Despite the early fumbles of the virtual reality (VR) market, there’s enough new momentum in the sector to spin up a new $50 million fund to invest in VR opportunities alongside the metaverse, said Jon Goldman, an experienced game investor and former studio executive. In a VentureBeat report, Goldman said his new fund will focus “mostly on VR gaming” but also the metaverse. The fund is named after the Tower 26 lifeguard tower in Venice, California. The GC Tracker Fund launched in the early days of VR gaming, and most of the companies in the fund did not survive the “trough of disillusionment” after VR failed to take off in 2016. The Next Earth metaverse platform has created a replica of the earth with about 5 trillion tiles and minted non-fungible tokens (NFTs) to let users buy pieces of that virtual land. The project also started a formal business to offer metaverse-as-a-service and launched a $60 million venture fund to build the digital globe. Since its launch last July, Next Earth said it has attracted more than 230,000 registered users, 45,000 landowners and over $10 million in revenue. NFT marketplace OpenSea has suspended the trading of "Gambling Apes" non-fungible tokens from the Sand Vegas Casino Club after regulators in Texas and Alabama ordered trading to halt as they were categorized as unregistered securities. Cyprus-based Sand Vegas Casino Club said that holders of the Gambling Apes NFTs can participate in profit-sharing from the proceeds of the casinos.
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