Chinese VR metaverse platform Oasis raises millions to eye on global market

March 7, 2022 0 Comments

Metaverse themed social interaction platform Oasis has recently completed a Series B funding, banking “tens of millions”. The round was led by 5Y Capital, Vitalbridge, and BAI Capital. 

According to the Shanghai-based company, it will continue to iterate on the product and expand globally in terms of operations and service capabilities in different regions, while a virtual creator centric economy system will likely go live by year-end. 

Launched in 2018, Oasis was made by Shanghai Weier Internet Technology. Inc. It gained over 6 million registered users in Q4 2021 and has become one of the fastest-growing metaverse social platforms globally, according to data provided by SensorTower.

Oasis was first published on Steam as Oasis VR, enabling players to play games, design avatars, and socialize, as well as using VR devices to track movements. Oasis also provides a studio mode, letting users create their own worlds and gaming mechanisms. According to reviews on Steam, Oasis VR was often compared with VRChat, a virtual reality social platform, and Oasis VR was said to have “better performance and smoother gameplay with a nice-looking user interface”. Oasis’s steam version, however, stopped updating after October 21, 2020.

Oasis has since moved on to mobile platforms. According to an article by Sansheng, a business research institute, in June 2021, the Oasis app exploded in South America, and by early July Oasis was constantly ranked Top 3 to 5 on the overall Brazilian App chart, surpassing Facebook, Twitter, Instagram, and others, also staying at the top of the charts in over 60 other countries. 

In a 36kr report, currently, the Oasis platform is gaining more than 2 million new users every month, with nearly 1 million daily active users. The daily active users of Oasis are expected to exceed 5 million daily users by the end of 2022. 

One of Oasis’ innovative mechanisms is the introduction of virtual pets. According to Oasis, each user gets to adopt an AI-generated cat, which is capable of making conversations, learning the owner’s habits, and evolving as the owner or other people make interactions with it. 

Oasis explains that when virtual activities, socialization, and organizations start to take shape in Oasis, the R&D team will start to build an economic system exclusive to the platform. Unlike traditional internet products where the creator sells the content, Oasis will decentralize the economic structure, the distribution of virtual property rights, and the governance of social rules to empower users.

“The Internet is very much an attention prison these days, with users spending their time as if they were working for the platform. In the Metaverse, users should spend their time sharing happiness and receiving a sense of accomplishment,” said Yin Sang, the creator of Oasis, adding that he pictures Oasis to be “a community-owned platform.”

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