Cryptocurrency, News, NFT

Samsung Invests $25 Million in Metaverse Firm, DoubleMe

After launching its Metaverse shop in January, the South Korean company Samsung has made a $25 million investment in DoubleMe startup, a metaverse firm located in South Korea, which was dubbed Samsung 837X.

Some of South Korea’s largest corporations, like NH Investment and Coentry Investment, have also expressed great assistance for DoubleMe by making monetary contributions. Furthermore, giant multinational corporations like Vodafone, Orange, and T-Mobile have also sponsored DoubleMe.

Samsung and DoubleMe Form a Partnership

Heeyoung Kim, Albert Kim, and Michael Kuczynski came up with the idea for DoubleMe, which they developed together. In 2015, the virtual world startup was officially launched. Its primary emphasis was on offering cutting-edge solutions for the sharp conversion of 2D movies to 3D videos using 3D technology.

Although DoubleMe is a small comoany, it is an essential component of the virtual world market puzzle. Everybody’s attention was drawn to DoubleMe when the organization released TwinWorld, a multiverse platform focusing on artificial intelligence and augmented reality (AR).

They were well aware that it would develop into a powerhouse in the cryptocurrency and Metaverse scenes. Following this announcement, TwinWorld has garnered great interest from prospective partners, users, and investors.

DoubleMe Pays Attention To AR

The goal of the firm’s AR efforts is to create a synergy between the actual and virtual aspects of the world. Furthermore, the considerable finance provided by Samsung is a significant aid in accelerating the company’s development. The funds will be used to improve marketing, personnel, product design and development, and other aspects of the company’s operations. 

South Korea At The Forefront of Metaverse And NFT Development

Both South Korea’s government and commercial enterprises have a significant stake in the Metaverse and NFT space. It is not an exaggeration to say that the country has devised a five-year strategy to position the nation as the giant of the Metaverse.

This initiative attracted the participation of over 200 firms in South Korea. The widespread use of cryptocurrency in the nation has given way to technological advancements in both sectors as more companies continue to release funds for development. The major firms, such as LG, SK Group, and Samsung, already have initiatives that are aimed squarely at NFT and the Metaverse.

DoubleMe, which is currently valued at $4.5 million, is expanding rapidly, and Samsung’s latest capital injection is critical to the company’s ability to scale. Samsung is not the only company that has made huge investments in the digital world; other companies such as Meta, Microsoft, and Starbucks are also working towards securing a space there.

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