The investment will be used to accelerate the development of the open source web3 version of Odyssey’s 3D massive collaboration space.
Odyssey, a digital native foundation focused on unlocking the power of collaboration between people, organizations, and communities, has raised €4 million in funding from various investors, including Scytale Ventures, Maven 11 Capital, BR Capital, and tech entrepreneurs.Trent McConaghy, Ben Woldring and Ewald Hesse. This investment accelerates the development of Momentum, an open source web3 metaverse software stack that enables and connects fully collaborative online 3D worlds on an open network in the hands of users.
The Momentum stack enables individuals, organizations, and communities to create internal custom 3D worlds in which users can host many types of collaborative initiatives and activities. The investment will be used to build Odyssey’s Momentum metaverse stack on an open source web3 infrastructure, including tooling, inexpensive installations, and a decentralized ownership structure.
Additionally, the Momentum stack will allow any 3D world within the metaverse to be a node in an open, self-organizing network owned by users. Through a decentralized approach, users will own their 3D environment, including data and digital assets, without platform lock-in. A native social token is also being developed to enable socio-economic network activity and stimulate engagement, co-creation, and ownership by making stakeholder participation and support explicit.
The Momentum metaverse stack is currently used by several large organizations such as Vattenfall, SAP, the Dutch government, and several universities for online collaboration, as well as SMEs and NGOs such as the Sovereign Nature Initiative.
Momentum made its debut in November 2020 at the Odyssey Hackathon, which was held entirely in the metaverse and saw hundreds of organizations and over 2,000 participants collaborate over 48 hours. Since May 2021, Momentum has been available as a closed alpha release, with several thousand users experimenting and collaborating on innovation, art, education, events, hackathons, policymaking, and design sprints. On November 1, Odyssey opened its alpha release to the public, so everyone can start their own Momentum initiatives.
Rutger van Zuidam, CEO of Odyssey, says: “With the rise of the metaverse, we see how the network of pages is now also becoming a network of places. Where pages focus on content, places focus on activities. This creates new business models for the web that are not geared towards advertising and consumption, but towards engagement and co-creation of value.
The most fundamental question for people and organizations is: Am I okay with just being a user on a metaverse platform owned by a third party, who has full control and so does my data? Or do I want full control and ownership of my own world in the open metaverse, including data and digital assets? We look forward to contributing to the latter with our Momentum stack, building a network where people can freely and collaboratively shape and build their future, and hold it in their own hands.”
Balder Bomans, Chief Investment Officer at Maven 11 Capital, said: “Odyssey is in an excellent position to take a leadership role in developing the metaverse, thanks to the team’s extensive experience in complex collaboration and coordination processes, which are integrated into the DNA of the product and the ecosystem. Odyssey has found a way to bridge the gap between the DAO, web3, and NFT communities and institutional organizations such as corporations, governments, universities, and NGOs, while leveraging the values of an open metaverse and a decentralized web3 environment. We strongly believe in leveraging the metaverse for collaborative activities and are pleased to support the Odyssey team.”
Sharif Sakr, CEO of BR Capital, added: “Remote collaboration has changed the working lives of millions of people, but the technology can offer so much more. With its decentralized setup, Odyssey will ensure that the social capital that flows from the efforts of people, the skills and motives for collaboration actually benefit people and can be reinvested by them, which is not the case in the current generation of web2 platforms that typically exploit this value.