Metaverse building company LandVault announced Monday a merger with Admix, an in-play advertising platform Admix. Sam Huber, founder of Admix, will take over as CEO and lead the newly merged business.
Metaverse building company LandVault announced Monday that it would merge with Admix, an in-play advertising platform, and that it would rebrand. This move brings together more than 160 employees, including 100 artists and metaverse developers, and $25 million in growth capital.
According to the company, the new entity is valued at $300 million.
Sam Huber, founder and CEO of Admix, will be the new entity’s CEO while LandVault founders embark on a new venture. Huber, who founded Admix in 2018, has worked with brands like McDonalds, Calvin Klein and Formula 1 to develop product placements within gaming. It launched a metaverse offering in 2018 and has raised $37million in funding to date.
LandVault, the younger company in this merger, was founded last year and saw rapid growth of from five to 100 builders in six months. It is a company that builds infrastructure for projects in The Sandbox, the metaverse.
The merged company will continue to operate under the LandVault name, despite Admix’s CEO taking over.
Admix’s entire management team will also be staying put and will continue to operate independently.
This is a move that comes as NFT project up the ante when it comes to selling virtual land. Illuvium is a roleplaying game for monster-battle that uses non-fungible tokens. earlier in June announced it had raised $72 million in digital land sales.
Yuga Labs sale metaverse land to its Otherside project briefly crashed the Ethereum blockchain in May because of its popularity. At the time of mint, it was worth approximately $5,800. The mint price was 305 ApeCoin. It was a NFT mint that set a new record by bringing in 16.7 million ApeCoin (317 million).
