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

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."