Everyrealm: The Multi-Million-Dollar Metaverse Company You Probably Haven’t Heard of Yet (But You Will!)

Republic CEO Kendrick Nguyen (image source)

This man is Kendrick Nguyen. Five years ago, he founded an investment firm called Republic, focused on opportunities in startups, real estate, video games, and crypto. On Oct. 19th, 2021, TechCrunch reporter Connie Loizos wrote:

Where many see regulatory murkiness, the five-year-old, New York-based investing platform Republic sees opportunity. Indeed, while many outfits grapple with whether to distance themselves from certain digital assets, Republic — whose CEO, Kendrick Nguyen, started his career in securities litigation with Goodwin Procter — has focused from the start on establishing itself as a go-to brand for what Nguyen calls “compliant tokenization.”

Just today, the company is announcing a $150 million Series B round led by Valor Equity Partners, which follows a $36 million Series A round that the company announced in March from Galaxy Interactive, Motley Fool Ventures, HOF Capital, Tribe Capital and CoinFund. (Those earlier investors just re-upped, by the way, and were joined by new backers Pillar VC, Brevan Howard, GoldenTree and Atreides.)

Altogether, says Nguyen, Republic, which employs 200 people, had raised more than $50 million in equity financing ahead of this newest round, and more than $20 million in a token sale.

The outfit is certainly busy putting it all to work. Republic already comprises several different business arms, including a popular retail investment platform that invites people to invest with as little as $10; a private capital division with almost $1 billion in assets under management that funnels accredited investors into startups; and a blockchain consultancy arm that provides technical, financing, distribution and tokenization services.

Republic also right now has two affiliated closed-end investment funds deploying capital into startups and crypto projects, along with a digital investment arm operating as Republic Realm that focuses exclusively on metaverses and NFTs.

Anita Ramaswamy wrote in a follow-up TechCrunch article on Feb. 10th, 2022 that Republic has spun off its Republic Realm arm into a separate company, helmed by CEO Janine Yorio. Republic will be a minority investor in this new company, which has been rebranded as Everyrealm:

Some statistics taken from the brand-new Everyrealm website include the following:

My avatar standing in the Metajuku shopping district in Decentraland

It’s clear that Everyrealm has serious money to spend (they’ve already raised US$60 million), and they intend to invest it in a variety of metaverse platforms! Anita reports:

Everyrealm hopes to become “the gateway to the entire metaverse ecosystem,” according to the company. It is invested in 25 different metaverses and owns 3,000+ NFTs today, Yorio said.

“We started out investing [in the metaverse], but we’ve since expanded our mandate to do a lot more than that. We see ourselves as developers of metaverse content, so we don’t just passively invest and sit back and wait for other people to build things,” Yorio said. The company has built on top of many of its virtual properties — for example, it launched a retail store concept in Decentraland two weeks ago, which it plans to expand into other metaverse platforms, Yorio said. Indeed, 10,000 virtual items in the store sold out in the span of an hour, she added.

Not too long ago, I wrote a blogpost about the then-Republic Realm’s foray into education, writing with just a smidgen of snark about something called the Republic Realm Academy:

Apparently, they have set up a virtual campus in the blockchain-based social VR platform Somnium Space, and Somnium Space CEO Artur Sychov himself will be teaching “a class at the Academy about VR and the future of the metaverse:”

Tuition for four weeks, which includes a “limited edition Republic Realm Academy NFT Tuition Badge”, which will “be your campus ID card and unlock all Republic Realm Academy resources and initiatives at the start of the term”, six online courses, plus “limited office hours with professors, subject to availability”, costs US$1,000…

Let’s face it: it’s to Cathy’s and Artur’s and so many other people’s advantage to sell (and yes, I deliberately use the word sell) as many people as they can on this frankly blinkered perspective on the metaverse—even to the point of offering thousand-dollar certificates for things could probably be learned just as easily from others for free! The overall messaging here is that the non-blockchain-based metaverse platforms which predate this boom in artificially-scarce NFT-based real estate are simply not worth bothering with or investing in.

Well, I now publicly will eat some crow, because buried in Anita’s TechCrunch report is the following news nugget:

Everyrealm also operates a virtual educational campus called Realm Academy in the Somnium Space metaverse, where users can learn more about web3 concepts through online courses. Its inaugural class has 500 students who have paid $1,000 each to attend, Yorio said.

