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Nano Labs Raises “Tens of Millions of Dollars” In A Funding Round Led by Yongwan Capital, To Build Infrastructure For the Metaverse Ecosystem

Nano Labs LTD, a company keen to provide infrastructure solutions for the metaverse, has raised tens of millions of dollars.

Yongwan Capital Leads Funding

In a press release on September 15, it’s reported Yongwan Capital spearheaded the funding round with participation from Hashkey and other investors. The funds would be used to develop new products for the metaverse ecosystem.

Nano Labs LTD currently develops and expands its product range. Nano Labs LTD provides high-performance dedicated chips with high bandwidth and performance, as well other solutions to high throughput computing, storage and distributed computing. These are essential for supporting the metaverse’s expanding ecosystem by providing infrastructure support.

Mass Producing Cuckoo 1.0 Chips

In 2019, Nano Labs LTD developed a storage computing architecture integrated with a data Flow Process Unit (FPU). FPUs can be used to calculate floating non-integer number faster than CPUs.

Cuckoo 1.0 chip production was also completed last year. They used FPU-2D technology and consume only 100W. Cuckoo 1.0 chips are equipped with over 5 million transistors on TSMC 22nm, allowing them to perform better than traditional GPUs.

The Rise of Metaverses and NFTs

Metaverses are a new frontier for crypto and NFT-focused firms. More resources have been invested in the metaverse, which analysts predict will be worth billions over time.

Like in the physical world, all assets within the metaverse—land, buildings, and more—can be bought and sold using cryptocurrencies. Underpinning any popular metaverse is an NFT complying with or any other supporting ecosystem.

There are many standards that guide the minting and distribution of NFTs in Ethereum. It is however the ERC-731 standard which is most common. NFTs all have a unique limited edition and are digitally accessible, which allows for easy transferability.

Due to the Coronavirus’s disruption, people have taken up gaming. They are exploring the upcoming metaverses that use blockchain technology and NFTs as an exchange medium.

Tether Co-founder Says NFTs will be Integral in Metaverses

In an interview with Bloomberg News, William Quigley, the co-founder of Tether (USDT), said metaverses have the potential to be an economic force, possibly disrupting people’s lives.

The ability for metaverses “to create a digital overlay” on people’s realities and the potential to change business models that can significantly affect interactions is something he mentions.

William predicts that metaverses’ revenue model will consist of NFTs. These revenues could generate many times the amount generated by video gaming.

“I bet the revenue model to the metaverse will be NFTs. Video gaming’s revenue model is now virtual items. This makes it a $175 million business each year. The metaverse needs to be order of magnitude larger than this because it encompasses all aspects, not just gaming.

New Technology to Power Metaverses

Nano Labs LTD plans to anchor the next wave of metaverses and NFTs.

Cuckoo 1.0 chips have been released and the company was awarded the Annual IC Unicorn Award during the China Semiconductor Investment Alliance Annual Conference.

The award was given to them for being the first company that used the Nano FPU architecture in order to maintain a competitive advantage and remain innovative. Leaders in the sector are recognized by “2021 China IC Billboard”. The China Semiconductor Investment Alliance has 129 members and more than 400 CEOs of semiconductor companies.

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