Cole Petersen · 2 hours ago · 2 min read · Insights via Santiment
Blockchain and virtual reality are arguably two of the most innovative inventions of this generation. Bringing the future to the present day, VR platform High Fidelity is creating a new virtual world powered by the EOS blockchain.
Backed by Billionaire Mike Novogratz
One of the earliest institutional investors to become a Bitcoin bull, Mike Novogratz and his Galaxy EOS Ecosystem Fund led a series D fundraising round for the High Fidelity platform with a $20 million investment, along with contributions from Breyer Capital, Blockchain Capital, Vulcan Capital, and IDG Capital Partners.
Currently in beta, the High Fidelity platform aims to use an EOS-based blockchain to support billions of potential VR users in a universe of virtual reality worlds, coined the Metaverse.
In an interview with Reuters, CEO at High Fidelity Philip Rosedale said:
“To reach this scale and to deliver safely on such a promise, VR must be decentralized, including deeply using blockchain technology.”
High Fidelity has already developed a native cryptocurrency for its popular VR game, Second Life, using the Linden dollars (L$) as a medium of exchange to purchase goods and services within the virtual world.
To date, Linden dollars have produced over $4 billion in virtual transactions globally and can be traded for USD on the LindeX exchange.
CEO at High Fidelity Philip Rosedale, said in an interview:
“If bitcoin had been around in 2005, I would have been delighted to use it for Second Life.”
High Fidelity Coin – Intro to the Virtual World Economy
For the new High Fidelity platform, Rosedale plans to issue a new stablecoin on the EOS network, called High Fidelity coin, with a 1:1 parity to the US Dollar.
In the new virtual Metaverse, users will be able to use High Fidelity coin to purchase goods and services licensed by real-world merchants.
Each transaction will be recorded on the EOS blockchain for merchants to verify.
Sam Englebardt, High Fidelity board member and Head of Strategic Partnerships at Galaxy Digital, told Reuters:
“Virtual reality may be the first killer app for blockchain. It’s a global phenomenon that fundamentally requires a trustless consensus mechanism for currency, property and identity.”
Rosedale confirmed that High Fidelity raised over $70 million so far for the new project’s research and development, staff, and new offices in Seattle, WA.