If Janine Yorio is to be believed (and frankly, I have zero reason to doubt her), Everyrealm cleared 500 x US1,000 = US$500,000 from the first offering of their six-course educational program. That’s right—a cool half-million dollars! I guess I was seriously wrong about people not being interested in signing up for their courses, and I am willing to admit that I was wrong. Hey, it does happen—sometimes… 😉

And, I was also wrong about something else. As it turns out, Everyrealm has not limited their investment to solely the metaverse platforms with NFT-based real estate! Today I learned that the company is involved in a major event which is taking place this week in Second Life, the Metaverse Fashion Week 2022:

As featured in Vogue today, designer Jonathan Simkhai has partnered with metaverse developer Everyrealm and metaverse production house Blueberry Entertainment to produce an exciting new Metaverse Fashion Week event inside Second Life – and you are invited!

Second Life community members can be among the first to preview all-new exclusive spring 2022 collections this week by attending any of the several runway shows scheduled throughout this week

Check out this video sneak peek of what to expect on the runway. Video Production by Vrutega.

Irritatingly, the above link to “several runway shows scheduled throughout this week” only takes you to the sim where the events are taking place, but without the details of when they were happening! Fortunately, Inara Pey has all the details in a detailed write-up on her blog:

The individual in question is New York fashion designer and 2015 CFDA/Vogue Fashion Fund winner, Jonathan Simkhai. As a part of the New York Fashion Week event, he offered a special preview of some of his designs from his Autumn / Winter 2022 (AW22) collection at a special fashion show that took place in Second Life.

In all 11 pieces from the collection have been visualised for Second Life by none other than Mishi McDuff (aka Blueberryxx), founder and owner of SL’s popular Blueberry brand (and, I will admit, one of my go-to designers on the admittedly rare occasions I feel I need to spruce up my virtual wardrobe). In bringing the designs to SL, Blueberry has also given them a special “metaverse flair” – utilising the unique advantages of the digital world to offer twists to some of the items that cannot be replicated in the physical world – such as a sequined dress that gradually loses its embellishments and morphs into a bodysuit as the model walks the runway.

The items were presented to an invited audience of models, influencers, celebrities, and journalists from the fashion, technology and lifestyle industries. They had the opportunity to see the virtual items ahead of Simkhai presenting their physical world equivalents on the New York catwalk, so the guests could witness the virtual garments and their unique properties up close – and even try them on.

I think that this is a brilliant move by Everyrealm. Why? Because none of the NFT metaverse platforms they currently invest in (Decentraland, Somnium Space, Axie Infinity, etc.) have anything which compares to the mature, fully-evolved dressable avatar system which has evolved over the 18+ years of the history of Second Life! Here’s one of the pictures used in the (unfortunately paywalled) Vogue Business article:

And you can bet that Linden Lab is on board with this; how often does Second Life get mentioned in Vogue, plus fashion and tech news outlets like British GLAMOURMobile Marketing, and the Fashion Network? As Inara says:

This may sound like something straight out of 2006-2008, when many physical world brands tried to hop into SL in the belief it would magically allow them to grow their market influence, but actually it isn’t. The Simkhai / Blueberry relationship is far more symbiotic and engaging, and for two reasons.

The first is that as well as being presented to invited guests, the Second Life Simkhai collection will be the subject of a series of catwalk shows open to Second Life residents on Thursday February 17th / Friday February 18th, with shows set hourly from 13:00 through 16:00 (inclusive – see the Destination Guide link at the end of this article). Not only will these serve to show the designs to the Second Life community, they will also – according to Vogue’s Maghan McDowell –  allow SL users to purchase them at around L$1,000 per item.

So, if you missed out on today’s fashion shows, you can try to catch one tomorrow! I do have my eye on that haute couture dress illustrated in the Vogue Business article above! According to a press release posted to Reddit:

You can see the NFTs listed for sale here (scroll down the page a bit).

Yes, those are prices in U.S. dollars!

