Oasis, an interactive social platform based in China and focused on the metaverse, recently completed a B round of financing worth tens of millions of dollars. This round was led by 5Y Capital and followed by Vitalbridge and BAI Capital. Echo Capital acted as the exclusive financial advisor.
Established in 2018, Oasis previously gained investment from 5Y Capital, BAI Capital, Atlas Capital, K2VC and Qinghan Fund. According to SensorTower statistics, Oasis gained more than 6 million registered users in Q4 2021, and has become one of the fastest growing metaverse-related social products in the world.
Oasis’s social interaction in the metaverse is mainly composed of “virtual activities,” an “acquaintance relationship chain with virtual identity” and “diverse organizational forms.” Its team is creating a new virtual economic ecology featuring these three aspects. Within the Oasis platform, users can virtually complete a large number of real-world activities, including watching movies and livestreams, singing, playing cards, chess and board games, and even working and attending classes.
According to the firm’s own statistics, the average daily time spent by Oasis users on the product now exceeds 110 minutes, and the daily time of retained active users is close to 200 minutes, which suggests that a large number of users have migrated “real-world activities” into this virtual world.
The Oasis platform has now been launched for eight months, covering many countries around the world. Among them, it topped the list of social apps in Brazil within just two months after its launch, then ranked first on the list of new social apps in countries including the United States and the Philippines. At present, the platform brings in more than 2 million new users and nearly 1 million daily active users every month. It is expected that its daily active users will exceed 5 million by the end of 2022. In addition, the VR version is also updating some functions synchronously.
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According to the company, when virtual activities, acquaintance chains and organizations begin to appear in batches in Oasis, the R&D team will set out to establish a platform-specific economic system. Different from the traditional economic system of “creators selling content” on internet products, it will empower users in a decentralized way by formulating economic agreements, distributing virtual rights and governing social rules.
After the completion of this round of financing, Oasis will continue to carry out product upgrades, attract more international talent, and enhance product operations and user service capabilities in different markets, while the virtual economic system designed for creators will have the opportunity to be launched this year.