Digital assets: France's Metav.rs becomes Power

Wednesday, May 29, 2024

The crypto start-up, which has around twenty employees, is changing its name to better reflect its activities, which go beyond simple metavers.

There are symbolic name changes and others that are far less so. That of Metav.rs, which should now be called Power, undoubtedly falls into the second category.

Launched in early 2022 in the middle of thea hype around metavers, the French crypto start-up was one of all the players riding the wave, particularly when Facebook changed its name to Meta.

"It was all anyone was talking about", recalls Simon Foucher, co-founder and CEO of the start-up, which has around twenty employees, the vast majority of them developers.

Since then, while many start-ups labelled "metavers" have bitten the (digital) dust, Power has grown well even as the metaverse has seen its star fade. The reasons for this growth? The start-up has gradually expanded its activities beyond its platform, which allows brands to create NFTs and sell them.

"Two years ago, the aim was to get companies into the metaverse by allowing them to create their first digital assets. Now we need to help them go further and manage all their digital assets and their community," sums up Simon Foucher.

"Too many brands have launched projects without any long-term vision," explains a good connoisseur of the sector. The drop in crypto markets in 2023 obviously played a part, but the lack of support from serious players also had an impact. "That's precisely what we want to provide on the technical and community side," adds Simon Foucher.

This support involves avatar design (via a 3D studio) and also quests via NFTs to build customer loyalty or even attract new ones. Today, Power works with around fifteen companies, including Maje, Michelin and Le Bristol Paris.

After raising €3 million in Seed at its launch, the start-up, which says it is approaching profitability, is preparing a Series A round to accelerate its expansion abroad. Switzerland and the Middle East are among the priorities.

This analysis is not investment advice. It has been prepared without taking into account your personal situation, particularly your financial situation, risk profile, and investment objectives.

Before investing in any product, investors should fully understand the risks involved and consult their own legal, tax, financial, and accounting advisors.

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