These NFTs, which cost anywhere from US$200-600 apiece, confer the following “benefits” (please note that this does not apply to sales within Second Life; as mentioned earlier, SL versions of these virtual garments, made in association with well-known womenswear designer Blueberry, will cost about L$1,000 each, a relative bargain!):

  • Limited edition Metaverse Fashion Week merchandise/apparel
  • Ability to wear Jonathan Simkhai NFT wearables as your avatar in the metaverse
  • Access to future Everyrealm digital wearables activations
  • Whitelisting for future digital wearables drops

Keep in mind that your ability to actually wear these garments on your avatar in the various NFT metaverse platforms is heavily dependent upon the ability of the various companies building those platforms to support it (I can guarantee you that the lovely Lucee dress shown above will not look nearly as sparkly on the current crop of Decentraland avatars, for example, let alone the voxel-based blockchain-based platforms like Cryptovoxels and The Sandbox!)

Therefore, many of these “benefits”, like so much for sale in this current season of blockchain, crypto, and NFT-based metaverse madness, are essentially the opportunity to flex and/or gloat to your friends…and to be first in line for the next line-up of expensive NFT-based avatar wearables!

However, I do have to hand it to Everyrealm. The company is certainly putting its money where its mouth is, and they are making a significant splash in the metaverse in a short time. I honestly cannot think of another firm which has its fingers in so many metaverse pies, all at the same time! More power to them.

As I often say on my blog, “a rising tide lifts all boats,” and Everyrealm is attracting big money (and attention) to the ever-evolving and mutating metaverse! Who knows, maybe Second Life will be home to a few more fashion shows linked to real-world, big-name designers? As we can see, there’s still a valuable place for older, non-NFT-based metaverse platforms like SL in this season of the NFT metaverse!

Metaverse Fashion Week 2022

2022 is promising to be a very interesting year, I predict! Stay tuned! I leave you with this (undated) writeup by David Murphy of MobileMarketing:

Metaverse Fashion Week, an event produced by Everyrealm and Blueberry Entertainment, took place yesterday, featuring Jonathan Simkhai as the debut designer. The event occurred day prior to the physical Jonathan Simkhai 2022 presentation at New York Fashion Week, making the real-world designer the first ever to show it’s Fall/Winter 2022 digital wearables collection ahead of their physical counterparts…

Guest took their seats in the larger-than-life bespoke set made specifically for the fashion event in the Second Life metaverse. The secluded location was inspired by natural elements such as rock, water, air, and fire. Simkhai’s latest collection was showcased on the avatar models during the 8-minute presentation. Simkhai debuted 11 designs from his Fall/Winter 2022 collection, which were digitally reimagined for the Metaverse.

The garments are converted from the real-world version into 3D digital models using design software and video gaming technology. The Second Life Marketplace has been selling digital clothing and accessories from Blueberry since 2011. Wearables and clothing are among the most popular types of commerce in Second Life’s $650m dollar virtual economy.

Founded by Mishi McDuff in 2012 as a solo creator on Second Life, Blueberry has sold more than 20m on digital wearables, amassed a library of more than 10,000 digital SKUs optimized for hundreds of design attributes, and scaled an engaged community of loyal customers. Blueberry is already live on multiple metaverse platforms, and is actively expanding its brand and community to other web 2.0 and 3.0 metaverses.

“I like to dream with my eyes”: The BBC Reports on Lessons the Metaverse Can Learn from Second Life

Have you joined the RyanSchultz.com Discord yet? You’re invited to be a part of the first ever cross-worlds discussion group, with over 600 people participating from every social VR platform and virtual world! We discuss, debate and argue about the ever-evolving metaverse and all the companies building it. You’re welcome to come join us! More details here.


Premium Second Life members can get a lovely Linden Home (image source: Linden Lab, via BBC)

I often say that 18-year-old Second Life has many lessons which newer metaverse platforms would be wise to learn from, and it would appear that the BBC agrees! Yesterday, in an article titled Zuckerberg’s metaverse: Lessons from Second Life, reporter Joe Tidy wrote:

It has been about 10 years since I first entered the virtual world of Second Life, arguably the internet’s first attempt at what every tech giant is now racing to build: the so-called metaverse.

The term metaverse was coined in the 1990s in a science-fiction novel, Snow Crash, where it served as a virtual-reality successor to the internet, where people live large portions of their lives in virtual environments.

Second Life peaked in the late 2000s with millions of users and hundreds of excitable headlines about people devoting hours of their daily lives to live digitally.

Since then, I assumed it had died a slow and quiet death. But how wrong I was.

One of the people he met in-world was Rei:

Our avatars bumped into each other after teleporting to a seaside world modelled on a strange rundown 1960s Scottish fishing village. He told me he had been spending time in Second Life for about four months after “getting curious about all this metaverse stuff”.

