Xero Tech announces pre-seed funding for metaverse platform

By: News Desk
Published: 06:36 PM, 19 Jul, 2022
Xero Tech announces pre-seed funding for metaverse platform
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Xero Tech, a Start-Up company in Dubai and Estonia has announced pre-seed funding for the metaverse platform.

Developing an innovative metaverse platform, Start-up based in Dubai https://xerotech.io and Estonia https://xerosoft.io provides Blockchain backed, immersive and persistent virtual reality experiences and solutions for consumers, businesses, and the government sector. 

Xero Tech FZ LLC is founded by two Pakistani co-founders and is currently hosted by In5 Tech. This is their first Software Offering from this platform, in addition to the Hardware-based firearm safety system called BioLoc Safety patented in the USA, both of which are supported by Blockchain Technology.

Xero Tech has been founded by Co-Founders Noman Shah, an entrepreneur and an inventor with a background in information technology, and Farhan Gillani, a marketing guru in Dubai in February 2022. Noman Shah has 2 granted and 20 pending US and Canadian patents which are cited by Blue Chip corporations such as “Microsoft Technology Licensing, Llc, Strum, Ruger & Company, Inc., Morgan Stanley Services Group Inc., Lenovo (Singapore) Pte Ltd, Verisign, Inc., Amazon Technologies, Inc., Citrix Systems, Inc.”

With an aim to become the most engaging, amazing, and innovative metaverse platform, they put up the team together and started development in 2021. Xero Tech integrated many innovative features in its metaverse platform that are patent pending. Xero Tech founders believe that their vision is far ahead of that of tech giants already in the metaverse domain.

The $200,000 pre-seed round will enable Xero Tech to hire more designers and developers prior to publicly launching its metaverse platform in another Seed round. Within just under a year of inception, Xero Tech has already engaged with business clients such as “ESP” to commercialize VR-based EduTech experiences, “Daraaj Towers” for the development of its Digital Twin and a real-estate development firm, to launch an innovative tokenized real-estate registry platform.

Dubai Metaverse Strategy of Dubai Crown Prince  

It is worth noting that the Dubai Metaverse Strategy headed by the Dubai Crown Prince Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum was launched yesterday (Monday), 18th July 2022, and also intends to ensure that the metaverse increases its contribution to 1 per cent of the emirate’s GDP. The strategy aims to exponentially increase the number of blockchain and metaverse companies five times in five years, introducing 40,000 virtual jobs that would contribute $4 billion to Dubai's economy.

According to Mckinsey, metaverse could be worth $5 trillion by 2030 and is potentially the biggest new growth opportunity for several sectors in the coming decade that include consumer packaged goods, retail, financial services, technology, manufacturing, and healthcare. In 2022, tech giant Microsoft acquired Call of Duty maker Activision Blizzard in a $68.7 billion cash deal for metaverse development.

The metaverse is a three-dimensional, hyper-realistic, virtual-reality space where users interact with other users in computer-generated environments such as shops, learning environments, and meeting rooms, among others. It combines elements of social media, augmented reality, virtual reality, video games, and other advanced technologies.

Metaverse Story of Xero Tech

Xero Tech metaverse story is woven in the past around a legendary science fiction tale with a cult following. Xero Tech metaverse features include virtual real estate, digital twins, avatar studio, NFT trading, and a virtual economy based on its own cryptocurrency and experiences, and it will also partner with brands to bring their vision into the metaverse. Xero Tech also supports and evolves technologies for the development of our future digitally enhanced society and civilization. 

While the previous year has seen the Metaverse grow to become a hot-button topic in the world of crypto and technology at large, there are only a select number of Ethereum-based Metaverses which are responsible for the lion’s share of sales volumes in the virtual land market. These most dominant virtual worlds include: Decentraland, the Sandbox and Somnium Space.

Xero Tech FZ LLC is incorporated and established with the support of in5, an integrated innovation platform, launched by TECOM Group that has created within Dubai a distinctive and well-rounded ecosystem for entrepreneurs and start-ups to be incubated and nurtured to their next phase of growth. in5 offers state-of-the-art and specialized facilities catering to the Technology (Dubai Internet City), Media (Dubai Production City) and Design (Dubai Design District) industries and facilitates training and mentorship programs.

What is metaverse?

First popularized by Neal Stephenson’s 1992 epic Snow Crash, the concept of a Metaverse refers to an adaptation of the physical world in virtual space.  Participants in these natively digital worlds interact with their environments via avatars, essentially user-controlled characters which serve as conduits for a real world individual’s intended actions. Such Metaverses are also thought to include fully self-sustaining economies that allow users to earn for their virtual efforts and expend on virtual assets

What is Virtual Land? 

In 1626, Dutch colonist Peter Minuit is said to have purchased the whole of Manhattan Island from the presiding Lenape Native Americans for ‘60 guilders worth of trade’, which amounts to a mere USD$1,100 in contemporary terms. As recently as 2018, the value of this land was pegged at roughly USD$1.74T. An uncharted world not unlike 17th century Manhattan exists in the Metaverse, with virtual land representing a new breed of speculative NFT investments that has the potential to exponentially appreciate and generate outstanding returns for early buyers. 

A central facet to developing the Metaverse, specifically with respect to the  properties of decentralization and community-ownership, is the existence of virtual  land. In order to fulfill its fundamental role as a shared digital space for a limitless  number of users, the Metaverse naturally must feature expanses of land which  content creators can develop to host their experiences and live events. Additionally,  in order for users to enjoy the full economic upside of their efforts, these expanses of  land must be inviolably owned and controlled by the community. To fulfill this design specification, several proto-Metaverses on the Ethereum blockchain – the most  popular of which will be explored later in this article – have leveraged NFTs to  tokenize parcels of virtual real estate and assign their ownership rights to members  of their respective virtual worlds. 

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