V Corporation, a metaverse monetization company, is raising funds with the aid of Square Enix Holdings and other Japanese firms including the Sony Startup Acceleration Program, Nippon Venture Capital, FGG Venture Business Partners, and Itochu Corporation. Hideaki Uehara, General Manager of Investment and Business Development Department at Square Enix, praised V Corporation while expressing belief in the future growth of virtual spaces and metaverses. The fundraising effort has reached approximately 240 million yen, or about $1.657 million.
This comes alongside an increase in the global metaverse market, estimated by the Japanese Ministry of Internal Affairs and Communications’ estimates to have expanded to around 4.2 trillion yen (~$28.987 billion) in 2021. There are predictions of continued growth, with forecasts suggesting that the market could reach 78.8 trillion yen (~$543.601 billion) by 2030.
Square Enix has been notably active within the metaverse and NFT markets since early 2022, investing consistently through 2023 and 2024. This includes their Symbiogenesis NFT project initiated in late 2023 and a subsequent second season in June 2024. FFXIV producer Naoki Yoshida also commented on the momentum of the metaverse concept back in May 2022.
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