CryptocurrencyMetaverseNFT

Samsung Invests $25M in a South Korean Metaverse Startup After Launching Their Metaverse Store

After establishing their official Metaverse store, Samsung invested $25M in DoubleMe, a South Korea-based Metaverse firm dubbed Samsung 837X, in early January. A few of South Korea’s largest corporations, including NH Investment and Coentry Investment, have shown financial assistance for DoubleMe. Worldwide businesses like Vodafone, Orange, and T-Mobile have supported DoubleMe.

DoubleMe and Samsung Teams Up

Heeyoung Kim, Albert Kim, and Michael Kuczynski are the DoubleMe creators. The metaverse company was started in 2015. Its main objective was to make provision for cutting-edge technologies for converting two-dimensional videos to three-dimensional videos.

DoubleMe is seen as a small part of the Metaverse marketplace puzzle without any uncertainty. All were captivated by DoubleMe whenever the corporation released TwinWorld, a metaverse network focusing on AI and AR. They anticipated that it’ll become a giant in the Metaverse and cryptocurrency worlds. Ever since, TwinWorld has garnered a great deal of attraction from prospective customers, collaborators, and shareholders.

Cryptocurrency total market capital. Source: TradingView

DoubleMe is Concentrating on Augmented Reality.

The startup’s primary objective with augmented reality is to make synergies between the actual and digital worlds. Samsung’s great finance is a significant assistance in improving the firm’s development. The funds will improve marketing, personnel, and design and development. 

Also, TwinWorld is scheduled to transition into its corporate version shortly. DoubleMe, which is currently valued at $4.5M, is rapidly expanding, and Samsung’s latest investment is critical to its expansion.

Metaverse and NFT Market Leader In South Korea

Metaverse and NFT are entirely owned by the South Korean authorities and commercial enterprises. It is not hyperbole to say that South Korea has devised a five years strategy to become the nation the world’s Metaverse ruler.

Over 200 companies registered it in South Korea. It is unavoidable for the country. The widespread cryptocurrency usage in South Korea paved the way for technological advancements in the NFT and metaverse space.

The major firms, such as SK Group, Samsung, and LG, have programs in the works that are centered on the NFT and Metaverse marketplaces as early as today. Using the seed money from the partnering businesses both regionally and globally, DoubleMe has gotten a lot of momentum. Samsung has put money into a system that is based on fantasies. Forward-thinking startups, including Samsung and DoubleMe are accelerating the pace of the coming years presently.

Related Articles

BlockchainCryptocurrency

What is Annual Percentage Yield (APY) and How Does It Work in Crypto?

Introduction Annual Percentage Yield (APY) in crypto refers to the attention or...

Crypto / Forex Broker ReviewsCryptocurrency

ArgoTrade Review – Your global trading partner?

What is ArgoTrade ArgoTrade currently offers online trading using CFDs via reliable...

AltcoinsCryptocurrency

Ripple Publishes Regulatory White Paper to Restructure UK’s Crypto Regulatory Framework

Ripple, a popular crypto solutions provider and blockchain-based digital payment network has...