Reitio, a middleware protocol for the open Metaverse, has announced a $4 million funding round to launch Reigate, the world’s first web3-native 3D CAD (computer-aided design) dApp.
This will equip non-technical users with the ability to create their own 3D assets. The fresh capital injection will be utilized to ramp up product development and marketing efforts ahead of Reigate’s official reveal and Reitio’s TGE scheduled for the end of Q3 2022.
The project has gained backing from Moonwhale Ventures, one of the most established web3 venture capital funds who was also an early investor in Illuvium.
Another notable investor is Poolz Ventures, which has recently invested in the hack-mitigation protocol Lossless as well as the Solana-based AAA game Sidus Heroes.
Other backers include Almora Capital, NFV Ventures, CoinW Ventures, Baksh Capital, and Hachigo Venture Capital.
Populating the metaverse
Reigate introduces a novel mix-and-match templates-based approach to 3D design, making it straightforward and intuitive for anyone to create their own 3D assets within a few minutes.
On the supply-side, professional 3D designers are able to list their templates for use on Reigate, enabling them to receive royalties in real-time on a pay-per-use model as well as having sovereign ownership on their listed templates in the form of NFTs.
For designers with a short time horizon, they are able to offload their templates to speculators for instant liquidity, while speculators can profit if the template proved to be in high demand on Reigate.
By being web3-native, Reitio pioneers a new model of marketplace network effects in such a way that it ensures the long-term sustainability of Reigate’s rich template base – by far the most important lever in driving adoption towards the platform.
Staying true to web3’s decentralization ethos, this “laissez-faire” approach will also set the stage for a frictionless transition towards a DAO-governed future – at a period in time when Reitio has sufficiently matured.
“At the current pace of UGC generation, the Metaverse will never reach the critical mass of users needed for mass adoption,” said Emerson Li, co-founder and CEO at Reitio.
“User-generated content (UGC) is the beating heart of the Metaverse, and Reigate will be the holy grail towards democratizing UGC creation to anyone regardless of background or experience”, he added.
The metaverse’s middleware
Reigate presents ‘only’ the first stage in Reitio’s conquest towards realizing the open Metaverse.
Reidard, representing the next stage of Reitio’s grand vision, will imbue Reigate-created 3D assets with advanced NFT functionalities such that the asset would be infinitely extensible and seamlessly interoperable across multiple web3 virtual worlds regardless of its underlying chain.
Reifi, the final stage, will mark the era of world-agnostic and chain-agnostic “financialization” by leveraging on the foundational features of Reidard NFTs.
“If the World Wide Web is a network of interconnected web pages, then the Metaverse is a network of interoperable virtual worlds. Ultimately, users are the backbone of the Web, and users will also undoubtedly be the backbone of the Metaverse.”
“We have done a decent job in keeping the Web somewhat quasi-decentralized and open for anyone to participate – the onus is on us to improve on this and make sure that our future Metaverse is fully decentralized and also open for anyone to participate”.