Funds raised through private sale of its PASG token will go towards the continuous development of the Passage world building platform, built with Cosmos and integrated with Sortium's artificial intelligence (AI) technology.
ROAD TOWN, British Virgin Islands, July 27, 2023 /PRNewswire/ -- Passage, a platform for creating and connecting 3D virtual worlds and experiences, today announced the completion of a $6 million private sale led by Akash Network.
Additional support for the raise came from Druid Ventures, Vitwit, Cosmostation, Hyperchain Capital, Chorus One, and Cogitent Ventures, as well as additional leading Cosmos ecosystem participants, individuals, and DAOs.
Passage will use the funding to further develop its world-building tools, which allow creators to produce and optimize high-quality virtual experiences. This is possible thanks to Unreal Engine 5 and AI partner Sortium, which will give users unlimited ability to customize their worlds and assets via seamless AI integration. Funds will also be used to build out the platform's social dashboard, enterprise solution, and tooling for open-source contributions, as well as implement technology partnerships like Sortium.
Lex Avellino, founder and Chief Creative Officer of Passage, said: "Passage is a totally new way to connect online. It's the only virtual platform that feels human and personal. We were able to validate this early on in 2020 when we built experiences for large brands and retail audiences. Back then, producing a 3D experience was a long, expensive process that we managed personally. Now, anyone will be able to create an immersive world using simple drag-and-drop tools in their browser. Through our partnership with Sortium AI, this is even easier, making it possible for everyone to generate beautiful 3D assets and experiences."
PASG, the native token of the Passage ecosystem, was designed to facilitate governance and decentralized 3D assets in Passage worlds. It also incentivizes open-source development and creator contributions on the platform. The token is backed by a SaaS-style revenue model, with up to 50% of profits going directly to supporting network security through incentivizing staking.
Greg Osuri, CEO of Overclock Labs, creators of Akash Network, added: "We share a real synergy with the Passage team and are thrilled to have led the private sale. The Passage platform is going to be an incredible place to leverage decentralized cloud and AI tools for creators. Creatives and brands need more high-quality options, and Passage stands out as one of the leaders in innovating this space."
Passage is led by a team of veterans in Web3, e-commerce, and virtual production who have produced experiences for leading brands, including Capitol Records, Amazon, Warner Brothers, and Disney.
This announcement follows the company's recent partnership with Platinum-selling, Grammy-nominated rapper and creator Royce 5'9", who is building the Heaven Experience on Passage. Created to engage, educate, and mentor the hip-hop community, the new world will launch in beta in Q4 of 2023.
Passage will host a public sale of the PASG token beginning on Tuesday, 29 August 2023, on StreamSwap. Details for the sale will be announced in a livestream at 4:00pm Eastern Time on Thursday, 27 July.
Users interested in joining the sale can sign-up to be notified on passage.io.
About Passage
Passage is a platform designed to revolutionize the 3D web by transforming static pages into immersive, interactive places. Built with Cosmos and leveraging cutting-edge technology like Unreal Engine 5, Passage is blockchain-agnostic and supports in-browser streaming, cross-world commerce for fungible tokens and NFTs, decentralized social functionality, and 3D communication infrastructure. The platform empowers creators to produce and optimize high-quality experiences faster with world-building tools and AI assistance. The Passage ecosystem is fueled by PASG, the native utility token used in Passage worlds. For more information, visit passage.io.
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