Spatial, a former AR/VR collaboration platform, announced on Tuesday that it is shifting its focus to NFTs and is working to create a free and open metaverse.

Spatial announced the acquisition in a news release, noting that it represented a “significant corporate evolution” in becoming the metaverse for cultural events such as NFT exhibitions, brand experiences, and conferences.

“We’ve evolved from an AR/VR platform designed for corporate productivity to a web/VR platform that connects digital creators with the broader NFT economy,” said Jacob Loewenstein, Spatial's co-founder and CEO.

“As Spatial, we seek to make the Metaverse available to everyone. We’ll be open sourcing our apps and SDKs soon, so anyone can go inside and create their own space. In addition, we will provide a free service for NFT events.”

The platform will remain focused on AR/VR experiences. He added that there is now “tremendous potential for brands to participate in this new space.”

Spatial also noted that it would be creating a marketplace where NFTs can be traded, similar to other blockchain applications like OpenSea or Rare Bits.

The company said it would “enable creators who rent out their digital objects to buyers to get paid in the currency of their choice, while owners of NFTs can always resell them for the cryptocurrency they want.”

The news comes just months after Spatial launched a $1 million investment fund called the Virtual Worlds Innovation Network (VWIN).

According to Loewenstein, VWIN will support individuals and teams developing “innovative projects in virtual worlds,” including “NFT projects utilizing blockchain and peer-to-peer technologies.

Spatial cofounder Ben Nolan said the move was all about creating an inclusive NFT ecosystem “that can sustain itself regardless of platform or app.”“We want to be a part of that ecosystem, and we think a fluid network of virtual universes is the best way to do that,” he said.