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Praxis Raises $15M Funding for a Physical Crypto-backed City

Praxis Raises $15M Funding for a Physical Crypto-backed City

The Praxis Society will attempt to build a blockchain technology-driven city, inhabited by people who share the company’s values.

While the metaverse is still miles away from becoming a fully immersive experience, one project will be bringing the metaverse "to reality" by running the city via blockchain technologies.

Based on the official post by Praxis Society, the project recently secured a Series A Funding Round, which amounted to $15 million. The fund was led by Paradigm, and supported by other active players in the blockchain industry including Alameda Research, Three Arrows Capital, Robot Ventures, and Apollo Projects.

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The Praxis Society, according to the post, seeks to build a city "around the value of vitality" that enables people working remotely to move out of labor-centric places, and start living in a blockchain-driven community that engages in healthy and purposeful lifestyles.

Likewise, the people behind the project are reportedly a team of company founders, city development veterans, and members familiar with government operations. They will focus on creating a fully functioning society by "designing economic and political systems, architecting buildings and infrastructure, and bringing together the people who will inhabit them."

Dryden Brown, who is the co-founder of Praxis, made it very clear in a recent interview that they are not trying to build a separate nation, but rather make a community-driven hub where like-minded people can work together.

In fact, while the project is still in its early stages, Praxis has already thrown some shade on the current state of Web3 by referring to NFTs and virtual land projects as just a bunch of "art jpegs and artificially scarce metaverses."

Aaron S., Editor-In-Chief
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.
With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.
Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.
Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.

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