Passage, a 3D world-building platform, has raised $6 million in a private token sale led by Akash Network.
Web3 investors Druid Ventures, Vitwit, Cosmostation, Hyperchain Capital, Chorus One, and Cogitent Ventures, as well as additional leading Cosmos ecosystem participants, individuals, and DAOs also participated in the raise.
The funds will be used to further develop Passage’s world-building tools that leverage Unreal Engine 5 and a partnership with Sortium AI, a gaming and virtual production platform. The integration with Sortium will give users unlimited customizability while building their virtual worlds.
The funds will also be allocated to:
Sortium is a workspace-conditioned AI assistant powered by advanced Large Language Models (LLMs) and Generative AI. It comes with pre-equipped playbooks for popular tools like Blender, Nvidia Generative 3D, and CAD tools, making it user-friendly. Sortium also enables game developers to automatically generate tokenized assets for web3.
Lex Avellino, founder and Chief Creative Officer of Passage, said: “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.
The company will host a public sale of the PASG token beginning on Saturday, Aug 29 on StreamSwap. Details for the sale were announced in a livestream on YouTube.
Source: mPost