Rei is not a fan of Zuckerberg’s vision of the metaverse. “They’ll want to control everything. But I think the people should be in charge and it should be fully open,” he told me.

The entire article is well worth a read, especially if you are not familiar with Second Life and its history. SL’s massive marketplace where avatars can buy and sell user-generated content are just one of the reasons why Second Life is still so popular (in fact, many newer social VR platforms such as VRChat and Rec Room are hard at work at building their own in-world marketplaces!).

There are indeed many lessons which the newer social VR platforms (such as Meta’s Horizon Worlds, still in closed beta testing two years after it was first announced) can learn from the both the successes and the scandals of Second Life’s 18-year history. Joe ends his article:

Back in Second Life, I asked Rei one last question before I logged off: why does he keep coming back?

He answered: “I like to dream with my eyes”.

So, I’d like to take this opportunity to invite you—if you have never done so, or even if you haven’t been in SL for a long time—to come pay us a visit! You might be surprised by what you find. Second Life still is a vibrant place, 18 years after its founding, with tens of thousands of concurrent users in the virtual world at any time of the day or night.

The Second Life website (just click on “Sign Up” in the upper right-hand corner to get started)

Thanks to Neobela for the heads up!

Ignite 2021: Microsoft Is Adding Avatars to Microsoft Teams

Have you joined the RyanSchultz.com Discord yet? You’re invited to be a part of the first ever cross-worlds discussion group, with over 600 people participating from every social VR platform and virtual world! We discuss, debate and argue about the ever-evolving metaverse, its avatars, and all the companies building it. Come join us! More details here.


Hard on the heels of Facebook (now Meta) and their Connect 2021 event comes today’s Microsoft Ignite 2021, where Microsoft shows off some of the technology they’re working on. And, of course, give their own spin on the metaverse!

Microsoft CEO Satya Nadella presents the company’s metaverse solutions

Here’s a seven-minute clip from Ignite of Microsoft CEO Satya Nadella talking about his vision for the metaverse:

Tom Warren of tech news website The Verge reports:

Microsoft is entering the race to build a metaverse inside Teams, just days after Facebook rebranded to Meta in a push to build virtual spaces for both consumers and businesses. Microsoft is bringing Mesh, a collaborative platform for virtual experiences, directly into Microsoft Teams next year. It’s part of a big effort to combine the company’s mixed reality and HoloLens work with meetings and video calls that anyone can participate in thanks to animated avatars.

With today’s announcement, Microsoft and Meta seem to be on a collision course to compete heavily in the metaverse, particularly for the future of work.

An example of a 3D avatar within Microsoft Teams (image source: Microsoft, from TheVerge)

And—if you’re having a bad hair day—hey, no worries!

Microsoft Teams will get new 3D avatars in a push toward a metaverse environment, and you won’t need to put a VR headset on to use them. These avatars can literally represent you both in 2D and 3D meetings, so you can choose to have an animated version of yourself if you’re not feeling like turning your webcam on.

Bloomberg reports that this new feature will be released next year:

If you’re worried the metaverse will be all fun and games, fear not: Microsoft Corp. is taking its own stab at the idea, and it will have PowerPoint and Excel.

The company is adapting its signature software products to create a more corporate version of the metaverse — a concept promoted by Facebook co-founder Mark Zuckerberg that promises to let users live, work and play within interconnected virtual worlds.

The first offering, a version of Microsoft’s Teams chat and conferencing program that features digital avatars, is in testing now and will be available in the first half of 2022. Customers will be able to share Office files and features, like PowerPoint decks, in the virtual world.

It would appear Microsoft’s avatars (like those in Meta’s Horizon Worlds and Horizon Workrooms) will lack legs (image source: Microsoft, via Bloomberg)

Of course, most people already know that Microsoft acquired the social VR platform AltspaceVR in 2017 (which, by the way, is still absolutely killing it with live events programming!). Altspace is being used for a variety of purposes, including higher education (for example, teaching a psychology course at Mount Royal University).

AltspaceVR (image source: VRFocus)

It looks like we will see more integration between established business software such as Microsoft Teams with concepts from the metaverse, including avatars, over the next twelve months. The era of avatarism appears to be in full swing!


Thanks to Rainwolf for the heads up!