Parcel Completes $4M Seed Round for Virtual Real Estate NFT Marketplace
Parcel, an NFT marketplace for virtual real estate, announced on Tuesday the closing of a $4 million seed round led by Framework Ventures, a venture capital firm known for its early entry into Web3 and decentralized finance (DeFi). Additional participants included Fifth Wall, Blizzard Fund, AVIV Group, Stake Capital, AppWorks, InterVest, Contents Technologies, Serafund, Sky9 Capital, Great Oaks Venture Capital, as well as a roster of angel investors.
Parcel was launched in July 2021 amidst a virtual real estate market that generated more than $500 million in sales in the 2021 calendar year and has already surpassed $1 billion in sales during the first half of 2022. Currently, its platform aggregates real estate listings across several of the largest virtual worlds on the Ethereum blockchain, including The Sandbox, Decentraland, NFT Worlds, Voxels, Somnium Space, and Mona. Moreover, the company is on track to offer multi-chain support on Avalanche and Polygon later this year.
Parcel’s marketplace offers interactive, data-rich visual maps to help users more seamlessly navigate the virtual real estate ecosystem. The company also provides real-time price appraisals for open listings and utilizes a proprietary gas-efficient smart contract to facilitate sales which enables users to buy and list land for half the cost of gas fees found on other NFT marketplaces. For a limited time, Parcel is reimbursing gas costs for wallets that list property on its marketplace.
“The ongoing growth of the digital land ecosystem presents endless opportunities for creators and investors,” said Noah Gaynor, Co-Founder and CEO of Parcel. “However, to build a truly successful metaverse economy, users need a marketplace solution that not only encourages the sale and transaction of digital land, but the development of valuable projects and businesses across virtual worlds as well.”
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The funds from this round will be used to continue developing and expanding Parcel’s product suite, including a comprehensive creative directory known as the Creatorverse, wherein landowners will be able to easily discover and employ virtual architects and service providers by browsing their portfolio of digital work. It will also support the continued growth of Learn, the company’s educational platform that helps seamlessly onboard new users and advance general knowledge for the Web3 community.