamentally requires a trustless consensus mechanism for currency, property and identity.”

A total of $70 million was raised by the Series D rounds of funding and the company will use this to expand their research and development as well to hire staff for their new offices in Seattle.

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