High Fidelity, a blockchain-based virtual reality platform has recently tied knot with the Hedge fund manager Mike Novogratz’s. The funding provided by the Mike Novogratz’s investment is said to be at a whopping amount of 20 million dollars, thereby leading the raise of High Fidelity to more than $70 million.
High Fidelity is adamant to increase the growth
For the past few decades, High Fidelity has seen VR making its way into an internet-scale persona, reaching one billion people and generating almost 1 trillion dollar economy of virtual services and goods. Being funded by various investors such as Breyer Capital, Vulcan Capital, IDG Capital Partners along with the venture capital firm, Blockchain Capital virtual reality, it is in no mind to set aside the work.
The High Fidelity, chief executive officer and co-founder Philip Rosedale has also founded the Second Life which produced a phenomenal amount of 4 billion dollars world-wide in virtual transactions.
“The High Fidelity platform is currently in beta, so it has been partly launched,” asserted Rosedale. He further explained, “The headsets that will really take us into the big consumer market are not available just yet. A lot of our early focus is on location-based facilities.”
Apart from hiring and opening a new office in Seattle, High Fidelity fundings will also be used on expanding research and development. Furthermore, it will also be used in creating a token called High Fidelity Coin that will be needed to use the VR platform.
As said by Rosedale, something which cannot be acquired as an investment is a global phenomenon based on the trustless consensus mechanism for currency, property and identity.