BUD, a metaverse start-up based in Singapore has announced its plan to launch NFTs after raising $36.8 million in a new round of funding. This is coming a few months after completing its Series A round in February. The Singapore-based metaverse start-up claims to be one of the largest metaverse UGC platforms in the world.

Leading the Series B round was Sequoia Capital India, and according to reports, other investors who participated in the round are NetEase (an online and mobile games company) owned by Chinese billionaire William Lei Ding, as well as ClearVue Partners and Northern Light Venture Capital, which are both Chinese VC firms. Participating also in the round were GGV Capital, Kiming Venture Partners, and Source Code Capital.

BUD said it will use the funds to launch Web3 projects, the company also plans to introduce NFT projects to allow users to own and trade virtual assets derived from the metaverse.

Featured image source: seriesB