RENOVI is a leading Metaverse marketplace and design studio working with a multitude of global brands and businesses to help create, develop and implement their Web3 strategies.
We have currently raised $1.2M out of the $3,375M we are looking to raise. Our sub-brand Renovi Studios is already a revenue-generating business and we have collaborated with brands such as GM, Diageo, DKNY, Nestle to bring their brands to the Metaverse.
We see land sales in Metaverse platforms as a proxy for demand in visual buildings and activations
Fr om November 2022 to December 2021 according to Statista the land sales in million US dollars for The Sandbox, Decentraland, Cryptovoxels and Somnium Space were the following:
Nov 2020: 87.5
Dec 2020: 52
Jan 2021: 9.5
Feb 2021: 53
Mar 2021: 36
May 2021: 26
Jun 2021: 22.5
Jul 2021: 52
Aug 2021: 45.5
Sep 2021: 40.5
Oct 2021: 19.5
Nov 2021: 187
Dec 2021: 71.5
Notice that these are data of the top 4 Metaverse platforms in 2021. In 2022 Metaverse sales are projected to double.
There are more than 23 Open Metaverse worlds currently, and some of them are becoming successful like the recent land sale by Otherside.
The above data focus only on land sales and exclude even more favourable NFT sales of collectables for these worlds.
In addition, Revenue fr om virtual game worlds is expected to increase fr om $180 billion in 2020 to $400 billion in 2025 (Greyscale).
A crucial component within this growth pattern is the continuous shift in game developer monetization. Players are progressively shifting away fr om paying to play premium games and toward free games, which developers monetize by selling in-game products to improve gameplay or social standing within these virtual worlds. We are transitioning fr om Web 2.0 closed corporate metaverses to Web 3.0 open crypto metaverse.
Many modern gamers spend their money and hours of their time accumulating digital riches within Web 2.0 gated corporate metaverse realms. The issue is that most game creators do not allow players to monetise their investment or efforts.The capital constraints put on these virtual worlds by Web 2.0 platforms are eliminated by Web 3.0 open crypto metaverse networks. This new paradigm enables users to own their digital assets as Non-Fungible Tokens (NFTs), trade them with other players in the game, and carry them to other digital experiences, resulting in the creation of an entirely new free-market internet-native economy that can be monetized in the physical world.
Web 3.0 cryptography Metaverses are emerging market virtual world economies that produce real-world value for consumers through a constantly evolving complex mix of digital commodities, services, and assets. Early Web 3.0 metaverse worlds were often developed on blockchain computing platforms, with a variety of parties contributing to the development of games and in-game products that could be freely sold on the blockchain.
Users that purchase these items are constructing a new e-commerce experience. Some of the more popular commercial operations in Decentraland and other virtual world economies nowadays are as follows:
• Auction houses, such as Sotheby's, have begun to allow owners to exhibit and sell their digital NFT paintings.
• Business Offices: Binance and other cryptocurrency companies have constructed digital offices in the Metaverse wh ere workers may interact and communicate.
• Casinos and games wh ere players can win MANA
• Advertising: property owners have installed digital billboards to promote to game players for a charge.
• Sponsored Content, such as the recently announced Atari arcade, which will offer Decentraland-compatible games.
• Music venues where DJs and artists perform and concerts are held
Problem or Opportunity
Renovi Marketplace - The Metaverse worlds currently exist in silos with their own marketplaces. Generic marketplaces that exist to date do not offer the ability to upload and mint large files as NFTs and they are limited as to what 3D file formats they accept.
Renovi Studios opportunity: Currently various Web2 brands do not know how to enter the Metaverse and promote themselves.
Solution (product or service)
Renovi Marketplace - The Metaverse worlds currently exist in silos with their own marketplaces. We want to bring all the creativity and talent into these worlds under one roof and showcase both creations and the individuals behind them, unifying the Metaverse. At the same time, we accommodate for larger files and diverse 3D file formats in order to make sure the 3D creators are not limited.
Renovi Studios opportunity: We leverage our connections with Metaverse landowners, architects/3D designers agencies and brands to build activations for the Metaverse. Brands are curious about the Metaverse but lack the time or technical skills and knowledge to create complete activations. Renovi Studios takes care of that.
We are aware of various generic marketplaces that are ideal for PFP NFTs but not for architecture. Marketplaces that sell Metaverse land also exist but once again they are not direct competitors.
Advantages or differentiators
Additional 3D file formats (more than 20)
Larger files minted as NFTs (Up to 10GB)
Categorisation specifically for buildings and 3D assets
Ability to curate our platform
Specialised platform only for architects
Future aspirations to make our platform a hub for building the Metaverse with educational videos, job postings etc.
We generate revenue in different ways:
Custom 3D creations
Money will be spent on
Any proceeds will be spent on continuing the development of our platform in order to go from MVP to the finished product.
Offer for investor
Any potential investors will have the ability to participate in the Private Round of our potential token raise.
Renovi is built on the basis that 3D and Metaverse Worlds will dominate the internet in the near future. All projections currently show that this will be the case but just like with any new technology we might underestimate the timing that these technologies will actually take place.
Incubation/Acceleration programs accomplishment
We have not participated in any incubation or accelerator programs and the only help we have received to date is through our initial investors.
Won the competition and other awards
We have received grants from Filecoin and Polygon to build our platform.